Financial Performance - Net cash used in operating activities was $8.0 million for the twelve months ended December 31, 2024, compared to $16.1 million for the same period of 2023, representing a 50.4% decrease[5] - Net loss for the three months and year ended December 31, 2024, was $3.0 million and $11.2 million, compared to $5.3 million and $22.6 million for the same period in 2023, showing a 43.4% and 50.5% reduction respectively[10] - General and administrative expenses for the three months and year ended December 31, 2024, were $0.9 million and $5.4 million, compared to $1.9 million and $6.7 million for the same period of the previous year, reflecting a 52.6% and 19.4% decrease respectively[7] - Research and development (R&D) expenses were $0.9 million and $6.7 million for the three months and year ended December 31, 2024, compared to $3.5 million and $19.2 million for the same period in 2023, indicating a 74.3% and 65.1% decrease respectively[6] Cash Position - As of December 31, 2024, pro forma cash and cash equivalents totaled $7.2 million, including $4.1 million of equity financing received after the end of the year[5] - The company estimates that its available cash will fund currently planned activities into the second quarter of 2025[5] Corporate Governance - The company appointed two new independent directors to its board on April 2, 2025, enhancing its governance structure[11] Strategic Development - The new oral formulation of plogosertib with improved bioavailability is under development[4] - The company has focused on the development of plogosertib, a PLK1 inhibitor for advanced cancers and hematological malignancies[4] Equity Impact - The deconsolidation of Cyclacel Limited is anticipated to increase stockholders' equity by approximately $5.0 million[4]

KUALA LUMPUR, MALAYSIA, May 15, 2025 (GLOBE NEWSWIRE) -- Cyclacel Pharmaceuticals, Inc. (NASDAQ: CYCC, NASDAQ: CYCCP; "Cyclacel" or the "Company"), a biopharmaceutical company developing innovative medicines, today announced its first quarter financial results and provided a business update. “As part of the Company’s efforts to reduce operating costs it has determined to focus on the development of the plogosertib (“plogo”) clinical program only. Accordingly, on March 10, 2025, the Company repurchased certa ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________________ to __________________ Commission file number 000-50626 CYCLACEL PHARMACEUTICALS, INC. (Exact name of registrant as specified in its charter) (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 202 ...

BERKELEY HEIGHTS, NJ, May 07, 2025 (GLOBE NEWSWIRE) -- Cyclacel Pharmaceuticals, Inc. (NASDAQ: CYCC, NASDAQ: CYCCP; "Cyclacel" or the "Company"), a biopharmaceutical company developing innovative medicines, today announced that it expects to implement a 1-for-16 reverse stock split on its shares of common stock effective May 12, 2025, with trading to begin on a split-adjusted basis at the market open on that day. Trading in the shares of common stock will continue on The Nasdaq Capital Market under the symb ...

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]

Core Viewpoint - Cyclacel Pharmaceuticals has successfully completed a private placement of its convertible Series E Preferred Stock, raising gross proceeds of $1.0 million to support its working capital and extend its cash runway into the third quarter of 2025 [1][2]. Group 1: Financing Details - The private placement of Preferred Stock closed on March 21, 2025, and the net proceeds will be utilized for working capital and general corporate purposes [2]. - Each share of Preferred Stock is convertible into 110 shares of common stock, subject to stockholder approval as per Nasdaq listing rules [3]. - The securities were sold in reliance on Regulation S of the Securities Act and have not been registered under the Securities Act or any state securities laws [4]. Group 2: Company Overview - Cyclacel Pharmaceuticals is a clinical-stage biopharmaceutical company focused on developing innovative cancer medicines, particularly through its anti-mitotic program plogosertib, a PLK1 inhibitor targeting solid tumors and hematological malignancies [7]. - The company aims to build a diversified biopharmaceutical business with a pipeline of novel drug candidates addressing oncology and hematology indications [7]. Group 3: Advisory Information - Arc Group Ltd. acted as a financial advisor for Cyclacel during the private placement, while Rimon P.C. served as legal counsel [6].

Core Viewpoint - Cyclacel Pharmaceuticals has undergone a significant change in control and leadership, with Datuk Dr. Doris Wong Sing Ee acquiring a controlling stake and being appointed as the new CEO [1][5]. Company Control and Leadership Change - Datuk Dr. Doris Wong Sing Ee purchased 1,000,000 shares of Series C Convertible Preferred Stock and 1,745,262 shares of Series D Convertible Preferred Stock, resulting in her owning 70% of Cyclacel's issued shares [2][4]. - The total consideration for the acquisition was $6,300,000, which included an $800,000 cash brokerage fee and a holdback amount of $100,000 [3]. - Following the acquisition, Datuk Dr. Doris Wong Sing Ee was elected as CEO, and Kiu Cu Seng was appointed as CFO [5][7]. Resignations and Board Changes - David Lazar resigned as interim CEO and secretary, and several other directors also resigned, including Dr. Samuel L. Barker and Paul McBarron [5][6]. - Chong Kwang Fock was appointed as an Independent Director to the Board [7]. Background of New Leadership - Datuk Dr. Doris Wong Sing Ee has over 20 years of management experience across various industries, including oil and gas and property development, and has held executive roles in multiple companies [8][10]. - Kiu Cu Seng has significant accounting and audit experience, having served as CFO for Energem Corp and worked with various publicly listed companies [11]. - Chong Kwang Fock is a Chartered Accountant with nearly 20 years of experience in auditing and has served as an Independent Director for Energem Corp [12][13]. Company Overview - Cyclacel Pharmaceuticals is a clinical-stage biopharmaceutical company focused on developing innovative cancer medicines based on cell cycle and transcriptional regulation [15][16].

Securities Purchase Agreement - Cyclacel Pharmaceuticals entered into a securities purchase agreement with investor David Lazar, who agreed to purchase 1,000,000 shares of Series C Convertible Preferred Stock and 2,100,000 shares of Series D Convertible Preferred Stock at $1.00 per share, totaling $3.1 million in gross proceeds [1] - The proceeds will be used to settle outstanding liabilities and for general corporate and operating purposes [1] - Each share of C Preferred Stock is convertible into 2.65 shares of common stock, and each share of D Preferred Stock is convertible into 110 shares of common stock [2] Board and Management Changes - The Board of Directors will be reconstituted, with Dr. Samuel Barker continuing as Chairman and David Natan joining as a new director and chair of the audit committee [3] - Spiro Rombotis stepped down as CEO, and David Lazar was appointed as interim CEO [3] - Several directors, including Dr. Kenneth Ferguson and Dr. Christopher Henney, have resigned from the Board [3] Warrant Exchange Agreement - Cyclacel entered into a Warrant Exchange Agreement to exchange existing warrants for 24,844,725 shares of common stock and $1,100,000 in cash [4] - The exchange is subject to stockholder approval and beneficial ownership limitations [4] - The Company agreed to register the new shares for resale under the Exchange Agreement [4] Strategic Alternatives and Cost Reduction - The Board has directed management to reduce operating costs while exploring strategic alternatives [5] - There is no assurance that the exploration of strategic alternatives will result in any agreement or transaction [5] Nasdaq Compliance - Cyclacel received an extension until February 6, 2025, to demonstrate compliance with Nasdaq's minimum stockholders' equity requirement [6] - Failure to regain compliance could result in delisting [6] Company Overview - Cyclacel is a clinical-stage biopharmaceutical company developing cancer medicines based on cell cycle, transcriptional regulation, and mitosis biology [7] - The company's pipeline includes fadraciclib, a CDK2/9 inhibitor in Phase 2 trials, and plogosertib, a PLK1 inhibitor in Phase 1 trials [7]

Core Viewpoint - Cyclacel Pharmaceuticals reported a quarterly loss of $0.18 per share, significantly better than the Zacks Consensus Estimate of a loss of $0.54, marking an earnings surprise of 66.67% [1] Financial Performance - The company posted revenues of $0.01 million for the quarter ended September 2024, consistent with the Zacks Consensus Estimate, but down from $0.02 million a year ago [2] - Over the last four quarters, Cyclacel has surpassed consensus EPS estimates four times, but has not beaten consensus revenue estimates during the same period [2] Stock Performance - Cyclacel shares have declined approximately 83.2% since the beginning of the year, contrasting with the S&P 500's gain of 25.8% [3] - The current Zacks Rank for Cyclacel is 3 (Hold), indicating expected performance in line with the market in the near future [6] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is -$0.40 on revenues of $0.01 million, and for the current fiscal year, it is -$2.29 on revenues of $0.05 million [7] - The estimate revisions trend for Cyclacel is mixed, and future changes in estimates will be closely monitored following the recent earnings report [6][7] Industry Context - The Medical - Biomedical and Genetics industry, to which Cyclacel belongs, is currently ranked in the top 29% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8]

Financial Performance - The company reported revenue of $10,000 and $43,000 for the three and nine months ended September 30, 2024, respectively, compared to $16,000 and $389,000 for the same periods in 2023, indicating a significant decline in revenue[112]. - The company recognized $10,000 and $43,000 of revenue for the three and nine months ended September 30, 2024, respectively, compared to approximately $16,000 and $389,000 for the same periods in 2023, indicating a significant decline in revenue[144]. - Other income decreased by $195,000 from $235,000 for the nine months ended September 30, 2023, to $40,000 for the same period in 2024, primarily due to changes in foreign exchange rates[155]. Cash Flow and Capital Resources - The company used net cash of $6.6 million to fund operating activities for the nine months ended September 30, 2024, a decrease from $12.2 million in the same period of 2023[134]. - As of September 30, 2024, the company had cash and cash equivalents of $2.98 million, down from $5.94 million as of September 30, 2023[132]. - The company has substantial doubt about its ability to continue as a going concern for at least twelve months from the issuance date of the quarterly report due to reliance on additional financing[143]. - The company is currently investigating ways to raise additional capital through private equity financing or strategic transactions due to substantial doubt about its ability to continue as a going concern[128]. - The company anticipates that future funding requirements will depend on various factors, including the progress and cost of clinical trials and the costs associated with establishing manufacturing capabilities[139]. Equity and Deficits - The company reported an accumulated deficit of $436.4 million as of September 30, 2024[132]. - The company has a stockholders' equity deficit of approximately $0.97 million as of September 30, 2024, which is not in compliance with Nasdaq's Equity Rule[129]. Research and Development - Research and development expenses decreased by $9.9 million from $15.6 million for the nine months ended September 30, 2023, to $5.2 million for the same period in 2024, primarily due to reduced manufacturing and non-clinical expenditures[149]. - Total research and development expenses represented 56% and 76% of operating expenses for the nine months ended September 30, 2024, and 2023, respectively[148]. - The company expects overall research and development expenses for the year ended December 31, 2024, to decrease compared to 2023, focusing primarily on clinical trial costs related to its fadraciclib Phase 1/2 study[150]. - The Phase 1/2 study of fadraciclib has dosed 47 heavily pretreated patients, with a median of four prior lines of therapy, and reported common treatment-related adverse events including nausea (66.0%) and vomiting (46.8%)[115]. - In the ongoing Phase 2 study of fadraciclib, no Grade 3 or higher treatment-emergent adverse events have been reported thus far, consistent with Phase 1 data[122]. - The company has treated 15 patients in the Phase 1/2 study of plogosertib with no dose-limiting toxicities observed, and stable disease has been noted in pretreated patients[127]. Administrative Expenses - General and administrative expenses decreased by approximately $0.3 million from $4.8 million for the nine months ended September 30, 2023, to $4.5 million for the same period in 2024, largely due to a reduction in stock compensation expense[152]. Tax Benefits - The total income tax benefit decreased by approximately $0.6 million, from $2.6 million for the nine months ended September 30, 2023, to $2.0 million for the same period in 2024[160]. Strategic Plans - The company plans to continue evaluating in-licensing and acquisition opportunities to gain access to new drugs or drug targets, which may increase future funding needs[139]. - The company is classified as a smaller reporting company and is not required to provide information regarding market risk disclosures[164].