2013 Q4 Form 10-Q Financial Statement
#000119312513437143 Filed on November 12, 2013
Income Statement
| Concept | 2013 Q4 | 2013 Q3 | 2012 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 | $1.410M | $2.350M | $1.380M |
| YoY Change | 2.17% | 57.72% | -45.02% |
| % of Gross Profit | |||
| Research & Development | $1.400M | $1.192M | $1.000M |
| YoY Change | 40.0% | -15.4% | 16.28% |
| % of Gross Profit | |||
| Depreciation & Amortization | $0.00 | $0.00 | $0.00 |
| YoY Change | -100.0% | ||
| % of Gross Profit | |||
| Operating Expenses | $2.800M | $3.545M | $2.380M |
| YoY Change | 17.65% | 22.41% | -29.38% |
| Operating Profit | -$3.545M | ||
| YoY Change | 22.41% | ||
| Interest Expense | $10.00K | $0.00 | $10.00K |
| YoY Change | 0.0% | -100.0% | |
| % of Operating Profit | |||
| Other Income/Expense, Net | $0.00 | $3.000K | $0.00 |
| YoY Change | -98.55% | ||
| Pretax Income | -$2.800M | -$3.540M | -$2.380M |
| YoY Change | 17.65% | 31.6% | -29.38% |
| Income Tax | $0.00 | $0.00 | $0.00 |
| % Of Pretax Income | |||
| Net Earnings | -$2.799M | -$3.542M | -$2.380M |
| YoY Change | 17.61% | 31.72% | -29.38% |
| Net Earnings / Revenue | |||
| Basic Earnings Per Share | |||
| Diluted Earnings Per Share | -$154.0K | -$208.4K | -$148.9K |
| COMMON SHARES | |||
| Basic Shares Outstanding | 18.31M shares | 16.88M shares | 15.97M shares |
| Diluted Shares Outstanding |
Balance Sheet
| Concept | 2013 Q4 | 2013 Q3 | 2012 Q4 |
|---|---|---|---|
| SHORT-TERM ASSETS | |||
| Cash & Short-Term Investments | $10.49M | $9.720M | $9.360M |
| YoY Change | 12.07% | -12.12% | 46.25% |
| Cash & Equivalents | $10.49M | $9.715M | $9.364M |
| Short-Term Investments | |||
| Other Short-Term Assets | $200.0K | $30.00K | $150.0K |
| YoY Change | 33.33% | -66.67% | 50.0% |
| Inventory | |||
| Prepaid Expenses | |||
| Receivables | |||
| Other Receivables | |||
| Total Short-Term Assets | $10.69M | $9.742M | $9.517M |
| YoY Change | 12.29% | -12.61% | 46.39% |
| LONG-TERM ASSETS | |||
| Property, Plant & Equipment | $3.000K | $5.000K | $8.000K |
| YoY Change | -62.5% | -16.67% | 33.33% |
| Goodwill | |||
| YoY Change | |||
| Intangibles | $23.00K | $24.00K | $30.00K |
| YoY Change | -23.33% | -27.27% | -16.67% |
| Long-Term Investments | |||
| YoY Change | |||
| Other Assets | $0.00 | $6.000K | $6.000K |
| YoY Change | -100.0% | -40.0% | -91.43% |
| Total Long-Term Assets | $26.00K | $35.00K | $44.00K |
| YoY Change | -40.91% | -22.22% | -60.36% |
| TOTAL ASSETS | |||
| Total Short-Term Assets | $10.69M | $9.742M | $9.517M |
| Total Long-Term Assets | $26.00K | $35.00K | $44.00K |
| Total Assets | $10.71M | $9.777M | $9.561M |
| YoY Change | 12.05% | -12.65% | 44.6% |
| SHORT-TERM LIABILITIES | |||
| YoY Change | |||
| Accounts Payable | $762.0K | $377.0K | $397.0K |
| YoY Change | 91.94% | 47.27% | 3.39% |
| Accrued Expenses | $1.651M | $1.226M | $1.161M |
| YoY Change | 42.2% | 3.37% | -25.15% |
| 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 | $2.486M | $1.603M | $1.638M |
| YoY Change | 51.77% | 11.17% | -26.05% |
| LONG-TERM LIABILITIES | |||
| Long-Term Debt | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| Other Long-Term Liabilities | $1.000K | $6.000K | |
| YoY Change | |||
| Total Long-Term Liabilities | $0.00 | $1.000K | $6.000K |
| YoY Change | -100.0% | ||
| TOTAL LIABILITIES | |||
| Total Short-Term Liabilities | $2.486M | $1.603M | $1.638M |
| Total Long-Term Liabilities | $0.00 | $1.000K | $6.000K |
| Total Liabilities | $2.486M | $1.604M | $1.644M |
| YoY Change | 51.22% | 11.23% | -25.78% |
| SHAREHOLDERS EQUITY | |||
| Retained Earnings | -$102.0M | ||
| YoY Change | |||
| Common Stock | $18.00K | $18.00K | $16.00K |
| YoY Change | 12.5% | 12.5% | 23.08% |
| Preferred Stock | |||
| YoY Change | |||
| Treasury Stock (at cost) | |||
| YoY Change | |||
| Treasury Stock Shares | |||
| Shareholders Equity | $1.481M | $1.300M | $1.165M |
| YoY Change | |||
| Total Liabilities & Shareholders Equity | $10.71M | $9.777M | $9.561M |
| YoY Change | 12.05% | -12.65% | 44.6% |
Cashflow Statement
| Concept | 2013 Q4 | 2013 Q3 | 2012 Q4 |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net Income | -$2.799M | -$3.542M | -$2.380M |
| YoY Change | 17.61% | 31.72% | -29.38% |
| Depreciation, Depletion And Amortization | $0.00 | $0.00 | $0.00 |
| YoY Change | -100.0% | ||
| Cash From Operating Activities | -$1.640M | -$1.480M | -$1.750M |
| YoY Change | -6.29% | -28.85% | 12.9% |
| INVESTING ACTIVITIES | |||
| Capital Expenditures | $0.00 | $0.00 | -$10.00K |
| YoY Change | -100.0% | ||
| Acquisitions | |||
| YoY Change | |||
| Other Investing Activities | $0.00 | $60.00K | |
| YoY Change | -100.0% | ||
| Cash From Investing Activities | $0.00 | $0.00 | $50.00K |
| YoY Change | -100.0% | -100.0% | -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 | 2.420M | 6.100M | 0.000 |
| YoY Change | |||
| NET CHANGE | |||
| Cash From Operating Activities | -1.640M | -1.480M | -1.750M |
| Cash From Investing Activities | 0.000 | 0.000 | 50.00K |
| Cash From Financing Activities | 2.420M | 6.100M | 0.000 |
| Net Change In Cash | 780.0K | 4.620M | -1.700M |
| YoY Change | -145.88% | -323.19% | 8.97% |
| FREE CASH FLOW | |||
| Cash From Operating Activities | -$1.640M | -$1.480M | -$1.750M |
| Capital Expenditures | $0.00 | $0.00 | -$10.00K |
| Free Cash Flow | -$1.640M | -$1.480M | -$1.740M |
| YoY Change | -5.75% | -28.85% | 12.26% |
Facts In Submission
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Expiration Period Of Agreements
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|
12000000 | |
| dei |
Trading Symbol
TradingSymbol
|
GALT | ||
| dei |
Entity Registrant Name
EntityRegistrantName
|
GALECTIN THERAPEUTICS INC | ||
| dei |
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false | ||
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Entity Filer Category
EntityFilerCategory
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Smaller Reporting Company | ||
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2013 | ||
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Document Type
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|
10-Q | ||
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|
2013-09-30 | ||
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Entity Central Index Key
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|
0001133416 | ||
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Current Fiscal Year End Date
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|
--12-31 | ||
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Q3 | ||
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Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
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Basis Of Accounting
BasisOfAccounting
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<div> <table style="TEXT-TRANSFORM: none; TEXT-INDENT: 0px; LETTER-SPACING: normal; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; WORD-SPACING: 0px; -webkit-text-stroke-width: 0px" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top" width="4%" align="left"><b>1.</b></td> <td valign="top" align="left"><b>Basis of Presentation</b></td> </tr> </table> <p style="TEXT-TRANSFORM: none; MARGIN-TOP: 6pt; TEXT-INDENT: 13%; LETTER-SPACING: normal; FONT: 10pt 'Times New Roman'; WHITE-SPACE: normal; MARGIN-BOTTOM: 0pt; COLOR: rgb(0,0,0); WORD-SPACING: 0px; -webkit-text-stroke-width: 0px"> 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 therapeutic candidates are based on the Company’s targeting of galectin proteins which are key mediators of biologic and pathologic functions. These compounds also may have application for drugs to treat other diseases and chronic health conditions.</p> <p style="TEXT-TRANSFORM: none; MARGIN-TOP: 12pt; TEXT-INDENT: 13%; LETTER-SPACING: normal; FONT: 10pt 'Times New Roman'; WHITE-SPACE: normal; MARGIN-BOTTOM: 0pt; COLOR: rgb(0,0,0); WORD-SPACING: 0px; -webkit-text-stroke-width: 0px"> 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 30, 2013 and the results of its operations for the three and nine months ended September 30, 2013 and 2012 and the cumulative period from inception (July 10, 2000) through September 30, 2013 and its cash flows for the nine months ended September 30, 2013 and 2012, and for the cumulative period from inception (July 10, 2000) to September 30, 2013. Such adjustments, other than nonrecurring adjustments that have been separately disclosed, are of a normal, 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.</p> <p style="TEXT-TRANSFORM: none; MARGIN-TOP: 12pt; TEXT-INDENT: 13%; LETTER-SPACING: normal; FONT: 10pt 'Times New Roman'; WHITE-SPACE: normal; MARGIN-BOTTOM: 0pt; COLOR: rgb(0,0,0); WORD-SPACING: 0px; -webkit-text-stroke-width: 0px"> 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 as is develops its therapeutic candidates. At September 30, 2013, the Company had $9,715,000 of unrestricted cash and cash equivalents available to fund future operations. Subsequent to September 30, 2013, the Company received $1,580,600 from the exercise of warrants and stock options for 556,667 shares of common stock. Additionally subsequent to September 30, 2013, the Company had issued 50,643 shares of its common stock through its At Market issuance program (see Note 9) at an average price of $10.82 per share resulting in net proceeds of approximately $531,000. The Company believes that with the cash on hand at September 30, 2013 and the cash received subsequent to quarter end, there is sufficient cash to fund operations into the third 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 plans, including cost containment efforts 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.</p> <p style="TEXT-TRANSFORM: none; MARGIN-TOP: 12pt; TEXT-INDENT: 13%; LETTER-SPACING: normal; FONT: 10pt 'Times New Roman'; WHITE-SPACE: normal; MARGIN-BOTTOM: 0pt; COLOR: rgb(0,0,0); WORD-SPACING: 0px; -webkit-text-stroke-width: 0px"> As shown in the condensed consolidated financial statements, the Company incurred cumulative net losses applicable to common stockholders of $99.1 million for the cumulative period from inception (July 10, 2000) through September 30, 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 September 30, 2013, the Company had raised a net total of $74.9 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 30, 2013, the Company used cash of $64.4 million in its operations.</p> <p style="TEXT-TRANSFORM: none; MARGIN-TOP: 12pt; TEXT-INDENT: 13%; LETTER-SPACING: normal; FONT: 10pt 'Times New Roman'; WHITE-SPACE: normal; MARGIN-BOTTOM: 0pt; COLOR: rgb(0,0,0); WORD-SPACING: 0px; -webkit-text-stroke-width: 0px"> 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.</p> <p style="TEXT-TRANSFORM: none; MARGIN-TOP: 12pt; TEXT-INDENT: 13%; LETTER-SPACING: normal; FONT: 10pt 'Times New Roman'; WHITE-SPACE: normal; MARGIN-BOTTOM: 0pt; COLOR: rgb(0,0,0); WORD-SPACING: 0px; -webkit-text-stroke-width: 0px"> 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.</p> </div> | ||
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
|
0.0117 | pure | |
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
|
1.15 | pure | |
| us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
|
3.89 | ||
| us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
|
P5Y3M18D | ||
| us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
16438000 | shares | |
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
|
3.17 | ||
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
|
0.00 | pure | |
| us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-5838000 | ||
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Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
-126000 | ||
| us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-9300000 | ||
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Nonoperating Income Expense
NonoperatingIncomeExpense
|
11000 | ||
| us-gaap |
Net Income Loss
NetIncomeLoss
|
-9289000 | ||
| us-gaap |
Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
|
49000 | ||
| us-gaap |
Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
|
156349 | shares | |
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
|
302041 | shares | |
| us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
12673806 | shares | |
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Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-1.15 | ||
| us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
|
1.69 | ||
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Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
|
425426 | shares | |
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Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
|
P4Y2M12D | ||
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
|
50000 | shares | |
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
|
5000 | shares | |
| us-gaap |
Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
|
3000000 | ||
| us-gaap |
Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
|
184000 | ||
| us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
11000 | ||
| us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-18836000 | ||
| us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
3276000 | ||
| us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
5007000 | ||
| us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
6189000 | ||
| us-gaap |
Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
|
40000 | ||
| us-gaap |
Share Based Compensation
ShareBasedCompensation
|
3276000 | ||
| us-gaap |
Depreciation And Amortization
DepreciationAndAmortization
|
9000 | ||
| us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
351000 | ||
| us-gaap |
Operating Expenses
OperatingExpenses
|
9300000 | ||
| us-gaap |
Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
|
613000 | ||
| us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
3000000 | ||
| us-gaap |
Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
|
-5000 | ||
| us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
4293000 | ||
| us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
45000 | ||
| us-gaap |
Preferred Stock Accretion Of Redemption Discount
PreferredStockAccretionOfRedemptionDiscount
|
171000 | ||
| galt |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExercisesInPeriodWeightedAverageExercisePrice
|
4.17 | ||
| 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 | ||
| galt |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Exercises In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExercisesInPeriod
|
831212 | shares | |
| galt |
Recognized Expenses Related To Agreement For Services Performed
RecognizedExpensesRelatedToAgreementForServicesPerformed
|
1329000 | ||
| galt |
Service Agreements Expiration Date
ServiceAgreementsExpirationDate
|
2018-01-31 | ||
| galt |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresInPeriodWeightedAverageExercisePrice
|
3.00 | ||
| galt |
Accretion Of Redeemable Convertible Preferred Stock
AccretionOfRedeemableConvertiblePreferredStock
|
130000 | ||
| galt |
Stock Issued During Period Value Stock Warrants Exercised
StockIssuedDuringPeriodValueStockWarrantsExercised
|
3005000 | ||
| galt |
Supplemental Dividends On Convertible Preferred Stock
SupplementalDividendsOnConvertiblePreferredStock
|
694000 | ||
| galt |
Proceeds From Stock Option And Warrant Exercises
ProceedsFromStockOptionAndWarrantExercises
|
3189000 | ||
| galt |
Adjustment For Modification Of Warrants
AdjustmentForModificationOfWarrants
|
8763000 | ||
| us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
14851000 | shares | |
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
|
1.72 | ||
| us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-5749000 | ||
| us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
13592981 | shares | |
| us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.55 | ||
| us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
2000 | ||
| us-gaap |
Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
|
-10000 | ||
| us-gaap |
Other Nonoperating Income
OtherNonoperatingIncome
|
200000 | ||
| us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
18000 | ||
| us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-8173000 | ||
| us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
-68000 | ||
| us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-7517000 | ||
| us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
218000 | ||
| us-gaap |
Net Income Loss
NetIncomeLoss
|
-7299000 | ||
| us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
3992000 | ||
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Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.22 | |
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Investment Income Interest
InvestmentIncomeInterest
|
3000 | |
| CY2013Q1 | us-gaap |
Preferred Stock Dividend Rate Percentage
PreferredStockDividendRatePercentage
|
0.06 | pure |
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Dividend Equivalent Rights
DividendEquivalentRights
|
5 | shares |
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Organizational And Separation Related Charges
OrganizationalAndSeparationRelatedCharges
|
1000000 | |
| CY2013Q1 | galt |
Notice Period For Termination Of Agreement
NoticePeriodForTerminationOfAgreement
|
P90D | |
| CY2013Q1 | galt |
Notice Period To Cure Breach Of Agreement
NoticePeriodToCureBreachOfAgreement
|
P30D | |
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
|
0.0175 | pure | |
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
|
1.19 | pure | |
| us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
|
P5Y2M12D | ||
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
|
0.00 | pure | |
| us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-64391000 | ||
| us-gaap |
Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
|
1641000 | ||
| us-gaap |
Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
|
74900000 | ||
| us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
52043000 | ||
| us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
10403000 | ||
| us-gaap |
Share Based Compensation
ShareBasedCompensation
|
2170000 | ||
| us-gaap |
Depreciation And Amortization
DepreciationAndAmortization
|
5000 | ||
| us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
4662000 | ||
| us-gaap |
Operating Expenses
OperatingExpenses
|
7517000 | ||
| us-gaap |
Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
|
702000 | ||
| us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
10403000 | ||
| us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
8000 | ||
| us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
3525000 | ||
| us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
-693000 | ||
| us-gaap |
Preferred Stock Accretion Of Redemption Discount
PreferredStockAccretionOfRedemptionDiscount
|
172000 | ||
| galt |
Conversion Of Accrued Liabilities To Common Stock
ConversionOfAccruedLiabilitiesToCommonStock
|
26000 | ||
| galt |
Issuance Of Equity Warrants In Connection With Equity Offerings
IssuanceOfEquityWarrantsInConnectionWithEquityOfferings
|
4445000 | ||
| galt |
Supplemental Dividends On Convertible Preferred Stock
SupplementalDividendsOnConvertiblePreferredStock
|
782000 | ||
| CY2009Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
|
83334 | shares |
| CY2009Q1 | us-gaap |
Royalty Revenue
RoyaltyRevenue
|
50000000 | |
| CY2009Q1 | galt |
Severance Payment Period
SeverancePaymentPeriod
|
P6M | |
| CY2012Q4 | galt |
Lawsuit Damage Claim
LawsuitDamageClaim
|
1000000 | |
| us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
431000 | ||
| us-gaap |
Debt Conversion Original Debt Amount1
DebtConversionOriginalDebtAmount1
|
12243000 | ||
| us-gaap |
Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
|
404000 | ||
| us-gaap |
Other Nonoperating Income
OtherNonoperatingIncome
|
691000 | ||
| us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
829000 | ||
| us-gaap |
Stock Issued1
StockIssued1
|
107000 | ||
| us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-99108000 | ||
| us-gaap |
Interest Paid
InterestPaid
|
114000 | ||
| us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
30000 | ||
| us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-83946000 | ||
| us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
2665000 | ||
| us-gaap |
Net Income Loss
NetIncomeLoss
|
-81281000 | ||
| us-gaap |
Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
|
171000 | ||
| us-gaap |
Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
|
9000 | ||
| galt |
Conversion Of Accrued Liabilities To Common Stock
ConversionOfAccruedLiabilitiesToCommonStock
|
329000 | ||
| galt |
Issuance Of Equity Warrants In Connection With Equity Offerings
IssuanceOfEquityWarrantsInConnectionWithEquityOfferings
|
9482000 | ||
| galt |
Supplemental Dividends On Convertible Preferred Stock
SupplementalDividendsOnConvertiblePreferredStock
|
4849000 | ||
| galt |
Proceeds From Stock Option And Warrant Exercises
ProceedsFromStockOptionAndWarrantExercises
|
14482000 | ||
| galt |
Issuance Of Warrants To Induce Conversion Of Notes Payable
IssuanceOfWarrantsToInduceConversionOfNotesPayable
|
503000 | ||
| us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
74941000 | ||
| us-gaap |
Paid In Kind Interest
PaidInKindInterest
|
4279000 | ||
| us-gaap |
Share Based Compensation
ShareBasedCompensation
|
15650000 | ||
| us-gaap |
Depreciation And Amortization
DepreciationAndAmortization
|
564000 | ||
| us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
9715000 | ||
| us-gaap |
Operating Expenses
OperatingExpenses
|
83946000 | ||
| us-gaap |
Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
|
4848000 | ||
| us-gaap |
Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
|
10621000 | ||
| us-gaap |
Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
|
351000 | ||
| us-gaap |
Interest Expense
InterestExpense
|
4451000 | ||
| us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
42093000 | ||
| us-gaap |
Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
|
1000 | ||
| us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-835000 | ||
| us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
31903000 | ||
| us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
1671000 | ||
| us-gaap |
Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
|
-9022000 | ||
| us-gaap |
Preferred Stock Accretion Of Redemption Discount
PreferredStockAccretionOfRedemptionDiscount
|
4216000 | ||
| galt |
Unrealized Gain Loss In Debt Instrument Fair Value
UnrealizedGainLossInDebtInstrumentFairValue
|
-3426000 | ||
| galt |
Adjustment For Modification Of Warrants
AdjustmentForModificationOfWarrants
|
8763000 | ||
| CY2013Q2 | galt |
Warrant Expense
WarrantExpense
|
8763000 | |
| CY2013Q2 | galt |
Number Of Warrants Exercise
NumberOfWarrantsExercise
|
5000000 | Warrants |
| CY2012Q3 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
15822000 | shares |
| CY2012Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
|
1.89 | |
| CY2012Q3 | us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.19 | |
| CY2012Q3 | us-gaap |
Other Nonoperating Income
OtherNonoperatingIncome
|
200000 | |
| CY2012Q3 | us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
7000 | |
| CY2012Q3 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-2985000 | |
| CY2012Q3 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-2896000 | |
| CY2012Q3 | us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
207000 | |
| CY2012Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-2689000 | |
| CY2012Q3 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
1487000 | |
| CY2012Q3 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
819000 | |
| CY2012Q3 | us-gaap |
Operating Expenses
OperatingExpenses
|
2896000 | |
| CY2012Q3 | us-gaap |
Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
|
238000 | |
| CY2012Q3 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
1409000 | |
| CY2012Q3 | us-gaap |
Preferred Stock Accretion Of Redemption Discount
PreferredStockAccretionOfRedemptionDiscount
|
58000 | |
| CY2013Q3 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
16988000 | shares |
| CY2013Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
|
3.55 | |
| CY2013Q3 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-3723000 | |
| CY2013Q3 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-3545000 | |
| CY2013Q3 | us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
3000 | |
| CY2013Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-3542000 | |
| CY2013Q3 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
2353000 | |
| CY2013Q3 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
1808000 | |
| CY2013Q3 | us-gaap |
Operating Expenses
OperatingExpenses
|
3545000 | |
| CY2013Q3 | us-gaap |
Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
|
123000 | |
| CY2013Q3 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
1192000 | |
| CY2013Q3 | us-gaap |
Preferred Stock Accretion Of Redemption Discount
PreferredStockAccretionOfRedemptionDiscount
|
58000 | |
| CY2013Q3 | galt |
Recognized Expenses Related To Agreement For Services Performed
RecognizedExpensesRelatedToAgreementForServicesPerformed
|
239000 |
