Cyclacel(US:CYCC)2025-05-14 20:10Financial Performance - The company reported revenue of $0 for the three months ended March 31, 2025, compared to $29,000 for the same period in 2024, and does not expect significant revenue in the foreseeable future[137] - Revenue for the three months ended March 31, 2025 was $0, compared to $29,000 for the same period in 2024, related to clinical manufacturing cost recovery[162] - The accumulated deficit as of March 31, 2025, was $440.5 million, indicating significant financial losses since inception[151] - The company anticipates no revenue for the foreseeable future[163] Cash Flow and Liquidity - The company used net cash of $8.2 million to fund operating activities for the three months ended March 31, 2025, with cash and cash equivalents of $3.5 million remaining[143] - Net cash used in operating activities increased by $2.8 million, from $0.5 million for the three months ended March 31, 2024, to $3.2 million for the same period in 2025[153] - As of March 31, 2025, the company had a total working capital deficit of $3.051 million, compared to a deficit of $3.515 million in 2024[151] - The company plans to finance future cash needs primarily through public or private equity offerings, debt financings, or strategic collaborations[158] Research and Development - Research and development expenses decreased by $2.0 million from $2.8 million in Q1 2024 to $0.8 million in Q1 2025, representing a 71% reduction[166] - Total research and development expenses accounted for 16% of operating expenses in Q1 2025, down from 64% in Q1 2024[165] - Following the liquidation of the UK subsidiary, overall research and development expenses for the year ending December 31, 2025 are expected to decrease significantly compared to 2024[167] - The Phase 1/2 study of plogosertib has treated fifteen patients with no dose-limiting toxicities observed, and stable disease was noted in patients with gastrointestinal, lung, and ovarian cancers[142] General and Administrative Expenses - General and administrative expenses increased by approximately $2.6 million from $1.6 million in Q1 2024 to $4.2 million in Q1 2025, a 166% increase[171] - Total general and administrative expenses represented 84% of operating expenses in Q1 2025, up from 36% in Q1 2024[170] Other Income and Tax Benefits - Total other income increased by $4.9 million from $55,000 in Q1 2024 to $5.0 million in Q1 2025, primarily due to a gain on deconsolidation of a subsidiary[173] - The total income tax benefit decreased from $1.4 million in Q1 2024 to $0 in Q1 2025, a 100% decline, following the liquidation of the UK subsidiary[177] Strategic Alternatives - The company is exploring strategic alternatives, including raising additional capital or pursuing mergers and acquisitions, due to substantial doubt about its ability to continue as a going concern[145] - The company is currently investigating ways to raise additional capital through private equity financing or strategic transactions[161] - The company repurchased certain assets related to the plogosertib clinical program for approximately $0.3 million in cash on March 10, 2025[138] - The company has retained all marketing rights worldwide to its drug programs[139]