Cyclacel Pharmaceuticals, Inc. (CYCC)·Q2 2025 Earnings Summary

Executive Summary

• Q2 2025 showed materially reduced operating losses driven by a drastic 95% YoY reduction in R&D spend and lower G&A; net loss was $1.32M vs. $3.26M in Q2 2024, EPS was -$0.98, and cash rose to $4.28M, extending runway into Q4 2025 .
• No revenue was recognized in Q2 2025 (vs. $4K in Q2 2024); operating loss improved to -$1.32M (vs. -$3.64M), reflecting deconsolidation of the UK subsidiary and cost actions .
• Corporate actions included a 1-for-15 reverse stock split to maintain Nasdaq listing, a $3M Series F preferred raise, and an amended share exchange with FITTERS adding $1.0M cash consideration and extending the final date to September 30, 2025; dividend of $0.15 per share was declared on CYCCP .
• Earnings call transcript was not available; estimate comparisons via S&P Global were unavailable for CYCC, limiting beat/miss analysis; focus remained on plogosertib with supportive preclinical publications in BTC and FLC .

What Went Well and What Went Wrong

What Went Well

• R&D expense declined to $68K in Q2 2025 (from $2.02M in Q2 2024) as Cyclacel ceased the transcriptional regulation program following UK subsidiary liquidation; management reiterated focus on plogosertib and exploring an alternative salt, oral formulation with improved bioavailability .
• G&A decreased to $1.25M (from $1.63M in Q2 2024), reflecting lower operating costs, partially offset by one-off severance and higher legal fees; operating loss narrowed YoY .
• Cash increased to $4.28M with net cash used in operations at $1.1M, extending cash runway into Q4 2025—a notable improvement vs. Q1 commentary of runway only into Q2 2025 .

Quoted management: “The Company estimates that its current cash resources will fund planned expenditure into the fourth quarter of 2025.”

What Went Wrong

• No revenue recognized in Q2 2025; loss of eligibility for UK R&D tax credits after UK subsidiary liquidation removed a historical offset to expenses .
• R&D tax credits were $0 in Q2 2025 vs. $0.4M in Q2 2024, and “Income tax benefit” reflected a debit of $2K in Q2 2025, further constraining P&L support .
• Strategic uncertainty persists pending closing of the FITTERS transaction, with the final date extended to September 30, 2025 and added $1.0M cash consideration—execution risk remains until shareholder approvals and closing are completed .

Financial Results

Core Financials vs. Prior Periods and Year-Over-Year

Notes:

• Q2 2024 reference points contained within Q2 2025 8-K show YoY improvement in operating loss and net loss .
• No margin metrics were disclosed and are not meaningful given de minimis revenue.

KPIs

Guidance Changes

No revenue/EPS/margin guidance was provided in Q2 2025 filings .

Earnings Call Themes & Trends

Note: No Q2 2025 earnings call transcript was found; themes are derived from Q4 2024 and Q1/Q2 2025 filings and press releases .

Management Commentary

• “As part of the Company’s efforts to reduce operating costs it has determined to focus on the development of the plogosertib (‘plogo’) clinical program only… [and] continue our efforts on developing an alternative salt, oral formulation of plogosertib with improved bioavailability.” — Datuk Dr. Doris Wong, CEO (Q1 PR) .
• “Upon the commencement of the liquidation of Cyclacel Limited, the Company lost operational and strategic control… [and] anticipates a significant decrease to research and development expenses for the year ended December 31, 2025…” — Kiu Cu Seng, CFO (Q1 PR) .
• “The deconsolidation of Cyclacel Limited… will be reported… and… increase stockholders’ equity by approximately $5.0 million.” — Kiu Cu Seng, CFO (Q4 PR) .
• Q2 2025 filings emphasized cost discipline and runway extension, without detailed prepared remarks quotes .

Q&A Highlights

• No Q2 2025 earnings call transcript was available; the company furnished an 8-K with Exhibit 99.1 press release and other corporate updates without a transcript .
• No Q&A clarifications or tone assessment possible due to lack of transcript.

Estimates Context

• Wall Street consensus via S&P Global for CYCC was unavailable due to missing CIQ mapping for the ticker; therefore beat/miss vs. estimates cannot be assessed. Estimates unavailable from S&P Global.
• In the absence of SPGI consensus, no changes to Street models can be quantified.

Key Takeaways for Investors

• Cost reset is real: R&D down ~95% YoY and G&A lower YoY drove a materially narrower operating and net loss; cash runway extended to Q4 2025, improving near-term solvency optics .
• Scientific validation for plogosertib: Independent preclinical work in BTC (BUBR1-high) and FLC (DNAJ-PKAc fusion) suggests biologic plausibility in selected tumors; clinical path remains early-stage and capital-dependent .
• Corporate pivot risk/opportunity: The FITTERS transaction (19.99% equity plus $1.0M cash consideration) could diversify operations toward fire safety distribution and PPE, altering the company’s risk/return profile if consummated .
• Listing maintenance achieved via reverse split; volatility around structural actions can persist, but compliance steps have been taken to preserve market access .
• Absent revenue and loss of UK R&D credits limit self-funding capacity; ongoing external financing remains a core requirement despite improved burn .
• With no SPGI consensus or call transcript, trading setups will hinge on corporate closing risks (FITTERS), liquidity extensions, and incremental plogosertib readouts rather than near-term financial beats/misses .
• Watch September vote/closing for FITTERS and any Q3 operational updates; execution on plogosertib formulation and targeted clinical strategy is key for medium-term thesis .