OMG, read the 10-q. The actual market cap is the actual market cap of 50M or so. What you are afraid of is the fully diluted market cap - after exercise of options, warrants and conversion of preferred stock - and you have to read the 10q sec filing to figure that out.
There is nothing to worry about here. There is not much there - just max 3M more common stock shares. But very little that can be converted at current prices, the rest are converted at much higher prices, so there is no dilution worry.
By the way, compare that for example with MEIP. It also has $50M market cap or so, but it has tons of stock issued at 0.50 and tons of warrants at 0.52 and with stock price near 2.00 all of that is in the money and so has to be taken into account NOW and fully diluted market cap is 200M+.
And this crap is only in Phase 1. Just another example how cheap CYCC is and how prudent that had been with dilution.
Page 14 has the table of everything that can be converted to common stock
Stock options 480,415
Unvested restricted stock and restricted stock units 40,121
Convertible preferred stock 73,747
Contingently issuable common stock and common stock warrants associated with Economic
Common stock warrants 1,973,431
Total shares excluded from calculation 3,002,901
Page 21 - vested options have average exercise price of $29 !!!
page 24 preferred stock has conversion price of 164.50 !!!
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
73,747 shares of common stock for issuance upon conversion of the remaining shares of Preferred Stock outstanding at September 30, 2012