There is no fundamental reason why CYCC stock surged 5.75% in the pre-market trading session at the price of $6.25. The last reported news was the company’s participation in upcoming investor conferences in September 2021.
CYCC to Present at Upcoming Conferences in September
Cyclacel is a clinical-stage biopharmaceutical company. It develops and commercializes innovative cancer medicines related to the cell cycle and mitosis biology. On 8th September 2021, CYCC announced its participation in upcoming investor conferences in September. Oppenheimer Fall Healthcare Life Sciences and MedTech Summit will be from 20th to 22nd September 2021. Presentation and 1X1 meetings will be on Tuesday 21st September 2021, at 10:45 AM ET. Cantor Fitzgerald Global Healthcare Conference will take place from 27 to 30th September 2021. The presentation and 1X1 meetings of this conference will be on 30th September 2021, at 2:00 PM ET.
CYCC Reported Second Quarter 2021 Financial Results
On 11th August 2021, CYCC published its financial results for the second quarter ended 30th June 2021. CEO of Cyclacel, Spiro Rombotis, commented that this quarter highlighted the progress of their fadraciclib and CYC140. Their first patient was dosed with oral fadraciclib in July. Similarly, two additional patients with advanced solid tumors had treated and completed their enrolment in the first dose. They believe that fadraciclib is a leading and transcriptionally-active CDK inhibitor with a differentiated product profile. They will continue working on their planned opening of protocol 065-102 and oral fadraciclib study to treat patients with hematological malignancies. The second half of 2021 seems to be an exciting period as they expand their clinical programs and increase their visibility as an oncology leader. They look forward to reporting further updates after the data from these studies becomes available, he further remarked.
Financial Highlights
CYCC reported cash and cash equivalents of $43.6 million as of 30th June 2021. The cash and cash equivalents totaled $47.8 million as of 31st March 2021. This $4.2 million reduction resulted from net cash used in operating activities. The company reported a net loss of $5.1 million for the three months ended on 30th June 2021. Net loss was $2.2 million for the same period of the previous year. Research and development expenses were $4.1 million for the second quarter ended on 30th June 2021, compared to $1.2 million for the same quarter in 2020. United Kingdom research & development tax credits were $1.0 million for the three months ended 30th June 2021. They were $0.3 million for the same period last year, primarily caused by higher R&D expenditure.
