$CYCC
Cyclacel Pharmaceuticals, Inc.

2012 Q4 Form 10-Q Financial Statement

#000110465912078585 Filed on November 16, 2012

View on sec.gov

Income Statement

Concept 2012 Q4 2012 Q3 2011 Q3
Revenue $10.00K $38.00K $0.00
YoY Change -100.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.660M $2.028M $1.814M
YoY Change 88.65% 11.8% -30.5%
% of Gross Profit
Research & Development $2.000M $1.532M $2.066M
YoY Change -9.09% -25.85% 40.54%
% of Gross Profit
Depreciation & Amortization $10.00K $20.00K $80.00K
YoY Change -200.0% -75.0% -27.27%
% of Gross Profit
Operating Expenses $4.660M $3.560M $3.880M
YoY Change 29.09% -8.25% -4.9%
Operating Profit -$3.522M -$3.880M
YoY Change -9.23% -3.0%
Interest Expense -$410.0K -$50.00K $40.00K
YoY Change -225.0% -233.33%
% of Operating Profit
Other Income/Expense, Net $0.00 -$50.00K $477.0K
YoY Change -100.0% -110.48% 581.43%
Pretax Income -$5.070M -$3.572M -$3.403M
YoY Change 39.29% 4.97% -13.85%
Income Tax -$640.0K -$419.0K -$126.0K
% Of Pretax Income
Net Earnings -$4.760M -$1.890M -$3.445M
YoY Change 30.05% -45.14% -9.58%
Net Earnings / Revenue -47600.0% -4973.68%
Basic Earnings Per Share
Diluted Earnings Per Share -$119.0M -$47.25M -$115.0M
COMMON SHARES
Basic Shares Outstanding 8.435M shares 8.429M shares 7.673M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2012 Q4 2012 Q3 2011 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $16.41M $17.84M $27.68M
YoY Change -32.88% -35.55% 49.78%
Cash & Equivalents $16.41M $17.84M $27.68M
Short-Term Investments
Other Short-Term Assets $10.00K $185.0K $410.0K
YoY Change -95.19% -54.88% -22.64%
Inventory $170.0K
Prepaid Expenses $358.0K $318.0K
Receivables $100.0K
Other Receivables $430.0K
Total Short-Term Assets $18.87M $19.95M $28.78M
YoY Change -26.94% -30.67% 46.24%
LONG-TERM ASSETS
Property, Plant & Equipment $129.0K $140.0K $170.0K
YoY Change -22.75% -17.65% -66.67%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $350.0K $430.0K
YoY Change
Total Long-Term Assets $482.0K $573.0K $170.0K
YoY Change 188.62% 237.06% -76.06%
TOTAL ASSETS
Total Short-Term Assets $18.87M $19.95M $28.78M
Total Long-Term Assets $482.0K $573.0K $170.0K
Total Assets $19.35M $20.53M $28.95M
YoY Change -25.56% -29.1% 41.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.259M $1.642M $1.100M
YoY Change 31.57% 49.27% -17.91%
Accrued Expenses $5.601M $4.127M $3.810M
YoY Change 33.9% 8.32% 9.17%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $9.335M $7.297M $5.940M
YoY Change 43.66% 22.85% -25.47%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $9.335M $7.297M $5.940M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $9.335M $7.297M $5.940M
YoY Change 43.66% 22.85% -25.47%
SHAREHOLDERS EQUITY
Retained Earnings -$270.3M -$265.5M
YoY Change 5.13%
Common Stock $9.000K $8.000K
YoY Change 12.5%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $10.02M $13.23M $23.01M
YoY Change
Total Liabilities & Shareholders Equity $19.35M $20.53M $28.95M
YoY Change -25.56% -29.1% 41.98%

Cashflow Statement

Concept 2012 Q4 2012 Q3 2011 Q3
OPERATING ACTIVITIES
Net Income -$4.760M -$1.890M -$3.445M
YoY Change 30.05% -45.14% -9.58%
Depreciation, Depletion And Amortization $10.00K $20.00K $80.00K
YoY Change -200.0% -75.0% -27.27%
Cash From Operating Activities -$2.460M -$2.100M -$2.260M
YoY Change -24.54% -7.08% -10.32%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 -$10.00K
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities $0.00 $0.00 -$10.00K
YoY Change -100.0% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.050M 10.00K 9.340M
YoY Change 10400.0% -99.89% 557.75%
NET CHANGE
Cash From Operating Activities -2.460M -2.100M -2.260M
Cash From Investing Activities 0.000 0.000 -10.00K
Cash From Financing Activities 1.050M 10.00K 9.340M
Net Change In Cash -1.410M -2.090M 7.070M
YoY Change -56.48% -129.56% -742.73%
FREE CASH FLOW
Cash From Operating Activities -$2.460M -$2.100M -$2.260M
Capital Expenditures $0.00 $0.00 -$10.00K
Free Cash Flow -$2.460M -$2.100M -$2.250M
YoY Change -24.54% -6.67% -10.71%

Facts In Submission

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us-gaap Use Of Estimates
UseOfEstimates
<table style="font-size:10pt; font-family:'Times New Roman',times,serif;"> <tr> <td> <p style="MARGIN: 0in 0in 0pt"><b><i><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman" size="2">Use of Estimates</font></i></b></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#160;</font></p> <p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">The preparation of financial statements in accordance with United States GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and related disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Critical estimates include estimated levels of product returns, and inputs used to determine stock-based compensation expense and the fair value of financial instruments, such as Economic Rights and other liabilities measured at fair value. Cyclacel reviews its estimates on an ongoing basis. The estimates are based on historical experience and on various other assumptions that the Company believes to be reasonable under the circumstances. Actual results may differ from these estimates.</font></p> <p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#160;</font></p></td></tr></table>
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
2934000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
287000 USD
CY2012Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
10000000 shares
cycc Period For Which Cash And Cash Equivalents Sufficient To Meet Short Term Working Capital Needs
PeriodForWhichCashAndCashEquivalentsSufficientToMeetShortTermWorkingCapitalNeeds
P12M
CY2012Q2 cycc Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized Prior To Amendment
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorizedPriorToAmendment
5200000 shares
cycc Dividends On Preferred Ordinary Shares
DividendsOnPreferredOrdinaryShares
38123000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
86748000 USD
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-4060000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-269317000 USD
cycc Dividends Preferred Stocks
DividendsPreferredStocks
546000 USD
CY2011Q3 cycc Dividends Preferred Stocks
DividendsPreferredStocks
182000 USD
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
62000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
12000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
62000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
2886000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
48000 USD
cycc Stock Option Plan Expenses
StockOptionPlanExpenses
1215000 USD
cycc Issuance Of Stocks And Warrants For Services Or Claims
IssuanceOfStocksAndWarrantsForServicesOrClaims
446000 USD
cycc Transaction Costs On Sale Of Economic Rights
TransactionCostsOnSaleOfEconomicRights
33000 USD
cycc Proceeds Of Committable Loan Notes Issued From Shareholders
ProceedsOfCommittableLoanNotesIssuedFromShareholders
8883000 USD
cycc Acquisitions Of Equipment Purchased Through Capital Leases
AcquisitionsOfEquipmentPurchasedThroughCapitalLeases
3470000 USD
cycc Issuance Of Ordinary Shares In Connection With License Agreements
IssuanceOfOrdinarySharesInConnectionWithLicenseAgreements
592000 USD
cycc Issuance Of Ordinary Shares On Conversion Of Bridging Loan
IssuanceOfOrdinarySharesOnConversionOfBridgingLoan
1638000 USD
cycc Issuance Of Preferred Ordinary Class C Shares On Conversion Of Secured Convertible Loan Notes And Accrued Interest
IssuanceOfPreferredOrdinaryClassCSharesOnConversionOfSecuredConvertibleLoanNotesAndAccruedInterest
8893000 USD
CY2012Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
792000 USD
CY2011Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
562000 USD
us-gaap Net Income Loss
NetIncomeLoss
-11585000 USD
us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
51000 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
45000 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
12600000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
287000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
19310000 USD
cycc Transaction Costs On Sale Of Economic Rights
TransactionCostsOnSaleOfEconomicRights
33000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-25000 USD
CY2012Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.25
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.09
CY2012Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1235000 USD
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic And Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare
-0.07
us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
-11812000 USD
CY2012Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
1263000 USD
CY2012Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
20000 USD
CY2012Q3 us-gaap Preferred Stock Value
PreferredStockValue
1000 USD
CY2012Q3 us-gaap Common Stock Value
CommonStockValue
8000 USD
cycc Change In Valuation Of Economic Rights
ChangeInValuationOfEconomicRights
-27000 USD
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents Continuing Operations
EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations
-12000 USD
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents Continuing Operations
EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations
462000 USD
us-gaap Net Cash Provided By Used In Continuing Operations
NetCashProvidedByUsedInContinuingOperations
-6612000 USD
us-gaap Net Cash Provided By Used In Continuing Operations
NetCashProvidedByUsedInContinuingOperations
17837000 USD
us-gaap Proceeds From Interest Received
ProceedsFromInterestReceived
10000 USD
us-gaap Proceeds From Interest Received
ProceedsFromInterestReceived
11756000 USD
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
400000 USD
CY2012Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
1973432 shares
us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
6378000 USD
cycc Change In Valuation Of Economic Rights
ChangeInValuationOfEconomicRights
-27000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
6000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-6000 USD
us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
688000 USD
CY2011Q4 us-gaap Assets Of Disposal Group Including Discontinued Operation Current
AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent
313000 USD
CY2012Q3 us-gaap Assets Of Disposal Group Including Discontinued Operation Noncurrent
AssetsOfDisposalGroupIncludingDiscontinuedOperationNoncurrent
433000 USD
CY2011Q4 us-gaap Liabilities Of Disposal Group Including Discontinued Operation Current
LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent
527000 USD
CY2011Q3 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-3277000 USD
us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-11081000 USD
CY2011Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
-168000 USD
us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
-504000 USD
CY2011Q3 us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
IncomeLossFromContinuingOperationsPerBasicAndDilutedShare
-0.43
us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
IncomeLossFromContinuingOperationsPerBasicAndDilutedShare
-1.58
CY2011Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic And Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare
-0.02
CY2012Q3 us-gaap Assets Of Disposal Group Including Discontinued Operation Current
AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent
881000 USD
CY2012Q3 us-gaap Liabilities
Liabilities
7297000 USD
CY2012Q3 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
51000 USD
us-gaap Investment Income Interest
InvestmentIncomeInterest
13742000 USD
us-gaap Interest Expense
InterestExpense
4567000 USD
us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
904000 USD
cycc Redeemable Preferred Stocks Dividends
RedeemablePreferredStocksDividends
3515000 USD
CY2012Q3 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
1-for-7
CY2012Q3 us-gaap Stockholders Equity Note Stock Split Conversion Ratio
StockholdersEquityNoteStockSplitConversionRatio
0.143 pure
us-gaap Preferred Stock Dividend Rate Percentage
PreferredStockDividendRatePercentage
0.06 pure
CY2012Q3 us-gaap Assets Current
AssetsCurrent
19953000 USD
CY2012Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
140000 USD
CY2012Q3 us-gaap Liabilities Of Disposal Group Including Discontinued Operation Current
LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent
438000 USD
CY2012Q3 us-gaap Liabilities Current
LiabilitiesCurrent
7297000 USD
CY2012Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-265486000 USD
CY2012Q3 us-gaap Stockholders Equity
StockholdersEquity
13229000 USD
us-gaap License And Services Revenue
LicenseAndServicesRevenue
3100000 USD
us-gaap Revenue From Grants
RevenueFromGrants
64000 USD
us-gaap Revenue From Grants
RevenueFromGrants
3712000 USD
CY2012Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1532000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4596000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
190395000 USD
CY2012Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2028000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
5917000 USD
us-gaap Costs And Expenses
CostsAndExpenses
282524000 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
-3550000 USD
cycc Payment Under Guarantee
PaymentUnderGuarantee
1652000 USD
CY2012Q3 us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
1000 USD
CY2012Q3 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
6000 USD
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
237000 USD
CY2012Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
5000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-275712000 USD
us-gaap Investment Income Interest
InvestmentIncomeInterest
17000 USD
us-gaap Other Nonoperating Income
OtherNonoperatingIncome
77000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
409000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
6395000 USD
CY2012Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-419000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-714000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-19158000 USD
CY2012Q3 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-3153000 USD
us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-9326000 USD
us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-250159000 USD
CY2012Q3 cycc Dividends Preferred Stocks
DividendsPreferredStocks
182000 USD
cycc Dividends Preferred Stocks
DividendsPreferredStocks
4203000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-8968000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-307812000 USD
CY2012Q3 us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
IncomeLossFromContinuingOperationsPerBasicAndDilutedShare
-0.37
us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
IncomeLossFromContinuingOperationsPerBasicAndDilutedShare
-1.13
CY2012Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic And Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare
0.15
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic And Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare
0.11
us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
556000 USD
cycc Disposal Group Including Discontinued Operation Gain Loss On Termination Of Distribution Agreement
DisposalGroupIncludingDiscontinuedOperationGainLossOnTerminationOfDistributionAgreement
1192000 USD
cycc Disposal Group Including Discontinued Operation Gain Loss On Termination Of Distribution Agreement
DisposalGroupIncludingDiscontinuedOperationGainLossOnTerminationOfDistributionAgreement
1192000 USD

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