Cyclacel Pharmaceuticals (CYCC) 10-Q 12 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 11, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	Cyclacel Pharmaceuticals, Inc.
Entity Central Index Key	1,130,166
Trading Symbol	cycc
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		34,702,910
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Amendment Flag	false
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 22,728	$ 24,189
Prepaid expenses and other current assets	3,966	4,640
Current assets of discontinued operations	100	171
Total current assets	26,794	29,000
Property, plant and equipment (net)	255	387
Total assets	27,049	29,387
Current liabilities:
Accounts payable	1,616	2,792
Accrued and other current liabilities	3,572	4,626
Current liabilities of discontinued operations	75	75
Total current liabilities	5,263	7,493
Other liabilities	186	206
Total liabilities	$ 5,449	$ 7,699
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.001 par value; 5,000,000 shares authorized at December 31, 2014 and September 30, 2015; 335,273 shares issued and outstanding at December 31, 2014 and September 30, 2015. Aggregate preference in liquidation of $3,989,749 at December 31, 2014 and September 30, 2015.
Common stock, $0.001 par value; 100,000,000 shares authorized at December 31, 2014 and September 30, 2015; 23,199,469 and 34,702,910 shares issued and outstanding at December 31, 2014 and September 30, 2015, respectively.	$ 34	$ 23
Additional paid-in capital	341,891	330,962
Accumulated other comprehensive loss	(540)	(480)
Accumulated deficit	(319,785)	(308,817)
Total stockholders' equity	21,600	21,688
Total liabilities and stockholders' equity	$ 27,049	$ 29,387

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
CONSOLIDATED BALANCE SHEETS
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	335,273	335,273
Preferred stock, shares outstanding	335,273	335,273
Preferred stock, liquidation preference value (in dollars)	$ 3,989,749	$ 3,989,749
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	34,702,910	23,199,469
Common stock, shares outstanding	34,702,910	23,199,469

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues:
Grant revenue	$ 462	$ 735	$ 1,270	$ 1,487
Collaboration and research and development revenue	253		253
Total revenues	715	735	1,523	1,487
Operating expenses:
Research and development	2,904	4,972	9,826	13,861
General and administrative	1,205	1,433	4,006	4,281
Total operating expenses	4,109	6,405	13,832	18,142
Operating loss	(3,394)	(5,670)	(12,309)	(16,655)
Other income (expense):
Change in valuation of financial instruments associated with stock purchase agreement	(27)	(4)	(51)	(115)
Change in valuation of liabilities measured at fair value				20
Foreign exchange gains (losses)	219	10	(354)	(23)
Interest income	2	3	5	5
Other income, net	13		95	26
Total other income (expense)	207	9	(305)	(87)
Loss from continuing operations before taxes	(3,187)	(5,661)	(12,614)	(16,742)
Income tax benefit	478	750	1,646	2,135
Net loss from continuing operations	(2,709)	(4,911)	(10,968)	(14,607)
Discontinued operations:
Income from discontinued operations		6		29
Income tax on discontinued operations		(2)		(10)
Net income from discontinued operations		4		19
Net loss	(2,709)	(4,907)	(10,968)	(14,588)
Dividend on convertible exchangeable preferred shares	(50)	(50)	(150)	(150)
Net loss applicable to common shareholders	$ (2,759)	$ (4,957)	$ (11,118)	$ (14,738)
Basic and diluted earnings per common share:
Net loss per share, continuing operations - basic and diluted (in dollars per share)	$ (0.08)	$ (0.22)	$ (0.35)	$ (0.68)
Net income per share, discontinued operations - basic and diluted (in dollars per share)	0	0	0	0
Net loss per share - basic and diluted (in dollars per share)	$ (0.08)	$ (0.22)	$ (0.35)	$ (0.68)
Weighted average common shares outstanding (in shares)	34,675,569	22,676,475	31,741,910	21,607,888

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
Net loss from continuing operations	$ (2,709)	$ (4,911)	$ (10,968)	$ (14,607)
Net income from discontinued operations		4		19
Net loss	(2,709)	(4,907)	(10,968)	(14,588)
Translation adjustment	5,107	6,214	2,880	2,134
Unrealized foreign exchange gain on intercompany loans	(5,259)	(6,422)	(2,940)	(2,330)
Comprehensive loss	$ (2,861)	$ (5,115)	$ (11,028)	$ (14,784)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Operating activities:
Net loss	$ (10,968)	$ (14,588)
Adjustments to reconcile net loss to net cash used in operating activities:
Change in valuation of liabilities measured at fair value		(20)
Change in valuation of financial instruments associated with stock purchase agreement	51	115
Depreciation	157	115
Stock-based compensation	464	589
Changes in operating assets and liabilities:
Prepaid expenses and other assets	583	(842)
Accounts payable and other current liabilities	(2,071)	(403)
Net cash used in operating activities	(11,784)	(15,034)
Investing activities:
Purchase of property, plant and equipment	(32)	(302)
Minimum royalty payments received from termination of ALIGN license agreement	23	288
Net cash used in investing activities	(9)	(14)
Financing activities:
Proceeds from issuance of common stock, net of issuance costs	10,576	10,965
Payment of preferred stock dividend	(150)	(150)
Net cash provided by financing activities	10,426	10,815
Effect of exchange rate changes on cash and cash equivalents	(94)	(206)
Net decrease in cash and cash equivalents	(1,461)	(4,439)
Cash and cash equivalents, beginning of period	24,189	31,146
Cash and cash equivalents, end of period	22,728	26,707
Cash received during the period for:
Interest	6	5
Taxes	$ 2,875	$ 1,811

NATURE OF OPERATIONS AND BASIS

NATURE OF OPERATIONS AND BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 2015
Organization Consolidation And Presentation Of Financial Statements [Abstract]
NATURE OF OPERATIONS AND BASIS OF PRESENTATION	1. NATURE OF OPERATIONS AND BASIS OF PRESENTATION Nature of Operations Cyclacel Pharmaceuticals, Inc. (“Cyclacel” or “the Company”), a biopharmaceutical company, is a pioneer in the field of cell cycle biology with a vision to improve patient healthcare with orally available innovative medicines. Cyclacel’s goal is to develop and commercialize small molecule drugs that target the various phases of cell cycle control for the treatment of cancer and other serious diseases, particularly those of high unmet medical need. Cyclacel’s clinical development priorities are focused on sapacitabine, an orally available cell cycle modulating nucleoside analog. Sapacitabine is being evaluated in the SEAMLESS Phase 3 study, which completed enrollment in December 2014 and is being conducted under a Special Protocol Assessment (“SPA”) agreement with the US Food and Drug Administration (“FDA”) for the front-line treatment of acute myeloid leukemia (“AML”) in the elderly and in other indications including myelodysplastic syndromes (“MDS”). Sapacitabine is also being evaluated in a Phase 1 study in combination with seliciclib, the Company’s second clinical candidate, in solid tumor patients including patients who are BRCA carriers with Homologous Recombination (“HR”) repair-deficient breast, ovarian and pancreatic cancers. The FDA and the European Medicines Agency (“EMA”) have designated sapacitabine as an orphan drug for the treatment of both AML and MDS. In Cyclacel’s second development program, the Company is evaluating cyclin dependent kinase, or CDK, inhibitors. CDKs are involved in cancer cell growth, metastatic spread and DNA damage repair. Seliciclib, the Company’s most advanced CDK inhibitor, is an oral, highly selective inhibitor of CDK enzymes. To date, seliciclib has been evaluated in over 450 patients with various cancers, including non-small cell lung cancer (“NSCLC”) and nasopharyngeal cancer (“NPC”), and has shown signs of anticancer activity. Cyclacel’s second generation CDK inhibitor, CYC065, is a highly selective CDK2/9 inhibitor with potential utility in both hematological malignancies and solid tumors. CYC065 has been shown to have increased anti-proliferative potency and improved pharmaceutical properties compared to seliciclib. CYC065 is in an on-going first-in-human, Phase 1 trial to assess its safety, tolerability, pharmacokinetics and pharmacodynamics in patients with advanced solid tumors and lymphomas. CYC065 was selected from the Company's discovery program in Dundee, Scotland and its development was supported in part In addition to these development programs, in Cyclacel’s polo-like kinase (“PLK”) inhibitor program, the Company has discovered CYC140 and other potent and selective small molecule inhibitors of PLK1, a kinase that is active during cell division, targeting the mitotic phase of the cell cycle. PLK was discovered by Professor David Glover, the Company’s Chief Scientist. The Company has received a grant award of approximately $3.5 million from the Biomedical Catalyst of the United Kingdom government to complete IND-directed preclinical development of CYC140. Cyclacel currently retains virtually all marketing rights worldwide to the compounds associated with the Company’s drug programs. Substantially all efforts of the Company to date have been devoted to performing research and development, conducting clinical trials, developing and acquiring intellectual property, raising capital and recruiting and training personnel. Capital Resources The Company’s existing capital resources are expected to be sufficient beyond the availability of mature data for final analysis of the SEAMLESS Phase 3 trial, which is expected to occur during the first half of 2016, but will not be sufficient to complete development of other indications or product candidates or to commercialize any of the Company’s product candidates. On July 10, 2015, we entered into a Controlled Equity Offering SM Basis of Presentation The consolidated balance sheet as of September 30, 2015, the consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2014 and 2015, the consolidated statements of cash flows for the nine months ended September 30, 2015, and all related disclosures contained in the accompanying notes are unaudited. The consolidated balance sheet as of December 31, 2014 is derived from the audited consolidated financial statements included in the 2014 Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”). The consolidated financial statements are presented on the basis of accounting principles that are generally accepted in the United States (“GAAP”) for interim financial information and in accordance with the rules and regulations of the SEC. Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in the United States for a complete set of financial statements. In the opinion of management, all adjustments, which include only normal recurring adjustments necessary to present fairly the consolidated balance sheet as of September 30, 2015, and the results of operations and comprehensive loss for the three and nine months ended September 30, 2015, and the consolidated statements of cash flows for the nine months ended September 30, 2015, have been made. The interim results for the three and nine months ended September 30, 2015 are not necessarily indicative of the results to be expected for the year ending December 31, 2015 or for any other year. The consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the accompanying notes for the year ended December 31, 2014 that are included in the Company’s Annual Report on Form 10-K filed with the SEC.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates The preparation of financial statements in accordance with U.S. 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 inputs used to determine stock-based compensation expense and the fair value of financial instruments. 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. Cyclacel believes the judgments and estimates required by the following accounting policies to be significant in the preparation of the Company’s consolidated financial statements. Risks and Uncertainties Drug candidates developed by the Company typically will require approvals or clearances from the FDA or other international regulatory agencies prior to commercial sales. There can be no assurance that the Company’s drug candidates will receive any of the required approvals or clearances. If the Company was denied approval or clearance or such approval was delayed, or is unable to obtain the necessary financing to complete development and approval, there will be a material adverse impact on the Company’s financial condition and results of operations. Foreign Currency and Currency Translation Transactions that are denominated in a foreign currency are remeasured into the functional currency at the current exchange rate on the date of the transaction. Any foreign currency-denominated monetary assets and liabilities are subsequently remeasured at current exchange rates, with gains or losses recognized as foreign exchange (losses) gains in the statement of operations. The assets and liabilities of the Company’s international subsidiary are translated from its functional currency into United States dollars at exchange rates prevailing at the balance sheet date. Average rates of exchange during the period are used to translate the statement of operations, while historical rates of exchange are used to translate any equity transactions. Translation adjustments arising on consolidation due to differences between average rates and balance sheet rates, as well as unrealized foreign exchange gains or losses arising from translation of intercompany loans that are of a long-term-investment nature, are recorded in other comprehensive loss. Segments After considering its business activities and geographic reach, the Company has concluded that it operates in just one operating segment: the discovery, development and commercialization of novel, mechanism-targeted drugs to treat cancer and other serious disorders, with development operations in two geographic areas, namely the United States and the United Kingdom. Cash and Cash Equivalents Cash equivalents are stated at cost, which is substantially the same as fair value. The Company considers all highly liquid investments with an original maturity of three months or less at the time of initial purchase to be cash equivalents and categorizes such investments as held to maturity. The objectives of the Company’s cash management policy are to safeguard and preserve funds, to maintain liquidity sufficient to meet Cyclacel’s cash flow requirements and to attain a market rate of return. Fair Value of Financial Instruments Financial instruments consist of cash and cash equivalents, accounts payable, accrued liabilities, financial instruments associated with stock purchase agreements and other arrangements. The carrying amounts of cash and cash equivalents, accounts payable, and accrued liabilities approximate their respective fair values due to the nature of the accounts, notably their short maturities. The financial instruments associated with stock purchase agreements are measured at fair value using applicable inputs as described in Note 3 — Fair Value Revenue Recognition Collaboration, supply and licensing agreements In June 2015, the Company entered into a collaboration, licensing and supply agreement with ManRos Therapeutics SA (“ManRos”), for the exclusive development and commercialization of the Company’s oral seliciclib capsules by ManRos as a treatment for cystic fibrosis (“CF”). Among other terms of the agreement, ManRos licensed rights to the Company’s proprietary clinical data to enable clinical development of seliciclib for CF indications. The agreement provides for supply of seliciclib investigational product for clinical trials of seliciclib in CF and technical assistance related to the Company’s know-how to facilitate these trials. The Company received an up-front payment in July 2015 and reached a development milestone in September 2015. The Company will receive further milestone payments and tiered royalties if seliciclib is commercialized for the treatment of CF. The Company has elected not to apply the optional accounting policy for recognizing substantive milestones when earned. Instead, the Company is allocating all arrangement consideration – both nonrefundable upfront fees and any milestone payments – to the separable elements based on a relative selling price method. As the ManRos agreement contained no general rights of return, an element was determined to be separable if it had value to the customer on a stand-alone basis. The Company identified five separable elements in the ManRos collaboration arrangement. The Company did not have vendor-specific objective evidence or third party evidence as to the price at which each of those five separate elements were sold on a standalone basis. Accordingly, in applying the relative selling price method, the Company made its best estimate of the standalone selling price for each of the separable elements. After applying the relative selling price method, nearly all of the arrangement consideration was allocated to the initial deliverable in the arrangement – the transfer of seliciclib know-how to ManRos. Accordingly, in the three and nine months ended September 30, 2015, the Company recognized revenue of $0.3 million. Royalty income under the ManRos agreement, if any, will be recognized when ManRos or its sublicensee sells the underlying product. Grant revenue Grant revenues from government agencies and private research foundations are recognized as the related qualified research and development costs are incurred, up to the limit of the prior approval funding amounts. Grant revenues are not refundable. Clinical Trial Accounting Data management and monitoring of the Company’s clinical trials are performed with the assistance of contract research organizations (“CROs”) or clinical research associates (“CRAs”) in accordance with the Company’s standard operating procedures. CROs and CRAs typically bill monthly for services performed, although some bill based upon milestones achieved. For outstanding amounts, the Company accrues unbilled clinical trial expenses based on estimates of the level of services performed each period. Costs of setting up clinical trial sites for participation in the trials are recognized upon execution of the clinical trial agreement and expensed immediately as research and development expenses. Clinical trial costs related to patient enrollment are accrued as patients are entered into and progress through the trial. Research and Development Expenditures Research and development expenses consist primarily of costs associated with the Company’s product candidates, upfront fees, milestones, compensation and other expenses for research and development personnel, supplies and development materials, costs for consultants and related contract research, facility costs and depreciation. Expenditures relating to research and development are expensed as incurred. Income Taxes The Company accounts for income taxes under the liability method. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts expected to be realized. The Company applies the accounting guidance codified in ASC 740 “Income taxes” (“ASC 740”) related to accounting for uncertainty in income taxes. ASC 740 specifies the accounting for uncertainty in income taxes recognized in a company’s financial statements by prescribing a minimum probability threshold that a tax position is required to meet before being recognized in the financial statements. Credit is taken in the accounting period for research and development tax credits, which will be claimed from H.M. Revenue & Customs (“HMRC”), the United Kingdom’s taxation and customs authority, in respect of qualifying research and development costs incurred in the same accounting period. Stock-based Compensation The Company grants stock options, restricted stock units and restricted stock to officers, employees and directors under the 2015 Equity Incentive Plan (“2015 Plan”), which was approved on May 22, 2015 and which replaced the Amended and Restated Equity Incentive Plan (“2006 Plan”), which was approved on March 16, 2006, amended on May 21, 2007, amended again and restated on April 14, 2008 and later amended on May 23, 2012. Under both plans, the Company has granted various types of awards, which are described more fully in Note 6 — Stock-Based Compensation Arrangements. ASC 718 requires measurement of compensation cost for all stock-based awards at fair value on the date of grant and recognition of compensation over the requisite service period for awards expected to vest. The fair value of restricted stock and restricted stock units is determined based on the number of shares granted and the quoted price of the Company’s common stock on the date of grant. The determination of grant-date fair value for stock option awards is estimated using the Black-Scholes model, which includes variables such as the expected volatility of the Company’s share price, the anticipated exercise behavior of employees, interest rates, and dividend yields. These variables are projected based on historical data, experience, and other factors. Changes in any of these variables could result in material adjustments to the expense recognized for share-based payments. Such value is recognized as expense over the requisite service period, net of estimated forfeitures, using the straight-line attribution method. The estimation of stock awards that will ultimately vest requires judgment, and to the extent actual results or updated estimates differ from current estimates, such amounts are recorded as a cumulative adjustment in the period estimates are revised. The Company considers many factors when estimating expected forfeitures, including type of awards granted, employee class, and historical experience. Actual results and future estimates may differ substantially from current estimates. Net Loss Per Common Share The Company calculates net loss per common share in accordance with ASC 260 “Earnings Per Share” (“ASC 260”). Basic and diluted net loss per common share was determined by dividing net loss applicable to common stockholders by the weighted average number of shares of common stock outstanding during the period. The following potentially dilutive shares of common stock have not been included in the computation of diluted net loss per share for the three months ended September 30, 2014 and 2015, as the result would be anti-dilutive: September 30, September 30, Stock options 1,010,298 1,333,954 Restricted Stock and Restricted Stock Units 119,015 — Convertible preferred stock 20,381 20,381 Common stock warrants 1,341,129 1,138,630 Total shares excluded from calculation 2,490,823 2,492,965 Comprehensive Income (Loss) In accordance with ASC 220 “Comprehensive Income” (“ASC 220”), all components of comprehensive income (loss), including net income (loss), are reported in the financial statements in the period in which they are recognized. Comprehensive income (loss) is defined as the change in equity during a period from transactions and other events and circumstances from non-owner sources. Net income (loss) and other comprehensive income (loss), including foreign currency translation adjustments, are reported, net of any related tax effect, to arrive at comprehensive income (loss). No taxes were recorded on items of other comprehensive income (loss). Recent Events Deficiency and Compliance Notice from The NASDAQ Stock Market On August 4, 2015, the Company received approval from The NASDAQ Stock Market LLC (“NASDAQ”) to transfer the listing of the Company’s common stock from the NASDAQ Global Market to the NASDAQ Capital Market. This transfer was effective at the opening of business on August 6, 2015. The Company’s common stock will continue to trade under the symbol “CYCC.” The NASDAQ Capital Market is a continuous trading market that operates in substantially the same manner as the NASDAQ Global Market and requires listed companies to meet certain financial requirements and to comply with NASDAQ’s corporate governance requirements. As previously reported, the Company was notified by NASDAQ on February 2, 2015 that it no longer satisfied the minimum bid price requirement of $1.00 per share for continued listing as set forth in NASDAQ Listing Rule 5450(a)(1). In anticipation of not meeting the minimum bid price requirement by August 3, 2015, the end of its initial 180-day grace period, the Company had previously applied to transfer the listing of its stock to the NASDAQ Capital Market. The Company currently meets the NASDAQ Capital Market initial listing criteria, except for the bid price requirement. Upon transfer to the NASDAQ Capital Market, the Company is being afforded an additional 180-day grace period to regain compliance with NASDAQ’s minimum bid price requirement. In order to regain compliance, the minimum bid price per share of the Company’s common stock must be at least $1.00 for at least ten consecutive business days during the second 180-day grace period, which will end on February 2, 2016. If the Company fails to regain compliance during this grace period, the Company’s common stock will be subject to delisting by NASDAQ. Accounting Standards Adopted in the Period On January 1, 2015 the Company early adopted guidance issued by the Financial Accounting Standards Board (“FASB”), which eliminated the concept of extraordinary items. This guidance has been adopted on a prospective basis and the adoption of this guidance has not had a material impact on the Company’s consolidated financial statements. On January 1, 2015, the Company adopted guidance issued by the FASB which changed the criteria for reporting discontinued operations and enhanced disclosure in this area. Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. This guidance has been adopted prospectively to all disposals (or classifications as held for sale) of components of an entity occurring after January 1, 2015 and all businesses or nonprofit activities that, on acquisition, are classified as held for sale, that occur after January 1, 2015. The adoption of this guidance has not had a material impact on the Company’s consolidated financial statements. Recent Accounting Pronouncements Not Yet Effective In September 2015, the FASB issued guidance that requires an acquirer in a business combination to recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period for which the adjustment amounts are determined. The guidance should be applied prospectively and is effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. In July 2015, the FASB issued guidance to simplify the measurement of inventory. Effective for periods beginning after December 15, 2016, inventory measured using the first-in-first-out or average costs methods will be reported at the lower of cost or realizable value. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements. In April 2015, the FASB issued guidance on a customer’s accounting for fees in a cloud computing arrangement. The guidance is adopted on a retrospective basis. This guidance is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of the guidance on its consolidated financial statements. In February 2015, the FASB issued guidance on the consolidation, which changes the analysis an entity must perform to determine whether it should consolidate certain legal entities. This guidance is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. Early adoption is permitted. The guidance can be adopted using either a full retrospective or a modified retrospective method of transition. The Company is currently evaluating the impact of the guidance on its consolidated financial statements. In August 2014, the FASB issued guidance on management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and the provision of related footnote disclosures. This guidance is effective for the annual period ending after December 15, 2016 and for annual and interim periods thereafter. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements. In June 2014, the FASB issued guidance on accounting for share based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. The guidance requires that a performance target that affects vesting and that could be achieved after the requisite service period should be treated as a performance condition. This guidance is effective for annual periods, and interim periods within those annual periods, after December 15, 2015. The Company is currently evaluating the impact of the guidance on its consolidated financial statements. In May 2014, the FASB issued new guidance on accounting for revenue from contracts with customers. This new guidance will replace existing revenue guidelines with a new model, in which revenue is recognized upon transfer of control over goods or services to a customer. In August 2015, the FASB deferred the effective date of that guidance, which will now be effective for the Company on January 1, 2018, for both interim and annual periods. Early adoption is permitted for both interim and annual periods commencing on January 1, 2017. The guidance can be adopted using either a full retrospective (with certain practical expedients) or a modified retrospective method of transition. Under the modified retrospective approach, financial statements will be prepared for the year of adoption using the new standard, but prior periods will not be adjusted. Instead, companies will recognize a cumulative catch-up adjustment to the opening balance of retained earnings at the effective date for contracts that still require performance by the company, and disclose all line items in the year of adoption as if they were prepared under current revenue requirements. At this time, the Company has not decided on which method it will use to adopt the new standard, nor has it determined the effects of the new guidelines on its results of operations and financial position. For the foreseeable future, the Company’s revenues will be limited to grants received from government agencies or nonprofit organizations and revenues from collaboration, supply and licensing agreements ,

FAIR VALUE

FAIR VALUE	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
FAIR VALUE	3. FAIR VALUE Fair Value Measurements As defined in ASC 820 “Fair Value Measurements and Disclosures” (“ASC 820”), fair value is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In order to increase consistency and comparability in fair value measurements, ASC 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three broad levels, which are described below: • Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs. • Level 2: Inputs other than quoted prices within Level 1 that are observable for the asset or liability, either directly or indirectly. • Level 3: Unobservable inputs that are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considering counterparty credit risk in its measurement of fair value. The fair value of the Company’s financial assets and liabilities that are measured on a recurring basis were determined using the following inputs as of December 31, 2014 (in $000s): Level 1 Level 2 Level 3 Total ASSETS Cash equivalents $ 18,319 $ — $ — $ 18,319 Financial instrument associated with stock purchase agreement — 51 — 51 Total assets $ 18,319 $ 51 $ — $ 18,370 The fair value of the Company’s financial assets and liabilities that are measured on a recurring basis were determined using the following inputs as of September 30, 2015 (in $000s): Level 1 Level 2 Level 3 Total ASSETS Cash equivalents $ 11,949 $ — $ — $ 11,949 Total assets $ 11,949 $ — $ — $ 11,949 Financial Instrument Associated with Stock Purchase Agreement On November 14, 2013, the Company entered into a common stock purchase agreement with Aspire Capital Fund, LLC (“Aspire”) (the “Purchase Agreement”) under which Aspire purchased 511,509 shares of common stock for an aggregate purchase price of  $2.0 million and committed to purchase up to an additional 3,042,038 shares from time to time as directed by the Company over the next two years at prices derived from the market prices on or near the date of each sale (see Note 8 — Stockholders’ Equity The Company has accounted for the right to sell additional shares under the Purchase Agreement based on the guidance of ASC 815 “Derivative Financial Instruments” (“ASC 815”), which requires the instrument to be measured at fair value with changes in fair value reported in earnings each reporting period until the agreement is exhausted or expired. The primary inputs used to determine fair value are the price of the Company’s common stock, the remaining term, and aggregate share purchases on the measurement date. The instrument had a fair value of approximately $51,000 as of December 31, 2014. On July 8, 2015, the Company sold all remaining 314,424 shares of common stock that were subject to its agreement with Aspire and the Aspire Agreement has automatically terminated by its terms. As a result, the Purchase Agreement had no value as of September 30, 2015. The decrease of approximately $27,000 in the fair value of the Purchase Agreement during the three months and nine months ended September 30, 2015, respectively, was recognized as a loss in the consolidated statements of operations.

PREPAID EXPENSES AND OTHER CURR

PREPAID EXPENSES AND OTHER CURRENT ASSETS	9 Months Ended
	Sep. 30, 2015
Prepaid Expenses And Other Current Assets [Abstract]
PREPAID EXPENSES AND OTHER CURRENT ASSETS	4. PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets consisted of the following (in $000s): December 31, September 30, 2014 2015 Research and development tax credit receivable $ 3,017 $ 1,674 Prepayments 902 963 Grant receivable 134 304 Sales tax receivable 309 718 Deposits 132 132 Other current assets 146 175 $ 4,640 $ 3,966

ACCRUED AND OTHER CURRENT LIABI

ACCRUED AND OTHER CURRENT LIABILITIES	9 Months Ended
	Sep. 30, 2015
Payables And Accruals [Abstract]
ACCRUED AND OTHER CURRENT LIABILITIES	5. ACCRUED AND OTHER CURRENT LIABILITIES Accrued and other current liabilities consisted of the following (in $000s): December 31, September 30, 2014 2015 Accrued research and development $ 4,161 $ 3,210 Accrued legal and professional fees 303 248 Other current liabilities 162 114 $ 4,626 $ 3,572

STOCK BASED COMPENSATION

STOCK BASED COMPENSATION	9 Months Ended
	Sep. 30, 2015
Disclosure Of Compensation Related Costs Share-Based Payments [Abstract]
STOCK BASED COMPENSATION	6. STOCK BASED COMPENSATION ASC 718 requires compensation expense associated with share-based awards to be recognized over the requisite service period, which for the Company is the period between the grant date and the date the award vests or becomes exercisable. Most of the awards granted by the Company (and still outstanding) vest ratably over one to four years. The Company recognizes all share-based awards under the straight-line attribution method. ASC 718 requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The Company evaluates its forfeiture assumptions quarterly and the expected forfeiture rate is adjusted when necessary. Ultimately, the actual expense recognized over the vesting period is based on only those shares that vest. Stock based compensation has been reported within expense line items on the consolidated statement of operations for the three and nine months ended September 30, 2014 and 2015 as shown in the following table (in $000s): Three Months Ended Nine months Ended 2014 2015 2014 2015 General and administrative $ 160 $ 97 $ 415 $ 312 Research and development 59 44 174 152 Stock-based compensation costs before income taxes $ 219 $ 141 $ 589 $ 464 2015 Plan On May 22, 2015, the Company’s stockholders approved the 2015 Plan, under which Cyclacel may make equity incentive grants to its officers, employees, directors and consultants. The company has reserved 3,500,000 shares of the Company’s common stock under the 2015 Plan. The 2015 Plan replaces the 2006 Plan, under which there were no remaining reserved shares as of September 30, 2015. Stock option awards granted under the Company’s equity incentive plans have a maximum life of 10 years and generally vest over a one to four-year period from the date of grant. There were 63,000 and 326,656 options granted during the nine months ended September 30, 2014 and 2015, respectively. There were no stock options exercised during each of the nine months ended September 30, 2014 and 2015. The Company does not expect to be able to benefit from the deduction for stock option exercises that may occur during the year ended December 31, 2015 because the Company has tax loss carryforwards from prior periods that would be expected to offset any potential taxable income for the year ended December 31, 2015. Outstanding Options A summary of the share option activity and related information is as follows: Number of Weighted Weighted Aggregate Options outstanding at December 31, 2014 1,010,298 $ 14.24 6.58 $ — Granted 326,656 $ 0.84 Cancelled/forfeited (3,000 ) $ 105.00 Options outstanding at September 30, 2015 1,333,954 $ 10.75 6.73 $ — Unvested at September 30, 2015 (494,382 ) $ 2.27 8.91 $ — Vested and exercisable at September 30, 2015 839,572 $ 15.75 5.45 $ — The fair value of the stock options granted is calculated using the Black-Scholes option-pricing model as prescribed by ASC 718. The expected term assumption is estimated using past history of early exercise behavior and expectations about future behaviors. Estimates of pre-vesting option forfeitures are based on the Company’s experience. Currently the Company uses a forfeiture rate of 0 - 30% depending on when and to whom the options are granted. The Company adjusts its estimate of forfeitures over the requisite service period based on the extent to which actual forfeitures differ, or are expected to differ, from such estimates. Changes in estimated forfeitures are recognized through a cumulative adjustment in the period of change and may impact the amount of compensation expense to be recognized in future periods. The Company considers many factors when estimating expected forfeitures, including types of awards, employee class, and historical experience. The weighted average risk-free interest rate represents interest rate for treasury constant maturities published by the Federal Reserve Board. If the term of available treasury constant maturity instruments is not equal to the expected term of an employee option, Cyclacel uses the weighted average of the two Federal Reserve securities closest to the expected term of the employee option. Restricted Stock Units Summarized information for restricted stock unit activity for the nine months ended September 30, 2015 is as follows: Restricted Stock Weighted Average Non-vested at December 31, 2014 89,016 $ 5.56 Granted — $ — Vested (89,016 ) $ 5.56 Non-vested at September 30, 2015 — $ — During the nine months ended September 30, 2015, 89,016 restricted stock units vested. The Company did not issue any restricted stock units during the nine months ended September 30, 2015.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2015
Commitments And Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	7. COMMITMENTS AND CONTINGENCIES Distribution, Licensing and Research Agreements The Company has entered into licensing agreements with academic and research organizations. Under the terms of these agreements, the Company has received licenses to technology and patent applications. The Company is required to pay royalties on future sales of products employing the technology or falling under claims of patent applications. Pursuant to the Daiichi Sankyo license, under which the Company licenses certain patent rights for sapacitabine, its lead drug candidate, the Company has agreed to pay Daiichi Sankyo an upfront fee, to reimburse Daiichi Sankyo for enumerated expenses, and to make milestone payments and to pay royalties on a country-by-country basis. The upfront fee, the Phase 3 entry milestone, and certain past reimbursements have been paid. A further $10.0 million in aggregate milestone payments could be payable subject to the achievement of all the specific contractual milestones, which are primarily related to regulatory approval in various territories, and the Company’s decision to continue with these projects. Royalties are payable in each country for the term of patent protection in the country or for ten years following the first commercial sale of licensed products in the country, whichever is later. Royalties are payable on net sales. Net sales are defined as the gross amount invoiced by the Company or its affiliates or licensees, less discounts, credits, taxes, shipping and bad debt losses. The agreement extends from its commencement date to the date on which no further amounts are owed under it. If the Company wishes to appoint a third party to develop or commercialize a sapacitabine-based product in Japan, within certain limitations, Daiichi Sankyo must be notified and given a right of first refusal, with the right of first refusal ending sixty days after notification, to develop and/or commercialize in Japan. In general, the license may be terminated by the Company for technical, scientific, efficacy, safety, or commercial reasons on six months’ notice, or twelve months’ notice, if after a launch of a sapacitabine-based product, or by either party for material default.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	9 Months Ended
	Sep. 30, 2015
Stockholders' Equity Note [Abstract]
STOCKHOLDERS' EQUITY	8. STOCKHOLDERS’ EQUITY Preferred Stock As of September 30, 2015, there were 335,273 shares of the Company’s 6% Convertible Exchangeable Preferred Stock (“Preferred Stock”) issued and outstanding at an issue price of $10.00 per share. Dividends on the Preferred Stock are cumulative from the date of original issuance at the annual rate of 6% of the liquidation preference of the Preferred Stock, payable quarterly on the first day of February, May, August and November, commencing February 1, 2005. Any dividends must be declared by the Company’s Board and must come from funds that are legally available for dividend payments. The Preferred Stock has a liquidation preference of $10.00 per share, plus accrued and unpaid dividends. The Preferred Stock is convertible at the option of the holder at any time into the Company’s shares of common stock at a conversion rate of approximately 0.06079 shares of common stock for each share of Preferred Stock based on a price of $164.50. The Company has reserved 20,381 shares of common stock for issuance upon conversion of the remaining shares of Preferred Stock outstanding on September 30, 2015. The shares of previously-converted Preferred Stock have been retired, cancelled and restored to the status of authorized but unissued shares of preferred stock, subject to reissuance by the Board of Directors as shares of Preferred Stock of one or more series. The Company may automatically convert the Preferred Stock into common stock if the closing price of the Company’s common stock has exceeded $246.75, which is 150% of the conversion price of the Preferred Stock, for at least 20 trading days during any 30-day trading period, ending within five trading days prior to notice of automatic conversion. The Certificate of Designations governing the Preferred Stock provides that if the Company fails to pay dividends on its Preferred Stock for six quarterly periods, holders of Preferred Stock are entitled to nominate and elect two directors to the Board of Directors. This right accrued to the holders of Preferred Stock as of August 2, 2010 and two directors were nominated and elected at the annual meeting held on May 24, 2011. The Preferred Stock has no maturity date and no voting rights prior to conversion into common stock, except under limited circumstances. The Company may, at its option, redeem the Preferred Stock in whole or in part, out of funds legally available at the redemption price of $10.00 per share. The Preferred Stock is exchangeable, in whole but not in part, at the option of the Company on any dividend payment date beginning on November 1, 2005 (the “Exchange Date”) for the Company’s 6% Convertible Subordinated Debentures (“Debentures”) at the rate of $10.00 principal amount of Debentures for each share of Preferred Stock. The Debentures, if issued, will mature 25 years after the Exchange Date and have terms substantially similar to those of the Preferred Stock. No such exchanges have taken place to date. On May 22, 2015, the Board of Directors (the “Board”) of the Company declared a quarterly cash dividend in the amount of $0.15 per share on the Company’s Preferred Stock. The cash dividend was paid on August 1, 2015 to the holders of record of the Preferred Stock as of the close of business on July 17, 2015. Common Stock July 2015 Controlled Equity Offering SM On July 10, 2015, the Company entered into a Controlled Equity Offering SM March 2015 Public Offering On March 9, 2015, the Company completed a public offering of 10,000,000 shares of its common stock at a price to the public of $1.00 per share for proceeds, net of certain fees and expenses, of approximately $9.2 million. November 2013 Stock Purchase Agreement On November 14, 2013, the Company entered into a common stock Purchase Agreement with Aspire (the “Purchase Agreement”). Upon execution of the Purchase Agreement, Aspire purchased 511,509 shares of common stock for an aggregate purchase price of $2.0 million. Under the terms of the Purchase Agreement, Aspire has committed to purchase up to an additional 3,042,038 shares from time to time as directed by the Company or, in certain instances, as agreed to by both parties, over the next two years at prices derived from the market prices on or near the date of each sale. However, such commitment is limited to an additional $18.0 million of share purchases. In consideration for entering into the Purchase Agreement, concurrent with the execution of the Purchase Agreement, the Company issued 166,105 shares of the Company’s common stock to Aspire in lieu of a commitment fee. The fair value of these shares has been recorded as a component of other assets and will continue to be remeasured each reporting period, until the agreement is exhausted or expired, with gains or losses reported in the consolidated statements of operations. During the nine months ended September 30, 2015, the Company sold 1,100,000 shares to Aspire under the Purchase Agreement for proceeds of  $1.2 million. On July 8, 2015, the Company sold all remaining 314,424 shares of common stock that were subject to its agreement with Aspire at $0.70 per share. All of the available shares under the Aspire Agreement have now been sold and the Aspire Agreement has automatically terminated by its terms. Common Stock Warrants The following table summarizes information about warrants outstanding at September 30, 2015: Issued in Connection With Expiration Common Weighted October 2010 stock issuance 2015 594,513 $ 13.44 July 2011 stock issuance 2016 544,117 $ 9.52 Total 1,138,630 $ 11.57 There were no exercises of warrants during the nine months ended September 30, 2014 and 2015. Warrants for 202,499 shares of common stock, issued in connection with the January 2010 stock issuance, expired during the nine months ended September 30, 2015.

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	9 Months Ended
	Sep. 30, 2015
Discontinued Operations And Disposal Groups [Abstract]
DISCONTINUED OPERATIONS	9. DISCONTINUED OPERATIONS On August 10, 2012, the Company entered into an agreement with Sinclair Pharmaceuticals Limited (“Sinclair”) to terminate, effective September 30, 2012, the distribution agreements relating to the promotion and sale of Xclair®, Numoisyn® Lozenges and Numoisyn® Liquid (collectively, the “ALIGN products”). Product revenue, cost of goods sold and selling, general and administrative costs related to the promotion and sale of the ALIGN products have been reclassified from operating results from continuing operations to income from discontinued operations in the consolidated statement of operations for all periods presented as follows (in $000s): Three Months Ended Nine months Ended 2014 2015 2014 2015 Interest income $ 6 $ — $ 29 $ — Income tax on discontinued operations (2 ) — (10 ) — Net income from discontinued operations $ 4 $ — $ 19 $ — The assets and liabilities associated with product promotion and sales have been classified within assets and liabilities of discontinued operations in the accompanying consolidated balance sheets (in $000s): December 31, September 30, Current assets of discontinued operations: Short term portion of minimum royalty arrangement receivable, net $ 96 $ 25 Returns indemnification receivable 75 75 Total current assets of discontinued operations $ 171 $ 100 Current liabilities of discontinued operations: Returns provision $ 75 $ 75 Total current liabilities of discontinued operations $ 75 $ 75

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	10. SUBSEQUENT EVENTS Preferred Stock Dividend On October 14, 2015, the Board declared a quarterly cash dividend in the amount of $0.15 per share on the Company’s Preferred Stock. The cash dividend was paid on November 2, 2015 to the holders of record of the Preferred Stock as of the close of business on October 23, 2015.

SUMMARY OF SIGNIFICANT ACCOUN17

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates The preparation of financial statements in accordance with U.S. 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 inputs used to determine stock-based compensation expense and the fair value of financial instruments. 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. Cyclacel believes the judgments and estimates required by the following accounting policies to be significant in the preparation of the Company’s consolidated financial statements.
Risks and Uncertainties	Risks and Uncertainties Drug candidates developed by the Company typically will require approvals or clearances from the FDA or other international regulatory agencies prior to commercial sales. There can be no assurance that the Company’s drug candidates will receive any of the required approvals or clearances. If the Company was denied approval or clearance or such approval was delayed, or is unable to obtain the necessary financing to complete development and approval, there will be a material adverse impact on the Company’s financial condition and results of operations.
Foreign Currency and Currency Translation	Foreign Currency and Currency Translation Transactions that are denominated in a foreign currency are remeasured into the functional currency at the current exchange rate on the date of the transaction. Any foreign currency-denominated monetary assets and liabilities are subsequently remeasured at current exchange rates, with gains or losses recognized as foreign exchange (losses) gains in the statement of operations. The assets and liabilities of the Company’s international subsidiary are translated from its functional currency into United States dollars at exchange rates prevailing at the balance sheet date. Average rates of exchange during the period are used to translate the statement of operations, while historical rates of exchange are used to translate any equity transactions. Translation adjustments arising on consolidation due to differences between average rates and balance sheet rates, as well as unrealized foreign exchange gains or losses arising from translation of intercompany loans that are of a long-term-investment nature, are recorded in other comprehensive loss.
Segments	Segments After considering its business activities and geographic reach, the Company has concluded that it operates in just one operating segment: the discovery, development and commercialization of novel, mechanism-targeted drugs to treat cancer and other serious disorders, with development operations in two geographic areas, namely the United States and the United Kingdom.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash equivalents are stated at cost, which is substantially the same as fair value. The Company considers all highly liquid investments with an original maturity of three months or less at the time of initial purchase to be cash equivalents and categorizes such investments as held to maturity. The objectives of the Company’s cash management policy are to safeguard and preserve funds, to maintain liquidity sufficient to meet Cyclacel’s cash flow requirements and to attain a market rate of return.
Fair Value of Financial Instruments	Fair Value of Financial Instruments Financial instruments consist of cash and cash equivalents, accounts payable, accrued liabilities, financial instruments associated with stock purchase agreements and other arrangements. The carrying amounts of cash and cash equivalents, accounts payable, and accrued liabilities approximate their respective fair values due to the nature of the accounts, notably their short maturities. The financial instruments associated with stock purchase agreements are measured at fair value using applicable inputs as described in Note 3 — Fair Value
Revenue Recognition	Revenue Recognition Collaboration, supply and licensing agreements In June 2015, the Company entered into a collaboration, licensing and supply agreement with ManRos Therapeutics SA (“ManRos”), for the exclusive development and commercialization of the Company’s oral seliciclib capsules by ManRos as a treatment for cystic fibrosis (“CF”). Among other terms of the agreement, ManRos licensed rights to the Company’s proprietary clinical data to enable clinical development of seliciclib for CF indications. The agreement provides for supply of seliciclib investigational product for clinical trials of seliciclib in CF and technical assistance related to the Company’s know-how to facilitate these trials. The Company received an up-front payment in July 2015 and reached a development milestone in September 2015. The Company will receive further milestone payments and tiered royalties if seliciclib is commercialized for the treatment of CF. The Company has elected not to apply the optional accounting policy for recognizing substantive milestones when earned. Instead, the Company is allocating all arrangement consideration – both nonrefundable upfront fees and any milestone payments – to the separable elements based on a relative selling price method. As the ManRos agreement contained no general rights of return, an element was determined to be separable if it had value to the customer on a stand-alone basis. The Company identified five separable elements in the ManRos collaboration arrangement. The Company did not have vendor-specific objective evidence or third party evidence as to the price at which each of those five separate elements were sold on a standalone basis. Accordingly, in applying the relative selling price method, the Company made its best estimate of the standalone selling price for each of the separable elements. After applying the relative selling price method, nearly all of the arrangement consideration was allocated to the initial deliverable in the arrangement – the transfer of seliciclib know-how to ManRos. Accordingly, in the three and nine months ended September 30, 2015, the Company recognized revenue of $0.3 million. Royalty income under the ManRos agreement, if any, will be recognized when ManRos or its sublicensee sells the underlying product. Grant revenue Grant revenues from government agencies and private research foundations are recognized as the related qualified research and development costs are incurred, up to the limit of the prior approval funding amounts. Grant revenues are not refundable.
Clinical Trial Accounting	Clinical Trial Accounting Data management and monitoring of the Company’s clinical trials are performed with the assistance of contract research organizations (“CROs”) or clinical research associates (“CRAs”) in accordance with the Company’s standard operating procedures. CROs and CRAs typically bill monthly for services performed, although some bill based upon milestones achieved. For outstanding amounts, the Company accrues unbilled clinical trial expenses based on estimates of the level of services performed each period. Costs of setting up clinical trial sites for participation in the trials are recognized upon execution of the clinical trial agreement and expensed immediately as research and development expenses. Clinical trial costs related to patient enrollment are accrued as patients are entered into and progress through the trial.
Research and Development Expenditures	Research and Development Expenditures Research and development expenses consist primarily of costs associated with the Company’s product candidates, upfront fees, milestones, compensation and other expenses for research and development personnel, supplies and development materials, costs for consultants and related contract research, facility costs and depreciation. Expenditures relating to research and development are expensed as incurred.
Income Taxes	Income Taxes The Company accounts for income taxes under the liability method. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts expected to be realized. The Company applies the accounting guidance codified in ASC 740 “Income taxes” (“ASC 740”) related to accounting for uncertainty in income taxes. ASC 740 specifies the accounting for uncertainty in income taxes recognized in a company’s financial statements by prescribing a minimum probability threshold that a tax position is required to meet before being recognized in the financial statements. Credit is taken in the accounting period for research and development tax credits, which will be claimed from H.M. Revenue & Customs (“HMRC”), the United Kingdom’s taxation and customs authority, in respect of qualifying research and development costs incurred in the same accounting period.
Stock-based Compensation	Stock-based Compensation The Company grants stock options, restricted stock units and restricted stock to officers, employees and directors under the 2015 Equity Incentive Plan (“2015 Plan”), which was approved on May 22, 2015 and which replaced the Amended and Restated Equity Incentive Plan (“2006 Plan”), which was approved on March 16, 2006, amended on May 21, 2007, amended again and restated on April 14, 2008 and later amended on May 23, 2012. Under both plans, the Company has granted various types of awards, which are described more fully in Note 6 — Stock-Based Compensation Arrangements. ASC 718 requires measurement of compensation cost for all stock-based awards at fair value on the date of grant and recognition of compensation over the requisite service period for awards expected to vest. The fair value of restricted stock and restricted stock units is determined based on the number of shares granted and the quoted price of the Company’s common stock on the date of grant. The determination of grant-date fair value for stock option awards is estimated using the Black-Scholes model, which includes variables such as the expected volatility of the Company’s share price, the anticipated exercise behavior of employees, interest rates, and dividend yields. These variables are projected based on historical data, experience, and other factors. Changes in any of these variables could result in material adjustments to the expense recognized for share-based payments. Such value is recognized as expense over the requisite service period, net of estimated forfeitures, using the straight-line attribution method. The estimation of stock awards that will ultimately vest requires judgment, and to the extent actual results or updated estimates differ from current estimates, such amounts are recorded as a cumulative adjustment in the period estimates are revised. The Company considers many factors when estimating expected forfeitures, including type of awards granted, employee class, and historical experience. Actual results and future estimates may differ substantially from current estimates.
Net Loss Per Common Share	Net Loss Per Common Share The Company calculates net loss per common share in accordance with ASC 260 “Earnings Per Share” (“ASC 260”). Basic and diluted net loss per common share was determined by dividing net loss applicable to common stockholders by the weighted average number of shares of common stock outstanding during the period. The following potentially dilutive shares of common stock have not been included in the computation of diluted net loss per share for the three months ended September 30, 2014 and 2015, as the result would be anti-dilutive: September 30, September 30, Stock options 1,010,298 1,333,954 Restricted Stock and Restricted Stock Units 119,015 — Convertible preferred stock 20,381 20,381 Common stock warrants 1,341,129 1,138,630 Total shares excluded from calculation 2,490,823 2,492,965
Comprehensive Income (Loss)	Comprehensive Income (Loss) In accordance with ASC 220 “Comprehensive Income” (“ASC 220”), all components of comprehensive income (loss), including net income (loss), are reported in the financial statements in the period in which they are recognized. Comprehensive income (loss) is defined as the change in equity during a period from transactions and other events and circumstances from non-owner sources. Net income (loss) and other comprehensive income (loss), including foreign currency translation adjustments, are reported, net of any related tax effect, to arrive at comprehensive income (loss). No taxes were recorded on items of other comprehensive income (loss).
Recent Events	Recent Events Deficiency and Compliance Notice from The NASDAQ Stock Market On August 4, 2015, the Company received approval from The NASDAQ Stock Market LLC (“NASDAQ”) to transfer the listing of the Company’s common stock from the NASDAQ Global Market to the NASDAQ Capital Market. This transfer was effective at the opening of business on August 6, 2015. The Company’s common stock will continue to trade under the symbol “CYCC.” The NASDAQ Capital Market is a continuous trading market that operates in substantially the same manner as the NASDAQ Global Market and requires listed companies to meet certain financial requirements and to comply with NASDAQ’s corporate governance requirements. As previously reported, the Company was notified by NASDAQ on February 2, 2015 that it no longer satisfied the minimum bid price requirement of $1.00 per share for continued listing as set forth in NASDAQ Listing Rule 5450(a)(1). In anticipation of not meeting the minimum bid price requirement by August 3, 2015, the end of its initial 180-day grace period, the Company had previously applied to transfer the listing of its stock to the NASDAQ Capital Market. The Company currently meets the NASDAQ Capital Market initial listing criteria, except for the bid price requirement. Upon transfer to the NASDAQ Capital Market, the Company is being afforded an additional 180-day grace period to regain compliance with NASDAQ’s minimum bid price requirement. In order to regain compliance, the minimum bid price per share of the Company’s common stock must be at least $1.00 for at least ten consecutive business days during the second 180-day grace period, which will end on February 2, 2016. If the Company fails to regain compliance during this grace period, the Company’s common stock will be subject to delisting by NASDAQ.
Accounting Standards Adopted in the Period	Accounting Standards Adopted in the Period On January 1, 2015 the Company early adopted guidance issued by the Financial Accounting Standards Board (“FASB”), which eliminated the concept of extraordinary items. This guidance has been adopted on a prospective basis and the adoption of this guidance has not had a material impact on the Company’s consolidated financial statements. On January 1, 2015, the Company adopted guidance issued by the FASB which changed the criteria for reporting discontinued operations and enhanced disclosure in this area. Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. This guidance has been adopted prospectively to all disposals (or classifications as held for sale) of components of an entity occurring after January 1, 2015 and all businesses or nonprofit activities that, on acquisition, are classified as held for sale, that occur after January 1, 2015. The adoption of this guidance has not had a material impact on the Company’s consolidated financial statements.
Recent Accounting Pronouncements Not Yet Effective	Recent Accounting Pronouncements Not Yet Effective In September 2015, the FASB issued guidance that requires an acquirer in a business combination to recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period for which the adjustment amounts are determined. The guidance should be applied prospectively and is effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. In July 2015, the FASB issued guidance to simplify the measurement of inventory. Effective for periods beginning after December 15, 2016, inventory measured using the first-in-first-out or average costs methods will be reported at the lower of cost or realizable value. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements. In April 2015, the FASB issued guidance on a customer’s accounting for fees in a cloud computing arrangement. The guidance is adopted on a retrospective basis. This guidance is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of the guidance on its consolidated financial statements. In February 2015, the FASB issued guidance on the consolidation, which changes the analysis an entity must perform to determine whether it should consolidate certain legal entities. This guidance is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. Early adoption is permitted. The guidance can be adopted using either a full retrospective or a modified retrospective method of transition. The Company is currently evaluating the impact of the guidance on its consolidated financial statements. In August 2014, the FASB issued guidance on management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and the provision of related footnote disclosures. This guidance is effective for the annual period ending after December 15, 2016 and for annual and interim periods thereafter. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements. In June 2014, the FASB issued guidance on accounting for share based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. The guidance requires that a performance target that affects vesting and that could be achieved after the requisite service period should be treated as a performance condition. This guidance is effective for annual periods, and interim periods within those annual periods, after December 15, 2015. The Company is currently evaluating the impact of the guidance on its consolidated financial statements. In May 2014, the FASB issued new guidance on accounting for revenue from contracts with customers. This new guidance will replace existing revenue guidelines with a new model, in which revenue is recognized upon transfer of control over goods or services to a customer. In August 2015, the FASB deferred the effective date of that guidance, which will now be effective for the Company on January 1, 2018, for both interim and annual periods. Early adoption is permitted for both interim and annual periods commencing on January 1, 2017. The guidance can be adopted using either a full retrospective (with certain practical expedients) or a modified retrospective method of transition. Under the modified retrospective approach, financial statements will be prepared for the year of adoption using the new standard, but prior periods will not be adjusted. Instead, companies will recognize a cumulative catch-up adjustment to the opening balance of retained earnings at the effective date for contracts that still require performance by the company, and disclose all line items in the year of adoption as if they were prepared under current revenue requirements. At this time, the Company has not decided on which method it will use to adopt the new standard, nor has it determined the effects of the new guidelines on its results of operations and financial position. For the foreseeable future, the Company’s revenues will be limited to grants received from government agencies or nonprofit organizations and revenues from collaboration, supply and licensing agreements ,

SUMMARY OF SIGNIFICANT ACCOUN18

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Schedule of antidilutive shares excluded from computation of diluted net loss per share	September 30, September 30, Stock options 1,010,298 1,333,954 Restricted Stock and Restricted Stock Units 119,015 — Convertible preferred stock 20,381 20,381 Common stock warrants 1,341,129 1,138,630 Total shares excluded from calculation 2,490,823 2,492,965

FAIR VALUE (Tables)

FAIR VALUE (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Schedule of financial assets and liabilities measured on a recurring basis	The fair value of the Company’s financial assets and liabilities that are measured on a recurring basis were determined using the following inputs as of December 31, 2014 (in $000s): Level 1 Level 2 Level 3 Total ASSETS Cash equivalents $ 18,319 $ — $ — $ 18,319 Financial instrument associated with stock purchase agreement — 51 — 51 Total assets $ 18,319 $ 51 $ — $ 18,370 The fair value of the Company’s financial assets and liabilities that are measured on a recurring basis were determined using the following inputs as of September 30, 2015 (in $000s): Level 1 Level 2 Level 3 Total ASSETS Cash equivalents $ 11,949 $ — $ — $ 11,949 Total assets $ 11,949 $ — $ — $ 11,949

PREPAID EXPENSES AND OTHER CU20

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)	9 Months Ended
	Sep. 30, 2015
Prepaid Expenses And Other Current Assets [Abstract]
Schedule of prepaid expenses and other current assets	December 31, September 30, 2014 2015 Research and development tax credit receivable $ 3,017 $ 1,674 Prepayments 902 963 Grant receivable 134 304 Sales tax receivable 309 718 Deposits 132 132 Other current assets 146 175 $ 4,640 $ 3,966

ACCRUED AND OTHER CURRENT LIA21

ACCRUED AND OTHER CURRENT LIABILITIES (Tables)	9 Months Ended
	Sep. 30, 2015
Payables And Accruals [Abstract]
Schedule of accrued and other current liabilities	December 31, September 30, 2014 2015 Accrued research and development $ 4,161 $ 3,210 Accrued legal and professional fees 303 248 Other current liabilities 162 114 $ 4,626 $ 3,572

STOCK BASED COMPENSATION (Table

STOCK BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2015
Disclosure Of Compensation Related Costs Share-Based Payments [Abstract]
Schedule of stock based compensation expense	Three Months Ended Nine months Ended 2014 2015 2014 2015 General and administrative $ 160 $ 97 $ 415 $ 312 Research and development 59 44 174 152 Stock-based compensation costs before income taxes $ 219 $ 141 $ 589 $ 464
Schedule of share option activity	Number of Weighted Weighted Aggregate Options outstanding at December 31, 2014 1,010,298 $ 14.24 6.58 $ — Granted 326,656 $ 0.84 Cancelled/forfeited (3,000 ) $ 105.00 Options outstanding at September 30, 2015 1,333,954 $ 10.75 6.73 $ — Unvested at September 30, 2015 (494,382 ) $ 2.27 8.91 $ — Vested and exercisable at September 30, 2015 839,572 $ 15.75 5.45 $ —
Schedule of restricted stock units activity	Restricted Stock Weighted Average Non-vested at December 31, 2014 89,016 $ 5.56 Granted — $ — Vested (89,016 ) $ 5.56 Non-vested at September 30, 2015 — $ —

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	9 Months Ended
	Sep. 30, 2015
Stockholders' Equity Note [Abstract]
Schedule of warrants outstanding	Issued in Connection With Expiration Common Weighted October 2010 stock issuance 2015 594,513 $ 13.44 July 2011 stock issuance 2016 544,117 $ 9.52 Total 1,138,630 $ 11.57

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	9 Months Ended
	Sep. 30, 2015
Discontinued Operations And Disposal Groups [Abstract]
Schedule of assets and liabilities, and product revenue, cost of goods sold and selling, general and administrative costs of discontinued operations	Three Months Ended Nine months Ended 2014 2015 2014 2015 Interest income $ 6 $ — $ 29 $ — Income tax on discontinued operations (2 ) — (10 ) — Net income from discontinued operations $ 4 $ — $ 19 $ — December 31, September 30, Current assets of discontinued operations: Short term portion of minimum royalty arrangement receivable, net $ 96 $ 25 Returns indemnification receivable 75 75 Total current assets of discontinued operations $ 171 $ 100 Current liabilities of discontinued operations: Returns provision $ 75 $ 75 Total current liabilities of discontinued operations $ 75 $ 75

NATURE OF OPERATIONS AND BASI25

NATURE OF OPERATIONS AND BASIS OF PRESENTATION (Detail Textuals) - Biomedical catalyst of United Kingdom government $ in Millions	9 Months Ended
	Sep. 30, 2015USD ($)
NSCLC and Nasopharyngeal Cancer
Organization [Line Items]
Grant award amount	$ 1.9
Investigational new drug (IND)
Organization [Line Items]
Grant award amount	$ 3.5

NATURE OF OPERATIONS AND BASI26

NATURE OF OPERATIONS AND BASIS OF PRESENTATION (Detail Textuals 1) $ in Thousands	Jul. 10, 2015USD ($)
Controlled Equity Offering Sales Agreement | Cantor Fitzgerald & Co., ("Cantor")
Organization [Line Items]
Maximum amount of offering price for common stock	$ 8,350

SUMMARY OF SIGNIFICANT ACCOUN27

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - shares	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Net loss per common share
Total shares excluded from calculation	2,492,965	2,490,823
Stock options
Net loss per common share
Total shares excluded from calculation	1,333,954	1,010,298
Restricted Stock and Restricted Stock Units
Net loss per common share
Total shares excluded from calculation		119,015
Convertible preferred stock
Net loss per common share
Total shares excluded from calculation	20,381	20,381
Common stock warrants
Net loss per common share
Total shares excluded from calculation	1,138,630	1,341,129

SUMMARY OF SIGNIFICANT ACCOUN28

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Detail Textuals) $ / shares in Units, $ in Millions	Aug. 04, 2015$ / shares	Sep. 30, 2015USD ($)Country	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)SegmentCountry	Sep. 30, 2014USD ($)
Accounting Policies [Abstract]
Number of operating segments | Segment				1
Number of geographic areas for development operations		2		2
Recognized revenue | $		$ 0.3	$ 0.3	$ 0.3	$ 0.3
Minimum bid price per share | $ / shares	$ 1
Consecutive business days	10 days

FAIR VALUE (Details)

FAIR VALUE (Details) - Recurring basis - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Level 1
ASSETS
Cash equivalents	$ 11,949	$ 18,319
Financial instrument associated with stock purchase agreement
Total assets	$ 11,949	$ 18,319
Level 2
ASSETS
Cash equivalents
Financial instrument associated with stock purchase agreement		$ 51
Total assets		$ 51
Level 3
ASSETS
Cash equivalents
Financial instrument associated with stock purchase agreement
Total assets
Total
ASSETS
Cash equivalents	$ 11,949	$ 18,319
Financial instrument associated with stock purchase agreement		51
Total assets	$ 11,949	$ 18,370

FAIR VALUE (Detail Textuals)

FAIR VALUE (Detail Textuals) - Purchase Agreement - Aspire Capital Fund, LLC - USD ($)	Nov. 14, 2013	Dec. 31, 2014
Fair value measurements
Number of shares issued under purchase agreement	511,509
Purchase price for shares issued under purchase agreement	$ 2,000,000
Maximum additional shares committed to purchase	3,042,038
Period of common stock purchase agreement	2 years
Fair value of financial instrument		$ 51,000

FAIR VALUE (Detail Textuals 1)

FAIR VALUE (Detail Textuals 1) - Purchase Agreement - Aspire Capital Fund, LLC - USD ($)	Jul. 08, 2015	Sep. 30, 2015	Sep. 30, 2015
Fair value measurements
Common stock sold	314,424
Decrease in fair value		$ 27,000	$ 27,000

PREPAID EXPENSES AND OTHER CU32

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Prepaid Expense and Other Assets, Current [Abstract]
Research and development tax credit receivable	$ 1,674	$ 3,017
Prepayments	963	902
Grant receivable	304	134
Sales tax receivable	718	309
Deposits	132	132
Other current assets	175	146
Prepaid expenses and other current assets	$ 3,966	$ 4,640

ACCRUED AND OTHER CURRENT LIA33

ACCRUED AND OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Payables And Accruals [Abstract]
Accrued research and development	$ 3,210	$ 4,161
Accrued legal and professional fees	248	303
Other current liabilities	114	162
Total	$ 3,572	$ 4,626

STOCK BASED COMPENSATION (Detai

STOCK BASED COMPENSATION (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Stock-based compensation
Stock-based compensation costs before income taxes	$ 141	$ 219	$ 464	$ 589
General and administrative
Stock-based compensation
Stock-based compensation costs before income taxes	97	160	312	415
Research and development
Stock-based compensation
Stock-based compensation costs before income taxes	$ 44	$ 59	$ 152	$ 174

STOCK BASED COMPENSATION (Det35

STOCK BASED COMPENSATION (Details 1) - Stock options - USD ($)	9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Number of Options Outstanding
Options outstanding at December 31, 2014 (in shares)	1,010,298
Granted (in shares)	326,656	63,000
Cancelled/forfeited (in shares)	(3,000)
Options outstanding at September 30, 2015 (in shares)	1,333,954		1,010,298
Unvested at September 30, 2015 (in shares)	(494,382)
Vested and exercisable at September 30, 2015 (in shares)	839,572
Weighted Average Exercise Price Per Share
Options outstanding at December 31, 2014 (in dollars per share)	$ 14.24
Granted (in dollars per share)	0.84
Cancelled/forfeited (in dollars per share)	105
Options outstanding at September 30, 2015 (in dollars per share)	10.75		$ 14.24
Unvested at September 30, 2015 (in dollars per share)	2.27
Vested and exercisable at September 30, 2015 (in dollars per share)	$ 15.75
Weighted Average Remaining Contractual Term (Years)
Options outstanding	6 years 8 months 23 days		6 years 6 months 29 days
Unvested at September 30, 2015	8 years 10 months 28 days
Vested and exercisable at September 30, 2015	5 years 5 months 12 days
Aggregate Intrinsic Value
Options outstanding
Unvested at September 30, 2015
Vested and exercisable at September 30, 2015

STOCK BASED COMPENSATION (Det36

STOCK BASED COMPENSATION (Details 2) - Restricted Stock Units	9 Months Ended
	Sep. 30, 2015$ / sharesshares
Nonvested activity
Non-vested at December 31, 2014 (in shares) | shares	89,016
Granted (in shares) | shares
Vested (in shares) | shares	(89,016)
Non-vested at September 30, 2015 (in shares) | shares
Weighted Average Grant Date Value Per Share
Non-vested at December 31, 2014 (in dollars per share)	$ 5.56
Granted (in dollars per share)
Vested (in dollars per share)	$ 5.56
Non-vested at September 30, 2015(in dollars per share)

STOCK BASED COMPENSATION (Det37

STOCK BASED COMPENSATION (Detail Textuals) - Stock options - shares	1 Months Ended	9 Months Ended
	May. 22, 2015	Sep. 30, 2015	Sep. 30, 2014
Stock-based compensation
Number of shares reserved for issuance	3,500,000
Expiration period	10 years
Options granted (in shares)		326,656	63,000
Minimum
Stock-based compensation
Vesting period	1 year	1 year
Maximum
Stock-based compensation
Vesting period	4 years	4 years

STOCK BASED COMPENSATION (Det38

STOCK BASED COMPENSATION (Detail Textuals 1)	9 Months Ended
	Sep. 30, 2015Securityshares
Stock options
Stock based compensation, additional disclosures
Number of federal reserve securities whose weighted average is used for calculation of weighted average risk-free interest rate	2
Stock options | Minimum
Stock based compensation, additional disclosures
Forfeiture rate (as a percent)	0.00%
Stock options | Maximum
Stock based compensation, additional disclosures
Forfeiture rate (as a percent)	30.00%
Restricted Stock Units
Stock based compensation, additional disclosures
Vested (in shares) | shares	(89,016)

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Detail Textuals) $ in Millions	Sep. 30, 2015USD ($)
Commitments And Contingencies Disclosure [Abstract]
Future milestone payments payable	$ 10

STOCKHOLDERS' EQUITY (Details)

STOCKHOLDERS' EQUITY (Details)	9 Months Ended
	Sep. 30, 2015$ / sharesshares
Warrants outstanding
Common Shares Issuable | shares	1,138,630
Weighted Average Exercise Price (in dollars per share)	$ 11.57
October 2010 stock issuance
Warrants outstanding
Expiration Date	2,015
Common Shares Issuable | shares	594,513
Weighted Average Exercise Price (in dollars per share)	$ 13.44
July 2011 stock issuance
Warrants outstanding
Expiration Date	2,016
Common Shares Issuable | shares	544,117
Weighted Average Exercise Price (in dollars per share)	$ 9.52

STOCKHOLDERS' EQUITY (Detail Te

STOCKHOLDERS' EQUITY (Detail Textuals)	Aug. 02, 2010Director	Sep. 30, 2015Conversion_rateSeriesQuater$ / sharesshares	Aug. 04, 2015$ / shares	May. 22, 2015$ / shares	Dec. 31, 2014$ / sharesshares
Stockholders' equity
Preferred stock, shares issued | shares		335,273			335,273
Preferred stock, shares outstanding | shares		335,273			335,273
Preferred stock, par value (in dollars per share)		$ 0.001			$ 0.001
Minimum bid price per share			$ 1
Preferred stock
Stockholders' equity
Preferred stock, shares issued | shares		335,273
Preferred stock, shares outstanding | shares		335,273
Share issue price per share		$ 10
Dividend rate on convertible exchangeable preferred stock (in percent)		6.00%
Liquidation preference (in dollars per share)		$ 10
Number of shares to be issued for each preferred stock upon conversion | Conversion_rate		0.06079
Conversion price (in dollars per share)		$ 164.50
Shares reserved for future issuance upon conversion | shares		20,381
Number of series of Preferred Stock | Series		1
Minimum bid price per share		$ 246.75
Percentage of the closing sales price of the entity's common stock that the conversion price must exceed in order for the preferred stock to be convertible		150.00%
Number of trading days within 30 trading days in which the closing price of the entity's common stock must exceed the conversion price for the preferred stock to be convertible		20 days
Number of trading days during which the closing price of the entity's common stock must exceed the conversion price for at least 20 days in order for the preferred stock to be convertible		30 days
Number of trading days prior to notice of automatic conversion		5 days
Redemption price per share (in dollars per share)		$ 10
Number of quarters in which no preferred stock dividends have been paid | Quater		6
Number of Board of Directors to be elected by Preferred Stock holders if entity fails to pay dividends on Preferred Stock | Quater		2
Number of Board of Directors elected by the Preferred Stock holders when the entity failed to pay dividends on Preferred Stock | Director	2
Interest rate (as a percent)		6.00%
Debt principal amount per share, basis for exchange (in dollars per share)		$ 10
Debt instrument, term		25 years
Cash dividend per share				$ 0.15

STOCKHOLDERS' EQUITY (Detail 42

STOCKHOLDERS' EQUITY (Detail Textuals 1) - Controlled Equity Offering Sales Agreement - Cantor Fitzgerald & Co., ("Cantor") $ in Thousands	Jul. 10, 2015USD ($)
Equity Offering [Line Items]
Maximum amount of offering price for common stock	$ 8,350
Percentage of commission of gross sales price per share sold	3.00%

STOCKHOLDERS' EQUITY (Detail 43

STOCKHOLDERS' EQUITY (Detail Textuals 2) - Common stock - March 2015 Public Offering $ / shares in Units, $ in Millions	Mar. 09, 2015USD ($)$ / sharesshares
Equity Offering [Line Items]
Number of common shares sold into underwriting agreement (in shares) | shares	10,000,000
Share price per share	$ 1
Proceed from public offering | $	$ 9.2

STOCKHOLDERS' EQUITY (Detail 44

STOCKHOLDERS' EQUITY (Detail Textuals 3) - USD ($) $ / shares in Units, $ in Millions	Jul. 08, 2015	Nov. 14, 2013	Sep. 30, 2015
November 2013 Stock Purchase Agreement | Aspire Capital Fund, LLC
Common Stock
Common stock sold	314,424
Common stock price per share	$ 0.70
November 2013 Stock Purchase Agreement | Common stock | Aspire Capital Fund, LLC
Common Stock
Number of shares issued under purchase agreement		511,509	1,100,000
Purchase price for shares issued under purchase agreement		$ 2	$ 1.2
Period of common stock purchase agreement		2 years
Stock issued in lieu of a commitment fee		166,105
November 2013 Stock Purchase Agreement | Common stock | Maximum | Aspire Capital Fund, LLC
Common Stock
Maximum additional shares committed to purchase		3,042,038
Common stock purchase agreement, purchase commitment		$ 18
January 2010 stock issuance
Common Stock
Number of common stock called by warrants			202,499

DISCONTINUED OPERATIONS (Detail

DISCONTINUED OPERATIONS (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Reclassification of operating results from continuing operations to loss from discontinued operations
Income tax on discontinued operations		$ (2)		$ (10)
Net income from discontinued operations		4		19
ALIGN products
Reclassification of operating results from continuing operations to loss from discontinued operations
Interest income		6		29
Income tax on discontinued operations		(2)		(10)
Net income from discontinued operations		$ 4		$ 19

DISCONTINUED OPERATIONS (Deta46

DISCONTINUED OPERATIONS (Details 1) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Current assets of discontinued operations:
Total current assets of discontinued operations	$ 100	$ 171
Current liabilities of discontinued operations:
Total current liabilities of discontinued operations	75	75
ALIGN products
Current assets of discontinued operations:
Short term portion of minimum royalty arrangement receivable, net	25	96
Returns indemnification receivable	75	75
Total current assets of discontinued operations	100	171
Current liabilities of discontinued operations:
Returns provision	75	75
Total current liabilities of discontinued operations	$ 75	$ 75

SUBSEQUENT EVENTS (Detail Textu

SUBSEQUENT EVENTS (Detail Textuals) - Subsequent event - Dividend Declared	Oct. 14, 2015$ / shares
Subsequent Event [Line Items]
Preferred Stock Dividend, amount per share	$ 0.15
Preferred Stock Dividend, date declared	Oct. 14, 2015
Preferred Stock Dividend, date to be paid	Nov. 2, 2015
Preferred Stock Dividend, date of record	Oct. 23, 2015