Cyclacel Pharmaceuticals Reports Fourth Quarter Financial Results and Provides Business Update

Core Insights - Cyclacel Pharmaceuticals is focusing on the development of plogosertib, a PLK1 inhibitor for advanced cancers, following the liquidation of its subsidiary Cyclacel Limited [2] - The company anticipates a significant decrease in research and development expenses for 2025 due to the deconsolidation of Cyclacel Limited, which is expected to increase stockholders' equity by approximately $5.0 million [2] - Financial results indicate a net loss of $11.2 million for the year ended December 31, 2024, a reduction from $22.6 million in 2023 [8] Financial Highlights - As of December 31, 2024, pro forma cash and cash equivalents totaled $7.2 million, including $4.1 million from equity financing received after the year-end [3] - Cash and cash equivalents decreased to $3.1 million as of December 31, 2024, from $3.4 million in 2023 [3] - Net cash used in operating activities was $8.0 million for the year ended December 31, 2024, down from $16.1 million in 2023 [3] Research and Development Expenses - R&D expenses for the year ended December 31, 2024, were $6.7 million, a decrease from $19.2 million in 2023 [4] - R&D expenses related to fadraciclib were $5.0 million for 2024, down from $13.4 million in 2023 [4] - R&D expenses for plogosertib were $1.6 million for 2024, compared to $5.0 million in 2023 [4] General and Administrative Expenses - General and administrative expenses for the year ended December 31, 2024, were $5.4 million, down from $6.7 million in 2023 [5] Other Income and Tax Credits - Total other income for the year ended December 31, 2024, was an income of $10,000, compared to an expense of $98,000 in 2023 [6] - UK R&D tax credits for the year ended December 31, 2024, were a credit of $0.8 million, compared to $3.0 million in 2023 [7] Board and Committee Appointments - On April 2, 2025, Cyclacel appointed Ms. Inigo Angel Laurduraj and Dr. Satis Waran Nair Krishnan as independent directors [9][10] - The board also approved committee appointments for the new directors [13] Company Overview - Cyclacel Pharmaceuticals is a clinical-stage biopharmaceutical company focused on developing innovative cancer medicines based on cell cycle, epigenetics, and mitosis biology [14] - The company aims to build a diversified biopharmaceutical business with a pipeline of novel drug candidates targeting oncology and hematology indications [14]