$GALT
GALECTIN THERAPEUTICS INC

2013 Q1 Form 10-K Financial Statement

#000119312513134503 Filed on March 29, 2013

View on sec.gov

Income Statement

Concept 2013 Q1 2012 Q4 2011 Q4
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.460M $1.380M $2.510M
YoY Change 39.05% -45.02% 178.89%
% of Gross Profit
Research & Development $1.752M $1.000M $860.0K
YoY Change 94.45% 16.28% 120.51%
% of Gross Profit
Depreciation & Amortization $3.000K $0.00 $0.00
YoY Change
% of Gross Profit
Operating Expenses $3.208M $2.380M $3.370M
YoY Change 64.26% -29.38% 161.24%
Operating Profit -$3.208M
YoY Change 64.26%
Interest Expense $10.00K $10.00K $0.00
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net $5.000K $0.00 $0.00
YoY Change 66.67% -100.0%
Pretax Income -$3.200M -$2.380M -$3.370M
YoY Change 64.1% -29.38% 361.64%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$3.203M -$2.380M -$3.370M
YoY Change 64.26% -29.38% 361.64%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$199.0K -$148.9K -$281.1K
COMMON SHARES
Basic Shares Outstanding 16.11M shares 15.97M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2013 Q1 2012 Q4 2011 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.020M $9.360M $6.400M
YoY Change -54.15% 46.25% 8.66%
Cash & Equivalents $7.018M $9.364M $6.397M
Short-Term Investments
Other Short-Term Assets $140.0K $150.0K $100.0K
YoY Change 16.67% 50.0% 42.86%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $7.155M $9.517M $6.501M
YoY Change -53.63% 46.39% 4.85%
LONG-TERM ASSETS
Property, Plant & Equipment $7.000K $8.000K $6.000K
YoY Change 40.0% 33.33% -40.0%
Goodwill
YoY Change
Intangibles $28.00K $30.00K $36.00K
YoY Change -20.0% -16.67%
Long-Term Investments
YoY Change
Other Assets $6.000K $6.000K $70.00K
YoY Change -91.43% -91.43% 16.67%
Total Long-Term Assets $41.00K $44.00K $111.0K
YoY Change -62.39% -60.36% 11.0%
TOTAL ASSETS
Total Short-Term Assets $7.155M $9.517M $6.501M
Total Long-Term Assets $41.00K $44.00K $111.0K
Total Assets $7.196M $9.561M $6.612M
YoY Change -53.69% 44.6% 4.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $316.0K $397.0K $384.0K
YoY Change -52.77% 3.39% 195.38%
Accrued Expenses $1.152M $1.161M $1.551M
YoY Change -9.0% -25.15% 187.22%
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 $1.468M $1.638M $2.215M
YoY Change -31.24% -26.05% 25.14%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $5.000K $6.000K $0.00
YoY Change -100.0%
Total Long-Term Liabilities $5.000K $6.000K $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.468M $1.638M $2.215M
Total Long-Term Liabilities $5.000K $6.000K $0.00
Total Liabilities $1.473M $1.644M $2.215M
YoY Change -31.01% -25.78% 24.44%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $16.00K $16.00K $13.00K
YoY Change 0.0% 23.08%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$1.036M $1.165M -$2.125M
YoY Change
Total Liabilities & Shareholders Equity $7.196M $9.561M $6.612M
YoY Change -53.69% 44.6% 4.95%

Cashflow Statement

Concept 2013 Q1 2012 Q4 2011 Q4
OPERATING ACTIVITIES
Net Income -$3.203M -$2.380M -$3.370M
YoY Change 64.26% -29.38% 361.64%
Depreciation, Depletion And Amortization $3.000K $0.00 $0.00
YoY Change
Cash From Operating Activities -$2.423M -$1.750M -$1.550M
YoY Change 63.06% 12.9% 167.24%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$10.00K $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $60.00K $0.00
YoY Change
Cash From Investing Activities $0.00 $50.00K -$10.00K
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 77.00K 0.000 0.000
YoY Change -99.26% -100.0%
NET CHANGE
Cash From Operating Activities -2.423M -1.750M -1.550M
Cash From Investing Activities 0.000 50.00K -10.00K
Cash From Financing Activities 77.00K 0.000 0.000
Net Change In Cash -2.346M -1.700M -1.560M
YoY Change -126.31% 8.97% -150.65%
FREE CASH FLOW
Cash From Operating Activities -$2.423M -$1.750M -$1.550M
Capital Expenditures $0.00 -$10.00K $0.00
Free Cash Flow -$2.423M -$1.740M -$1.550M
YoY Change 63.06% 12.26% 167.24%

Facts In Submission

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<div> <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2"><b>1.</b></font></td> <td align="left" valign="top"><font style="font-family:Times New Roman" size="2"><b>Nature of Business and Basis of Presentation</b></font></td> </tr> </table> <p style="margin-top:6px;margin-bottom:0px; margin-left:4%"> <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;margin-bottom:0px; margin-left:4%"> <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 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 $5.63 warrants to purchase 1,333,361 shares of common stock for gross proceeds of $12,000,000 (net proceeds of $10,403,000). See Note 6, for further discussion of the transaction.</font></p> <p style="margin-top:12px;margin-bottom:0px; margin-left:4%"> <font style="font-family:Times New Roman" size="2">The Company has operated at a loss since its inception and has had no significant revenues. The Company anticipates that losses will continue for the foreseeable future. At December 31, 2012, the Company had $9,364,000 of unrestricted cash and cash equivalents available to fund future operations. The Company believes that with the cash on hand at December 31, 2012, there is sufficient cash to fund operations through the first quarter of 2014. The Company&#x2019;s ability to fund operations after its current cash resources are exhausted depends on its ability to obtain additional financing or achieve profitable operations, as to which no assurances can be given. The Company has developed several plans, including cost containment efforts and potential strategic alternatives in the event that such financing cannot be realized by the Company. Accordingly, based on the forecasts and estimates underlying the Company&#x2019;s current operating plan, the financial statements do not currently include any adjustments that might be necessary if the Company is unable to continue as a going concern.</font></p> <p style="margin-top:12px;margin-bottom:0px; margin-left:4%"> <font style="font-family:Times New Roman" size="2">As shown in the consolidated financial statements, the Company incurred cumulative net losses applicable to common stockholders of $80.3 million for the cumulative period from inception (July 10, 2000) through December&#xA0;31, 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 December&#xA0;31, 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 December&#xA0;31, 2012, the Company used cash of $58.6 million in its operations.</font></p> <p style="margin-top:12px;margin-bottom:0px; margin-left:4%"> <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. 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 (previously PRWP.OB) from January&#xA0;21, 2009 to March&#xA0;22, 2012 after the Company was delisted from the NYSE Alternext US (&#x201C;Exchange&#x201D;), formerly the American Stock Exchange, due to non-compliance with the Exchange minimum shareholders&#x2019; equity requirements on January&#xA0;9, 2009.</font></p> <p style="font-size:1px;margin-top:12px;margin-bottom:0px"> &#xA0;</p> <p style="margin-top:0px;margin-bottom:0px; margin-left:4%"> <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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ConversionOfAccruedLiabilitiesToCommonStock
26000
CY2012 galt Issuance Of Equity Warrants In Connection With Equity Offerings
IssuanceOfEquityWarrantsInConnectionWithEquityOfferings
4445000
CY2012 galt Reversal Of Sharebased Compensation
ReversalOfSharebasedCompensation
100000
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1.16 pure
CY2012 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
-0.34 pure
CY2012 galt Stock Issuance Costs
StockIssuanceCosts
1597000
CY2012 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.348 pure
CY2012 us-gaap Depreciation
Depreciation
3000
CY2012 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
15131000 shares
CY2012 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
976000
CY2012 us-gaap Tax Benefit From Stock Options Exercised1
TaxBenefitFromStockOptionsExercised1
707000
CY2012 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
13591312 shares
CY2012 galt Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Exercises In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExercisesInPeriod
12177 shares
CY2012 us-gaap Net Income Loss
NetIncomeLoss
-9675000
CY2012 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
224000
CY2012 us-gaap Preferred Stock Accretion Of Redemption Discount
PreferredStockAccretionOfRedemptionDiscount
230000
CY2012 us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P5Y
CY2012 galt Share Based Compensation Arrangement By Share Based Payment Award Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedInPeriod
595420 shares
CY2012 galt Operating Lease Expiration Period
OperatingLeaseExpirationPeriod
P1Y
CY2012 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
216000
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested In Period Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedInPeriodFairValue
2447000
CY2012 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-10881000
CY2012 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2"><i>Use of Estimates.&#xA0;&#xA0;&#xA0;&#xA0;</i>The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and judgments that may affect the reported amounts of assets, liabilities, equity, revenue, expenses and related disclosure of contingent assets and liabilities. Management&#x2019;s estimates and judgments include assumptions used in stock option and warrant liability valuations, useful lives of property and equipment and intangible assets, accrued liabilities, deferred income taxes and various other assumptions that are believed to be reasonable under the circumstances. Actual results may differ from those estimates under different assumptions or conditions.</font></p> </div>
CY2012 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
6000
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
616726 shares
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y2M9D
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
1626000
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
404000
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.77
CY2012 galt Supplemental Dividends On Convertible Preferred Stock
SupplementalDividendsOnConvertiblePreferredStock
976000
CY2012 galt Effective Income Tax Rate Reconciliation Permanent Differences
EffectiveIncomeTaxRateReconciliationPermanentDifferences
0.014 pure
CY2012 galt Deferred Income Tax Expense Benefit Capitalized Research And Development Costs
DeferredIncomeTaxExpenseBenefitCapitalizedResearchAndDevelopmentCosts
61000
CY2012 galt Cashless Exercise Of Stock Options And Warrants
CashlessExerciseOfStockOptionsAndWarrants
235000
CY2012 galt Additional Share Based Compensation Expense Related To Modified Stock Options
AdditionalShareBasedCompensationExpenseRelatedToModifiedStockOptions
271000
CY2012 galt Stock Issued During Period Shares Stock Options Exercised Amount
StockIssuedDuringPeriodSharesStockOptionsExercisedAmount
96000
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
10621000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested In Period Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedInPeriodFairValue
13056000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0184 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
1724000
us-gaap Operating Income Loss
OperatingIncomeLoss
-74646000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
39093000
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
11635000
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
9000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00 pure
us-gaap Share Based Compensation
ShareBasedCompensation
12374000
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
6000
us-gaap Subscription Revenue
SubscriptionRevenue
150000
us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
171000
us-gaap Stock Issued1
StockIssued1
107000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
555000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-58553000
us-gaap Debt Conversion Original Debt Amount1
DebtConversionOriginalDebtAmount1
12243000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-835000
us-gaap Investment Income Interest
InvestmentIncomeInterest
818000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
431000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
9364000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
47036000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
156000
us-gaap Other Nonoperating Income
OtherNonoperatingIncome
691000
us-gaap Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
1641000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
27610000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
68752000
us-gaap Operating Expenses
OperatingExpenses
74646000
us-gaap Paid In Kind Interest
PaidInKindInterest
4279000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1.19 pure
us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
351000
us-gaap Interest Paid
InterestPaid
114000
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
4235000
us-gaap Net Income Loss
NetIncomeLoss
-71992000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
2654000
us-gaap Preferred Stock Accretion Of Redemption Discount
PreferredStockAccretionOfRedemptionDiscount
4045000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-80272000
galt Issuance Of Warrants To Induce Conversion Of Notes Payable
IssuanceOfWarrantsToInduceConversionOfNotesPayable
503000
galt Stock Issued During Period Value Founders
StockIssuedDuringPeriodValueFounders
9000
galt Adjustments To Additional Paid In Capital Deferred Compensation
AdjustmentsToAdditionalPaidInCapitalDeferredCompensation
455000
galt Value Of Beneficial Conversion Feature Of Preferred Stock
ValueOfBeneficialConversionFeatureOfPreferredStock
222000
galt Issuance Of Equity Warrants In Connection With Equity Offerings
IssuanceOfEquityWarrantsInConnectionWithEquityOfferings
9482000
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
53000
us-gaap Interest Expense
InterestExpense
4451000
galt Proceeds From Stock Option And Warrant Exercises
ProceedsFromStockOptionAndWarrantExercises
11293000
galt Reclassification Of Warrants To Liability
ReclassificationOfWarrantsToLiability
3193000
galt Cumulative Effect Of Initial Adoption Of New Accounting Principle Gross
CumulativeEffectOfInitialAdoptionOfNewAccountingPrincipleGross
-204000
galt Stock Based Compensation
StockBasedCompensation
157000
galt Stock Issued During Period Value Merger
StockIssuedDuringPeriodValueMerger
107000
galt Stock Issued During Period Value Stock Warrants Exercised
StockIssuedDuringPeriodValueStockWarrantsExercised
14307000
galt Supplemental Dividends On Convertible Preferred Stock
SupplementalDividendsOnConvertiblePreferredStock
4155000
galt Change In Fair Value Of Warrant
ChangeInFairValueOfWarrant
9022000
galt Issuance Of Common Stock And Warrants Value
IssuanceOfCommonStockAndWarrantsValue
2221000
galt Unrealized Gain Loss In Debt Instrument Fair Value
UnrealizedGainLossInDebtInstrumentFairValue
-3426000
galt Stock Issued During Period Value Conversion Or Exchange Of Convertible Securities
StockIssuedDuringPeriodValueConversionOrExchangeOfConvertibleSecurities
1036000
galt Conversion Of Accrued Liabilities To Common Stock
ConversionOfAccruedLiabilitiesToCommonStock
329000
galt Stock Issuance Costs
StockIssuanceCosts
17000
galt Cashless Exercise Of Stock Options And Warrants
CashlessExerciseOfStockOptionsAndWarrants
674000
CY2008Q2 us-gaap Adjustments To Additional Paid In Capital Warrant Issued
AdjustmentsToAdditionalPaidInCapitalWarrantIssued
2160000
CY2008Q2 galt Change In Fair Value Of Warrant Liabilities
ChangeInFairValueOfWarrantLiabilities
356000

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