Cyclacel Pharmaceuticals Q2 2025 Earnings Release Business Highlights Cyclacel executed key corporate actions including dividend payments, a strategic acquisition, a private placement, and a reverse stock split to enhance compliance and capital structure - The company declared and paid quarterly cash dividends of $0.15 per share on its 6% Convertible Exchangeable Preferred Stock in April and June 20254 - Entered into a share exchange agreement with FITTERS Diversified Berhad to acquire 100% of FITTERS Sdn. Bhd. in exchange for approximately 19.99% of Cyclacel's common stock, later amended to include a $1 million cash consideration from Cyclacel, with the closing date extended to September 30, 202545 - Raised $3 million in gross proceeds through a securities purchase agreement with accredited investors for 3,000,000 shares of Series F Convertible Preferred Stock at $1.00 per share4 - Implemented a one-for-fifteen reverse stock split, effective July 7, 2025, to regain compliance with Nasdaq's minimum bid price requirement4 Second Quarter 2025 Financial Results Cyclacel reported a significantly reduced net loss in Q2 2025, driven by decreased R&D and G&A expenses, improving its cash position and extending its cash runway Financial Position The company's cash and cash equivalents increased, with an estimated cash runway extending into the fourth quarter of 2025 Financial Position (In millions of US dollars) | Metric | Q2 2025 | Q4 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $4.3 | $3.2 | - Net cash used in operating activities was $1.1 million for the three months ended June 30, 20256 - The company estimates its current cash resources will fund planned expenditures into the fourth quarter of 20256 Operating Expenses Operating expenses significantly decreased in Q2 2025, primarily due to reduced research and development activities and lower general and administrative costs Operating Expenses (In millions of US dollars) | Expense Category | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Research and development | $0.1 | $2.0 | -$1.9 | | General and administrative | $1.2 | $1.6 | -$0.4 | - The decrease in R&D expenses is primarily due to the cessation of the transcriptional regulation program after the liquidation of the UK subsidiary, Cyclacel Limited, on January 24, 20257 - G&A expenses decreased due to lower operating costs under current management, partially offset by one-off legacy severance costs and increased legal fees8 Net Loss The company significantly reduced its net loss in Q2 2025 compared to the prior year, despite receiving no research and development tax credits Net Loss (In millions of US dollars) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net Loss | $1.3 | $3.3 | - The company received no research & development tax credits in Q2 2025, compared to $0.4 million in Q2 2024, due to the liquidation of its UK subsidiary9 Financial Statements This section presents the unaudited consolidated financial statements for Q2 2025, including the Statements of Operations detailing the net loss and the Balance Sheet outlining assets and stockholders' equity Consolidated Statements of Operations (Loss) This statement details the company's revenues, operating expenses, and net loss for the three months ended June 30, 2025 and 2024 Consolidated Statements of Operations (Loss) (In thousands of US dollars) | | Three Months Ended June 30, | | | :--- | :--- | :--- | | | 2025 | 2024 | | Revenues | $ - | $ 4 | | Operating expenses: | | | | Research and development | 68 | 2,023 | | General and administrative | 1,249 | 1,625 | | Total operating expenses | 1,317 | 3,648 | | Operating loss | (1,317) | (3,644) | | Total other income (expense), net | 1 | (25) | | Loss before taxes | (1,316) | (3,669) | | Income tax benefit | (2) | 412 | | Net loss | (1,318) | (3,257) | | Net loss applicable to common shareholders | $ (1,338) | $ (3,257) | | Net loss per share – basic and diluted | $ (0.98) | $ (172.18) | Consolidated Balance Sheet This statement presents the company's financial position, including assets, liabilities, and stockholders' equity, as of June 30, 2025 and December 31, 2024 Consolidated Balance Sheet (In thousands of US dollars) | | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | ASSETS | | | | Cash and cash equivalents | $ 4,275 | $ 3,137 | | Total current assets | 4,383 | 3,674 | | Total assets | $ 4,401 | $ 4,094 | | LIABILITIES AND STOCKHOLDERS' EQUITY | | | | Total current liabilities | 760 | 6,268 | | Total liabilities | 770 | 6,268 | | Stockholders' equity | 3,631 | (2,174) | | Total liabilities and stockholders' equity | $ 4,401 | $ 4,094 | Company Information and Disclosures This section outlines Cyclacel's business as a clinical-stage biopharmaceutical company and includes standard forward-looking statements regarding potential risks and uncertainties About Cyclacel Pharmaceuticals, Inc. Cyclacel is a clinical-stage biopharmaceutical company focused on developing cancer medicines based on cell cycle, epigenetics, and mitosis biology - Cyclacel is a clinical-stage biopharmaceutical company focused on developing cancer medicines based on cell cycle, epigenetics, and mitosis biology11 - The company's epigenetic/anti-mitotic program is evaluating plogosertib, a PLK1 inhibitor, in patients with solid tumors and hematological malignancies11 Forward-looking Statements This section contains disclaimers regarding forward-looking statements, highlighting inherent risks and uncertainties that could impact future results - The press release contains forward-looking statements regarding the company's plans, prospects, cash runway, and clinical development, which are subject to risks and uncertainties including clinical trial outcomes, market conditions, financing needs, and Nasdaq listing compliance12
Cyclacel Pharmaceuticals, Inc.(CYCCP) - 2025 Q2 - Quarterly Results