CYCLACEL PHARMACEUTICALS, INC.  CONSOLIDATED STATEMENTS OF OPERATIONS  (Unaudited)
 
  For the three  months ended December 31 Year ended December 31, Period from  August 13, 1996 (inception) to December 31,
  2009 2010 2009 2010 2010
  ($000s)
Revenues:          
Collaboration and research and development revenue 100 3,100
Product revenue 222 142 910 574 2,322
Grant revenue (35) (5) 1 12 3,648
  187 137 911 686 9,070
Operating expenses:          
Cost of goods sold  74 108 545 418 1,392
Research and development  2,592 1,445 9,766 6,414 176,593
General and administrative  1,835 2,015 8,538 10,120 81,966
Goodwill and intangibles impairment 7,934
Restructuring costs  366 2,634
Total operating expenses 4,501 3,568 19,215 16,952 270,519
Operating loss  (4,314) (3,431) (18,304) (16266) (261,449)
Other income (expense):          
Costs associated with aborted 2004 IPO  (3,550)
Payment under guarantee (1,652) (1,652)
Change in valuation of derivative (308)
Change in valuation of warrants (104) 105 (299) (338) 6,070
Warrant re-pricing (44) (44) (44)
Foreign exchange gains/(losses) (15) (5) (144) (68) (4,255)
Interest income  8 13 102 37 13,680
Interest expense (21) (3) (177) (43) (4,677)
Total other income (expense), net (176) 110 (2,214) (412) 5,264
Loss before taxes (4,490) (3,321) (20,518) (16,678) (256,185)
Income tax benefit 152 151 948 657 17,879
Net loss (4,338) (3,170) (19,570) (16,021) (238,306)
Dividends on preferred ordinary shares (38,123)
Deemed dividend on convertible exchangeable preferred shares (2,915) (2,915)
Dividend on convertible exchangeable preferred shares (307) (182) (1,228) (767) (3,529)
Net loss applicable to common stockholders (4,645) (3,352) (20,798) (19,703) (282,873)
Net loss per share – basic and diluted $(0.19) $(0.07) $(0.94) $(0.52)  
Weighted average common shares outstanding 24,691,280 45,913,399 22,196,840 37,844,695  

 
CYCLACEL PHARMACEUTICALS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
 
  As of December 31 As of December 31
  2009 2010
ASSETS ($000s) ($000s)
Current assets:    
Cash and cash equivalents 11,493 29,495
Inventory 145 174
Prepaid expenses and other current assets  1,731 1,382
Total current assets  13,369 31,051
Property, plant and equipment (net)  901 408
Deposits and other assets  196
Total assets  14,466 31,459
LIABILITIES AND STOCKHOLDERS' EQUITY    
Current liabilities:    
Accounts payable 1,709 1,723
Accrued and other current liabilities 6,709 5,527
Warrants liability 342 680
Current portion of other accrued restructuring charges 1,062
Total current liabilities 9,822 7,930
Total liabilities 9,822 7,930
Commitments and contingencies    
Stockholders' equity:    
Preferred stock, $0.001 par value; 5,000,000 shares authorized at December 31, 2009 and 2010, respectively; 2,046,813 and 1,213,142 shares issued and outstanding at December 31, 2009 and 2010, respectively. Aggregate preference in liquidation of $21,696,218 and $13,344,562 at December 31, 2009 and December 31, 2010, respectively 2 1
Common stock, $0.001 par value; 100,000,000 shares authorized at December 31, 2009 and 2010, respectively; 25,743,363 and 46,564,914 shares issued and outstanding at December 31, 2009 and 2010, respectively 26 47
Additional paid in capital 226,881 264,671
Accumulated other comprehensive loss 20 31
Deficit accumulated during the development stage (222,285) (241,221)
Total stockholders' equity 4,644 23,529
Total liabilities and stockholders' equity 14,466 31,459
CONTACT: Investors/Media:         Corey Sohmer, (908) 517-7330         csohmer@cyclacel.com

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