$GALT
GALECTIN THERAPEUTICS INC

2016 Q2 Form 10-Q Financial Statement

#000119312516584735 Filed on May 10, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2016 Q1 2015 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 $1.310M $2.440M $1.700M
YoY Change -36.41% 43.53% -17.87%
% of Gross Profit
Research & Development $4.226M $4.377M $3.136M
YoY Change 62.54% 39.57% 13.13%
% of Gross Profit
Depreciation & Amortization $0.00 $1.000K $2.000K
YoY Change -50.0% 0.0%
% of Gross Profit
Operating Expenses $5.531M $6.814M $4.840M
YoY Change 18.77% 40.79% -0.08%
Operating Profit -$5.531M -$6.814M -$4.840M
YoY Change 18.77% 40.79% -0.08%
Interest Expense $10.00K $10.00K $10.00K
YoY Change 0.0% 0.0% -103.7%
% of Operating Profit
Other Income/Expense, Net $12.00K $14.00K $14.00K
YoY Change -14.29% 0.0% -105.26%
Pretax Income -$5.520M -$6.800M -$4.830M
YoY Change 18.97% 40.79% -5.48%
Income Tax
% Of Pretax Income
Net Earnings -$5.519M -$6.800M -$4.826M
YoY Change 18.87% 40.9% -5.56%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$190.2K -$235.9K -$209.5K
COMMON SHARES
Basic Shares Outstanding 28.98M shares 28.83M shares 23.55M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q2 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $18.00M $22.36M $29.35M
YoY Change -31.71% -23.82% -19.79%
Cash & Equivalents $18.00M $22.36M $29.35M
Short-Term Investments
Other Short-Term Assets $240.0K $430.0K $610.0K
YoY Change -22.58% -29.51% 306.67%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $18.24M $22.78M $29.96M
YoY Change -31.59% -23.96% -18.47%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00
YoY Change -100.0%
Goodwill
YoY Change
Intangibles $5.000K $7.000K $14.00K
YoY Change -58.33% -50.0% -33.33%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $5.000K $7.000K $14.00K
YoY Change -58.33% -50.0% -90.91%
TOTAL ASSETS
Total Short-Term Assets $18.24M $22.78M $29.96M
Total Long-Term Assets $5.000K $7.000K $14.00K
Total Assets $18.25M $22.79M $29.97M
YoY Change -31.61% -23.97% -18.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $932.0K $1.311M $922.0K
YoY Change 20.26% 42.19% 89.71%
Accrued Expenses $2.636M $1.939M $369.0K
YoY Change 147.51% 425.47% -74.57%
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 $3.636M $3.250M $1.291M
YoY Change 90.37% 151.74% -33.35%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $3.636M $3.250M $1.291M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $3.636M $3.250M $1.291M
YoY Change 90.57% 151.74% -33.35%
SHAREHOLDERS EQUITY
Retained Earnings -$152.9M -$147.1M -$124.0M
YoY Change 18.58% 18.6%
Common Stock $29.00K $28.00K $23.00K
YoY Change 26.09% 21.74% 4.55%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $7.487M $12.47M $21.85M
YoY Change
Total Liabilities & Shareholders Equity $18.25M $22.79M $29.97M
YoY Change -31.61% -23.97% -18.77%

Cashflow Statement

Concept 2016 Q2 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income -$5.519M -$6.800M -$4.826M
YoY Change 18.87% 40.9% -5.56%
Depreciation, Depletion And Amortization $0.00 $1.000K $2.000K
YoY Change -50.0% 0.0%
Cash From Operating Activities -$4.610M -$3.490M -$4.310M
YoY Change 54.18% -19.03% 19.09%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities $0.00 $0.00 $0.00
YoY Change -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 260.0K 0.000 4.530M
YoY Change -100.0% -84.96%
NET CHANGE
Cash From Operating Activities -4.610M -3.490M -4.310M
Cash From Investing Activities 0.000 0.000 0.000
Cash From Financing Activities 260.0K 0.000 4.530M
Net Change In Cash -4.350M -3.490M 220.0K
YoY Change 45.48% -1686.36% -99.16%
FREE CASH FLOW
Cash From Operating Activities -$4.610M -$3.490M -$4.310M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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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 March&#xA0;31, 2016 and the results of its operations for the three months ended March&#xA0;31, 2016 and 2015 and its cash flows for the three months ended March&#xA0;31, 2016 and 2015. 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, 2015.</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 March&#xA0;31, 2016, the Company had $22.4 million of unrestricted cash and cash equivalents available to fund future operations. The Company believes that with the cash on hand at March&#xA0;31, 2016, there is sufficient cash to fund currently planned operations through March&#xA0;31, 2017. 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.</p> </div>
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Files In Submission

Name View Source Status
0001193125-16-584735-index-headers.html Edgar Link pending
0001193125-16-584735-index.html Edgar Link pending
0001193125-16-584735.txt Edgar Link pending
0001193125-16-584735-xbrl.zip Edgar Link pending
d166602d10q.htm Edgar Link pending
d166602dex101.htm Edgar Link pending
d166602dex311.htm Edgar Link pending
d166602dex312.htm Edgar Link pending
d166602dex321.htm Edgar Link pending
d166602dex322.htm Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xlsx Edgar Link pending
galt-20160331.xml Edgar Link completed
galt-20160331.xsd Edgar Link pending
galt-20160331_cal.xml Edgar Link unprocessable
galt-20160331_def.xml Edgar Link unprocessable
galt-20160331_lab.xml Edgar Link unprocessable
galt-20160331_pre.xml Edgar Link unprocessable
R1.htm Edgar Link pending
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report.css Edgar Link pending
Show.js Edgar Link pending