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Cyclacel Pharmaceuticals Inc. (CYCC) filed Quarterly Report for the period ended 2011-09-30.
Cyclacel Pharmaceuticals Inc. has a market cap of $33.6 million; its shares were traded at around $0.62 with and P/S ratio of 49.
This is the annual revenues and earnings per share of CYCC over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of CYCC.
Highlight of Business Operations:
Product revenue is derived from the sale of Xclair® Cream, Numoisyn® Liquid and Numoisyn® Lozenges following the ALIGN asset acquisition on October 5, 2007. During each of the three months ended September 30, 2010 and 2011, we recognized revenue of approximately $0.2 million.We recognized $0.1 million of collaboration and research and development revenue for the nine months ended September 30, 2010 derived from an agreement with a pharmaceutical company under which we provided one of our compounds for evaluation in the field of eye care. We had no collaboration and research and development revenue for the nine months ended September 30, 2011.
Product revenue is derived from the sale of Xclair® Cream, Numoisyn® Liquid and Numoisyn® Lozenges. During the nine months ended September 30, 2010 and 2011, we recognized product revenue of approximately $0.4 and $0.5 million, respectively, in accordance with our revenue recognition policy. Product revenue was lower by $0.1 million for the nine months ended September 30, 2010 compared to the same period in 2011 due to $0.2 million in product returns during nine month ended September 30, 2010.
Total cost of sales represented 72% and 52% of product revenue for the nine months ended September 30, 2010 and 2011, respectively. The high percentage for the nine months ended September 30, 2010 is the result of lower product revenue driven by $0.2 million of product returns as described in “Revenues” above.
The objectives of our cash management policy are to safeguard and preserve funds, to maintain liquidity sufficient to meet our cash flow requirements and to attain a market rate of return. At September 30, 2011, we had cash and cash equivalents of $27.7 million as compared to $29.5 million at December 31, 2010. The decrease in balance was primarily due to normal cash outflows required to operate our business, offset by net proceeds of $9.3 million from the July 2011 underwritten offering. Since our inception, we have not generated any significant revenue and have relied primarily on the proceeds from sales of equity and preferred securities to finance our operations and internal growth. Additional funding has come through interest on investments, licensing revenue, government grants and research and development tax credits. We have incurred significant losses since our inception. As of September 30, 2011, we had an accumulated deficit during the development stage of $253.4 million. We believe that existing funds together with cash generated from operations and recent financing activities are sufficient to satisfy our planned working capital, capital expenditures, debt service and other financial commitments for at least the next twelve months. Current business and capital market risks could have a detrimental effect on the availability of sources of funding and our ability to access them in the future which may delay or impede our progress of advancing our drugs currently in the clinic to approval by the FDA for commercialization.
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