$GALT
GALECTIN THERAPEUTICS INC

2018 Q4 Form 10-Q Financial Statement

#000119312518324862 Filed on November 13, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 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 $1.790M $1.180M $910.0K
YoY Change 30.66% 29.67% -27.2%
% of Gross Profit
Research & Development $1.190M $1.505M $3.503M
YoY Change 19.0% -57.04% 6.51%
% of Gross Profit
Depreciation & Amortization $0.00 $0.00
YoY Change -100.0%
% of Gross Profit
Operating Expenses $2.990M $2.680M $4.414M
YoY Change 26.16% -39.28% -2.71%
Operating Profit -$2.680M -$4.414M
YoY Change -39.28% -2.71%
Interest Expense -$70.00K $87.00K $10.00K
YoY Change 600.0% 770.0% 0.0%
% of Operating Profit
Other Income/Expense, Net -$72.00K $6.000K
YoY Change -1300.0% -45.45%
Pretax Income -$3.050M -$2.750M -$4.410M
YoY Change 28.15% -37.64% -2.65%
Income Tax
% Of Pretax Income
Net Earnings -$3.050M -$2.752M -$4.408M
YoY Change 28.15% -37.57% -2.61%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$74.05K -$67.20K -$125.4K
COMMON SHARES
Basic Shares Outstanding 41.14M shares 40.91M shares 35.05M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.250M $10.14M $6.960M
YoY Change 170.49% 45.69% -56.66%
Cash & Equivalents $8.253M $10.14M $6.958M
Short-Term Investments
Other Short-Term Assets $580.0K $390.0K $50.00K
YoY Change -24.68% 680.0% 0.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $8.832M $10.53M $7.011M
YoY Change 131.26% 50.19% -56.49%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00
YoY Change
Goodwill
YoY Change
Intangibles $0.00
YoY Change
Long-Term Investments
YoY Change
Other Assets $174.0K $86.00K
YoY Change -49.12%
Total Long-Term Assets $174.0K $86.00K $0.00
YoY Change -49.12% -100.0%
TOTAL ASSETS
Total Short-Term Assets $8.832M $10.53M $7.011M
Total Long-Term Assets $174.0K $86.00K $0.00
Total Assets $9.006M $10.62M $7.011M
YoY Change 116.44% 51.42% -56.49%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $297.0K $171.0K $166.0K
YoY Change -51.15% 3.01% -74.54%
Accrued Expenses $1.512M $1.475M $4.175M
YoY Change -34.03% -64.67% 21.54%
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 $2.108M $1.646M $4.341M
YoY Change -28.98% -62.08% 6.21%
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 $2.108M $1.646M $4.341M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $2.108M $1.646M $4.341M
YoY Change -28.98% -62.08% 6.21%
SHAREHOLDERS EQUITY
Retained Earnings -$196.2M -$192.9M -$178.4M
YoY Change 8.31% 8.12% 12.53%
Common Stock $41.00K $41.00K $36.00K
YoY Change 13.89% 13.89% 24.14%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.175M $7.245M $947.0K
YoY Change
Total Liabilities & Shareholders Equity $9.006M $10.62M $7.011M
YoY Change 116.44% 51.42% -56.49%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income -$3.050M -$2.752M -$4.408M
YoY Change 28.15% -37.57% -2.61%
Depreciation, Depletion And Amortization $0.00 $0.00
YoY Change -100.0%
Cash From Operating Activities -$2.010M -$1.570M -$3.120M
YoY Change -48.46% -49.68% -9.3%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $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 120.0K 1.220M 950.0K
YoY Change 28.42% -36.67%
NET CHANGE
Cash From Operating Activities -2.010M -1.570M -3.120M
Cash From Investing Activities 0.000
Cash From Financing Activities 120.0K 1.220M 950.0K
Net Change In Cash -1.890M -350.0K -2.170M
YoY Change -51.54% -83.87% 11.86%
FREE CASH FLOW
Cash From Operating Activities -$2.010M -$1.570M -$3.120M
Capital Expenditures $0.00
Free Cash Flow -$2.010M
YoY Change -48.46%

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<div> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <b>1. Basis of Presentation</b></p> <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, 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 functions. 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 <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 September&#xA0;30, 2018 and the results of its operations for the three and nine months ended September&#xA0;30, 2018 and 2017 and its cash flows for the nine months ended September&#xA0;30, 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-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, 2018, the Company had $10.1&#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 September&#xA0;30, 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-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 <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>
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ResearchAndDevelopmentExpense
1505000
CY2018Q3 us-gaap Share Based Compensation
ShareBasedCompensation
663000
CY2018Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
40921000 shares

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0001193125-18-324862.txt Edgar Link pending
0001193125-18-324862-xbrl.zip Edgar Link pending
d619105d10q.htm Edgar Link pending
d619105dex311.htm Edgar Link pending
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FilingSummary.xml Edgar Link unprocessable
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galt-20180930_def.xml Edgar Link unprocessable
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galt-20180930_pre.xml Edgar Link unprocessable
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