Cyclacel Pharmaceuticals, Inc. Cyclacel Pharmaceuticals Reports SECOND quarter financial results and provides business update - Oral Fadraciclib Phase 2 Proof of Concept Study Enrolling Well - - 065-101 PoC Interim Data

Pharmaceuticals Reports SECOND quarter financial results

provides business update

Oral Fadraciclib Phase 2 Proof of Concept Study Enrolling Well -

065-101 PoC Interim Data Anticipated in the Fourth Quarter of 2024 -

- Management to Host

Conference Call at 4:30 pm EDT Today -

BERKELEY HEIGHTS, NJ, August 14, 2024 - Cyclacel

Pharmaceuticals, Inc. (NASDAQ: CYCC, NASDAQ: CYCCP; "Cyclacel" or the "Company"), a biopharmaceutical company developing

innovative medicines based on cancer cell biology, announced today second quarter financial results and provided a business update.

"Following oral fadraciclib data presented

at the 2024 American Society of Clinical Oncology (ASCO) Annual Meeting, the Phase 2 stage of our 065-101 study is enrolling well,"

said Spiro Rombotis, President and Chief Executive Officer. "We are on track to report in the fourth quarter of 2024 initial data

from the precision medicine cohort of 065-101 with our CDK2/9 inhibitor as monotherapy in patients with advanced solid tumors and later

on in patients with T-cell lymphoma."

"We are enrolling patients prospectively selected

for CDKN2A/CDKN2B alterations in the Phase 2, proof of concept (PoC) stage of 065-101," said Brian Schwartz, M.D., interim Chief

Medical Officer. "We are pleased with strong investigator interest and are nearing completion of recruitment in the precision medicine

cohort. There are no approved medicines for patients with CDKN2A/CDKN2B alterations. A second cohort to evaluate fadraciclib in patients

with T-cell lymphoma is open for enrollment. We are encouraged about fadraciclib's prospects and look forward to presenting emerging

data from the 065-101 study later in the year."

As of June 30, 2024, cash

equivalents totalled $6.0 million, compared to $3.4 million as of December 31, 2023. Net cash used in operating activities was $3.6 million

for the six months ended June 30, 2024 compared to $8.2 million for the same period of 2023. Net cash provided by financing activities

was approximately $6.3 million, net of expenses, for the six months ended June 30, 2024 from the issuance of common stock and warrants.

The Company estimates that its current cash resources will fund planned programs into the fourth quarter of 2024.

Research and development

(R&D) expenses were $2.0 million for the three months ended June 30, 2024, as compared to $4.7 million for the same period in 2023.

R&D expenses relating to fadraciclib were $1.5 million for the three months ended June 30, 2024, as compared to $3.0 million for

the same period in 2023 due to a decrease in clinical trial and other non-clinical expenditures. R&D expenses related to plogosertib

were $0.5 million for the three months ended June 30, 2024, as compared to $1.4 million for the same period in 2023 due to a decrease

in manufacturing costs and other non-clinical expenditures.

General and administrative

expenses remained flat at approximately $1.6 million for each of the three months ended June 30, 2024 and 2023.

Total other expenses, net,

for the three months and year ended June 30, 2024 were $0.1 million for each of the three months ended June 30, 2024 and 2023.

United Kingdom research

& development tax credits for the three months ended June 30, 2024 were $0.4 million, compared to $0.6 million for the same period

of the previous year and are directly correlated to qualifying research and development expenditure.

Net loss for the three

months ended June 30, 2024, was $3.3 million (including stock-based compensation expense of $0.2 million), compared to $5.5 million (including

stock-based compensation expense of $0.4 million) for the same period in 2023.

225-9448 / international call: (203) 518-9708

(800) 934-7884 / international archive: (402) 220-6987

Code for live and archived

conference call is CYCCQ224. Webcast link

For the live and archived

webcast, please visit the Corporate Presentations page on the Cyclacel website at www.cyclacel.com. The webcast will be archived

for 90 days and the audio replay for 7 days.

About Cyclacel Pharmaceuticals, Inc.

Cyclacel is a clinical-stage, biopharmaceutical

company developing innovative cancer medicines based on cell cycle, transcriptional regulation and mitosis biology. The transcriptional

regulation program is evaluating fadraciclib, a CDK2/9 inhibitor, and the anti-mitotic program plogosertib, a PLK1 inhibitor, in patients

with both solid tumors and hematological malignancies. Cyclacel's strategy is to build a diversified biopharmaceutical business

based on a pipeline of novel drug candidates addressing oncology and hematology indications. For additional information, please visit www.cyclacel.com.

Forward-looking Statements

This news release contains

certain forward-looking statements that involve risks and uncertainties that could cause actual results to be materially different from

historical results or from any future results expressed or implied by such forward-looking statements. Such forward-looking statements

include, among other things, statements related to Cyclacel's future plans and prospects, Cyclacel's anticipated cash runway

and the planned timing of data results and continued development of fadraciclib. Factors that may cause actual results to differ materially

include market and other conditions, the risk that product candidates that appeared promising in early research and clinical trials do

not demonstrate safety and/or efficacy in larger-scale or later clinical trials, trials may have difficulty enrolling, Cyclacel may

not obtain approval to market its product candidates, the risks associated with reliance on outside financing to meet capital requirements,

the risks associated with reliance on collaborative partners for further clinical trials, development and commercialization of product

candidates and Cyclacel's ability to regain and maintain compliance with Nasdaq's continued listing requirements. You are

urged to consider statements that include the words "may," "will," "would," "could," "should,"

"believes," "estimates," "projects," "potential," "expects," "plans," "anticipates,"

"intends," "continues," "forecast," "designed," "goal," or the negative of those words

or other comparable words to be uncertain and forward-looking. For a further list and description of the risks and uncertainties the

Company faces, please refer to our most recent Annual Report on Form 10-K and other periodic and other filings we file with the Securities

and Exchange Commission and are available at www.sec.gov. Such forward-looking statements are current only as of the

date they are made, and we assume no obligation to update any forward-looking statements, whether as a result of new information, future

events or otherwise.

Copyright 2024 Cyclacel Pharmaceuticals,

SOURCE: Cyclacel Pharmaceuticals, Inc.

CYCLACEL PHARMACEUTICALS, INC.

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CYCLACEL PHARMACEUTICALS, INC.

CONSOLIDATED BALANCE SHEET

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