Cyclacel(US:CYCC)2022-08-10 16:00Revenue and Income - Revenues for the three and six months ended June 30, 2021 and 2022 were $0, with no anticipated revenues for the foreseeable future[124][125]. - Total other income increased by $1.4 million from $0.1 million for the six months ended June 30, 2021 to $1.5 million for the six months ended June 30, 2022[136]. - Total income tax benefit increased by approximately $0.5 million from $1.6 million for the six months ended June 30, 2021 to $2.1 million for the six months ended June 30, 2022, representing a 29% increase[141]. Research and Development Expenses - Research and development expenses increased by $2.5 million from $6.7 million for the six months ended June 30, 2021 to $9.2 million for the six months ended June 30, 2022[129]. - Expenditure for the transcriptional regulation program increased by $1.8 million for the six months ended June 30, 2022, primarily due to a $2.2 million increase in clinical trial costs[129]. - Total research and development expenses represented 73% and 74% of operating expenses for the three and six months ended June 30, 2022, respectively[128]. - The company anticipates an increase in overall research and development expenses for the year ended December 31, 2022 compared to the previous year[131]. - The company expects eligible expenses for research and development to be higher in the fiscal year ended December 31, 2022, leading to an anticipated increase in tax credits recoverable[142]. Cash Flow and Financial Position - Cash and cash equivalents decreased from $43.6 million as of June 30, 2021 to $29.1 million as of June 30, 2022[143]. - Net cash used in operating activities increased by $0.9 million, from $7.8 million for the six months ended June 30, 2021 to $8.7 million for the six months ended June 30, 2022[146]. - Net cash provided by financing activities was $1.4 million for the six months ended June 30, 2022, compared to $17.9 million for the same period in 2021[148][149]. - The accumulated deficit as of June 30, 2022, was $393.6 million, indicating significant losses since inception[143]. Clinical Trials and Drug Development - The ongoing Phase 1/2 studies for fadraciclib and CYC140 aim to assess safety and identify signals of clinical activity[118][122]. - The COVID-19 pandemic has adversely affected clinical trials, particularly in patient enrollment and resource allocation[155]. - The company does not currently have sufficient funds to complete the development and commercialization of any drug candidates[151]. Future Funding and Opportunities - Future funding requirements will depend on various factors, including clinical trial costs and the impact of COVID-19 on operations[153][155]. - The company plans to evaluate in-licensing and acquisition opportunities to access new drugs or drug targets, which may increase future funding needs[151]. General and Administrative Expenses - General and administrative expenses decreased by 21% to $1.58 million for the three months ended June 30, 2022 compared to $1.99 million for the same period in 2021[133]. Marketing Rights - The company retains virtually all marketing rights worldwide to the compounds associated with its drug programs[123].