2019 Q2 Form 10-Q Financial Statement
#000119312519143642 Filed on May 10, 2019
Income Statement
| Concept | 2019 Q2 | 2019 Q1 | 2018 Q4 |
|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| Cost Of Revenue | |||
| YoY Change | |||
| Gross Profit | |||
| YoY Change | |||
| Gross Profit Margin | |||
| Selling, General & Admin | $1.500M | $1.720M | $1.790M |
| YoY Change | -34.21% | -8.51% | 30.66% |
| % of Gross Profit | |||
| Research & Development | $1.522M | $646.0K | $1.190M |
| YoY Change | 3.12% | -71.89% | 19.0% |
| % of Gross Profit | |||
| Depreciation & Amortization | $0.00 | ||
| YoY Change | |||
| % of Gross Profit | |||
| Operating Expenses | $3.020M | $2.367M | $2.990M |
| YoY Change | -19.66% | -43.35% | 26.16% |
| Operating Profit | -$3.020M | -$2.367M | |
| YoY Change | -19.66% | -43.35% | |
| Interest Expense | $21.00K | $22.00K | -$70.00K |
| YoY Change | -75.29% | -73.81% | 600.0% |
| % of Operating Profit | |||
| Other Income/Expense, Net | $22.00K | -$8.000K | |
| YoY Change | -127.16% | -90.0% | |
| Pretax Income | -$3.000M | -$2.380M | -$3.050M |
| YoY Change | -21.88% | -44.13% | 28.15% |
| Income Tax | |||
| % Of Pretax Income | |||
| Net Earnings | -$2.998M | -$2.375M | -$3.050M |
| YoY Change | -21.93% | -44.22% | 28.15% |
| Net Earnings / Revenue | |||
| Basic Earnings Per Share | |||
| Diluted Earnings Per Share | -$59.64K | -$52.91K | -$74.05K |
| COMMON SHARES | |||
| Basic Shares Outstanding | 45.59M | 45.55M | 41.14M shares |
| Diluted Shares Outstanding |
Balance Sheet
| Concept | 2019 Q2 | 2019 Q1 | 2018 Q4 |
|---|---|---|---|
| SHORT-TERM ASSETS | |||
| Cash & Short-Term Investments | $52.04M | $6.970M | $8.250M |
| YoY Change | 395.62% | 74.69% | 170.49% |
| Cash & Equivalents | $52.04M | $6.972M | $8.253M |
| Short-Term Investments | |||
| Other Short-Term Assets | $650.0K | $510.0K | $580.0K |
| YoY Change | 20.37% | -26.09% | -24.68% |
| Inventory | |||
| Prepaid Expenses | |||
| Receivables | |||
| Other Receivables | |||
| Total Short-Term Assets | $52.70M | $7.483M | $8.832M |
| YoY Change | 377.4% | 60.13% | 131.26% |
| LONG-TERM ASSETS | |||
| Property, Plant & Equipment | $100.0K | $110.0K | $0.00 |
| YoY Change | |||
| Goodwill | |||
| YoY Change | |||
| Intangibles | $0.00 | ||
| YoY Change | |||
| Long-Term Investments | |||
| YoY Change | |||
| Other Assets | $317.0K | $347.0K | $174.0K |
| YoY Change | 84.3% | 34.5% | -49.12% |
| Total Long-Term Assets | $317.0K | $347.0K | $174.0K |
| YoY Change | 84.3% | 34.5% | -49.12% |
| TOTAL ASSETS | |||
| Total Short-Term Assets | $52.70M | $7.483M | $8.832M |
| Total Long-Term Assets | $317.0K | $347.0K | $174.0K |
| Total Assets | $53.01M | $7.830M | $9.006M |
| YoY Change | 372.9% | 58.79% | 116.44% |
| SHORT-TERM LIABILITIES | |||
| YoY Change | |||
| Accounts Payable | $396.0K | $448.0K | $297.0K |
| YoY Change | 80.0% | -61.08% | -51.15% |
| Accrued Expenses | $857.0K | $459.0K | $1.512M |
| YoY Change | -25.35% | -59.45% | -34.03% |
| 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 | $1.319M | $907.0K | $2.108M |
| YoY Change | -8.08% | -60.27% | -28.98% |
| LONG-TERM LIABILITIES | |||
| Long-Term Debt | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| Other Long-Term Liabilities | $72.00K | $81.00K | $0.00 |
| YoY Change | |||
| Total Long-Term Liabilities | $72.00K | $81.00K | $0.00 |
| YoY Change | |||
| TOTAL LIABILITIES | |||
| Total Short-Term Liabilities | $1.319M | $907.0K | $2.108M |
| Total Long-Term Liabilities | $72.00K | $81.00K | $0.00 |
| Total Liabilities | $1.391M | $988.0K | $2.108M |
| YoY Change | -3.07% | -56.72% | -28.98% |
| SHAREHOLDERS EQUITY | |||
| Retained Earnings | -$208.4M | -$205.3M | -$196.2M |
| YoY Change | 9.77% | 10.55% | 8.31% |
| Common Stock | $56.00K | $45.00K | $41.00K |
| YoY Change | 36.59% | 18.42% | 13.89% |
| Preferred Stock | |||
| YoY Change | |||
| Treasury Stock (at cost) | |||
| YoY Change | |||
| Treasury Stock Shares | |||
| Shareholders Equity | $49.90M | $5.119M | $5.175M |
| YoY Change | |||
| Total Liabilities & Shareholders Equity | $53.01M | $7.830M | $9.006M |
| YoY Change | 372.9% | 58.79% | 116.44% |
Cashflow Statement
| Concept | 2019 Q2 | 2019 Q1 | 2018 Q4 |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net Income | -$2.998M | -$2.375M | -$3.050M |
| YoY Change | -21.93% | -44.22% | 28.15% |
| Depreciation, Depletion And Amortization | $0.00 | ||
| YoY Change | |||
| Cash From Operating Activities | -$2.330M | -$3.284M | -$2.010M |
| YoY Change | -24.35% | -6.6% | -48.46% |
| 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 | $2.003M | ||
| YoY Change | -55.0% | ||
| Debt Paid & Issued, Net | |||
| YoY Change | |||
| Cash From Financing Activities | 47.40M | 2.003M | 120.0K |
| YoY Change | 394.26% | -55.0% | |
| NET CHANGE | |||
| Cash From Operating Activities | -2.330M | -3.284M | -2.010M |
| Cash From Investing Activities | 0.000 | ||
| Cash From Financing Activities | 47.40M | 2.003M | 120.0K |
| Net Change In Cash | 45.07M | -1.281M | -1.890M |
| YoY Change | 592.32% | -237.01% | -51.54% |
| FREE CASH FLOW | |||
| Cash From Operating Activities | -$2.330M | -$3.284M | -$2.010M |
| Capital Expenditures | $0.00 | ||
| Free Cash Flow | -$2.010M | ||
| YoY Change | -48.46% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2018Q4 | us-gaap |
Assets Current
AssetsCurrent
|
8832000 | |
| CY2019Q1 | us-gaap |
Liabilities
Liabilities
|
988000 | |
| CY2018Q4 | us-gaap |
Liabilities
Liabilities
|
2108000 | |
| CY2019Q1 | us-gaap |
Accounts Payable Current
AccountsPayableCurrent
|
448000 | |
| CY2018Q4 | us-gaap |
Accounts Payable Current
AccountsPayableCurrent
|
297000 | |
| CY2019Q1 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
347000 | |
| CY2018Q4 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
174000 | |
| CY2019Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
6972000 | |
| CY2018Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
8253000 | |
| CY2019Q1 | us-gaap |
Assets
Assets
|
7830000 | |
| CY2018Q4 | us-gaap |
Assets
Assets
|
9006000 | |
| CY2019Q1 | us-gaap |
Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
|
511000 | |
| CY2018Q4 | us-gaap |
Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
|
579000 | |
| CY2019Q1 | us-gaap |
Assets Current
AssetsCurrent
|
7483000 | |
| CY2019Q1 | us-gaap |
Dividends Payable Current
DividendsPayableCurrent
|
0 | |
| CY2018Q4 | us-gaap |
Dividends Payable Current
DividendsPayableCurrent
|
299000 | |
| CY2019Q1 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
907000 | |
| CY2018Q4 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
2108000 | |
| CY2019Q1 | galt |
Undesignated Capital Stock Value
UndesignatedCapitalStockValue
|
0 | |
| CY2018Q4 | galt |
Undesignated Capital Stock Value
UndesignatedCapitalStockValue
|
0 | |
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Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
7830000 | |
| CY2018Q4 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
9006000 | |
| CY2019Q1 | us-gaap |
Common Stock Value
CommonStockValue
|
45000 | |
| CY2018Q4 | us-gaap |
Common Stock Value
CommonStockValue
|
41000 | |
| CY2019Q1 | us-gaap |
Additional Paid In Capital
AdditionalPaidInCapital
|
209845000 | |
| CY2018Q4 | us-gaap |
Additional Paid In Capital
AdditionalPaidInCapital
|
194130000 | |
| CY2019Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
2003000 | |
| CY2019Q1 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-205308000 | |
| CY2018Q4 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-196215000 | |
| CY2019Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
5119000 | |
| CY2018Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
5175000 | |
| CY2019Q1 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
646000 | |
| CY2018Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
4451000 | |
| CY2018Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
|
0.0218 | |
| CY2018Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
1187000 | |
| CY2018Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
2713979 | |
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Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
4.67 | |
| CY2018Q1 | us-gaap |
Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
|
285000 | |
| CY2019Q1 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-9093000 | |
| CY2018Q1 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-4543000 | |
| CY2019Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-2375000 | |
| CY2018Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-4258000 | |
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Issuance Of Stock And Warrants For Services Or Claims
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|
0 | |
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Issuance Of Stock And Warrants For Services Or Claims
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|
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Paid In Kind Interest
PaidInKindInterest
|
22000 | |
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Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
4451000 | |
| CY2018Q1 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
2298000 | |
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General And Administrative Expense
GeneralAndAdministrativeExpense
|
1721000 | |
| CY2018Q1 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
1880000 | |
| CY2019Q1 | us-gaap |
Operating Expenses
OperatingExpenses
|
2367000 | |
| CY2018Q1 | us-gaap |
Operating Expenses
OperatingExpenses
|
4178000 | |
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Operating Income Loss
OperatingIncomeLoss
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-2367000 | |
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Operating Income Loss
OperatingIncomeLoss
|
-4178000 | |
| CY2019Q1 | us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
14000 | |
| CY2018Q1 | us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
4000 | |
| CY2019Q1 | us-gaap |
Interest Expense
InterestExpense
|
22000 | |
| CY2018Q1 | us-gaap |
Interest Expense
InterestExpense
|
84000 | |
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Nonoperating Income Expense
NonoperatingIncomeExpense
|
-8000 | |
| CY2018Q1 | us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
-80000 | |
| CY2019Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-2375000 | |
| CY2018Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-4258000 | |
| CY2019Q1 | us-gaap |
Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
|
96000 | |
| CY2018Q1 | us-gaap |
Paid In Kind Interest
PaidInKindInterest
|
84000 | |
| CY2019Q1 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
137000 | |
| CY2018Q1 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
-81000 | |
| CY2019Q1 | us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
-821000 | |
| CY2018Q1 | us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
-617000 | |
| CY2019Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-3284000 | |
| CY2018Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-3516000 | |
| CY2019Q1 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
2003000 | |
| CY2019Q1 | us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
-1281000 | |
| CY2018Q1 | us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
935000 | |
| CY2018Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
8253000 | |
| CY2017Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
3053000 | |
| CY2018Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
3988000 | |
| CY2019Q1 | galt |
Supplemental Dividends On Convertible Preferred Stock
SupplementalDividendsOnConvertiblePreferredStock
|
0 | |
| CY2018Q1 | galt |
Supplemental Dividends On Convertible Preferred Stock
SupplementalDividendsOnConvertiblePreferredStock
|
353000 | |
| CY2019Q1 | us-gaap |
Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
|
30000 | |
| CY2018Q4 | us-gaap |
Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
|
45000 | |
| CY2019Q1 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
392000 | |
| CY2019Q1 | galt |
Expected Costs Of Trail And General Overhead
ExpectedCostsOfTrailAndGeneralOverhead
|
100000000 | |
| CY2018Q4 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
1294000 | |
| CY2019Q1 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
459000 | |
| CY2018Q4 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
1512000 | |
| CY2019Q1 | us-gaap |
Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
|
500000 | |
| CY2019Q1 | galt |
Issuance Of Warrants Value
IssuanceOfWarrantsValue
|
696000 | |
| CY2019Q1 | us-gaap |
Interest Expense Debt
InterestExpenseDebt
|
22000 | |
| CY2018Q1 | us-gaap |
Interest Expense Debt
InterestExpenseDebt
|
84000 | |
| CY2019Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
412000 | |
| CY2019Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
|
530000 | |
| CY2019Q1 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
|
4.72 | |
| CY2019Q1 | us-gaap |
Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
|
133837 | |
| CY2019Q1 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
|
3.77 | |
| CY2019Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
|
39098 | |
| CY2019Q1 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
|
1.96 | |
| CY2019Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
3071044 | |
| CY2019Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
4.84 | |
| CY2019Q1 | us-gaap |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
|
1699000 | |
| CY2019Q1 | us-gaap |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
|
P1Y3M3D | |
| CY2019Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
|
3.83 | |
| CY2019Q1 | us-gaap |
Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
|
81000 | |
| CY2019Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
|
P0Y | |
| CY2018Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
|
P0Y | |
| CY2019Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
|
1.04 | |
| CY2019Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
|
0.0268 | |
| CY2018Q4 | us-gaap |
Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
|
0 | |
| CY2019Q1 | galt |
Non Cash Expense Related To Extension Of Warrants
NonCashExpenseRelatedToExtensionOfWarrants
|
6622000 | |
| CY2018Q1 | galt |
Non Cash Expense Related To Extension Of Warrants
NonCashExpenseRelatedToExtensionOfWarrants
|
0 | |
| CY2019Q1 | us-gaap |
Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
|
395000 | |
| CY2018Q1 | us-gaap |
Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
|
0 | |
| CY2019Q1 | us-gaap |
Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
|
10000 | |
| CY2018Q1 | us-gaap |
Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
|
0 | |
| CY2019Q1 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
44975000 | |
| CY2018Q1 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
37284000 | |
| CY2019Q1 | galt |
Accrued And Other Liabilities Current
AccruedAndOtherLiabilitiesCurrent
|
459000 | |
| CY2018Q4 | galt |
Accrued And Other Liabilities Current
AccruedAndOtherLiabilitiesCurrent
|
1512000 | |
| CY2018Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
|
1.03 | |
| CY2019Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
|
0.0 | |
| CY2018Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
|
0.0 | |
| CY2019Q1 | galt |
Undesignated Capital Stock Par Value
UndesignatedCapitalStockParValue
|
0.01 | |
| CY2019Q1 | galt |
Undesignated Capital Stock Shares Authorized
UndesignatedCapitalStockSharesAuthorized
|
20000000 | |
| CY2019Q1 | galt |
Undesignated Capital Stock Shares Outstanding
UndesignatedCapitalStockSharesOutstanding
|
20000000 | |
| CY2018Q4 | galt |
Undesignated Capital Stock Par Value
UndesignatedCapitalStockParValue
|
0.01 | |
| CY2018Q4 | galt |
Undesignated Capital Stock Shares Authorized
UndesignatedCapitalStockSharesAuthorized
|
20000000 | |
| CY2018Q4 | galt |
Undesignated Capital Stock Shares Outstanding
UndesignatedCapitalStockSharesOutstanding
|
20000000 | |
| CY2019Q1 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.001 | |
| CY2019Q1 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
100000000 | |
| CY2019Q1 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
45594411 | |
| CY2018Q4 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
41190905 | |
| CY2018Q4 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.001 | |
| CY2018Q4 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
100000000 | |
| CY2019Q1 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
45594411 | |
| CY2018Q4 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
41190905 | |
| CY2019Q1 | us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
0.20 | |
| CY2018Q1 | us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
0.12 | |
| CY2019Q1 | us-gaap |
Basis Of Accounting
BasisOfAccounting
|
<div style="font-family: "times new roman", serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; background: none;"><div style="font-family: "times new roman", serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">1. Basis of Presentation </div></div></div><div style="font-family: "times new roman", serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.34in; background: none;"> </div><div style="font-family: "times new roman", serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.34in; background: none;"><div style="font-family: "times new roman", serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Galectin Therapeutics Inc. (the “Company”) 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’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. </div></div><div style="font-family: "times new roman", serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.34in; background: none;"> </div><div style="font-family: "times new roman", serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.34in; background: none;"><div style="font-family: "times new roman", serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">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 31, 2019 and the results of its operations for the three months ended March 31, 2019 and 2018 and its cash flows for the three months ended March 31, 2019 and 2018. 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 31, 2018 are derived from the Company’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 10-K for the year ended December 31, 2018. </div></div><div style="font-family: "times new roman", serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.34in; background: none;"> </div><div style="font-family: "times new roman", serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.34in; background: none;"><div style="font-family: "times new roman", serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">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 31, 2019, the Company had $7.0 million of unrestricted cash and cash equivalents available to fund future operations. Additionally, the Company generated approximately $1.87 million in net proceeds via sale of common stock under its At Market Sales Agreement in January and February 2019 (see Note 8). The Company believes there is sufficient cash, including availability of the line of credit (see Note 3), to fund currently planned operations at least through June 30, 2020. We will require more cash to fund our operations after June 30, 2020 and believe we will be able to obtain additional financing. The currently planned operations do not include costs related to a planned Phase 3 clinical trial. While the costs of the trial and general overhead during the Phase 3 trial are expected to be approximately $100 million, the costs and timing of such trial is not yet finalized. These costs will require additional funding. The Company has commenced a Rights Offering to its common stockholders and certain warrant holders targeting a financing of $50 to $70 million, which is expected to conclude on May 23, 2019. However, there can be no assurance that we will be successful in completing the rights offering or obtaining other new financing or, if available, that any financing will be on terms favorable to us. The Company has not made commitments for its planned Phase 3 trial that cannot be covered with available cash. Accordingly, based on the forecasts and estimates underlying our current operating plan, the financial statements do not currently include any adjustments that might be necessary if we are unable to continue as a going concern. </div></div><div style="font-family: "times new roman", serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.34in; background: none;"> </div><div style="font-family: "times new roman", serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.34in; background: none;"><div style="font-family: "times new roman", serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Company was founded in July 2000, was incorporated in the State of Nevada in January 2001 under the name “Pro-Pharmaceuticals, Inc.,” and changed its name to “Galectin Therapeutics Inc.” on May 26, 2011. </div></div><div style="font-family: "times new roman", serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.34in; background: none;"> </div><div style="font-family: "times new roman", serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.34in; background: none;"><div style="font-family: "times new roman", serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="text-decoration:underline;display:inline;">Recently Adopted Accounting Standards</div></div><div style="font-family: "times new roman", serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: "times new roman", serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.34in; background: none;"> </div><div style="font-family: "times new roman", serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.34in; background: none;"><div style="font-family: "times new roman", serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, </div><div style="font-family: "times new roman", serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Leases (Topic 842), </div></div><div style="font-family: "times new roman", serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">amended by ASU 2018-11, </div><div style="font-family: "times new roman", serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Leases</div></div><div style="font-family: "times new roman", serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="font-family: "times new roman", serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(Topic 842): Targeted Improvements</div></div><div style="font-family: "times new roman", serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">. The new guidance requires a lessee to recognize assets and liabilities for all leases with lease terms of more than 12 months and provide additional disclosures. The ASU requires adoption using a modified retrospective transition approach with either 1) periods prior to the adoption date being recast or 2) a cumulative-effect adjustment recognized to the opening balance of retained earnings on the adoption date with prior periods not recast. We adopted this standard using a modified retrospective transition approach on January 1, 2019 however we only have one lease related to our office space and it was amended effective January 1, 2019. Therefore, no cumulative-effect adjustment approach was required. See Note 11 for the financial position impact and additional disclosures. </div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> | |
| CY2019Q1 | us-gaap |
Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
|
21000 | |
| CY2019Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
|
579375 | |
| CY2019Q1 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
115000 | |
| CY2019Q1 | us-gaap |
Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
|
33000 | |
| CY2019Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
|
47000 | |
| CY2019Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
|
48000 | |
| CY2019Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
|
8000 | |
| CY2019Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
|
136000 | |
| CY2019Q1 | us-gaap |
Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
|
P38M | |
| CY2019Q1 | galt |
Lease Deposits
LeaseDeposits
|
6000 | |
| CY2019Q1 | us-gaap |
Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
|
34000 | |
| CY2018Q4 | us-gaap |
Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
|
0 | |
| CY2019Q1 | us-gaap |
Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
|
0.1104 | |
| CY2019Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
|
530000 | |
| CY2019Q1 | us-gaap |
Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
|
3579642 | |
| CY2019Q1 | galt |
Number Of Warrants Issued
NumberOfWarrantsIssued
|
3579642 | |
| CY2019Q1 | galt |
Accrued Research And Development Costs And Other
AccruedResearchAndDevelopmentCostsAndOther
|
3000 | |
| CY2018 | galt |
Accrued Research And Development Costs And Other
AccruedResearchAndDevelopmentCostsAndOther
|
173000 | |
| CY2019Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
14004171 | |
| CY2018Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
21377008 | |
| CY2019Q2 | dei |
Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
|
45594411 | |
| CY2019Q1 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
||
| CY2018Q4 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
||
| CY2019Q1 | galt |
Non Cash Expense Related To Extension Of Warrants
NonCashExpenseRelatedToExtensionOfWarrants
|
6622000 | |
| CY2017Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-530000 | |
| CY2018Q1 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
1187000 | |
| CY2018Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
925000 | |
| CY2018Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
5175000 | |
| CY2019Q1 | us-gaap |
Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
|
1865000 | |
| CY2019Q1 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
412000 | |
| CY2019Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
5119000 | |
| CY2019Q1 | dei |
Document Type
DocumentType
|
10-Q | |
| CY2019Q1 | dei |
Amendment Flag
AmendmentFlag
|
false | |
| CY2019Q1 | dei |
Document Period End Date
DocumentPeriodEndDate
|
2019-03-31 | |
| CY2019Q1 | dei |
Document Fiscal Year Focus
DocumentFiscalYearFocus
|
2019 | |
| CY2019Q1 | dei |
Document Fiscal Period Focus
DocumentFiscalPeriodFocus
|
Q1 | |
| CY2019Q1 | dei |
Entity Registrant Name
EntityRegistrantName
|
GALECTIN THERAPEUTICS INC | |
| CY2019Q1 | dei |
Entity Central Index Key
EntityCentralIndexKey
|
0001133416 | |
| CY2019Q1 | dei |
Current Fiscal Year End Date
CurrentFiscalYearEndDate
|
--12-31 | |
| CY2019Q1 | dei |
Entity Filer Category
EntityFilerCategory
|
Accelerated Filer | |
| CY2019Q1 | dei |
Trading Symbol
TradingSymbol
|
GALT | |
| CY2019Q1 | dei |
Entity Emerging Growth Company
EntityEmergingGrowthCompany
|
false | |
| CY2019Q1 | dei |
Entity Small Business
EntitySmallBusiness
|
true |
