Cyclacel Pharmaceuticals Reports Second Quarter Financial Results and Provides Business Update

Financial Results - As of June 30, 2025, cash and cash equivalents totaled $4.3 million, an increase from $3.2 million as of December 31, 2024 [1] - Net cash used in operating activities was $1.1 million for the three months ended June 30, 2025, with current cash resources expected to fund planned expenditures into the fourth quarter of 2025 [2] - Research and development expenses were $0.1 million for the three months ended June 30, 2025, a significant decrease from $2.0 million for the same period in 2024 [3] - General and administrative expenses decreased from $1.6 million for the three months ended June 30, 2024, to $1.2 million for the same period in 2025 [5] - Net loss for the three months ended June 30, 2025, was $1.3 million, compared to $3.3 million for the same period in 2024 [7] Business Developments - The Company declared a quarterly cash dividend of $0.15 per share on its 6% Convertible Exchangeable Preferred Stock, paid on May 1, 2025, and again on August 1, 2025 [4] - In May 2025, the Company entered into a share exchange agreement with FITTERS Diversified Berhad, resulting in FITTERS Sdn. Bhd. becoming a wholly-owned subsidiary of the Company [4] - A one-for-fifteen reverse stock split was implemented on July 7, 2025, to meet Nasdaq Capital Market share bid price requirements [4] - The Company entered into a securities purchase agreement in June 2025, raising $3 million through the sale of Series F Convertible Preferred Stock [4] Tax Credits and Other Income - The Company did not receive any research and development tax credits for the three months ended June 30, 2025, following the liquidation of its UK subsidiary [6] - Total other income (expenses), net, for the three months ended June 30, 2025, were broadly flat year on year [5]