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March 24, 2010
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Cyclacel Pharmaceuticals, Inc.’s (CYCC) fourth quarter fiscal 2009 net loss per share came in at 18 cents, wider than the Zacks Consensus Estimate by a penny. The year-ago loss was 39 cents. The year-over-year decline in loss for the reported quarter was attributable to lower operating costs.
For the full-year 2009, Cyclacel suffered a loss of 88 cents as against a loss of $1.98 recorded in 2008. The Zacks Consensus Estimate for 2009 was for a loss of 87 cents.
Total revenue in the fourth quarter of 2009 came in at $187,000, compared to $251,000 in the year-ago quarter. Total operating costs in the reported quarter fell 49.3% year-over-year to $4.5 million.
Research and development (R&D) expenses in the fourth quarter of 2009 came in at $2.6 million as against $3.2 million in the year-ago quarter, down approximately 18.8%. The reduction in R&D spend for the reported quarter was primarily attributable to lower employment and related costs following the reduction in workforce in the second and third quarters of 2009.
The decline in R&D expenses was also because of the completion of patient enrollment in Oct 2008 of the mid-stage study of CYC682 (sapacitabine) for the treatment of patients suffering from acute myeloid leukemia (AML).
Selling, general and administrative expenses (SG&A) in the reported quarter stood at $1.8 million as against $4 million in the year-ago quarter, down approximately 55%. The sharp decline is primarily attributable to lower employment and related costs following the job-cuts.
Cyclacel ended 2009 with cash and cash equivalents of $11.5 million. The company expects its cash balance coupled with the proceeds from recent financings to be sufficient to meet its anticipated short-term working capital needs. Furthermore, they should be able to fund current operations for at least the next twelve months.
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