$GALT
GALECTIN THERAPEUTICS INC

2017 Q1 Form 10-K Financial Statement

#000119312517098753 Filed on March 28, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2015 Q4 2015
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.170M $1.770M $6.970M
YoY Change -52.05% 7.27% -0.57%
% of Gross Profit
Research & Development $3.772M $2.910M $13.11M
YoY Change -13.82% 39.9% 55.66%
% of Gross Profit
Depreciation & Amortization $1.000K $0.00 $7.000K
YoY Change 0.0% -30.0%
% of Gross Profit
Operating Expenses $4.946M $4.680M $20.08M
YoY Change -27.41% 25.47% 30.13%
Operating Profit -$4.946M -$20.08M
YoY Change -27.41% 30.13%
Interest Expense $10.00K $10.00K $50.00K
YoY Change 0.0% -113.89%
% of Operating Profit
Other Income/Expense, Net $9.000K $52.00K
YoY Change -35.71% -114.53%
Pretax Income -$4.940M -$4.670M -$20.03M
YoY Change -27.35% 25.2% 26.85%
Income Tax
% Of Pretax Income
Net Earnings -$4.937M -$4.671M -$20.03M
YoY Change -27.4% 25.19% 26.85%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$145.6K -$180.4K -$830.4K
COMMON SHARES
Basic Shares Outstanding 34.06M shares 23.93M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q1 2015 Q4 2015
SHORT-TERM ASSETS
Cash & Short-Term Investments $13.64M $25.85M $25.85M
YoY Change -39.0% -11.26% -11.26%
Cash & Equivalents $13.64M $25.85M $25.85M
Short-Term Investments
Other Short-Term Assets $350.0K $550.0K $550.0K
YoY Change -18.6% 3.77% 3.77%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $14.00M $26.40M $26.40M
YoY Change -38.56% -10.99% -10.99%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00 $0.00
YoY Change -100.0%
Goodwill
YoY Change
Intangibles $8.000K
YoY Change -46.67%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $0.00 $8.000K $10.00K
YoY Change -100.0% -50.0% -50.0%
TOTAL ASSETS
Total Short-Term Assets $14.00M $26.40M $26.40M
Total Long-Term Assets $0.00 $8.000K $10.00K
Total Assets $14.00M $26.41M $26.41M
YoY Change -38.58% -11.02% -11.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.346M $448.0K $450.0K
YoY Change 2.67% -50.55% -50.55%
Accrued Expenses $3.016M $845.0K $850.0K
YoY Change 55.54% 15.91% 16.44%
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 $4.362M $1.360M $1.360M
YoY Change 34.22% -20.14% -20.0%
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
TOTAL LIABILITIES
Total Short-Term Liabilities $4.362M $1.360M $1.360M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $4.362M $1.360M $1.360M
YoY Change 34.22% -20.14% -20.0%
SHAREHOLDERS EQUITY
Retained Earnings -$168.9M -$140.0M
YoY Change 14.86% 17.76%
Common Stock $35.00K $28.00K
YoY Change 25.0% 27.27%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $7.912M $18.04M $25.05M
YoY Change
Total Liabilities & Shareholders Equity $14.00M $26.41M $26.41M
YoY Change -38.58% -11.02% -11.02%

Cashflow Statement

Concept 2017 Q1 2015 Q4 2015
OPERATING ACTIVITIES
Net Income -$4.937M -$4.671M -$20.03M
YoY Change -27.4% 25.19% 26.85%
Depreciation, Depletion And Amortization $1.000K $0.00 $7.000K
YoY Change 0.0% -30.0%
Cash From Operating Activities -$3.860M -$4.600M -$16.98M
YoY Change 10.6% 47.44% 36.6%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities $0.00 $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $2.145M $13.70M
YoY Change -53.3%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.150M 9.130M 13.70M
YoY Change 777.88% -56.47%
NET CHANGE
Cash From Operating Activities -3.860M -4.600M -16.98M
Cash From Investing Activities 0.000 0.000
Cash From Financing Activities 2.150M 9.130M 13.70M
Net Change In Cash -1.710M 4.530M -3.280M
YoY Change -51.0% -317.79% -117.6%
FREE CASH FLOW
Cash From Operating Activities -$3.860M -$4.600M -$16.98M
Capital Expenditures $0.00 $0.00
Free Cash Flow -$4.600M -$16.98M
YoY Change 47.44% 36.6%

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CY2016 dei Entity Well Known Seasoned Issuer
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GALT
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CY2016 us-gaap Basis Of Accounting
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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 style="page-break-inside:avoid"> <td width="4%" valign="top" align="left"><b>1.</b></td> <td align="left" valign="top"><b>Nature of Business and Basis of Presentation</b></td> </tr> </table> <p style="margin-top:6pt; margin-bottom:0pt; margin-left: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:6pt; margin-bottom:0pt; margin-left: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. 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.</p> <p style="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"> 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, 2016, the Company had $15,362,000 of unrestricted cash and cash equivalents available to fund future operations. Additionally, from January&#xA0;1, 2017 through March&#xA0;1, 2017, the Company raised $1,247,000 in net proceeds from the issuance of common stock under its At the Market sales arrangement (See Note 5). On February&#xA0;28, 2017, the Company closed a transactions with individual investors through private placements of common stock and warrants. In total, the Company issued 102,368 shares of common stock for proceeds of $200,000. The Company also issued, to the investors, warrants to purchase 76,776 shares of common stock at $5.00 per share. The Company believes there is sufficient cash to fund currently planned operations through December&#xA0;31, 2017.</p> <p style="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"> 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.</p> </div>
CY2016 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2016 dei Document Period End Date
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2016-12-31
CY2016 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2016 dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
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CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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CY2016 dei Entity Registrant Name
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GALECTIN THERAPEUTICS INC
CY2016 dei Entity Voluntary Filers
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No
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P1Y1M21D
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3 LegalMatter

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