Cyclacel(US:CYCC)2022-11-09 16:00Revenues - Revenues for the three and nine months ended September 30, 2021 and 2022 were $0, with no anticipated revenues for the foreseeable future[124][125] Research and Development Expenses - Research and development expenses increased by $2.7 million from $10.9 million for the nine months ended September 30, 2021 to $13.6 million for the same period in 2022[130] - Total research and development expenses for the three months ended September 30, 2022 were $4.4 million, representing a 5% increase compared to $4.2 million in the same period of 2021[129] - The transcriptional regulation program (fadraciclib) incurred $2.5 million in expenses for the three months ended September 30, 2022, a decrease of 25% from $3.3 million in the same period of 2021[129] - CYC140 research and development expenses increased by 157% to $1.7 million for the three months ended September 30, 2022, compared to $664,000 in the same period of 2021[129] - The company anticipates an increase in overall research and development expenses for the year ended December 31, 2022 compared to 2021 as it progresses its clinical development programs[133] General and Administrative Expenses - General and administrative expenses for the three months ended September 30, 2022 were $2.1 million, a 15% increase from $1.8 million in the same period of 2021[134] Income and Other Financial Metrics - Total other income increased by $1.7 million from $0.2 million for the nine months ended September 30, 2021 to $1.9 million for the same period in 2022[137] - Foreign exchange gains increased by $0.5 million, from $5,000 for the nine months ended September 30, 2021, to $0.5 million for the nine months ended September 30, 2022[140] - Total income tax benefit increased by approximately $0.5 million from $2.6 million for the nine months ended September 30, 2021, to $3.1 million for the nine months ended September 30, 2022, representing an 18% increase[143] Cash and Cash Equivalents - Cash and cash equivalents decreased from $40.2 million as of September 30, 2021, to $23.7 million as of September 30, 2022[145] - Net cash used in operating activities increased by $1.7 million, from $14.0 million for the nine months ended September 30, 2021, to $15.7 million for the nine months ended September 30, 2022[150] - Net cash provided by financing activities was $2.9 million for the nine months ended September 30, 2022, compared to $20.9 million for the same period in 2021[152][153] Accumulated Deficit and Future Outlook - The accumulated deficit as of September 30, 2022, was $398.7 million[147] - The company expects to incur substantial operating losses in the future and does not guarantee significant product revenues until FDA or EMA approval[156] - Future funding requirements will depend on various factors, including clinical trial costs and the impact of COVID-19 on operations[158] Strategic Plans - The company plans to evaluate in-licensing and acquisition opportunities to access new drugs or drug targets[157] Impact of COVID-19 - The COVID-19 pandemic has negatively impacted clinical trials and the availability of materials, affecting the company's operations[162] - The company will not pursue further development of sapacitabine and has notified the licensor of the termination of the license agreement effective March 23, 2023[127]