Financial Performance - For the nine months ended September 30, 2025, the company reported revenues of $81,000, a significant increase from $43,000 for the same period in 2024[161][185]. - Total revenue for the three months ended September 30, 2025, was $81,000, compared to $10,000 for the same period in 2024, representing a 710% increase[186]. - Total other income increased by $4.9 million from $40,000 for the nine months ended September 30, 2024, to $5.0 million for the same period in 2025[197]. Cash Flow and Liquidity - The company experienced a net cash used in operating activities of $4.7 million for the nine months ended September 30, 2025, a decrease of $1.9 million compared to $6.6 million for the same period in 2024[175][176]. - The company had cash and cash equivalents of $3.8 million as of September 30, 2025, compared to $2.98 million in 2024[174]. - The total working capital deficit was $5.4 million as of September 30, 2025, compared to a surplus of $1.4 million in 2024[174]. - The company has substantial doubt about its ability to continue as a going concern for the next twelve months due to insufficient funding and reliance on external financing[165][184]. Expenses - Cost of sales for the three and nine months ended September 30, 2025, was $64,000, compared to $0 for the same periods in 2024, indicating a 100% increase[187]. - Research and development expenses decreased by $4.9 million from $5.8 million for the nine months ended September 30, 2024, to $0.9 million for the same period in 2025, a reduction of 85%[191]. - General and administrative expenses increased by approximately $2.0 million from $4.4 million for the nine months ended September 30, 2024, to $6.5 million for the same period in 2025, a 46% increase[194]. - General and administrative expenditures for the year ended December 31, 2025, are expected to be higher than those for 2024 due to one-time costs associated with changes of control[195]. Strategic Initiatives - The company plans to sell its biopharmaceutical asset plogosertib for $0.3 million, with a potential additional payment of $170,000 based on development milestones[163]. - The company is exploring strategic alternatives, including raising additional capital through private equity financing or entering into a merger or acquisition[168][169]. - The company anticipates growth in revenues during the fourth quarter of 2025 following the full integration of Fitters Sdn. Bhd.[161]. - Following the liquidation of the UK subsidiary, the company does not expect to incur material research and development expenditures prospectively[192]. Taxation and Other Charges - Total income tax charge was $2,000 during the nine months ended September 30, 2025, compared to a tax benefit of $2.0 million for the same period in 2024, a change of 100%[201]. - Foreign exchange losses increased by $31,000, from a gain of $6,000 for the nine months ended September 30, 2024, to a loss of $25,000 for the same period in 2025[198]. Other Financial Events - The company recognized a gain on deconsolidation of approximately $5.0 million from the liquidation of its UK subsidiary, Cyclacel Limited[162].
Cyclacel Pharmaceuticals, Inc.(CYCCP) - 2025 Q3 - Quarterly Report