$GALT
GALECTIN THERAPEUTICS INC Stock $galt

$galt Overview Financials Valuation SEC Filings Company Website

2013 Q2 Form 10-Q Financial Statement

#000119312513213107 Filed on May 10, 2013

Income Statement

Concept	2013 Q2	2013 Q1	2012 Q1
Revenue	$0.00	$0.00	$0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin	$1.200M	$1.460M	$1.050M
YoY Change	-17.24%	39.05%	-17.32%
% of Gross Profit
Research & Development	$1.349M	$1.752M	$901.0K
YoY Change	11.03%	94.45%	21.1%
% of Gross Profit
Depreciation & Amortization	$10.00K	$3.000K	$0.00
YoY Change
% of Gross Profit
Operating Expenses	$2.547M	$3.208M	$1.953M
YoY Change	-4.54%	64.26%	-2.98%
Operating Profit	-$2.547M	-$3.208M	-$1.953M
YoY Change	-4.54%	64.26%	-2.98%
Interest Expense	$0.00	$10.00K	$0.00
YoY Change	-100.0%		-100.0%
% of Operating Profit
Other Income/Expense, Net	$3.000K	$5.000K	$3.000K
YoY Change	-62.5%	66.67%	-100.79%
Pretax Income	-$2.540M	-$3.200M	-$1.950M
YoY Change	-4.51%	64.1%	-18.41%
Income Tax	$0.00	$0.00	$0.00
% Of Pretax Income
Net Earnings	-$2.544M	-$3.203M	-$1.950M
YoY Change	-4.36%	64.26%	-18.48%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share	-$156.4K	-$199.0K	-$149.9K
COMMON SHARES
Basic Shares Outstanding	16.25M shares	16.11M shares
Diluted Shares Outstanding

Balance Sheet

Concept	2013 Q2	2013 Q1	2012 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments	$5.100M	$7.020M	$15.31M
YoY Change	-61.16%	-54.15%	120.29%
Cash & Equivalents	$5.099M	$7.018M	$15.31M
Short-Term Investments
Other Short-Term Assets	$90.00K	$140.0K	$120.0K
YoY Change	0.0%	16.67%	71.43%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets	$5.187M	$7.155M	$15.43M
YoY Change	-60.75%	-53.63%	119.79%
LONG-TERM ASSETS
Property, Plant & Equipment	$6.000K	$7.000K	$5.000K
YoY Change	50.0%	40.0%	-50.0%
Goodwill
YoY Change
Intangibles	$26.00K	$28.00K	$35.00K
YoY Change	-23.53%	-20.0%
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	$38.00K	$41.00K	$109.0K
YoY Change	-64.49%	-62.39%	9.0%
TOTAL ASSETS
Total Short-Term Assets	$5.187M	$7.155M	$15.43M
Total Long-Term Assets	$38.00K	$41.00K	$109.0K
Total Assets	$5.225M	$7.196M	$15.54M
YoY Change	-60.78%	-53.69%	118.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$285.0K	$316.0K	$669.0K
YoY Change	15.85%	-52.77%	271.67%
Accrued Expenses	$1.129M	$1.152M	$1.266M
YoY Change	-9.97%	-9.0%	603.33%
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	$1.493M	$1.468M	$2.135M
YoY Change	-16.12%	-31.24%	148.26%
LONG-TERM LIABILITIES
Long-Term Debt	$0.00	$0.00	$0.00
YoY Change
Other Long-Term Liabilities	$5.000K	$5.000K
YoY Change
Total Long-Term Liabilities	$5.000K	$5.000K	$0.00
YoY Change			-100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities	$1.493M	$1.468M	$2.135M
Total Long-Term Liabilities	$5.000K	$5.000K	$0.00
Total Liabilities	$1.498M	$1.473M	$2.135M
YoY Change	-15.84%	-31.01%	145.4%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock	$16.00K	$16.00K	$16.00K
YoY Change	0.0%	0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity	-$3.089M	-$1.036M	$6.824M
YoY Change
Total Liabilities & Shareholders Equity	$5.225M	$7.196M	$15.54M
YoY Change	-60.78%	-53.69%	118.23%

Cashflow Statement

Concept	2013 Q2	2013 Q1	2012 Q1
OPERATING ACTIVITIES
Net Income	-$2.544M	-$3.203M	-$1.950M
YoY Change	-4.36%	64.26%	-18.48%
Depreciation, Depletion And Amortization	$10.00K	$3.000K	$0.00
YoY Change
Cash From Operating Activities	-$1.940M	-$2.423M	-$1.486M
YoY Change	-11.01%	63.06%	8.71%
INVESTING ACTIVITIES
Capital Expenditures	$0.00	$0.00	$0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities			$0.00
YoY Change
Cash From Investing Activities	$0.00	$0.00	$0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net			$10.40M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities	10.00K	77.00K	10.40M
YoY Change		-99.26%	329.17%
NET CHANGE
Cash From Operating Activities	-1.940M	-2.423M	-1.486M
Cash From Investing Activities	0.000	0.000	0.000
Cash From Financing Activities	10.00K	77.00K	10.40M
Net Change In Cash	-1.930M	-2.346M	8.917M
YoY Change	-11.47%	-126.31%	743.61%
FREE CASH FLOW
Cash From Operating Activities	-$1.940M	-$2.423M	-$1.486M
Capital Expenditures	$0.00	$0.00	$0.00
Free Cash Flow	-$1.940M	-$2.423M	-$1.486M
YoY Change	-11.01%	63.06%	8.71%

Facts In Submission

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CY2013Q1	dei	Trading Symbol TradingSymbol	GALT
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CY2013Q1	us-gaap	Increase Decrease In Other Noncurrent Liabilities IncreaseDecreaseInOtherNoncurrentLiabilities	-1000
CY2013Q1	us-gaap	Earnings Per Share Basic And Diluted EarningsPerShareBasicAndDiluted	-0.22
CY2013Q1	us-gaap	Stock Issued During Period Shares Stock Options Exercised StockIssuedDuringPeriodSharesStockOptionsExercised	39762	shares
CY2013Q1	us-gaap	Basis Of Accounting BasisOfAccounting	<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: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">Galectin Therapeutics Inc. (the “Company”) 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’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: 4%; 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 March 31, 2013 and the results of its operations for the three months ended March 31, 2013 and 2012 and the cumulative period from inception (July 10, 2000) through March 31, 2013 and its cash flows for the three months ended March 31, 2013 and 2012, and for the cumulative period from inception (July 10, 2000) to March 31, 2013. 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 31, 2012.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <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 March 31, 2013, the Company had $7,018,000 of unrestricted cash and cash equivalents available to fund future operations. The Company believes that with the cash on hand at March 31, 2013, there is sufficient cash to fund operations through the first quarter of 2014. The Company’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’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; TEXT-INDENT: 4%; 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 $83.7 million for the cumulative period from inception (July 10, 2000) through March 31, 2013. The Company’s net losses have resulted principally from costs associated with (i) research and development expenses, including clinical trial costs, (ii) general and administrative activities and (iii) the Company’s financing transactions including interest, dividend payments, and the costs related to fair value accounting for the Company’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 March 31, 2013, 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 March 31, 2013, the Company used cash of $61.0 million in its operations.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; 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 “Pro-Pharmaceuticals, Inc.,” and changed its name to “Galectin Therapeutics Inc.” on May 26, 2011. On March 23, 2012, the Company began trading on The NASDAQ Capital Market under the symbol GALT. Immediately prior to March 23, 2012, the Company was traded on the Over-the Counter Bulletin Board (“OTCBB”) under the symbol GALT.OB.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; 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’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’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>
CY2013Q1	us-gaap	Depreciation And Amortization DepreciationAndAmortization	3000
CY2013Q1	us-gaap	Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1 SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1	P5Y
CY2013Q1	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	-2423000
CY2013Q1	us-gaap	Investment Income Interest InvestmentIncomeInterest	5000
CY2013Q1	us-gaap	Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice	2.77
CY2013Q1	us-gaap	Cash And Cash Equivalents Period Increase Decrease CashAndCashEquivalentsPeriodIncreaseDecrease	-2346000
CY2013Q1	us-gaap	General And Administrative Expense GeneralAndAdministrativeExpense	1456000
CY2013Q1	us-gaap	Stock Issued During Period Value Conversion Of Convertible Securities StockIssuedDuringPeriodValueConversionOfConvertibleSecurities	49000
CY2013Q1	us-gaap	Increase Decrease In Prepaid Deferred Expense And Other Assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets	-16000
CY2013Q1	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross	200426	shares
CY2013Q1	us-gaap	Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1 EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1	P3Y10M24D
CY2013Q1	us-gaap	Stock Issued During Period Value Stock Options Exercised StockIssuedDuringPeriodValueStockOptionsExercised	77000
CY2013Q1	us-gaap	Research And Development Expense ResearchAndDevelopmentExpense	1752000
CY2013Q1	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	77000
CY2013Q1	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod	44408	shares
CY2013Q1	us-gaap	Operating Expenses OperatingExpenses	3208000
CY2013Q1	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate	1.17	pure
CY2013Q1	us-gaap	Weighted Average Number Of Share Outstanding Basic And Diluted WeightedAverageNumberOfShareOutstandingBasicAndDiluted	16079000	shares
CY2013Q1	us-gaap	Preferred Stock Dividends Income Statement Impact PreferredStockDividendsIncomeStatementImpact	213000
CY2013Q1	us-gaap	Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount	13704230	shares
CY2013Q1	us-gaap	Net Income Loss NetIncomeLoss	-3203000
CY2013Q1	us-gaap	Nonoperating Income Expense NonoperatingIncomeExpense	5000
CY2013Q1	us-gaap	Preferred Stock Accretion Of Redemption Discount PreferredStockAccretionOfRedemptionDiscount	56000
CY2013Q1	us-gaap	Net Income Loss Available To Common Stockholders Basic NetIncomeLossAvailableToCommonStockholdersBasic	-3472000
CY2013Q1	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod		shares
CY2013Q1	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue	2.73
CY2013Q1	galt	Proceeds From Stock Option And Warrant Exercises ProceedsFromStockOptionAndWarrantExercises	77000
CY2013Q1	galt	Accretion Of Redeemable Convertible Preferred Stock AccretionOfRedeemableConvertiblePreferredStock	43000
CY2013Q1	galt	Supplemental Dividends On Convertible Preferred Stock SupplementalDividendsOnConvertiblePreferredStock	293000
CY2013Q1	galt	Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Exercises In Period ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExercisesInPeriod		shares
CY2013Q1	galt	Service Agreements Expiration Date ServiceAgreementsExpirationDate	2018-01-31
CY2013Q1	galt	Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Exercise Price ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageExercisePrice	2.65
CY2013Q1	galt	Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Exercises In Period Weighted Average Exercise Price ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExercisesInPeriodWeightedAverageExercisePrice
CY2013Q1	galt	Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures In Period Weighted Average Exercise Price ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresInPeriodWeightedAverageExercisePrice
CY2013Q1	galt	Cashless Exercise Of Stock Options And Warrants CashlessExerciseOfStockOptionsAndWarrants	38000
CY2013Q1	galt	Recognized Expenses Related To Agreement For Services Performed RecognizedExpensesRelatedToAgreementForServicesPerformed	728000
CY2012Q1	us-gaap	Operating Income Loss OperatingIncomeLoss	-1953000
CY2012Q1	us-gaap	Proceeds From Issuance Of Common Stock ProceedsFromIssuanceOfCommonStock	10403000
CY2012Q1	us-gaap	Share Based Compensation ShareBasedCompensation	473000
CY2012Q1	us-gaap	Earnings Per Share Basic And Diluted EarningsPerShareBasicAndDiluted	-0.17
CY2012Q1	us-gaap	Depreciation And Amortization DepreciationAndAmortization	2000
CY2012Q1	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	-1486000
CY2012Q1	us-gaap	Investment Income Interest InvestmentIncomeInterest	3000
CY2012Q1	us-gaap	Cash And Cash Equivalents Period Increase Decrease CashAndCashEquivalentsPeriodIncreaseDecrease	8917000
CY2012Q1	us-gaap	General And Administrative Expense GeneralAndAdministrativeExpense	1052000
CY2012Q1	us-gaap	Increase Decrease In Prepaid Deferred Expense And Other Assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets	11000
CY2012Q1	us-gaap	Research And Development Expense ResearchAndDevelopmentExpense	901000
CY2012Q1	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	10403000
CY2012Q1	us-gaap	Operating Expenses OperatingExpenses	1953000
CY2012Q1	us-gaap	Weighted Average Number Of Share Outstanding Basic And Diluted WeightedAverageNumberOfShareOutstandingBasicAndDiluted	13010000	shares
CY2012Q1	us-gaap	Preferred Stock Dividends Income Statement Impact PreferredStockDividendsIncomeStatementImpact	197000
CY2012Q1	us-gaap	Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount	13048819	shares
CY2012Q1	us-gaap	Net Income Loss NetIncomeLoss	-1950000
CY2012Q1	us-gaap	Nonoperating Income Expense NonoperatingIncomeExpense	3000
CY2012Q1	us-gaap	Preferred Stock Accretion Of Redemption Discount PreferredStockAccretionOfRedemptionDiscount	57000
CY2012Q1	us-gaap	Net Income Loss Available To Common Stockholders Basic NetIncomeLossAvailableToCommonStockholdersBasic	-2204000
CY2012Q1	galt	Supplemental Dividends On Convertible Preferred Stock SupplementalDividendsOnConvertiblePreferredStock	277000
CY2012Q1	galt	Issuance Of Equity Warrants In Connection With Equity Offerings IssuanceOfEquityWarrantsInConnectionWithEquityOfferings	4445000
CY2012Q1	galt	Cashless Exercise Of Stock Options And Warrants CashlessExerciseOfStockOptionsAndWarrants	8000

Files In Submission

Name	View Source	Status
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0001193125-13-213107-index.html	Edgar Link	pending
0001193125-13-213107.txt	Edgar Link	pending
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d515969d10q.htm	Edgar Link	pending
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FilingSummary.xml	Edgar Link	unprocessable
Financial_Report.xls	Edgar Link	pending
g515969ex10_1pg11.jpg	Edgar Link	pending
galt-20130331.xml	Edgar Link	completed
galt-20130331.xsd	Edgar Link	pending
galt-20130331_cal.xml	Edgar Link	unprocessable
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galt-20130331_lab.xml	Edgar Link	unprocessable
galt-20130331_pre.xml	Edgar Link	unprocessable
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report.css	Edgar Link	pending
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$GALT
GALECTIN THERAPEUTICS INC Stock $galt

2013 Q2 Form 10-Q Financial Statement

#000119312513213107 Filed on May 10, 2013

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$GALT GALECTIN THERAPEUTICS INC Stock $galt

2013 Q2 Form 10-Q Financial Statement

#000119312513213107 Filed on May 10, 2013

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$GALT
GALECTIN THERAPEUTICS INC Stock $galt