Cyclacel Pharmaceuticals Releases Third Quarter Financial Results and Business Update

Cyclacel Pharmaceuticals, a biopharmaceutical company focused on developing innovative medicines, recently disclosed its financial results for the third quarter and provided an update on its business activities. The company’s report, dated November 12, 2024, highlighted key financial data and strategic moves.

In the announcement, Cyclacel Pharmaceuticals discussed the presentation of initial safety and efficacy data from the Phase 2 part of the clinical study of fadraciclib. This study involved twelve patients with advanced solid tumors and was presented at the 2024 EORTC-NCI-AACR 36th Symposium on Molecular Targets and Cancer Therapeutics. Additionally, Nasdaq has extended the deadline for compliance with its minimum stockholders’ equity requirement until December 24, 2024.

Financially, as of September 30, 2024, Cyclacel Pharmaceuticals reported cash equivalents of $3.0 million compared to $3.4 million at the end of 2023. The net cash used in operating activities for the nine months ending September 30, 2024, was $6.6 million, down from $12.2 million for the same period in 2023. The company estimates that its current cash reserves will support ongoing programs until the fourth quarter of 2024.

Despite making significant cost reductions, Cyclacel Pharmaceuticals acknowledged doubts about its ability to continue as a going concern. The company is actively exploring avenues to raise additional capital through private equity financing or strategic transactions. Failure to secure additional funding may result in operational cutbacks, development delays or halts, cessation of operations, or potential bankruptcy, with implications for shareholders.

Research and development expenses for the three months ending September 30, 2024, were $1.0 million, primarily attributable to the fadraciclib program. General and administrative expenses were reported at $1.2 million for the same period, reflecting a decrease in stock compensation costs.

Looking ahead, Cyclacel Pharmaceuticals remains focused on its clinical-stage biopharmaceutical programs aimed at addressing oncology and hematology needs. The company continues to evaluate fadraciclib and plogosertib in both solid tumor and hematological malignancy patients based on cell cycle, transcriptional regulation, and mitosis biology.

The financial results and business update underline Cyclacel Pharmaceuticals’ commitment to advancing its pipeline of innovative cancer medicines while navigating potential financial challenges and seeking strategic opportunities for growth and sustainability.

Please note that the information provided in this report is based on the company’s 8-K SEC Filing and accompanying press release.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Cyclacel Pharmaceuticals’s 8K filing here.

Cyclacel Pharmaceuticals Company Profile

Cyclacel Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, develops medicines for the treatment of cancer and other proliferative diseases in the United States, the United Kingdom, and internationally. The company's lead product includes fadraciclib, a cyclin dependent kinase Inhibitors (CDK) that is in Phase 1/2 clinical trial for the treatment of solid tumors and hematological malignancies, as well as in combination with venetoclax to treat relapsed or refractory chronic lymphocytic leukemia; and Plogosertib, a polo-like kinase inhibitor program, which is in Phase 1/2 clinical trial for the treatment of advanced solid tumors and hematological malignancies.