Financial Performance - The company reported revenue of $29,000 for the three months ended March 31, 2024, compared to no revenue for the same period in 2023[108]. - The company had cash and cash equivalents of $2.8 million as of March 31, 2024, down from $11.4 million in the same period of 2023[118]. - The total working capital as of March 31, 2024, was negative $3.5 million, compared to positive $11.6 million in 2023[118]. - The company has an accumulated deficit of $431.2 million as of March 31, 2024[120]. Research and Development Expenses - Research and development expenses totaled $2.8 million for the three months ended March 31, 2024, a decrease of 51% from $5.7 million in the same period of 2023[134]. - Research and development expenses decreased by $2.9 million from $5.7 million in Q1 2023 to $2.8 million in Q1 2024, primarily due to reductions in manufacturing and non-clinical expenditure[137]. - Research and development expenses for the year ended December 31, 2024 are anticipated to decrease compared to 2023 as the company focuses on Phase 1/2 programs[138]. Specific Program Expenses - The transcriptional regulation program (fadraciclib) incurred $1.75 million in expenses, down 57% from $4.09 million in the prior year[134]. - The epigenetic/anti-mitotic program (plogosertib) expenses were $963,000, a decrease of 29% from $1.35 million in the same period of 2023[134]. Operating Activities - The company used net cash of $0.6 million for operating activities in the three months ended March 31, 2024, a significant decrease from $6.9 million in the same period of 2023[121]. General and Administrative Expenses - General and administrative expenses decreased by $0.1 million from $1.645 million in Q1 2023 to $1.582 million in Q1 2024, representing 36% of operating expenses in Q1 2024 compared to 22% in Q1 2023[139]. - General and administrative expenditures for the year ended December 31, 2024 are expected to remain relatively flat compared to 2023[140]. Other Income and Tax Benefits - Total other income decreased by $0.1 million from $0.2 million in Q1 2023 to $0.1 million in Q1 2024, with royalties from an Asset Purchase Agreement contributing $52,000 in Q1 2024[141][142]. - Foreign exchange gains improved from a loss of $87,000 in Q1 2023 to a gain of $1,000 in Q1 2024, reflecting an increase of $88,000[143]. - The total income tax benefit increased by $34,000 from $1.320 million in Q1 2023 to $1.354 million in Q1 2024, remaining flat at approximately $1.3 million for both periods[146]. - Other income (expense), net for the year ended December 31, 2024 will be influenced by foreign exchange rate changes and income from the Asset Purchase Agreement[144]. Future Plans and Expectations - The company plans to enroll patients in the Phase 2 proof-of-concept stage for fadraciclib, focusing on cohorts with relevant biomarkers[113]. - The ongoing Phase 1/2 study of plogosertib has treated 15 patients with no dose-limiting toxicities observed[116]. - The company expects to continue receiving UK research and development tax credits for the year ended December 31, 2024, dependent on eligible expenses incurred[147]. Accounting Policies - There have been no material changes to the company's critical accounting policies during the three months ended March 31, 2024[149].
Cyclacel Pharmaceuticals, Inc.(CYCCP) - 2024 Q1 - Quarterly Report