$GALT
GALECTIN THERAPEUTICS INC

2012 Q4 Form 10-Q Financial Statement

#000119312512462829 Filed on November 09, 2012

View on sec.gov

Income Statement

Concept 2012 Q4 2012 Q3 2011 Q3
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.380M $1.490M $1.380M
YoY Change -45.02% 7.97% 53.33%
% of Gross Profit
Research & Development $1.000M $1.409M $655.0K
YoY Change 16.28% 115.11% 111.29%
% of Gross Profit
Depreciation & Amortization $0.00 $10.00K $0.00
YoY Change
% of Gross Profit
Operating Expenses $2.380M $2.896M $2.033M
YoY Change -29.38% 42.45% 68.02%
Operating Profit -$2.896M -$2.033M
YoY Change 42.45%
Interest Expense $10.00K $10.00K $10.00K
YoY Change 0.0% -90.0%
% of Operating Profit
Other Income/Expense, Net $0.00 $207.0K $5.000K
YoY Change 4040.0%
Pretax Income -$2.380M -$2.690M -$2.030M
YoY Change -29.38% 32.51% 82.88%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$2.380M -$2.689M -$2.028M
YoY Change -29.38% 32.59% 82.7%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$148.9K -$170.0K -$164.4K
COMMON SHARES
Basic Shares Outstanding 15.97M shares 15.82M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2012 Q4 2012 Q3 2011 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.360M $11.06M $7.940M
YoY Change 46.25% 39.29% 182.56%
Cash & Equivalents $9.364M $11.06M $7.944M
Short-Term Investments
Other Short-Term Assets $150.0K $90.00K $50.00K
YoY Change 50.0% 80.0% 0.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $9.517M $11.15M $8.000M
YoY Change 46.39% 39.35% 179.72%
LONG-TERM ASSETS
Property, Plant & Equipment $8.000K $6.000K $10.00K
YoY Change 33.33% -40.0% 0.0%
Goodwill
YoY Change
Intangibles $30.00K $33.00K
YoY Change -16.67%
Long-Term Investments
YoY Change
Other Assets $6.000K $10.00K $60.00K
YoY Change -91.43% -83.33% 0.0%
Total Long-Term Assets $44.00K $45.00K $100.0K
YoY Change -60.36% -55.0% -23.08%
TOTAL ASSETS
Total Short-Term Assets $9.517M $11.15M $8.000M
Total Long-Term Assets $44.00K $45.00K $100.0K
Total Assets $9.561M $11.19M $8.100M
YoY Change 44.6% 38.19% 170.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $397.0K $256.0K $200.0K
YoY Change 3.39% 28.0% 5.26%
Accrued Expenses $1.161M $1.186M $420.0K
YoY Change -25.15% 182.38% -27.59%
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 $1.638M $1.442M $820.0K
YoY Change -26.05% 75.85% 6.49%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $6.000K $0.00
YoY Change -100.0%
Total Long-Term Liabilities $6.000K $0.00 $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.638M $1.442M $820.0K
Total Long-Term Liabilities $6.000K $0.00 $0.00
Total Liabilities $1.644M $1.442M $820.0K
YoY Change -25.78% 75.85% -63.23%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $16.00K $16.00K
YoY Change 23.08%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.165M $3.057M $7.290M
YoY Change
Total Liabilities & Shareholders Equity $9.561M $11.19M $8.100M
YoY Change 44.6% 38.19% 170.9%

Cashflow Statement

Concept 2012 Q4 2012 Q3 2011 Q3
OPERATING ACTIVITIES
Net Income -$2.380M -$2.689M -$2.028M
YoY Change -29.38% 32.59% 82.7%
Depreciation, Depletion And Amortization $0.00 $10.00K $0.00
YoY Change
Cash From Operating Activities -$1.750M -$2.080M -$1.250M
YoY Change 12.9% 66.4% 50.6%
INVESTING ACTIVITIES
Capital Expenditures -$10.00K $0.00 -$10.00K
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $60.00K $10.00K $0.00
YoY Change
Cash From Investing Activities $50.00K $10.00K $0.00
YoY Change -600.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 0.000 1.220M
YoY Change -100.0% 56.41%
NET CHANGE
Cash From Operating Activities -1.750M -2.080M -1.250M
Cash From Investing Activities 50.00K 10.00K 0.000
Cash From Financing Activities 0.000 0.000 1.220M
Net Change In Cash -1.700M -2.070M -30.00K
YoY Change 8.97% 6800.0% -40.0%
FREE CASH FLOW
Cash From Operating Activities -$1.750M -$2.080M -$1.250M
Capital Expenditures -$10.00K $0.00 -$10.00K
Free Cash Flow -$1.740M -$2.080M -$1.240M
YoY Change 12.26% 67.74% 49.4%

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<div> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top" width="4%" align="left"><font style="FONT-FAMILY: Times New Roman" size="2"><b>1.</b></font></td> <td valign="top" align="left"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Basis of Presentation</b></font></td> </tr> </table> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 8%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">Galectin Therapeutics Inc. (the &#x201C;Company&#x201D;) is a development-stage company that is applying its leadership in galectin science and drug development to create new therapies for fibrotic disease and cancer. These candidates are based on the Company&#x2019;s targeting of galectin proteins which are key mediators of biologic and pathologic function. These compounds also may have application for drugs to treat other diseases and chronic health conditions.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 8%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The unaudited condensed consolidated financial statements as reported in this Quarterly Report on Form 10-Q reflect all adjustments which are, in the opinion of management, necessary to present fairly the financial position of the Company as of September&#xA0;30, 2012 and the results of its operations for the three and nine months ended September&#xA0;30, 2012 and 2011 and the cumulative period from inception (July 10, 2000) through September&#xA0;30, 2012 and its cash flows for the nine months ended September&#xA0;30, 2012 and 2011, and for the cumulative period from inception (July 10, 2000) to September&#xA0;30, 2012. All adjustments made to the interim financial statements include all those of a normal and recurring nature. The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. Subsequent events have been evaluated through the date these financial statements are available to be issued. The results for interim periods are not necessarily indicative of results which may be expected for any other interim period or for the full year. The unaudited condensed consolidated financial statements of the Company should be read in conjunction with its Annual Report on Form 10-K for the year ended December&#xA0;31, 2011.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 8%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">On March&#xA0;23, 2012, the Company effected a one-for-six reverse stock split. All common share and per share amounts in these financial statements have been retroactively adjusted to reflect the effect of the reverse split. On March&#xA0;28, 2012, the Company sold 2,666,722 shares of common stock and related warrants to purchase 1,333,361 shares of common stock for gross proceeds of $12.0 million (net cash proceeds $10.4 million). See Note 6 for further discussion of the transaction.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 8%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">At September&#xA0;30, 2012, the Company had $11,059,000 of unrestricted cash and cash equivalents available to fund future operations. The Company believes that with the cash and cash equivalents on hand at September&#xA0;30, 2012, there is sufficient cash to fund operations through 2013. If the Company is unsuccessful in raising additional capital or is unsuccessful in bringing its products to market before the end of 2013, the Company may be required to cease operations or seek bankruptcy protection.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 8%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">As shown in the condensed consolidated financial statements, the Company incurred cumulative net losses applicable to common stockholders of $77.6 million for the cumulative period from inception (July 10, 2000) through September&#xA0;30, 2012. The Company&#x2019;s net losses have resulted principally from costs associated with (i)&#xA0;research and development expenses, including clinical trial costs, (ii)&#xA0;general and administrative activities and (iii)&#xA0;the Company&#x2019;s financing transactions including interest, dividend payments, and the costs related to fair value accounting for the Company&#x2019;s convertible debt instruments. As a result of planned expenditures for future research, discovery, development and commercialization activities and potential legal cost to protect its intellectual property, the Company expects to incur additional losses and use additional cash in its operations for the foreseeable future. Through September&#xA0;30, 2012, the Company had raised a net total of $68.8 million in capital through sale and issuance of common stock, common stock purchase warrants, convertible preferred stock and debt securities in public and private offerings. From inception (July 10, 2000) through September&#xA0;30, 2012, the Company used cash of $56.8 million in its operations.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 8%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The Company was founded in July 2000, was incorporated in the State of Nevada in January 2001 under the name &#x201C;Pro-Pharmaceuticals, Inc.,&#x201D; and changed its name to &#x201C;Galectin Therapeutics Inc.&#x201D; on May&#xA0;26, 2011.&#xA0;On&#xA0;March&#xA0;23, 2012, the Company began trading on The NASDAQ Capital Market under the symbol GALT. Immediately prior to March&#xA0;23, 2012, the Company was traded on the Over-the Counter Bulletin Board (&#x201C;OTCBB&#x201D;) under the symbol GALT.OB.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 8%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The Company is subject to a number of risks similar to those of other development-stage companies, including dependence on key individuals, uncertainty of product development and generation of revenues, dependence on outside sources of capital, risks associated with clinical trials of products, dependence on third-party collaborators for research operations, need for regulatory approval of products, risks associated with protection of intellectual property, and competition with larger, better-capitalized companies. Successful completion of the Company&#x2019;s development program and, ultimately, the attainment of profitable operations is dependent upon future events, including obtaining adequate financing to fulfill its development activities and achieving a level of revenues adequate to support the Company&#x2019;s cost structure. There are no assurances that the Company will be able to obtain additional financing on favorable terms, or at all, or successfully market its products.</font></p> </div>
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