Cyclacel Pharmaceuticals, Inc. reported a net loss of $11.2 million for the fiscal year ending December 31, 2024, a significant decrease from the $22.6 million loss recorded in the previous year. The company's total revenue for 2024 was $43,000, primarily derived from the recovery of clinical manufacturing costs associated with an investigator-sponsored study, a sharp decline from $420,000 in 2023. This decrease in revenue reflects the company's ongoing challenges in generating sales, as it has not yet commercialized any products and does not expect to report significant revenue in the foreseeable future.
The company has made strategic changes to its operations, including a focus on its remaining product candidate, plogosertib (Plogo), a PLK1 inhibitor for advanced cancers. In January 2025, Cyclacel entered into a securities purchase agreement with investor David Lazar, raising $3.1 million through the sale of convertible preferred stock. This funding is intended to settle outstanding liabilities and support general corporate purposes. Additionally, the company announced the liquidation of its UK subsidiary, Cyclacel Limited, which is expected to deconsolidate from Cyclacel's financial results and increase stockholders' equity by approximately $5 million.
Operationally, Cyclacel has reduced its research and development expenses significantly, from $19.2 million in 2023 to $6.7 million in 2024, as it streamlined its focus on the Plogo clinical program. General and administrative expenses also decreased to $5.4 million from $6.7 million in the prior year. The company had cash and cash equivalents of $3.1 million as of December 31, 2024, which it anticipates will sustain its operations into the second quarter of 2025. However, there is substantial doubt regarding its ability to continue as a going concern beyond this period without additional funding.
Looking ahead, Cyclacel's future hinges on its ability to secure further financing and successfully advance its clinical programs. The company plans to continue evaluating in-licensing and acquisition opportunities to enhance its drug development pipeline. However, it faces significant risks, including the need for substantial additional capital to fund ongoing research and development, the potential for delays in clinical trials, and the competitive landscape in the biopharmaceutical industry. The company’s management has expressed uncertainty about its ability to raise the necessary funds, which could impact its operational plans and timelines for product development.
About Cyclacel Pharmaceuticals, Inc.
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