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Cyclacel Pharmaceuticals, Inc.(CYCCP) - 2024 Q3 - Quarterly Report

Revenue Performance - Revenue for the three and nine months ended September 30, 2024, was $10,000 and $43,000, respectively, compared to $16,000 and $389,000 for the same periods in 2023, indicating a decline of 37.5% and 89.0% year-over-year [118]. - Revenue for the three months ended September 30, 2024, was $10,000, a decrease of 38% from $16,000 in the same period of 2023 [150]. Financial Position - As of September 30, 2024, the company had cash and cash equivalents of $2.98 million, down from $5.94 million in 2023, indicating a liquidity challenge [137]. - The accumulated deficit as of September 30, 2024, was $436.4 million, reflecting significant losses since inception [137]. - The company has received a notice from Nasdaq regarding non-compliance with the Equity Rule due to stockholders' equity being less than $2.5 million, with a stockholders' equity deficit of approximately $0.97 million as of September 30, 2024 [134][136]. Operating Activities - The company reported a net cash used in operating activities of $6.6 million for the nine months ended September 30, 2024, a decrease of $5.6 million from $12.2 million in the same period of 2023 [139]. - General and administrative expenses for the nine months ended September 30, 2024, were $4.4 million, down from $4.8 million in 2023, reflecting an 8% decrease [157]. Research and Development - Total research and development expenses decreased by $9.9 million from $15.6 million for the nine months ended September 30, 2023, to $5.8 million for the same period in 2024, representing a 63% reduction [154]. - Research and development expenses for the transcriptional regulation program decreased by $6.6 million, primarily due to decreases in manufacturing and non-clinical expenditure [154]. - The Phase 1/2 study of plogosertib has treated 15 patients with no dose-limiting toxicities observed, indicating potential for further development in various cancer types [131][132]. - Fadraciclib, a CDK2/9 inhibitor, is being evaluated in a Phase 1/2 study with 47 heavily pretreated patients dosed, showing good tolerability and preliminary efficacy in certain cancer types [120][121]. - In the ongoing Phase 2 study of fadraciclib, two partial responses were reported in patients with T-cell lymphoma, and a 22% reduction in tumor burden was observed in a patient with squamous non-small cell lung cancer [123]. Future Outlook - The company is currently investigating ways to raise additional capital through private equity financing or strategic transactions due to substantial doubt about its ability to continue as a going concern [133]. - The company has substantial doubt about its ability to continue as a going concern for at least twelve months from the issuance date of the Quarterly Report due to reliance on additional financing [149]. - Future funding requirements will depend on the ability to generate product revenue and the availability of funds in equity markets [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 [155]. - The company expects to fulfill its obligations under the clinical manufacturing agreement by the fourth quarter of 2024 [151]. Other Income - Other income decreased by $195,000 from $235,000 for the nine months ended September 30, 2023, to $40,000 for the same period in 2024 [159]. - Total income tax benefit for the nine months ended September 30, 2024, was $2.0 million, a decrease of 23% from $2.6 million in the same period of 2023 [164].