Cyclacel Pharmaceuticals, Inc. Files 2023 Annual Report (10-K)

TL;DR

<b>Cyclacel Pharmaceuticals, Inc. filed its 2023 10-K report detailing its financial performance and corporate information.</b>

AI Summary

Cyclacel Pharmaceuticals, Inc. (BGMSP) filed a Annual Report (10-K) with the SEC on March 21, 2024. Filed 10-K for the fiscal year ended December 31, 2023. Company name changed from XCYTE THERAPIES INC on December 18, 2000. Business address: 200 Connell Drive, Suite 1500, Berkeley Heights, NJ 07922. Phone number: 908-517-7330. Filed as of March 21, 2024.

Why It Matters

For investors and stakeholders tracking Cyclacel Pharmaceuticals, Inc., this filing contains several important signals. This filing provides a comprehensive overview of the company's financial health and operational status for the fiscal year 2023, crucial for investors to assess performance and future prospects. The 10-K report contains detailed financial statements, risk factors, and management discussions, offering insights into the company's strategic direction and potential challenges in the pharmaceutical sector.

Risk Assessment

Risk Level: medium — Cyclacel Pharmaceuticals, Inc. shows moderate risk based on this filing. The company operates in the highly competitive and regulated pharmaceutical industry, facing risks related to drug development, clinical trials, regulatory approvals, and market adoption, as evidenced by the nature of a 10-K filing for a pharmaceutical company.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand Cyclacel Pharmaceuticals' current financial position and strategic outlook.

Key Numbers

• 20231231 — Fiscal Year End (Reported period)
• 20240321 — Filed As Of Date (Date the filing was made available)
• 000-50626 — SEC File Number (SEC registration number)
• 26.75 — Stock Price (Low) (Reported stock price range)
• 28.70 — Stock Price (High) (Reported stock price range)
• 27.24 — Stock Price (Close) (Reported stock price range)

Key Players & Entities

• Cyclacel Pharmaceuticals, Inc. (company) — Filer name
• XCYTE THERAPIES INC (company) — Former company name
• Berkeley Heights, NJ (location) — Business and mailing address city and state
• 200 Connell Drive, Suite 1500 (address) — Business and mailing street address
• 07922 (zip_code) — Business and mailing address zip code
• 908-517-7330 (phone_number) — Business phone number
• 20231231 (date) — Fiscal year end date
• 20240321 (date) — Filing date

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-21: Filing Date — Date the 10-K was officially filed with the SEC.

Key Financial Figures

• $0.001 — ch registered Common Stock, par value $0.001 per share CYCC The Nasdaq Capital M
• $8.84 — 23 (based upon the closing sale price of$8.84 of such shares on The NASDAQ Capital Ma

Filing Documents

• cycc-20231231x10k.htm (10-K) — 2064KB
• cycc-20231231xex4d12.htm (EX-4.12) — 168KB
• cycc-20231231xex10d13.htm (EX-10.13) — 144KB
• cycc-20231231xex23d1.htm (EX-23.1) — 3KB
• cycc-20231231xex31d1.htm (EX-31.1) — 12KB
• cycc-20231231xex31d2.htm (EX-31.2) — 12KB
• cycc-20231231xex32d1.htm (EX-32.1) — 6KB
• cycc-20231231xex32d2.htm (EX-32.2) — 6KB
• cycc-20231231xex97d1.htm (EX-97.1) — 34KB
• cycc-20231231x10k002.jpg (GRAPHIC) — 20KB
• cycc-20231231x10k003.jpg (GRAPHIC) — 34KB
• cycc-20231231xex10d13001.jpg (GRAPHIC) — 5KB
• cycc-20231231xex10d13002.jpg (GRAPHIC) — 3KB
• 0001558370-24-003713.txt (&nbsp;) — 9034KB
• cycc-20231231.xsd (EX-101.SCH) — 60KB
• cycc-20231231_cal.xml (EX-101.CAL) — 54KB
• cycc-20231231_def.xml (EX-101.DEF) — 260KB
• cycc-20231231_lab.xml (EX-101.LAB) — 473KB
• cycc-20231231_pre.xml (EX-101.PRE) — 398KB
• cycc-20231231x10k_htm.xml (XML) — 1349KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 27 Item 1B. Unresolved Staff Comments 64 Item 1C. Cybersecurity 64 Item 2.

Properties

Properties 66 Item 3.

Legal Proceedings

Legal Proceedings 66 Item 4. Mine Safety Disclosures 66 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 66 Item 6. Reserved 66 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 67 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 76 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 77 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 106 Item 9A.

Controls and Procedures

Controls and Procedures 106 Item 9B. Other Information 108 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 108 PART III I tem 10. Directors, Executive Officers and Corporate Governance 108 I tem 11.

Executive Compensation

Executive Compensation 108 I tem 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 108 I tem 13. Certain Relationships and Related Transactions, and Director Independence 108 I tem 14. Principal Accountant Fees and Services 109 PART IV Item 15. Exhibits and Financial Statement Schedules 110 2 Table of Contents Summary of Principal Risk Factors This summary briefly lists the principal risks and uncertainties facing our business, which are only a select portion of those risks. A more complete discussion of those risks and uncertainties is set forth in Part I, Item 1A of this Annual Report, entitled "Risk Factors". Additional risks not presently known to us or that we currently deem immaterial may also affect us. If any of these risks occur, our business, financial condition or results of operations could be materially and adversely affected. Our business is subject to the following principal risks and uncertainties: Risks Associated with Development and Commercialization of Our Drug Candidates The cost, time, and possibility of delays associated with clinical trials, which may be required to continue beyond our available funding. We cannot be certain that we will be able to raise sufficient funds to complete the development and commercialize any of our product candidates currently in clinical development, should they succeed. We may suffer significant delays, setbacks or negative results in, or termination of, our clinical trials. We are making use of biomarkers, which are not scientifically validated, and our reliance on biomarker data may thus cause us to direct our resources inefficiently. We may be unable to directly control the timing, conduct and expense of our clinical trials, due to our reliance on contract research organizations and other third parties to conduct clinical trials. We have no manufacturing capacity and will rely on third party manufacturers for the late-stage clinical trials, development and commerci

Busin ess

Item 1. Busin ess The following Business Section contains forward-looking statements. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of certain risks, uncertainties and other factors including the risk factors set forth in Part I, Item 1A of this Annual Report on Form 10-K. In this report, "Cyclacel," the "Company," "we," "us," and "our" refer to Cyclacel Pharmaceuticals, Inc. General We are a clinical-stage biopharmaceutical company working to develop innovative cancer medicines based on cell cycle, transcriptional regulation, epigenetics and mitosis biology. We are a pioneer company in the field of cancer cell cycle biology with a vision to improve patient healthcare by translating insights in cancer biology into medicines that can overcome resistance and ultimately increase a patient's overall survival. The transcriptional regulation program is evaluating fadraciclib, a CDK2/9 inhibitor, in solid tumors and hematological malignancies. The epigenetic/anti-mitotic program is evaluating plogosertib, a PLK1 inhibitor, in solid 4 Table of Contents tumors and hematological malignancies. Our strategy is to build a diversified biopharmaceutical business based on a pipeline of novel drug candidates addressing oncology and hematology indications. We have retained rights to commercialize our clinical development candidates and our business objective is to enter into selective partnership arrangements with these programs. Substantially all our efforts to date have been devoted to performing research and development, conducting clinical trials, developing and acquiring intellectual property, raising capital and recruiting and training personnel. Cell Cycle Control Biology Loss of control of the cell cycle, the process by which cells grow and divide, lies at the heart of cancer. In normal cells, a complex set of interacting proteins tightly regulates progression through the phases of the cell cy

View Full Filing

View this 10-K filing on SEC EDGAR