Cyclacel Pharmaceuticals ( (CYCC) ) has released its Q4 earnings. Here is a breakdown of the information Cyclacel Pharmaceuticals presented to its investors.
Cyclacel Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company focused on developing innovative cancer treatments, particularly through its cell cycle, epigenetics, and mitosis biology programs. The company recently reported its fourth-quarter financial results, highlighting a strategic shift towards the development of plogosertib, a PLK1 inhibitor for advanced cancers, following the liquidation of its subsidiary, Cyclacel Limited. This move is expected to significantly reduce research and development expenses and increase stockholders’ equity by approximately $5 million. Financially, Cyclacel ended 2024 with $7.2 million in cash and cash equivalents, including recent equity financing, and reduced its net cash used in operating activities to $8 million, down from $16.1 million in 2023. The company also reported a decrease in R&D and general administrative expenses, contributing to a reduced net loss of $11.2 million for the year. Looking ahead, Cyclacel plans to focus on its plogosertib clinical program, aiming to extend its cash runway into the second quarter of 2025, while continuing to build a diversified biopharmaceutical business targeting oncology and hematology indications.