$GALT
GALECTIN THERAPEUTICS INC

2018 Q2 Form 10-Q Financial Statement

#000119312518160824 Filed on May 11, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2018 Q1 2017 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 $2.280M $1.880M $1.170M
YoY Change 113.08% 60.68% -52.05%
% of Gross Profit
Research & Development $1.476M $2.298M $3.772M
YoY Change -57.14% -39.08% -13.82%
% of Gross Profit
Depreciation & Amortization $0.00 $1.000K
YoY Change -100.0% 0.0%
% of Gross Profit
Operating Expenses $3.759M $4.178M $4.946M
YoY Change -16.73% -15.53% -27.41%
Operating Profit -$3.759M -$4.178M -$4.946M
YoY Change -16.73% -15.53% -27.41%
Interest Expense $85.00K $84.00K $10.00K
YoY Change 750.0% 740.0% 0.0%
% of Operating Profit
Other Income/Expense, Net -$81.00K -$80.00K $9.000K
YoY Change -1450.0% -988.89% -35.71%
Pretax Income -$3.840M -$4.260M -$4.940M
YoY Change -14.86% -13.77% -27.35%
Income Tax
% Of Pretax Income
Net Earnings -$3.840M -$4.258M -$4.937M
YoY Change -14.82% -13.75% -27.4%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$100.4K -$114.3K -$145.6K
COMMON SHARES
Basic Shares Outstanding 37.74M shares 37.57M shares 34.06M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q2 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $10.50M $3.990M $13.64M
YoY Change 15.01% -70.75% -39.0%
Cash & Equivalents $10.50M $3.988M $13.64M
Short-Term Investments
Other Short-Term Assets $540.0K $690.0K $350.0K
YoY Change 170.0% 97.14% -18.6%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $11.04M $4.673M $14.00M
YoY Change 18.32% -66.61% -38.56%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $172.0K $258.0K
YoY Change
Total Long-Term Assets $172.0K $258.0K $0.00
YoY Change -100.0%
TOTAL ASSETS
Total Short-Term Assets $11.04M $4.673M $14.00M
Total Long-Term Assets $172.0K $258.0K $0.00
Total Assets $11.21M $4.931M $14.00M
YoY Change 20.16% -64.77% -38.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $220.0K $1.151M $1.346M
YoY Change -44.86% -14.49% 2.67%
Accrued Expenses $1.148M $1.132M $3.016M
YoY Change -62.3% -62.47% 55.54%
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 $1.435M $2.283M $4.362M
YoY Change -59.14% -47.66% 34.22%
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 $1.435M $2.283M $4.362M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $1.435M $2.283M $4.362M
YoY Change -59.14% -47.66% 34.22%
SHAREHOLDERS EQUITY
Retained Earnings -$189.8M -$185.7M -$168.9M
YoY Change 9.27% 9.95% 14.86%
Common Stock $41.00K $38.00K $35.00K
YoY Change 17.14% 8.57% 25.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $8.052M $925.0K $7.912M
YoY Change
Total Liabilities & Shareholders Equity $11.21M $4.931M $14.00M
YoY Change 20.16% -64.77% -38.58%

Cashflow Statement

Concept 2018 Q2 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income -$3.840M -$4.258M -$4.937M
YoY Change -14.82% -13.75% -27.4%
Depreciation, Depletion And Amortization $0.00 $1.000K
YoY Change -100.0% 0.0%
Cash From Operating Activities -$3.080M -$3.516M -$3.860M
YoY Change -38.52% -8.91% 10.6%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $4.451M $2.145M
YoY Change 107.51%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 9.590M 4.451M 2.150M
YoY Change 1897.92% 107.02%
NET CHANGE
Cash From Operating Activities -3.080M -3.516M -3.860M
Cash From Investing Activities
Cash From Financing Activities 9.590M 4.451M 2.150M
Net Change In Cash 6.510M 935.0K -1.710M
YoY Change -243.71% -154.68% -51.0%
FREE CASH FLOW
Cash From Operating Activities -$3.080M -$3.516M -$3.860M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
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CY2018Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
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CY2018Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2018
CY2018Q1 dei Document Type
DocumentType
10-Q
CY2018Q1 dei Entity Central Index Key
EntityCentralIndexKey
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CY2018Q1 us-gaap Basis Of Accounting
BasisOfAccounting
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> <b>1. Basis of Presentation</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> 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, skin diseases 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-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> The unaudited condensed consolidated financial statements as reported in this Quarterly Report on Form <font style="WHITE-SPACE: nowrap">10-Q</font> 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, 2018 and the results of its operations for the three months ended March&#xA0;31, 2018 and 2017 and its cash flows for the three months ended March&#xA0;31, 2018 and 2017. All adjustments made to the interim financial statements include all those of a normal and recurring nature. Amounts presented in the condensed consolidated balance sheet as of December&#xA0;31, 2017 are derived from the Company&#x2019;s audited consolidated financial statements as of that date, but do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. 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 that 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 <font style="WHITE-SPACE: nowrap">10-K</font> for the year ended December&#xA0;31, 2017.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> 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, 2018, the Company had $4.0&#xA0;million of unrestricted cash and cash equivalents available to fund future operations. The Company believes there is sufficient cash, including availability of the line of credit (discussed in Note 3 below), to fund currently planned operations at least through March&#xA0;31, 2019. 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-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> 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">&#x201C;Pro-Pharmaceuticals,</font> Inc.,&#x201D; and changed its name to &#x201C;Galectin Therapeutics Inc.&#x201D; on May&#xA0;26, 2011.</p> </div>
CY2018Q1 dei Current Fiscal Year End Date
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CY2018Q1 dei Document Period End Date
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2018-03-31
CY2018Q1 dei Entity Filer Category
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Smaller Reporting Company
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CY2018Q1 dei Entity Registrant Name
EntityRegistrantName
GALECTIN THERAPEUTICS INC
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CY2018Q1 galt Supplemental Dividends On Convertible Preferred Stock
SupplementalDividendsOnConvertiblePreferredStock
353000

Files In Submission

Name View Source Status
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