$GALT
GALECTIN THERAPEUTICS INC Stock $galt

$galt Overview Financials Valuation SEC Filings Company Website

2014 Q2 Form 10-Q Financial Statement

#000119312514197112 Filed on May 13, 2014

Income Statement

Concept	2014 Q2	2014 Q1	2013 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	$1.780M	$2.070M	$1.410M
YoY Change	48.33%	41.78%	2.17%
% of Gross Profit
Research & Development	$1.594M	$2.772M	$1.400M
YoY Change	18.16%	58.22%	40.0%
% of Gross Profit
Depreciation & Amortization	$10.00K	$2.000K	$0.00
YoY Change	0.0%	-33.33%
% of Gross Profit
Operating Expenses	$3.375M	$4.844M	$2.800M
YoY Change	32.51%	51.0%	17.65%
Operating Profit	-$3.375M	-$4.844M
YoY Change	32.51%	51.0%
Interest Expense	-$50.00K	-$270.0K	$10.00K
YoY Change		-2800.0%	0.0%
% of Operating Profit
Other Income/Expense, Net	-$54.00K	-$266.0K	$0.00
YoY Change	-1900.0%	-5420.0%
Pretax Income	-$3.430M	-$5.110M	-$2.800M
YoY Change	35.04%	59.69%	17.65%
Income Tax	$0.00	$0.00	$0.00
% Of Pretax Income
Net Earnings	-$3.429M	-$5.110M	-$2.799M
YoY Change	34.79%	59.54%	17.61%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share	-$156.1K	-$252.1K	-$154.0K
COMMON SHARES
Basic Shares Outstanding	21.91M shares	21.93M shares	18.31M shares
Diluted Shares Outstanding

Balance Sheet

Concept	2014 Q2	2014 Q1	2013 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments	$34.42M	$36.59M	$10.49M
YoY Change	574.9%	421.23%	12.07%
Cash & Equivalents	$34.42M	$36.59M	$10.49M
Short-Term Investments
Other Short-Term Assets	$90.00K	$150.0K	$200.0K
YoY Change	0.0%	7.14%	33.33%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets	$34.51M	$36.75M	$10.69M
YoY Change	565.32%	413.56%	12.29%
LONG-TERM ASSETS
Property, Plant & Equipment	$2.000K	$3.000K	$3.000K
YoY Change	-66.67%	-57.14%	-62.5%
Goodwill
YoY Change
Intangibles	$19.00K	$21.00K	$23.00K
YoY Change	-26.92%	-25.0%	-23.33%
Long-Term Investments	$63.00K	$130.0K
YoY Change
Other Assets			$0.00
YoY Change			-100.0%
Total Long-Term Assets	$84.00K	$154.0K	$26.00K
YoY Change	121.05%	275.61%	-40.91%
TOTAL ASSETS
Total Short-Term Assets	$34.51M	$36.75M	$10.69M
Total Long-Term Assets	$84.00K	$154.0K	$26.00K
Total Assets	$34.59M	$36.90M	$10.71M
YoY Change	562.09%	412.77%	12.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$665.0K	$486.0K	$762.0K
YoY Change	133.33%	53.8%	91.94%
Accrued Expenses	$1.413M	$1.451M	$1.651M
YoY Change	25.16%	25.95%	42.2%
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	$2.147M	$1.937M	$2.486M
YoY Change	43.8%	31.95%	51.77%
LONG-TERM LIABILITIES
Long-Term Debt	$0.00	$0.00	$0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities	$0.00	$0.00	$0.00
YoY Change	-100.0%	-100.0%	-100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities	$2.147M	$1.937M	$2.486M
Total Long-Term Liabilities	$0.00	$0.00	$0.00
Total Liabilities	$2.147M	$1.937M	$2.486M
YoY Change	43.32%	31.5%	51.22%
SHAREHOLDERS EQUITY
Retained Earnings	-$111.1M		-$102.0M
YoY Change
Common Stock	$22.00K	$22.00K	$18.00K
YoY Change	37.5%	37.5%	12.5%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity	$25.72M	$28.27M	$1.481M
YoY Change
Total Liabilities & Shareholders Equity	$34.59M	$36.90M	$10.71M
YoY Change	562.09%	412.77%	12.05%

Cashflow Statement

Concept	2014 Q2	2014 Q1	2013 Q4
OPERATING ACTIVITIES
Net Income	-$3.429M	-$5.110M	-$2.799M
YoY Change	34.79%	59.54%	17.61%
Depreciation, Depletion And Amortization	$10.00K	$2.000K	$0.00
YoY Change	0.0%	-33.33%
Cash From Operating Activities	-$2.410M	-$3.619M	-$1.640M
YoY Change	24.23%	49.36%	-6.29%
INVESTING ACTIVITIES
Capital Expenditures		$0.00	$0.00
YoY Change			-100.0%
Acquisitions
YoY Change
Other Investing Activities	$0.00	-$400.0K
YoY Change
Cash From Investing Activities	$0.00	-$400.0K	$0.00
YoY Change			-100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net		$28.18M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities	250.0K	30.12M	2.420M
YoY Change	2400.0%	39022.08%
NET CHANGE
Cash From Operating Activities	-2.410M	-3.619M	-1.640M
Cash From Investing Activities	0.000	-400.0K	0.000
Cash From Financing Activities	250.0K	30.12M	2.420M
Net Change In Cash	-2.160M	26.11M	780.0K
YoY Change	11.92%	-1212.75%	-145.88%
FREE CASH FLOW
Cash From Operating Activities	-$2.410M	-$3.619M	-$1.640M
Capital Expenditures		$0.00	$0.00
Free Cash Flow		-$3.619M	-$1.640M
YoY Change		49.36%	-5.75%

Facts In Submission

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CY2013Q1	us-gaap	Increase Decrease In Accounts Payable And Accrued Liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities	-90000
CY2013Q1	us-gaap	Preferred Stock Accretion Of Redemption Discount PreferredStockAccretionOfRedemptionDiscount	56000
CY2013Q1	galt	Supplemental Dividends On Convertible Preferred Stock SupplementalDividendsOnConvertiblePreferredStock	293000
CY2013Q1	galt	Proceeds From Stock Option And Warrant Exercises ProceedsFromStockOptionAndWarrantExercises	77000
CY2014Q1	dei	Trading Symbol TradingSymbol	GALT
CY2014Q1	dei	Entity Registrant Name EntityRegistrantName	GALECTIN THERAPEUTICS INC
CY2014Q1	dei	Amendment Flag AmendmentFlag	false
CY2014Q1	dei	Entity Filer Category EntityFilerCategory	Smaller Reporting Company
CY2014Q1	dei	Document Fiscal Year Focus DocumentFiscalYearFocus	2014
CY2014Q1	dei	Document Type DocumentType	10-Q
CY2014Q1	dei	Document Period End Date DocumentPeriodEndDate	2014-03-31
CY2014Q1	dei	Entity Central Index Key EntityCentralIndexKey	0001133416
CY2014Q1	dei	Current Fiscal Year End Date CurrentFiscalYearEndDate	--12-31
CY2014Q1	dei	Document Fiscal Period Focus DocumentFiscalPeriodFocus	Q1
CY2014Q1	us-gaap	Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice	3.59
CY2014Q1	us-gaap	Basis Of Accounting BasisOfAccounting	<div> <table style="BORDER-COLLAPSE: collapse; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" 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="MARGIN-TOP: 6pt; TEXT-INDENT: 4%; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> 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.</p> <p style="MARGIN-TOP: 12pt; TEXT-INDENT: 4%; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> 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, 2014 and the results of its operations for the three months ended March 31, 2014 and 2013 and the cumulative period from inception (July 10, 2000) through March 31, 2014 and its cash flows for the three months ended March 31, 2014 and 2013, and for the cumulative period from inception (July 10, 2000) to March 31, 2014. 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, 2013.</p> <p style="MARGIN-TOP: 12pt; TEXT-INDENT: 4%; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> 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, 2014, the Company had $36.6 million of unrestricted cash and cash equivalents available to fund future operations. The Company believes that with the cash on hand at March 31, 2014, there is sufficient cash to fund operations through 2015. 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. 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="MARGIN-TOP: 12pt; TEXT-INDENT: 4%; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> As shown in the condensed consolidated financial statements, the Company incurred cumulative net losses applicable to common stockholders of $107.6 million for the cumulative period from inception (July 10, 2000) through March 31, 2014. 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, 2014, the Company had raised a net total of $107.5 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, 2014, the Company used cash of $69.7 million in its operations.</p> <p style="MARGIN-TOP: 12pt; TEXT-INDENT: 4%; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> The Company was founded in July 2000, was incorporated in the State of Nevada in January 2001 under the name <font style="WHITE-SPACE: nowrap">“Pro-Pharmaceuticals,</font> 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="MARGIN-TOP: 12pt; TEXT-INDENT: 4%; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> 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>
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CY2014Q1	us-gaap	Weighted Average Number Of Share Outstanding Basic And Diluted WeightedAverageNumberOfShareOutstandingBasicAndDiluted	20270000	shares
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CY2014Q1	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	-3619000
CY2014Q1	us-gaap	Stock Issued During Period Shares Stock Options Exercised StockIssuedDuringPeriodSharesStockOptionsExercised	288749	shares
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CY2014Q1	us-gaap	Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount	11421214	shares
CY2014Q1	us-gaap	Earnings Per Share Basic And Diluted EarningsPerShareBasicAndDiluted	-0.27
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CY2014Q1	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross	326500	shares
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CY2014Q1	us-gaap	Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares	81625	shares
CY2014Q1	us-gaap	Income Loss From Equity Method Investments IncomeLossFromEquityMethodInvestments	-270000
CY2014Q1	us-gaap	Investment Income Interest InvestmentIncomeInterest	4000
CY2014Q1	us-gaap	Net Income Loss Available To Common Stockholders Basic NetIncomeLossAvailableToCommonStockholdersBasic	-5408000
CY2014Q1	us-gaap	Increase Decrease In Prepaid Deferred Expense And Other Assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets	-47000
CY2014Q1	us-gaap	Payments To Acquire Equity Method Investments PaymentsToAcquireEquityMethodInvestments	400000
CY2014Q1	us-gaap	Operating Income Loss OperatingIncomeLoss	-4844000
CY2014Q1	us-gaap	Nonoperating Income Expense NonoperatingIncomeExpense	-266000
CY2014Q1	us-gaap	Net Income Loss NetIncomeLoss	-5110000
CY2014Q1	us-gaap	General And Administrative Expense GeneralAndAdministrativeExpense	2072000
CY2014Q1	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	30124000
CY2014Q1	us-gaap	Share Based Compensation ShareBasedCompensation	1648000
CY2014Q1	us-gaap	Cash And Cash Equivalents Period Increase Decrease CashAndCashEquivalentsPeriodIncreaseDecrease	26105000
CY2014Q1	us-gaap	Operating Expenses OperatingExpenses	4844000
CY2014Q1	us-gaap	Preferred Stock Dividends Income Statement Impact PreferredStockDividendsIncomeStatementImpact	240000
CY2014Q1	galt	Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures In Period Weighted Average Exercise Price ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresInPeriodWeightedAverageExercisePrice
CY2014Q1	galt	Supplemental Dividends On Convertible Preferred Stock SupplementalDividendsOnConvertiblePreferredStock	312000
CY2014Q1	galt	Proceeds From Stock Option And Warrant Exercises ProceedsFromStockOptionAndWarrantExercises	1946000
CY2014Q1	us-gaap	Proceeds From Issuance Of Common Stock ProceedsFromIssuanceOfCommonStock	28178000
CY2014Q1	us-gaap	Depreciation Depletion And Amortization DepreciationDepletionAndAmortization	2000
CY2014Q1	us-gaap	Other Research And Development Expense OtherResearchAndDevelopmentExpense	200000
CY2014Q1	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities	-400000
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CY2014Q1	us-gaap	Increase Decrease In Accounts Payable And Accrued Liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities	-476000
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Files In Submission

Name	View Source	Status
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$GALT
GALECTIN THERAPEUTICS INC Stock $galt

2014 Q2 Form 10-Q Financial Statement

#000119312514197112 Filed on May 13, 2014

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$GALT GALECTIN THERAPEUTICS INC Stock $galt

2014 Q2 Form 10-Q Financial Statement

#000119312514197112 Filed on May 13, 2014

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$GALT
GALECTIN THERAPEUTICS INC Stock $galt