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Cyclacel Pharmaceuticals, Inc.(CYCCP) - 2025 Q1 - Quarterly Results

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 50.3% 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]. - Total liabilities decreased from $8.2 million as of December 31, 2023, to $6.3 million as of December 31, 2024, a reduction of approximately 23.2%[21]. Research and Development Expenses - 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]. - R&D expenses related to plogosertib were $0.1 million and $1.6 million for the three months and year ended December 31, 2024, compared to $0.7 million and $5.0 million for the same period in 2023, indicating a 85.7% and 68.0% decrease respectively[6]. - Collaboration and research and development revenue was $0 for the three months ended December 31, 2024, compared to $31,000 for the same period in 2023[20]. 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]. General and Administrative Expenses - 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]. Equity Impact - The deconsolidation of Cyclacel Limited is anticipated to increase stockholders' equity by approximately $5.0 million[4].