Revenue and Financial Performance - Revenue for the three and six months ended June 30, 2024, was $4,000 and $33,000, respectively, compared to $373,000 for both periods in 2023, indicating a significant decline in revenue [113][138]. - The company reported a net cash used in operating activities of $3.6 million for the six months ended June 30, 2024, a decrease of $4.6 million from $8.2 million in the same period of 2023 [127]. - As of June 30, 2024, cash and cash equivalents were $6.0 million, down from $10.2 million in 2023, raising concerns about the company's ability to continue as a going concern [125][124]. - The accumulated deficit as of June 30, 2024, was $434.5 million, reflecting the company's ongoing financial challenges [125]. - Total income tax benefit decreased by approximately $0.1 million, from $1.9 million for the six months ended June 30, 2023 to $1.8 million for the six months ended June 30, 2024 [155]. - Total other income decreased by $60,000 from $90,000 for the six months ended June 30, 2023 to $30,000 for the six months ended June 30, 2024 [149]. Research and Development Activities - The Phase 1/2 study of fadraciclib involved 47 heavily pretreated patients, with two partial responses reported in patients with T-cell lymphoma [115][119]. - The Phase 2 proof of concept part of the fadraciclib study is currently enrolling patients with relevant biomarkers, including CDKN2A and/or CDKN2B mutations [120]. - The Phase 1/2 study of plogosertib has treated 15 patients with no dose-limiting toxicities observed, and stable disease has been noted in pretreated patients [122][123]. - Total research and development expenses decreased by $5.6 million from $10.4 million for the six months ended June 30, 2023 to $4.8 million for the six months ended June 30, 2024, representing a 54% decline [144]. - Research and development expenses for the transcriptional regulation program decreased by $3.9 million, primarily due to decreases in manufacturing and non-clinical expenditure [144]. - Overall research and development expenses for the year ended December 31, 2024 are anticipated to decrease compared to 2023, focusing primarily on clinical trial costs [145]. - Research and development expenses represented 60% of operating expenses for the six months ended June 30, 2024, down from 76% in 2023 [143]. - The amount of research and development tax credits is dependent on eligible expenses incurred and may be restricted by future caps introduced by HMRC [156]. Administrative and Future Outlook - General and administrative expenses remained relatively consistent at $3.2 million for the six months ended June 30, 2024 and 2023, representing 40% of operating expenses in 2024 compared to 24% in 2023 [146][147]. - The company expects general and administrative expenditures for the year ended December 31, 2024 to be lower than in 2023 due to cost-cutting efforts [148]. - Future funding requirements will depend on various factors, including the progress of clinical trials and the ability to secure additional financing [132][136]. - The company plans to explore in-licensing and acquisition opportunities to enhance its drug development strategy [131]. - The company expects to fulfill its obligations under a clinical manufacturing agreement by the third quarter of 2024 [139]. Foreign Exchange and Other Financial Metrics - Foreign exchange gains increased by $165,000, from a loss of $161,000 for the six months ended June 30, 2023, to a gain of $4,000 for the six months ended June 30, 2024 [152].
Cyclacel Pharmaceuticals, Inc.(CYCCP) - 2024 Q2 - Quarterly Report