$GALT
GALECTIN THERAPEUTICS INC

2015 Q4 Form 10-Q Financial Statement

#000119312515371080 Filed on November 09, 2015

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2014 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 $1.770M $1.440M $1.500M
YoY Change 7.27% -4.0% -36.17%
% of Gross Profit
Research & Development $2.910M $4.464M $1.979M
YoY Change 39.9% 125.57% 66.02%
% of Gross Profit
Depreciation & Amortization $0.00 $10.00K $0.00
YoY Change
% of Gross Profit
Operating Expenses $4.680M $5.899M $3.477M
YoY Change 25.47% 69.66% -1.92%
Operating Profit -$5.899M -$3.477M
YoY Change 69.66% -1.92%
Interest Expense $10.00K $10.00K -$40.00K
YoY Change -125.0%
% of Operating Profit
Other Income/Expense, Net $12.00K -$41.00K
YoY Change -129.27% -1466.67%
Pretax Income -$4.670M -$5.890M -$3.520M
YoY Change 25.2% 67.33% -0.56%
Income Tax
% Of Pretax Income
Net Earnings -$4.671M -$5.887M -$3.518M
YoY Change 25.19% 67.34% -0.68%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$180.4K -$247.6K -$159.6K
COMMON SHARES
Basic Shares Outstanding 23.93M shares 22.79M shares 22.04M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q4 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $25.85M $21.32M $31.20M
YoY Change -11.26% -31.67% 220.99%
Cash & Equivalents $25.85M $21.32M $31.20M
Short-Term Investments
Other Short-Term Assets $550.0K $180.0K $90.00K
YoY Change 3.77% 100.0% 200.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $26.40M $21.50M $31.29M
YoY Change -10.99% -31.28% 221.2%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00 $0.00 $1.000K
YoY Change -100.0% -100.0% -80.0%
Goodwill
YoY Change
Intangibles $8.000K $10.00K $17.00K
YoY Change -46.67% -41.18% -29.17%
Long-Term Investments $10.00K
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $8.000K $10.00K $28.00K
YoY Change -50.0% -64.29% -20.0%
TOTAL ASSETS
Total Short-Term Assets $26.40M $21.50M $31.29M
Total Long-Term Assets $8.000K $10.00K $28.00K
Total Assets $26.41M $21.51M $31.32M
YoY Change -11.02% -31.31% 220.33%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $448.0K $929.0K $838.0K
YoY Change -50.55% 10.86% 122.28%
Accrued Expenses $845.0K $797.0K $542.0K
YoY Change 15.91% 47.05% -55.79%
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 $1.360M $1.730M $1.380M
YoY Change -20.14% 25.36% -13.91%
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%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.360M $1.730M $1.380M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $1.360M $1.726M $1.380M
YoY Change -20.14% 25.07% -13.97%
SHAREHOLDERS EQUITY
Retained Earnings -$140.0M -$135.1M -$114.9M
YoY Change 17.76% 17.58%
Common Stock $28.00K $23.00K $22.00K
YoY Change 27.27% 4.55% 22.22%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $18.04M $12.84M $23.22M
YoY Change
Total Liabilities & Shareholders Equity $26.41M $21.51M $31.32M
YoY Change -11.02% -31.31% 220.33%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income -$4.671M -$5.887M -$3.518M
YoY Change 25.19% 67.34% -0.68%
Depreciation, Depletion And Amortization $0.00 $10.00K $0.00
YoY Change
Cash From Operating Activities -$4.600M -$5.080M -$3.280M
YoY Change 47.44% 54.88% 121.62%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $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
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 9.130M 40.00K 60.00K
YoY Change 777.88% -33.33% -99.02%
NET CHANGE
Cash From Operating Activities -4.600M -5.080M -3.280M
Cash From Investing Activities 0.000 0.000 0.000
Cash From Financing Activities 9.130M 40.00K 60.00K
Net Change In Cash 4.530M -5.040M -3.220M
YoY Change -317.79% 56.52% -169.7%
FREE CASH FLOW
Cash From Operating Activities -$4.600M -$5.080M -$3.280M
Capital Expenditures $0.00
Free Cash Flow -$4.600M
YoY Change 47.44%

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<div> <table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left"><b>1.</b></td> <td align="left" valign="top"><b>Basis of Presentation</b></td> </tr> </table> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> 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.</p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> 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&#xA0;30, 2015 and the results of its operations for the three and nine months ended September&#xA0;30, 2015 and 2014 and its cash flows for the nine months ended September&#xA0;30, 2015 and 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&#xA0;31, 2014.</p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> 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 September&#xA0;30, 2015, the Company had $21.3 million of unrestricted cash and cash equivalents available to fund future operations. The Company believes that with the cash on hand at September&#xA0;30, 2015, there is sufficient cash to fund currently planned operations through September&#xA0;30, 2016. 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. 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.</p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> 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. Immediately 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.</p> </div>
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22051000 shares
CY2014Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-3853000
CY2014Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-3477000
CY2014Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
12000
CY2014Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-53000
CY2014Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-41000
CY2014Q3 us-gaap Net Income Loss
NetIncomeLoss
-3518000
CY2014Q3 us-gaap Preferred Stock Accretion Of Redemption Discount
PreferredStockAccretionOfRedemptionDiscount
57000
CY2014Q3 us-gaap Operating Expenses
OperatingExpenses
3477000
CY2014Q3 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
278000
CY2014Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1498000
CY2014Q3 us-gaap Share Based Compensation
ShareBasedCompensation
877000
CY2014Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1979000
CY2015Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.26
CY2015Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
23793000 shares
CY2015Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-6152000
CY2015Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-5899000
CY2015Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
12000
CY2015Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
12000
CY2015Q3 us-gaap Net Income Loss
NetIncomeLoss
-5887000
CY2015Q3 us-gaap Preferred Stock Accretion Of Redemption Discount
PreferredStockAccretionOfRedemptionDiscount
57000
CY2015Q3 us-gaap Operating Expenses
OperatingExpenses
5899000
CY2015Q3 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
208000
CY2015Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1435000
CY2015Q3 us-gaap Share Based Compensation
ShareBasedCompensation
793000
CY2015Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4464000

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