New Brunswick, New Jersey – Cyclacel Pharmaceuticals, Inc. (NASDAQ: CYCC) held its Q2 2024 Earnings Call on August 14, 2024, at 4:30 PM ET. The company discussed its financial results and business highlights for the second quarter, which ended on June 30, 2024. Important members present during this call included Grace Kim from IRSpiro Rombotis, who serves as the President and CEO, Brian Schwartz, the CMO, and Paul McBarron, the EVPO and COO. During the call, forward-looking statements were made in accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934. These statements were based on the company’s press release and filings with the Securities and Exchange Commission.

Spiro Rombotis began the call by discussing Cyclacel’s progress with their precision medicine strategy for Fadra, an oral CDK29 inhibitor. The company has been focusing on a Phase 2 proof-of-concept study to evaluate Fadra’s potential as a monotherapy in patients with specific chromosomal abnormalities. The study has shown promising results in various tumor types, including endometrial, lung, ovarian, pancreatic cancer, and T-cell lymphoma. Based on the data available, Cyclacel believes that Fadra holds a strong competitive profile in its therapeutic class and aims to report initial clinical activity from the Phase 2 study by the fourth quarter of 2024.

Brian Schwartz provided further insights into the progress of the Fadra program, highlighting the recruitment in the Phase 2 study and the opening of a new cohort for patients with T-cell lymphoma. The Phase 1 data showed encouraging results, with good tolerability of Fadra and clinical benefit observed in various cancer types. The company plans to present initial data from around a dozen patients by the end of 2024 and is on track with its enrollment targets.

Paul McBarron discussed the financial highlights for the second quarter of 2024, mentioning that the company’s cash equivalents had increased to $6 million as of June 30, 2024. The net cash used in operating activities had decreased compared to the previous year, and Cyclacel’s current cash resources are expected to fund planned programs into the fourth quarter of 2024. Research and development expenses for Fadra and other programs were also outlined, indicating a strategic allocation of resources.

Overall, Cyclacel Pharmaceuticals remains optimistic about the progress of its Fadra program and looks forward to reporting further data in the coming months. The company is focused on addressing unmet medical needs and advancing precision medicine strategies in oncology. Follow-up questions during the call provided additional insights into the enrollment targets, success criteria, and potential outcomes of the ongoing clinical trials. Investors and stakeholders are encouraged by the company’s strategic approach and the promising results seen so far.

The call concluded with a note of appreciation from Spiro Rombotis to all participants and a reminder of upcoming catalysts and milestones for Cyclacel in 2024. The company remains committed to advancing innovative therapies and delivering value to patients and shareholders.