Revenue and Financial 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 recovery of clinical manufacturing costs [162]. - The accumulated deficit as of March 31, 2025, was $440.5 million, indicating significant financial losses since inception [151]. Cash Flow and Operating Activities - 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 in Q1 2024 to $3.2 million in Q1 2025, primarily due to a change in working capital [153]. 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]. - Future research and development expenses are expected to decrease significantly for the year ending December 31, 2025, focusing solely on the anti-mitotic program [167]. - The company has initiated a Phase 1/2 study for plogosertib, with 15 patients treated at the first five dose escalation levels and no dose limiting toxicities observed [141][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]. Strategic Alternatives and Future Funding - The company plans to evaluate 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][146]. - The company is exploring 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 [161]. - Future funding requirements will depend on various factors, including clinical trial costs, manufacturing capabilities, and potential acquisitions [157]. Other Financial Information - 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 company no longer qualifies for research and development tax credits following the liquidation of its UK subsidiary, resulting in a tax benefit decrease from $1.4 million in Q1 2024 to $0 in Q1 2025 [177]. - The liquidation of the UK subsidiary has resulted in the forgiveness of intercompany loans and reclassification of accumulated translation adjustments [176]. Asset Management - 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 no plans to repurchase rights to the fadraciclib program, which is being marketed for sale by the joint liquidator [138]. Compliance and Control - The company regained compliance with Nasdaq's equity requirement on February 25, 2025, following a change of control [144].
Cyclacel Pharmaceuticals, Inc.(CYCCP) - 2025 Q1 - Quarterly Report