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Cyclacel Pharmaceuticals, Inc. (NASDAQ:CYCC), a micro-cap biotechnology company with a market capitalization of $12.75 million, announced a change in its independent registered public accounting firm, according to a press release statement based on a filing with the Securities and Exchange Commission. InvestingPro analysis indicates the company’s overall financial health score stands at 1.31, rated as ’Weak’, reflecting ongoing operational challenges.
On August 22, the Audit Committee of Cyclacel’s Board of Directors approved the dismissal of Bush & Associates CPA LLP as the company’s auditor, effective immediately. Bush & Associates was notified of the dismissal on the same day.
The company reported that from November 5, 2024, to August 22, 2025, there were no disagreements with Bush & Associates regarding accounting principles, financial statement disclosures, or audit procedures. However, Bush & Associates advised Cyclacel that, as of December 31, 2024, the company did not have sufficient funds to complete development and commercialization activities and had a limited cash balance. The auditor stated this raised substantial doubt about Cyclacel’s ability to continue as a going concern.
Cyclacel authorized Bush & Associates to respond fully to inquiries from its successor auditor, SFAI Malaysia PLT, regarding the reportable event. The company provided Bush & Associates with a copy of the current report prior to filing and requested a letter addressed to the SEC stating whether Bush & Associates agreed with the disclosures. A copy of this letter, dated August 27, 2025, was included as an exhibit to the filing.
The Audit Committee also approved the engagement of SFAI Malaysia PLT as Cyclacel’s new independent registered public accounting firm for the fiscal year ending December 31, 2025, effective August 23. Cyclacel stated that during the last two fiscal years and up to the date of the filing, neither the company nor anyone acting on its behalf consulted with SFAI regarding the application of accounting principles to any specific transaction, the type of audit opinion that might be rendered, or any matters that were the subject of disagreements or reportable events.
This information is based on a press release statement and SEC filing by Cyclacel Pharmaceuticals . The company’s stock has experienced significant pressure in 2025, with a year-to-date decline of 91%. Investors seeking comprehensive analysis of Cyclacel’s valuation and peer comparison can access detailed insights through InvestingPro’s advanced analytics platform.
In other recent news, Cyclacel Pharmaceuticals, Inc. submitted its audited consolidated financial statements for the quarter ended March 31, 2025, to the Securities and Exchange Commission. This filing aims to meet eligibility requirements under General Instructions I.A.4 of the registration statement on Form S-3. Additionally, the company held its 2025 annual meeting of shareholders, where five directors were re-elected to serve three-year terms. These directors include Datuk Dr. Doris Wong, Kiu Cu Seng, Kwang Fock Chong, Dr. Satis Waran Nair Krishnan, and Inigo Angel Laurduraj. Each director received overwhelming support, with at least 99.97% of votes cast in their favor. Shareholders also approved changes to the company’s equity plan during this meeting. These developments reflect Cyclacel Pharmaceuticals’ ongoing efforts to maintain compliance and governance standards.
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