Bio Green Med Solution, Inc.

Cash equivalents were $6.0 million at June 30, 2024, up from $3.4 million at December 31, 2023. Net cash used in operating activities was $3.6 million for the six months ended June 30, 2024, versus $8.2 million in the same period of 2023, and net cash provided by financing activities was $6.3 million from issuance of common stock and warrants. R&D expense was $2.0 million for the three months ended June 30, 2024, down from $4.7 million a year earlier; Fadra-related R&D was $1.5 million versus $3.0 million, PLK1-related R&D was $0.5 million versus $1.4 million, and G&A was flat at about $1.6 million. UK R&D tax credits were $0.4 million versus $6.0 million last year, and net loss was $3.3 million, including $0.2 million of stock-based compensation, compared with $5.5 million including $0.4 million in the prior-year quarter. Management said current cash resources are expected to fund planned programs into the fourth quarter of 2024.

Spiro Rombotis framed the quarter around execution of Cyclacel’s precision-medicine strategy for oral Fadra and emphasized the ASCO presentation as a key validation point. He said the company has achieved key milestones with multiple patients dosed in Phase 2 and expects further catalysts in 2024, including interim data from the initial cohorts in the 065-101 study. His tone was constructive and focused on the opportunity to refine the program around CDKN2A/CDKN2B alterations in solid tumors and lymphoma.

Paul McBarron’s comments focused on liquidity, expense control, and runway. He said cash equivalents were $6.0 million at June 30, 2024, and that the company raised approximately $6.3 million net of expenses through common stock and warrant issuance, which helped extend funding into the fourth quarter of 2024. He also detailed lower operating spend, with quarterly R&D at $2.0 million, G&A roughly flat at $1.6 million, and net loss reduced to $3.3 million from $5.5 million year over year.

Analysts focused on the enrollment target, what constitutes success, and how many patients management expects to disclose later in the year. Brian Schwartz said the first stage is roughly 12 to 14 patients, and success means more than two responses; he added that the company expects to present response data on about a dozen patients by year-end. He also said management will look across prior and current patients to see whether specific CDKN2A/CDKN2B alterations appear most associated with benefit, suggesting the biomarker analysis is still being refined.