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Cyclacel Pharmaceuticals Reports Fourth Quarter Financial Results and Provides Business Update
CYCCCyclacel(CYCC) GlobeNewswire·2025-04-02 20:05

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 5.0million[2]−Financialresultsindicateanetlossof5.0 million [2] - Financial results indicate a net loss of 11.2 million for the year ended December 31, 2024, a reduction from 22.6millionin2023[8]FinancialHighlights−AsofDecember31,2024,proformacashandcashequivalentstotaled22.6 million in 2023 [8] Financial Highlights - As of December 31, 2024, pro forma cash and cash equivalents totaled 7.2 million, including 4.1millionfromequityfinancingreceivedaftertheyear−end[3]−Cashandcashequivalentsdecreasedto4.1 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 3.4millionin2023[3]−Netcashusedinoperatingactivitieswas3.4 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 5.0millionin2023[4]GeneralandAdministrativeExpenses−GeneralandadministrativeexpensesfortheyearendedDecember31,2024,were5.0 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 6.7millionin2023[5]OtherIncomeandTaxCredits−TotalotherincomefortheyearendedDecember31,2024,wasanincomeof6.7 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]