$GALT
GALECTIN THERAPEUTICS INC

2015 Q1 Form 10-K Financial Statement

#000119312515096928 Filed on March 18, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2013 Q4 2013 Q3
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.700M $1.410M $2.350M
YoY Change -17.87% 2.17% 57.72%
% of Gross Profit
Research & Development $3.136M $1.400M $1.192M
YoY Change 13.13% 40.0% -15.4%
% of Gross Profit
Depreciation & Amortization $2.000K $0.00 $0.00
YoY Change 0.0% -100.0%
% of Gross Profit
Operating Expenses $4.840M $2.800M $3.545M
YoY Change -0.08% 17.65% 22.41%
Operating Profit -$4.840M -$3.545M
YoY Change -0.08% 22.41%
Interest Expense $10.00K $10.00K $0.00
YoY Change -103.7% 0.0% -100.0%
% of Operating Profit
Other Income/Expense, Net $14.00K $0.00 $3.000K
YoY Change -105.26% -98.55%
Pretax Income -$4.830M -$2.800M -$3.540M
YoY Change -5.48% 17.65% 31.6%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$4.826M -$2.799M -$3.542M
YoY Change -5.56% 17.61% 31.72%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$209.5K -$154.0K -$208.4K
COMMON SHARES
Basic Shares Outstanding 23.55M shares 18.31M shares 16.88M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q1 2013 Q4 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $29.35M $10.49M $9.720M
YoY Change -19.79% 12.07% -12.12%
Cash & Equivalents $29.35M $10.49M $9.715M
Short-Term Investments
Other Short-Term Assets $610.0K $200.0K $30.00K
YoY Change 306.67% 33.33% -66.67%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $29.96M $10.69M $9.742M
YoY Change -18.47% 12.29% -12.61%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00 $3.000K $5.000K
YoY Change -100.0% -62.5% -16.67%
Goodwill
YoY Change
Intangibles $14.00K $23.00K $24.00K
YoY Change -33.33% -23.33% -27.27%
Long-Term Investments
YoY Change
Other Assets $0.00 $6.000K
YoY Change -100.0% -40.0%
Total Long-Term Assets $14.00K $26.00K $35.00K
YoY Change -90.91% -40.91% -22.22%
TOTAL ASSETS
Total Short-Term Assets $29.96M $10.69M $9.742M
Total Long-Term Assets $14.00K $26.00K $35.00K
Total Assets $29.97M $10.71M $9.777M
YoY Change -18.77% 12.05% -12.65%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $922.0K $762.0K $377.0K
YoY Change 89.71% 91.94% 47.27%
Accrued Expenses $369.0K $1.651M $1.226M
YoY Change -74.57% 42.2% 3.37%
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 $1.291M $2.486M $1.603M
YoY Change -33.35% 51.77% 11.17%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00 $1.000K
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $1.000K
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.291M $2.486M $1.603M
Total Long-Term Liabilities $0.00 $0.00 $1.000K
Total Liabilities $1.291M $2.486M $1.604M
YoY Change -33.35% 51.22% 11.23%
SHAREHOLDERS EQUITY
Retained Earnings -$124.0M -$102.0M
YoY Change
Common Stock $23.00K $18.00K $18.00K
YoY Change 4.55% 12.5% 12.5%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $21.85M $1.481M $1.300M
YoY Change
Total Liabilities & Shareholders Equity $29.97M $10.71M $9.777M
YoY Change -18.77% 12.05% -12.65%

Cashflow Statement

Concept 2015 Q1 2013 Q4 2013 Q3
OPERATING ACTIVITIES
Net Income -$4.826M -$2.799M -$3.542M
YoY Change -5.56% 17.61% 31.72%
Depreciation, Depletion And Amortization $2.000K $0.00 $0.00
YoY Change 0.0% -100.0%
Cash From Operating Activities -$4.310M -$1.640M -$1.480M
YoY Change 19.09% -6.29% -28.85%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $4.532M
YoY Change -83.92%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.530M 2.420M 6.100M
YoY Change -84.96%
NET CHANGE
Cash From Operating Activities -4.310M -1.640M -1.480M
Cash From Investing Activities 0.000 0.000 0.000
Cash From Financing Activities 4.530M 2.420M 6.100M
Net Change In Cash 220.0K 780.0K 4.620M
YoY Change -99.16% -145.88% -323.19%
FREE CASH FLOW
Cash From Operating Activities -$4.310M -$1.640M -$1.480M
Capital Expenditures $0.00 $0.00
Free Cash Flow -$1.640M -$1.480M
YoY Change -5.75% -28.85%

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GALECTIN THERAPEUTICS INC
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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:12px;margin-bottom:0px; margin-left:4%"> <font style="font-family:Times New Roman" size="2">Galectin Therapeutics Inc. (the &#x201C;Company&#x201D;) is a clinical stage biopharmaceutical 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.</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 revenues. The Company anticipates that losses will continue for the foreseeable future. At December&#xA0;31, 2014, the Company had $29,128,000 of unrestricted cash and cash equivalents available to fund future operations. Additionally, in January and February 2015, the Company received $4,127,000 in net proceeds from the issuance of common stock at market through its at the market (&#x201C;ATM&#x201D;) financing arrangement.</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="margin-top:12px;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 clinical 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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64000
CY2012 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
5372000
CY2012 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-577000
CY2012 us-gaap Preferred Stock Accretion Of Redemption Discount
PreferredStockAccretionOfRedemptionDiscount
230000
CY2012 us-gaap Share Based Compensation
ShareBasedCompensation
2792000
CY2012 galt Effective Income Tax Rate Reconciliation Permanent Differences
EffectiveIncomeTaxRateReconciliationPermanentDifferences
0.014 pure
CY2012 galt Stock Issuance Costs
StockIssuanceCosts
1597000
CY2012 galt Issuance Of Common Stock And Warrants Value
IssuanceOfCommonStockAndWarrantsValue
10403000
CY2012 galt Supplemental Dividends On Convertible Preferred Stock
SupplementalDividendsOnConvertiblePreferredStock
976000
CY2014Q3 us-gaap Loss Contingency New Claims Filed Number
LossContingencyNewClaimsFiledNumber
3 LegalMatter
CY2013Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.22
CY2013Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-3472000
CY2013Q1 us-gaap Net Income Loss
NetIncomeLoss
-3203000
CY2014Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.27
CY2014Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-5408000
CY2014Q1 us-gaap Net Income Loss
NetIncomeLoss
-5110000
CY2013Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.72
CY2013Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-11641000
CY2014Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-3731000
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
-3429000
CY2013Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.22
CY2013Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-3723000
CY2013Q3 us-gaap Net Income Loss
NetIncomeLoss
-3542000
CY2014Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.17
CY2014Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-3853000
CY2014Q3 us-gaap Net Income Loss
NetIncomeLoss
-3518000
CY2013Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.14
CY2013Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-3111000
CY2013Q4 us-gaap Net Income Loss
NetIncomeLoss
-2799000
CY2014Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.17
CY2014Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-3968000
CY2014Q4 us-gaap Net Income Loss
NetIncomeLoss
-3731000

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