Cyclacel Pharmaceuticals, Inc. (CYCC): Business Model Canvas [Dec-2025 Updated]

You're trying to map out the current strategy for Cyclacel Pharmaceuticals, Inc., and I get it; the late 2025 shift makes it look like two different companies under one roof. After two decades analyzing these pivots, I can tell you this new model-balancing the lead oncology candidate, plogosertib, with a tangible fire safety equipment business-is a high-wire act. They just secured a $25 million PIPE to fuel this, yet their Q2 2025 R&D spend was down to just $0.1 million, showing where the near-term focus really is. Dive into the canvas below to see the concrete resources and revenue streams supporting this dual approach at Cyclacel Pharmaceuticals, Inc.

Cyclacel Pharmaceuticals, Inc. (CYCC) - Canvas Business Model: Key Partnerships

The business model of Cyclacel Pharmaceuticals, Inc. relies on several external entities for financial stability, strategic diversification, and clinical advancement of its core asset, plogosertib.

ARC Group International Ltd. for Financial Advisory and Capital Raising

ARC Group International Ltd. has been a key financial advisor for Cyclacel Pharmaceuticals, Inc. during pivotal capital events in 2025.

ARC Group advised on a $1 million private placement of convertible Series E Preferred Stock that closed on March 21, 2025. Furthermore, ARC Group facilitated the share purchase and change of control transaction where Datuk Dr. Doris Wong Sing Ee acquired 70% of the company's issued and outstanding shares for a total consideration of $6.3 million. More recently, Arc Group Ltd. served as a financial advisor for a $3.0 million private placement of convertible Series F Preferred Stock that closed on June 20, 2025.

Fitters Diversified Berhad for Acquisition and Diversification

Cyclacel Pharmaceuticals, Inc. entered into an Exchange Agreement with FITTERS Diversified Berhad to acquire its wholly-owned subsidiary, Fitters Sdn. Bhd., a Malaysia-based company specializing in fire safety materials and equipment. The transaction, as amended, involved Cyclacel issuing stock representing 19.99% of its outstanding shares to FITTERS, plus an additional cash payment of $1 million at closing. Following the transaction, existing Cyclacel stockholders were expected to retain approximately 80.01% ownership of the combined entity. The closing date for this agreement was extended to September 30, 2025.

Clinical Research Organizations (CROs) and Academic/Medical Institutions

Cyclacel Pharmaceuticals, Inc. has strategically narrowed its focus to the development of its anti-mitotic program, plogosertib, a PLK1 inhibitor. This focus shift resulted in the cessation of expenditures related to the fadraciclib program following the liquidation of its UK subsidiary on January 24, 2025.

The company is currently evaluating plogosertib in phase 1/2 trials for both solid tumors and hematological malignancies. The company repurchased certain assets related to plogosertib for approximately $0.3 million in cash on March 10, 2025, to continue developing an alternative oral formulation with improved bioavailability.

Key external validation for the drug candidate comes from independent academic work:

• Preclinical data was highlighted from independent investigators in the journal, Cancer Research.
• A publication from independent investigators appeared in the peer-reviewed medical journal, Gut.
• The preclinical work suggests efficacy in cancers with specific mutations, such as ARID1A- and/or SMARCA-mutated cancers.

The company anticipates a significant decrease to research and development expenses for the year ended December 31, 2025, due to this streamlined focus.

Cyclacel Pharmaceuticals, Inc. (CYCC) - Canvas Business Model: Key Activities

Developing an alternative oral formulation of plogosertib.

Cyclacel Pharmaceuticals, Inc. repurchased related assets for $0.3 million in cash on March 10, 2025, to continue development of the alternative salt, oral formulation of plogosertib.

Operating the fire safety equipment supply and trading business.

This activity is managed through the pending acquisition of Fitters Sdn. Bhd. Cyclacel is to issue an amount of Purchaser Stock equal to 19.99% percent of the issued and outstanding shares of Purchaser Stock as of the closing date to FITTERS Diversified Berhad, plus Cyclacel will pay USD $1,000,000 or a mutually agreed upon amount at closing.

Managing clinical trials for the plogosertib oncology program.

The company has sharply reduced Research and Development (R&D) expenses following the cessation of the fadraciclib program due to the liquidation of its former UK subsidiary, Cyclacel Limited, effective January 31, 2025.

Here's the quick math on the R&D cost reset:

• R&D expenses for the three months ended March 31, 2025, were $0.8 million.
• R&D expenses for the three months ended June 30, 2025, were $0.1 million.
• R&D expenses for the three months ended March 31, 2024, were $2.8 million.
• R&D expenses for the three months ended June 30, 2024, were $2.0 million.

Securing new equity financing to fund operations.

The company has been actively managing its cash position, which was tight, requiring strategic financing moves.

The company reported $0 in revenues for the three months ended June 30, 2025, with a net loss applicable to common shareholders of $1,338,000 for the same period.

Cyclacel Pharmaceuticals, Inc. (CYCC) - Canvas Business Model: Key Resources

You're looking at the core assets Cyclacel Pharmaceuticals, Inc. (CYCC) is relying on as of late 2025, especially after the significant shift in control and strategy earlier in the year. Honestly, the key resources now reflect a much more focused, albeit financially constrained, operation centered on one primary drug candidate.

Plogosertib Intellectual Property (IP) and Clinical Data

The primary intellectual property resource is centered entirely on plogosertib, a selective and potent PLK1 inhibitor, which Cyclacel Pharmaceuticals acquired from its subsidiary, Cyclacel Limited, on March 10, 2025, as part of a strategic consolidation. The company has discontinued development of the other asset, fadraciclib, to concentrate resources.

The IP protection is significant, with a European Patent expected to extend exclusivity for plogosertib pharmaceutical compositions until August 2040, excluding any extensions. This exclusivity supports the ongoing development of a new, alternative salt, oral formulation of plogosertib aimed at improved bioavailability.

Clinical and preclinical data form a crucial resource base:

• Phase 1 study showed oral plogosertib was well tolerated with no dose limiting toxicity observed across five dosing schedules.
• Clinical benefit was observed in patients across several cancer types, including adenoid cystic, biliary tract, ovarian, and squamous cell sinus cancers.
• Preclinical data supports potential efficacy in specific genetic subsets, such as ARID1A- and/or SMARCA-mutated cancers and KRAS-mutated metastatic colorectal cancer.
• Recent preclinical work highlighted sensitivity in Biliary Tract Cancer (BTC) cells, suggesting BUBR1 expression could serve as a potential predictive biomarker.

Cash and Equivalents

Liquidity is a critical, near-term resource, and the numbers show a slight improvement following new financing activities in early 2025. You need to watch this closely, as the runway is still tight.

Here's the quick math on the cash position:

The increase in cash to $4.3 million as of June 30, 2025, was supported by a $3 million Series F preferred stock raise. Management has stated this cash position extends the runway into the fourth quarter of 2025, an improvement from earlier guidance.

Fire Safety Product Inventory and Established Supply Chain in Malaysia

This represents a non-core, yet financially significant, asset resulting from a strategic transaction. Cyclacel entered an Exchange Agreement to acquire Fitters Sdn. Bhd., a Malaysia-based private limited company specializing in supplying and trading various protective and fire safety equipment. This move is tied to the controlling shareholder, Datuk Dr. Doris Wong Sing Ee, who has prior experience with Malaysian entities.

The key resource here is the integration of this operational business, which contrasts sharply with the core biopharma focus:

• The Exchange Agreement was with FITTERS Diversified Berhad.
• The final date for the share exchange to acquire Fitters Sdn. Bhd. was extended to September 30, 2025.
• This transaction adds a revenue-generating, non-pharmaceutical component to the business structure.

New Executive Leadership Team and Controlling Shareholder

A definitive change in control occurred on February 26, 2025, fundamentally reshaping the company's governance and strategic direction. Datuk Dr. Doris Wong Sing Ee became the new controlling shareholder by purchasing a majority interest.

The new governance structure is a key resource for executing the focused strategy:

• Controlling Shareholder/CEO: Datuk Dr. Doris Wong Sing Ee, who acquired a 70% stake.
• Chief Financial Officer: Kiu Cu Seng was appointed, taking over financial oversight.
• The transaction involved the purchase of preferred stock valued at $6.3 million.

This new leadership team is responsible for the decision to liquidate the UK subsidiary, Cyclacel Limited, which resulted in a deconsolidation and a reported gain on deconsolidation of approximately $5.0 million in Q1 2025. Finance: draft 13-week cash view by Friday.

Cyclacel Pharmaceuticals, Inc. (CYCC) - Canvas Business Model: Value Propositions

The Value Propositions for Cyclacel Pharmaceuticals, Inc. as of late 2025 are centered on a highly focused oncology candidate and a newly acquired, non-core business segment.

Novel cancer treatment targeting cell cycle and mitosis biology

The core biopharmaceutical value proposition remains the development of innovative cancer medicines based on cell cycle and mitosis biology, specifically through the PLK1 inhibitor, plogosertib.

• Plogosertib is currently in Phase II clinical development for Leukemia.
• Initial dose escalation data from a Phase 1 clinical study of oral plogosertib showed the compound was well tolerated with no dose limiting toxicity observed across five dosing schedules.
• Clinical benefit was observed in patients with adenoid cystic, biliary tract, ovarian, and squamous cell sinus cancers.
• Preclinical data supports efficacy in certain ARID1A- and/or SMARCA-mutated cancers, and cancers associated with DNAJ-PKAc fusions.
• PLK1 inhibition is suggested to be effective in KRAS-mutated metastatic colorectal cancer based on recent data.

The financial commitment to this program reflects a sharp narrowing of focus following the liquidation of the UK subsidiary, Cyclacel Limited, on January 24, 2025.

Improved bioavailability via a new oral plogosertib formulation

A specific value-add within the plogosertib program is the ongoing effort to develop an alternative salt, oral formulation designed for improved bioavailability.

This development work is now the primary remaining focus of the R&D expenditure.

Essential fire protection products and services via the new division

Cyclacel Pharmaceuticals, Inc. has entered a strategic agreement to acquire Fitters Sdn. Bhd., a Malaysia-based private limited company specializing in supplying and trading various protective and fire safety equipment.

• The acquisition involves the issuance of approximately 19.99% of Cyclacel Pharmaceuticals, Inc.'s common stock to FITTERS Diversified Berhad.
• This move represents a pivot away from the historical biopharmaceutical identity, as indicated by the company analyzing strategic alternatives due to funding challenges.

The financial structure of the company as of June 30, 2025, showed cash and cash equivalents of $4.3 million, with management estimating this would fund planned expenditure only into the fourth quarter of 2025.

Cyclacel Pharmaceuticals, Inc. (CYCC) - Canvas Business Model: Customer Relationships

You're analyzing the relationships Cyclacel Pharmaceuticals, Inc. maintains across its capital structure and operational footprint as of late 2025. For a clinical-stage biotech, these relationships are critical for funding and trial execution. Honestly, the focus has clearly shifted post-subsidiary liquidation, which impacts how they interact with different stakeholders.

Direct, High-Touch Relationships with Key Investors and Shareholders

The relationship with the shareholder base is dynamic, marked by significant corporate actions in 2025 designed to maintain market listing and secure capital. The structure of ownership shows a heavy reliance on individuals, but key institutional moves are notable.

Here's a snapshot of the shareholder landscape and recent engagement:

Shareholders demonstrated strong alignment in September 2025, approving key proposals where directors received at least 99.97% of the votes cast. You see, maintaining this level of support is vital when you're making structural changes.

Professional Engagement with Clinical Investigators and Trial Sites

Engagement here is highly professional and focused, driven by the need to execute the streamlined drug development plan centered on plogosertib. The company is acutely aware of the competitive environment for site access and investigator time.

• Focus shifted exclusively to the plogosertib clinical program after the UK subsidiary liquidation on January 24, 2025.
• As of November 24, 2025, there are ongoing clinical trials, including NCT05358379 for CYC140 (PLK1 Inhibitor).
• The target recruitment count for trial NCT05358379 is 330 subjects.
• The company acknowledges that the limited number of qualified clinical investigators means they may use sites competitors use, which reduces available patient pools.

Standard B2B/B2C Transactional Relationships for Fire Safety Products

This relationship stream is a direct result of a strategic transaction, not the core biopharma business. In Q1 2025, Cyclacel entered an agreement to acquire Fitters Sdn. Bhd., a Malaysia-based private limited company. This entity specializes in supplying and trading various protective and fire safety equipment. The transactional relationships for these products are managed by this newly integrated segment, which is distinct from the drug development pipeline.

Investor Relations for Public Market Transparency and Financing

Investor relations is the formal channel for communicating the financial narrative, especially following capital raises and corporate restructuring. Transparency is key, given the micro-cap status and recent volatility.

• Cash and cash equivalents stood at $4.3 million as of June 30, 2025.
• The company raised $3 million through a securities purchase agreement in Q2 2025.
• Quarterly cash dividends of $0.15 per share were declared on the 6% Convertible Exchangeable Preferred Stock in April 2025.
• The official contact for investor relations correspondence is ir@cyclacel.com.

Finance: draft 13-week cash view by Friday.

Cyclacel Pharmaceuticals, Inc. (CYCC) - Canvas Business Model: Channels

You're looking at how Cyclacel Pharmaceuticals, Inc. gets its value propositions-primarily the development of plogosertib-to its stakeholders, which involves clinical partners, investors, and now, surprisingly, a fire safety equipment distribution arm. The channels are a mix of traditional pharma development pathways and a newly integrated commercial/operational channel via a planned acquisition.

For drug candidate testing and development, the channel is the established clinical trial network, though the company is currently focused on advancing an alternative oral formulation of plogosertib. This focus follows the repurchase of related assets from its liquidated UK subsidiary for approximately $0.3 million in cash on March 10, 2025.

Capital infusion relies heavily on the public equity market and strategic financing discussions. Cyclacel Pharmaceuticals, Inc. is actively exploring strategic alternatives, including raising additional capital or pursuing mergers and acquisitions, as its current cash runway was estimated to fund planned expenditure only into the fourth quarter of 2025.

The public equity trading channel is the NASDAQ Capital Market, where the stock trades under CYCC and CYCCP. To maintain compliance and enhance market appeal, the company executed a 15 for 1 reverse stock split on July 7, 2025. Before this action, the market capitalization stood at approximately $5.6 million.

A unique channel involves the planned acquisition of FITTERS Sdn. Bhd., a Malaysia-based company specializing in supplying and trading fire safety equipment. This transaction, structured via an Exchange Agreement with FITTERS Diversified Berhad, will make FITTERS Sdn. Bhd. a wholly-owned subsidiary upon closing. As part of the consideration for this acquisition, Cyclacel Pharmaceuticals, Inc. will pay $1,000,000 or a mutually agreed upon amount at closing.

Here is a quick look at the key financial metrics tied to these operational and capital channels as of mid-2025:

The shift in focus to plogosertib meant that UK research & development tax credits, which were $1.4 million for Q1 2024, dropped to zero for Q1 2025 due to the subsidiary's liquidation. The company's general and administrative expenses for Q2 2025 were $1.2 million, down from $1.6 million year-over-year for the same period in 2024.

The channels for capital are clearly bifurcated right now:

• Clinical Trial Networks for drug candidate testing and development:
• Repurchase of plogosertib assets for $0.3 million.
• R&D expenses for Q1 2025 were $0.8 million.
• Investment banks and private placements for capital infusion:
• Exploring financing options due to cash runway into Q4 2025.
• NASDAQ Capital Market for public equity trading (CYCC):
• Executed 15 for 1 reverse stock split on July 7, 2025.
• Direct sales and distribution network for fire safety equipment:
• Planned acquisition of FITTERS Sdn. Bhd. involving a $1,000,000 payment.

Cyclacel Pharmaceuticals, Inc. (CYCC) - Canvas Business Model: Customer Segments

You're looking at the core groups Cyclacel Pharmaceuticals, Inc. (CYCC) targets for its clinical assets and capital needs as of late 2025. This isn't about selling widgets; it's about advancing drug candidates and securing the runway to do so.

Oncology and hematology patients (ultimate beneficiaries) represent the end-user for the drug pipeline, primarily focusing on patients with advanced cancers and hematological malignancies where plogosertib, a PLK1 inhibitor, is being evaluated.

Specific patient populations of interest include:

• Patients with solid tumors and hematological malignancies for plogosertib.
• Patients with fibrolamellar carcinoma (FLC), a rare liver cancer where preclinical data suggests sensitivity to plogosertib.
• FLC annual US incidence is estimated at 0.02 per 100,000.
• FLC five-year survival is approximately 30%.
• Patients with CDKN2A and/or CDKN2B abnormalities for the fadraciclib Phase 2 study cohort.

Large institutional and private equity investors are crucial for funding the clinical development, especially given the negative operating cash flow of $3.25M for the period ending July 15, 2025. The company's market capitalization stood at approximately $5.6 million as of July 7, 2025.

Investor activity in the first half of 2025 shows continued interest from sophisticated capital pools:

Capital raising efforts include a $3 million private placement completed in Q2 2025 and a previously announced $25 million PIPE financing. The company's cash and cash equivalents were $4.3 million as of June 30, 2025.

Pharmaceutical companies for potential licensing or co-development are key strategic partners for advancing clinical trials, development, and commercialization. While no specific licensing deals are detailed for 2025, the company did repurchase assets related to plogosertib from Cyclacel Limited for approximately $0.3 million in cash on March 10, 2025, consolidating development focus.

Domestic and international fire safety equipment markets are indirectly relevant through a strategic partner relationship. Cyclacel entered an Exchange Agreement with FITTERS Diversified Berhad, which involves acquiring FITTERS Sdn. Bhd., a Malaysia-based company specializing in supplying and trading various protective and fire safety equipment.

Key terms of the amended agreement with FITTERS Parent include:

• Consideration includes approximately 19.99% of the Company's common stock.
• The Company will pay $1,000,000 or a mutually agreed amount at closing.
• The Final Date under the Exchange Agreement was extended to September 30, 2025.

Finance: draft 13-week cash view by Friday.

Cyclacel Pharmaceuticals, Inc. (CYCC) - Canvas Business Model: Cost Structure

You're looking at the cost structure for Cyclacel Pharmaceuticals, Inc., now operating as Bio Green Med Solution, Inc. following its strategic pivot and acquisition of Fitters Sdn. Bhd. The cost base has clearly shifted away from heavy R&D, reflecting the cessation of the UK subsidiary's operations and the new focus on the fire safety division. Here's the quick math on the major cost drivers from the second quarter of 2025, which sets the stage for late 2025.

The primary operating costs are dominated by the administrative overhead and the remaining, significantly curtailed, research efforts. General and administrative (G&A) expenses for Q2 2025 were reported at $1.2 million. This figure reflects lower operating costs overall, but it was partially offset by specific, one-off charges related to the ongoing corporate changes. To be fair, this G&A number is a significant component of the total burn rate, which resulted in a net loss of $1.3 million for that quarter.

Research and development (R&D) expenses saw a drastic reduction, which is the most significant structural change. For Q2 2025, R&D expenses were only $0.1 million. This massive drop, down from $2.0 million in Q2 2024, is directly tied to the liquidation of the UK subsidiary and the pausing of the transcriptional regulation program, though work on plogosertib continues at a reduced pace.

The newly integrated fire safety product line introduces a new cost category: Costs of Goods Sold (COGS). While the Q2 2025 data doesn't break this out, the subsequent Q3 2025 report gives us a concrete number for this new business segment. Cost of sales related to the sales and distribution of fire safety equipment for the three months ended September 30, 2025, was $64,000. This is a clear indicator of the new, lower-margin, but revenue-generating, cost base from the Fitters acquisition.

Legal and professional fees are a key element within the G&A structure, particularly during this period of corporate restructuring and financing. While a specific line item for these fees isn't isolated in the Q2 2025 reports, we know they were a factor. Specifically, the G&A savings against the prior year were partially offset by 'increased legal fees.' Furthermore, the financing activities themselves involved concrete cash outlays related to the restructuring. For instance, the amended share exchange agreement with FITTERS Diversified Berhad included a cash consideration payment of $1.0 million, which is a direct cost associated with the corporate financing and restructuring effort.

You can see how the cost profile has changed below, comparing the major components from the Q2 2025 period and the new COGS from Q3 2025:

The cost structure is now characterized by a relatively fixed G&A base, near-zero R&D, and variable COGS tied to the new product sales. The major non-operating cost impacting cash flow in the period was the $1.0 million cash component of the Fitters acquisition.

• G&A decrease in Q2 2025 was approximately $0.4 million year-over-year.
• R&D expenses decreased by about 95% year-over-year in Q2 2025.
• The company raised $3 million via Series F preferred stock in Q2 2025 to support operations.
• Net cash used in operating activities for Q2 2025 was $1.1 million.

Finance: draft 13-week cash view by Friday.

Cyclacel Pharmaceuticals, Inc. (CYCC) - Canvas Business Model: Revenue Streams

You're looking at the revenue streams for Cyclacel Pharmaceuticals, Inc. during a major transition period, specifically as of late 2025. Honestly, the revenue picture is dominated by financing activities rather than product sales, which is typical for a clinical-stage biotech pivoting its strategy.

The primary source of capital inflow during this time has been equity financing, which is crucial for funding operations when product revenue is absent. You should note the significant financing event that occurred early in the year.

• Equity financing from private placements, such as the \$25 million Private Investment in Public Equity (PIPE) financing executed in February 2025 with Helena Special Opportunities 1 Ltd..
• This \$25 million PIPE allows for controlled stock sales over a 36-month period.
• Additional financing included a \$3.0 million private placement in June 2025.

When we look at operational revenue for the biopharmaceutical segment, the numbers are stark. For the first quarter of 2025, Cyclacel Pharmaceuticals, Inc. reported no product revenue.

Future revenue streams are now tied to the company's strategic pivot, which includes the acquisition of a fire safety equipment business. Following the Exchange Agreement, the entity is now known as Bio Green Med Solution, Inc., reflecting this diversification.

• Future sales revenue is anticipated from the fire safety equipment division, which is the integration of Fitters Sdn. Bhd., a Malaysia-based group specializing in fire protection products and services.

For the core drug development program, revenue potential remains contingent on external events, as the company is focused solely on plogosertib development.

• Potential milestone payments or licensing revenue from the development of plogosertib, a PLK1 inhibitor, remains a possibility, though no specific amounts were reported as of late 2025.

Finance: draft 13-week cash view by Friday.