Cyclacel(CYCC) - 2024 Q3 - Quarterly Results

Financial Performance - Net loss for the three months ended September 30, 2024, was $2.0 million, compared to$6.0 million for the same period in 2023[8]. - The company reported a basic and diluted net loss per share of $0.18 for the three months ended September 30, 2024, compared to$0.48 for the same period in 2023[12]. Cash and Liquidity - As of September 30, 2024, cash equivalents totaled $3.0 million, down from$3.4 million as of December 31, 2023[3]. - Net cash used in operating activities was $6.6 million for the nine months ended September 30, 2024, compared to$12.2 million for the same period in 2023[3]. - The company is exploring opportunities for additional funding to meet Nasdaq's minimum stockholders' equity requirement by December 24, 2024[3]. Expenses - Research and development (R&D) expenses were $1.0 million for the three months ended September 30, 2024, compared to$5.2 million for the same period in 2023, reflecting a significant reduction[5]. - Total operating expenses for the three months ended September 30, 2024, were $2.2 million, down from$6.9 million for the same period in 2023[12]. - General and administrative expenses for the three months ended September 30, 2024, were $1.2 million, down from$1.6 million for the same period in 2023[6]. Revenue - Collaboration and research and development revenue for the three months ended September 30, 2024, was $10,000, compared to$16,000 for the same period in 2023[12]. Liabilities - As of September 30, 2024, total liabilities were $6.4 million, compared to$8.2 million as of December 31, 2023[13].