Cyclacel reports Q1 net loss of $2.9M; begins Phase 2 fadraciclib enrollment; secures $8M private placement

Bio Green Med Solution, Inc.

2024-Q1 EPS reported -$2.27 vs consensus -$1161.58 ▲ beat (+99.8%)

Net loss of $2.9M for Q1 2024 compared to $5.8M in Q1 2023; R&D expenses fell to $2.8M from $5.7M.
Pro forma cash $9.9M including $8M private placement proceeds; actual cash $2.8M at March 31, 2024.
Phase 2 proof-of-concept study for oral fadraciclib enrolling patients; final Phase 1 data to be presented at ASCO 2024.
$8.0 million private placement completed under Nasdaq rules, bolstering balance sheet.
Net cash used in operations was $0.5M in Q1 2024 vs $6.9M in Q1 2023; company expects funding into Q4 2024.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Bio Green Med Solution, Inc. reported first quarter ended March 31, 2024 results: net income Net loss for the three months March 31, 2024, was $2.9 million (including stock-based compensation expense of $0.2 milli.

Period: first quarter ended March 31, 2024
Net income: Net loss for the three months March 31, 2024, was $2.9 million (including stock-based compensation expense of $0.2 milli
Result: reported results

Exact text from the filing

Cyclacel Pharmaceuticals, Inc. (NASDAQ: CYCC, NASDAQ: CYCCP; "Cyclacel" or the "Company"), a biopharmaceutical company developing innovative medicines based on cancer cell biology, announced today first quarter financial results and provided a business update.

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Source: SEC EDGAR

accession 0001104659-24-061146

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