$GALT
GALECTIN THERAPEUTICS INC

2023 Q1 Form 10-K Financial Statement

#000114036123014658 Filed on March 30, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.543M $1.626M $6.615M
YoY Change -17.79% 3.63% 3.99%
% of Gross Profit
Research & Development $8.799M $9.007M $31.74M
YoY Change 9.2% 53.81% 33.25%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $10.34M $10.63M $38.35M
YoY Change 4.1% 43.21% 27.08%
Operating Profit -$10.34M -$38.35M
YoY Change 4.1% 27.08%
Interest Expense $460.0K -$1.000K $1.033M
YoY Change 102.64% -100.49% 111.25%
% of Operating Profit
Other Income/Expense, Net -$1.185M -$424.0K
YoY Change -39600.0% 21.84%
Pretax Income -$11.53M -$10.63M -$38.78M
YoY Change 16.06% 47.26% 27.02%
Income Tax
% Of Pretax Income
Net Earnings -$11.53M -$10.70M -$38.78M
YoY Change 16.06% 48.17% 27.02%
Net Earnings / Revenue
Basic Earnings Per Share -$0.19 -$0.65
Diluted Earnings Per Share -$0.19 -$0.18 -$0.65
COMMON SHARES
Basic Shares Outstanding 59.44M 59.43M 59.39M
Diluted Shares Outstanding 59.48M 59.39M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $17.80M $18.59M $18.59M
YoY Change -43.68% -53.11% -53.11%
Cash & Equivalents $17.80M $18.59M $18.59M
Short-Term Investments
Other Short-Term Assets $1.753M $1.960M $1.960M
YoY Change -7.79% -9.76% -9.76%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $19.55M $20.55M $20.55M
YoY Change -41.65% -50.86% -50.86%
LONG-TERM ASSETS
Property, Plant & Equipment $78.00K $0.00 $86.00K
YoY Change -27.78% 1128.57%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $673.0K $733.0K $647.0K
YoY Change 10371.43%
Total Long-Term Assets $673.0K $733.0K $733.0K
YoY Change 523.15% 10371.43% 10371.43%
TOTAL ASSETS
Total Short-Term Assets $19.55M $20.55M $20.55M
Total Long-Term Assets $673.0K $733.0K $733.0K
Total Assets $20.23M $21.29M $21.29M
YoY Change -39.83% -49.11% -49.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.553M $3.890M $3.890M
YoY Change 33.95% 115.51% 115.51%
Accrued Expenses $8.980M $9.058M $9.058M
YoY Change 17.71% 26.46% 26.46%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $11.53M $13.01M $13.01M
YoY Change 20.95% 44.05% 44.05%
LONG-TERM LIABILITIES
Long-Term Debt $49.94M $39.83M $39.83M
YoY Change 70.59% 37.11% 37.11%
Other Long-Term Liabilities $55.00K $66.00K $639.0K
YoY Change -94.49% -43.45%
Total Long-Term Liabilities $55.00K $66.00K $40.47M
YoY Change -99.82% 34.09%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.53M $13.01M $13.01M
Total Long-Term Liabilities $55.00K $66.00K $40.47M
Total Liabilities $62.87M $53.48M $53.48M
YoY Change 57.94% 36.39% 36.39%
SHAREHOLDERS EQUITY
Retained Earnings -$321.1M -$309.6M
YoY Change 14.36%
Common Stock $59.00K $59.00K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$44.37M -$33.92M -$32.19M
YoY Change
Total Liabilities & Shareholders Equity $20.23M $21.29M $21.29M
YoY Change -39.83% -49.11% -49.11%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$11.53M -$10.70M -$38.78M
YoY Change 16.06% 48.17% 27.02%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$10.79M -$7.239M -$31.06M
YoY Change 34.21% 4.14% 27.76%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities $0.00 $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 10.00M 10.00M 10.00M
YoY Change 0.01% -72.84%
NET CHANGE
Cash From Operating Activities -10.79M -7.239M -31.06M
Cash From Investing Activities 0.000 0.000
Cash From Financing Activities 10.00M 10.00M 10.00M
Net Change In Cash -793.0K 2.761M -21.06M
YoY Change -90.14% -9.42% -268.37%
FREE CASH FLOW
Cash From Operating Activities -$10.79M -$7.239M -$31.06M
Capital Expenditures
Free Cash Flow
YoY Change

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CY2022Q4 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Exercisable Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions
3551395
CY2022Q4 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Exercise Price1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1
3.35
CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
26963382
CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
21478755
CY2022 galt Number Of Operating Leases
NumberOfOperatingLeases
1
CY2022Q4 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P38M
CY2022Q4 us-gaap Security Deposit
SecurityDeposit
6000
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
86000
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
40000
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
66000
CY2022Q1 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P38M
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
50000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
51000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
18000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
119000
CY2022Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
13000
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
106000
CY2022Q4 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.11
CY2022 galt Contract Cancelation Notice Period
ContractCancelationNoticePeriod
P30D
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
53119000
CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
54949000
CY2022Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
DeferredTaxAssetsTaxCreditCarryforwards
3558000
CY2021Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
DeferredTaxAssetsTaxCreditCarryforwards
3720000
CY2022Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
9168000
CY2021Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
1652000
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
65845000
CY2021Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
60321000
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
65845000
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
60321000
CY2022Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0
CY2021Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.042
CY2021 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
-0.047
CY2022 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
EffectiveIncomeTaxRateReconciliationNondeductibleExpense
0.005
CY2021 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
EffectiveIncomeTaxRateReconciliationNondeductibleExpense
0.005
CY2022 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.014
CY2021 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.001
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.177
CY2021 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.253
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2021 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2021Q4 galt Deferred Tax Assets Valuation Allowance Percentage
DeferredTaxAssetsValuationAllowancePercentage
1

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