Financial Performance - The net loss for the three months ended September 30, 2024, was $2.0 million, compared to $6.0 million for the same period in 2023, reflecting improved financial performance[10] - Net cash used in operating activities was $6.6 million for the nine months ended September 30, 2024, compared to $12.2 million for the same period in 2023, indicating a reduction in cash burn[5] Cash and Liquidity - As of September 30, 2024, cash equivalents totaled $3.0 million, down from $3.4 million as of December 31, 2023[5] - The company is investigating ways to raise additional capital through private equity financing or strategic transactions to avoid potential delisting from Nasdaq[6] - The company has received an extension until December 24, 2024, to regain compliance with Nasdaq's minimum stockholders' equity requirement[4] Expenses - Research and development (R&D) expenses were $1.0 million for the three months ended September 30, 2024, a significant decrease from $5.2 million for the same period in 2023[7] - General and administrative expenses for the three months ended September 30, 2024, were $1.2 million, down from $1.6 million for the same period in 2023, primarily due to reduced stock compensation costs[8] Revenue - The company reported collaboration and research and development revenue of $10,000 for the three months ended September 30, 2024, compared to $16,000 for the same period in 2023[15] Tax Credits - United Kingdom research & development tax credits for the three months ended September 30, 2024, were $0.2 million, down from $0.7 million for the same period in the previous year[9] Liabilities - Total liabilities as of September 30, 2024, were $6.4 million, compared to $8.2 million as of December 31, 2023, indicating a decrease in liabilities[17]
Cyclacel Pharmaceuticals, Inc.(CYCCP) - 2024 Q3 - Quarterly Results