$GALT
GALECTIN THERAPEUTICS INC

2019 Q4 Form 10-Q Financial Statement

#000119312519289288 Filed on November 12, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2019 Q2
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.390M $1.360M $1.500M
YoY Change -22.35% 15.25% -34.21%
% of Gross Profit
Research & Development $3.800M $1.503M $1.522M
YoY Change 219.33% -0.13% 3.12%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $5.190M $2.863M $3.020M
YoY Change 73.58% 6.83% -19.66%
Operating Profit -$2.863M -$3.020M
YoY Change 6.83% -19.66%
Interest Expense $50.00K $22.00K $21.00K
YoY Change -171.43% -74.71% -75.29%
% of Operating Profit
Other Income/Expense, Net $79.00K $22.00K
YoY Change -209.72% -127.16%
Pretax Income -$5.140M -$2.780M -$3.000M
YoY Change 68.52% 1.09% -21.88%
Income Tax
% Of Pretax Income
Net Earnings -$5.140M -$2.784M -$2.998M
YoY Change 68.52% 1.16% -21.93%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$121.0K -$49.09K -$59.64K
COMMON SHARES
Basic Shares Outstanding 56.89M 56.63M 45.59M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q4 2019 Q3 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $47.48M $50.34M $52.04M
YoY Change 475.52% 396.45% 395.62%
Cash & Equivalents $47.48M $50.34M $52.04M
Short-Term Investments
Other Short-Term Assets $730.0K $140.0K $650.0K
YoY Change 25.86% -64.1% 20.37%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $48.21M $50.47M $52.70M
YoY Change 445.84% 379.33% 377.4%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00 $90.00K $100.0K
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $258.0K $287.0K $317.0K
YoY Change 48.28% 233.72% 84.3%
Total Long-Term Assets $258.0K $287.0K $317.0K
YoY Change 48.28% 233.72% 84.3%
TOTAL ASSETS
Total Short-Term Assets $48.21M $50.47M $52.70M
Total Long-Term Assets $258.0K $287.0K $317.0K
Total Assets $48.47M $50.76M $53.01M
YoY Change 438.16% 378.15% 372.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.661M $354.0K $396.0K
YoY Change 459.26% 107.02% 80.0%
Accrued Expenses $1.093M $862.0K $857.0K
YoY Change -27.71% -41.56% -25.35%
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 $2.820M $1.216M $1.319M
YoY Change 33.78% -26.12% -8.08%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $52.00K $62.00K $72.00K
YoY Change
Total Long-Term Liabilities $52.00K $62.00K $72.00K
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $2.820M $1.216M $1.319M
Total Long-Term Liabilities $52.00K $62.00K $72.00K
Total Liabilities $2.872M $1.278M $1.391M
YoY Change 36.24% -22.36% -3.07%
SHAREHOLDERS EQUITY
Retained Earnings -$216.4M -$211.2M -$208.4M
YoY Change 10.28% 9.5% 9.77%
Common Stock $56.00K $56.00K $56.00K
YoY Change 36.59% 36.59% 36.59%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $43.87M $47.76M $49.90M
YoY Change
Total Liabilities & Shareholders Equity $48.47M $50.76M $53.01M
YoY Change 438.16% 378.15% 372.9%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2019 Q2
OPERATING ACTIVITIES
Net Income -$5.140M -$2.784M -$2.998M
YoY Change 68.52% 1.16% -21.93%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$3.760M -$1.480M -$2.330M
YoY Change 87.06% -5.73% -24.35%
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
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 910.0K -230.0K 47.40M
YoY Change 658.33% -118.85% 394.26%
NET CHANGE
Cash From Operating Activities -3.760M -1.480M -2.330M
Cash From Investing Activities
Cash From Financing Activities 910.0K -230.0K 47.40M
Net Change In Cash -2.850M -1.710M 45.07M
YoY Change 50.79% 388.57% 592.32%
FREE CASH FLOW
Cash From Operating Activities -$3.760M -$1.480M -$2.330M
Capital Expenditures
Free Cash Flow
YoY Change

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dei Document Type
DocumentType
10-Q
dei Security12b Title
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Common Stock
dei Trading Symbol
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GALT
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GA
dei Entity Current Reporting Status
EntityCurrentReportingStatus
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dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2019
dei Document Fiscal Period Focus
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Q3
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
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EntityEmergingGrowthCompany
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us-gaap Basis Of Accounting
BasisOfAccounting
<div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; line-height: 12pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">1. Basis of Presentation </div></div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Galectin Therapeutics Inc. (the &#8220;Company&#8221;) 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&#8217;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="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">The unaudited condensed consolidated financial statements as reported in this Quarterly Report on Form <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">10-Q</div> reflect all adjustments which are, in the opinion of management, necessary to present fairly the financial position of the Company as of September&#160;30, 2019 and the results of its operations for the three and nine months ended September&#160;30, 2019 and 2018 and its cash flows for the nine months ended September&#160;30, 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&#160;31, 2018 are derived from the Company&#8217;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 <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">10-K</div> for the year ended December&#160;31, 2018.</div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="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 September&#160;30, 2019, the Company had $50.3&#160;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 (see Note 3), to fund currently planned operations at least through December&#160;31, 2020. We expect that we will require more cash to fund our operations after December&#160;31, 2020 and believe we will be able to obtain additional financing. The currently planned operations include estimated costs related to a planned&#160;clinical trial<div style="display:inline;">,</div> through December&#160;31, 2020. </div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The</div>&#160;costs of the trial and general overhead during&#160;<div style="letter-spacing: 0px; top: 0px;;display:inline;">its&#160;next&#160;planned&#160;clinical</div>&#160;trial are&#160;</div><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">estimated</div><div style="letter-spacing: 0px; top: 0px;;display:inline;"> to be approximately $100&#160;<div style="letter-spacing: 0px; top: 0px;;display:inline;">to&#160;$115&#160;</div>million<div style="letter-spacing: 0px; top: 0px;;display:inline;">;&#160;however</div>, the costs and timing of such trial <div style="letter-spacing: 0px; top: 0px;;display:inline;">are</div> not yet completely finalized. These costs will require additional funding. There can be no assurance that we will be successful in obtaining financing to support our operations beyond December&#160;31, 2020 or, if available, that any such financing will be on terms acceptable to us. 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="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">The Company was founded in July 2000, was incorporated in the State of Nevada in January 2001 under the name <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">&#8220;Pro-Pharmaceuticals,</div> Inc.,&#8221; and changed its name to &#8220;Galectin Therapeutics Inc.&#8221; on May&#160;26, 2011.</div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="text-decoration:underline;display:inline;">Recently Adopted Accounting Standards</div> </div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;">The Financial Accounting Standards Board (the &#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">No.&#160;2016-02,</div> <div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Leases (Topic 842), </div>amended by ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">2018-11,</div> <div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Leases</div> <div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(Topic 842): Targeted Improvements</div>. 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.&#160;We adopted this standard using a modified retrospective transition approach on January&#160;1, 2019 however we only have one lease related to our office space and it was amended effective January&#160;1, 2019. Therefore, no cumulative-effect adjustment approach was required. See Note 11 for the financial position impact and additional disclosures.</div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
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