Cyclacel Pharmaceuticals Reports No Revenue and Strategic Changes in Q2 2025

Cyclacel Pharmaceuticals, Inc. reported significant financial developments in its recent 10-Q filing for the second quarter of 2025. The company recorded no revenue for the three and six months ended June 30, 2025, a decrease from $4,000 and $33,000 in the same periods of 2024. Operating expenses for the second quarter were $1.3 million, down from $3.6 million year-over-year, while total operating expenses for the first half of 2025 were $6.4 million, compared to $8.0 million in the prior year. The net loss for the second quarter was $1.3 million, a reduction from $3.3 million in the same quarter of 2024, indicating a narrowing of losses as the company continues to streamline operations.

In a strategic shift, Cyclacel's Board of Directors has initiated a review of strategic alternatives to preserve cash, including the liquidation of its wholly-owned UK subsidiary, Cyclacel Limited. This decision was made in light of the company's ongoing financial challenges and the need to focus on its plogosertib clinical program. The liquidation process was announced on January 31, 2025, and resulted in a gain of approximately $5.0 million due to the deconsolidation of Cyclacel Limited's financial results. The company has also repurchased certain assets related to the plogosertib program for approximately $0.3 million.

Cyclacel has undergone significant organizational changes, including a securities purchase agreement with investor David E. Lazar, who acquired 1,000,000 shares of Series C Convertible Preferred Stock and 2,100,000 shares of Series D Convertible Preferred Stock for gross proceeds of $3.1 million. Following this, Lazar entered into another agreement with Datuk Dr. Doris Wong Sing Ee, resulting in Wong acquiring a controlling interest in the company. These transactions are part of Cyclacel's efforts to secure funding and stabilize its operations amid ongoing financial pressures.

As of June 30, 2025, Cyclacel reported total assets of $4.4 million, an increase from $4.1 million at the end of 2024. The company’s cash and cash equivalents rose to $4.3 million from $3.1 million during the same period. Current liabilities decreased significantly to $0.8 million from $6.3 million, reflecting the company's efforts to reduce operational costs. The employee headcount remains stable as the company focuses on its core clinical programs and strategic initiatives.

Looking ahead, Cyclacel anticipates that its current cash reserves will support operations into the fourth quarter of 2025. However, the company has expressed substantial doubt about its ability to continue as a going concern without securing additional financing. Management is actively exploring options to raise capital through equity financing or strategic transactions, although the success of these efforts remains uncertain. The company is also preparing for a potential rebranding and listing under a new ticker symbol following its planned merger with FITTERS Diversified Berhad, which is expected to enhance its market position.