Cyclacel Pharmaceuticals, Inc.

Cyclacel reported cash equivalents of $6 million at June 30, 2024, versus $3.4 million at December 31, 2023. Net cash used in operating activities was $3.6 million for the first six months of 2024, compared with $8.2 million in the same period of 2023, and net cash provided by financing activities was $6.3 million, mainly from the issuance of common stock and warrants. For Q2 2024, R&D expense was $2 million versus $4.7 million a year ago, including Fadra R&D of $1.5 million versus $3 million and plogosertib R&D of $0.5 million versus $1.4 million; G&A was approximately $1.6 million, other expenses were $0.1 million, UK R&D tax credits were $0.4 million versus $6 million, and net loss was $3.3 million versus $5.5 million. Management said current cash resources should fund planned programs into the fourth quarter of 2024.

Spiro Rombotis framed the quarter around progress in Cyclacel’s precision-medicine strategy for Fadraciclib, highlighting the enriched CDKN2A/CDKN2B cohort and the company’s presentation at ASCO. He emphasized that the program has a strong competitive profile and that the company expects important catalysts in 2024, including interim data from initial Phase 2 cohorts in advanced solid tumors and lymphoma. His tone was constructive and forward-looking, focused on the potential to refine the target population based on emerging clinical signals.

Paul McBarron’s commentary centered on a tighter cost base and a manageable near-term cash runway. He said cash equivalents were $6 million at June 30, 2024, operating cash burn was $3.6 million for the first half of 2024, and financing brought in $6.3 million net from a common stock and warrant issuance. He also highlighted lower Q2 R&D expenses of $2 million, with reductions in both Fadra-related and plogosertib-related spending, while G&A held flat at about $1.6 million; he said current cash should fund planned programs into the fourth quarter of 2024.

The main analyst question focused on enrollment goals, the benchmark for success, and how different CDKN2A/CDKN2B alterations might affect the readout. Brian Schwartz said the first-stage target is about 12 to 14 patients, with success defined as more than two responses, and management expects to present around a dozen patients’ response data by year-end. On biomarker nuance, he said the company expects to learn whether certain deletions or mutations appear more predictive as more treated patients are analyzed, but he did not claim a definitive answer yet.