On August 9, 2023 Cyclacel Pharmaceuticals, Inc. (NASDAQ: CYCC, NASDAQ: CYCCP; "Cyclacel" or the "Company"), a biopharmaceutical leader in cell cycle checkpoint control developing innovative medicines based on cancer cell biology, reported second quarter financial results and provided a business update (Press release, Cyclacel, AUG 9, 2023, View Source [SID1234634059]).
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"Both clinical programs with fadraciclib and plogosertib are progressing well, and we are on track to report on important readouts this year," said Spiro Rombotis, President and Chief Executive Officer. "Based on data collected to date we believe that fadraciclib’s next generation CDK inhibitor profile is differentiated from other molecules in its class. Similarly plogosertib could emerge as a PLK1 inhibitor with novel epigenetic activity. We look forward to presenting data from these two programs in the coming months."
"We are completing dose escalation level 6A with six patients in the 065-101 study of fadraciclib as a single agent and expect to select the recommended Phase 2 dosing schedule shortly. A patient with endometrial cancer in dose level 6A has documented tumor shrinkage after one cycle," said Mark Kirschbaum, M.D., Chief Medical Officer. "In the 140-101 study of plogosertib as a single agent we are recruiting patients at dose level 5. Anticancer activity has been observed thus far in four out of twelve patients, with adenoid cystic carcinoma, biliary, non-small cell lung, and ovarian cancer respectively, who stayed on treatment for three to eight cycles. The activity at low level, continuous exposure may be due to the effects of plogosertib operating through a novel epigenetic mechanism which we are continuing to investigate. If confirmed, we will design clinical studies that could exploit these findings."
Key Upcoming Milestones
• Report final data from dose escalation stage and RP2D determination from the 065-101 study of oral fadraciclib in patients with advanced solid tumors and lymphoma
• First patient dosed with oral fadraciclib in Phase 2 proof-of-concept stage of 065-101 study in patients with advanced solid tumors and lymphoma
• Report Phase 1 data from 140-101 study of oral plogosertib in patients with advanced solid tumors and lymphoma
• Elaborate novel mechanism of action of plogosertib
Financial Highlights
As of June 30, 2023, cash equivalents totaled $10.2 million, compared to $18.3 million as of December 31, 2022. Net cash used in operating activities was $8.2 million for the six months ended June 30, 2023 compared to $8.7 million for the same period of 2022. The Company estimates that its available cash will fund currently planned programs through the end of 2023. The operating plan includes discretionary expenditures, which if not incurred could extend liquidity requirements into the second quarter of 2024.
Research and development (R&D) expenses were $4.7 million for the three months ended June 30, 2023, as compared to $4.2 million for the same period in 2022. R&D expenses relating to fadraciclib were $3.0 million for the three months ended June 30, 2023, as compared to $2.6 million for the same period in 2022 due to increased non-clinical expenditures. R&D expenses related to plogosertib were $1.4 million for the three months ended June 30, 2023, as compared to $1.5 million for the same period in 2022 due to clinical trial costs associated with the progression of the Phase 1/2 study.
General and administrative expenses for the three months ended June 30, 2023 and 2022, remained relatively flat at $1.6 million.
Total other expense, net, for the three months ended June 30, 2023, was $0.1 million compared to an income of $0.2 million for the same period of the previous year.
United Kingdom research & development tax credits for the three months ended June 30, 2023 were $0.6 million compared to $1.0 million for the same period of the previous year due to taxation legislative changes that took effect in April 2023. Research & development tax credits are directly correlated to qualifying research and development expenditure.
Net loss for the three months ended June 30, 2023, was $5.4 million, compared to $4.6 million for the same period in 2022.
Conference call information:
Call: (800) 225-9448 / international call: (203) 518-9708
Archive: (800) 839-6136 / international archive: (402) 220-2572
Code for live and archived conference call is CYCCQ223. Webcast link
For the live and archived webcast, please visit the Corporate Presentations page on the Cyclacel website at www.cyclacel.com. The webcast will be archived for 90 days and the audio replay for 7 days.