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Cyclacel Pharmaceuticals Inc. (CYCC) has filed its annual report on Form 10-K for the fiscal year ended December 31, 2024 filing.
The company reported a net loss of $11.2 million for the year, compared to a net loss of $22.6 million in 2023. The decrease in net loss was primarily due to reduced research and development expenses.
Research and development expenses were $6.7 million, a decrease from $19.2 million in the previous year. The reduction was mainly attributed to decreased clinical trial costs and manufacturing expenses.
General and administrative expenses totaled $5.4 million, down from $6.7 million in 2023, reflecting lower stock compensation and employment-related costs.
The company recognized $43,000 in revenue related to the recovery of clinical manufacturing costs, a decrease from $420,000 in 2023.
Cyclacel's cash and cash equivalents stood at $3.1 million as of December 31, 2024, with a working capital deficit of $2.6 million.
The company raised $7.8 million through financing activities during the year, primarily from the issuance of common stock and warrants.
Cyclacel announced a strategic focus on the development of its PLK1 inhibitor, Plogo, following the liquidation of its UK subsidiary, Cyclacel Limited.
The company highlighted substantial doubt about its ability to continue as a going concern beyond the second quarter of 2025 without additional funding.
Cyclacel plans to mitigate this risk by seeking further capital through equity or debt financings or potential partnership agreements.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Cyclacel Pharmaceuticals Inc. annual 10-K report dated April 2, 2025. To report an error, please email earnings@qz.com.