$GALT
GALECTIN THERAPEUTICS INC

2020 Q2 Form 10-Q Financial Statement

#000119312520138168 Filed on May 11, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2020 Q1 2019 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 $1.420M $1.440M $1.390M
YoY Change -5.33% -16.28% -22.35%
% of Gross Profit
Research & Development $4.680M $2.144M $3.800M
YoY Change 207.49% 231.89% 219.33%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $6.100M $3.584M $5.190M
YoY Change 101.99% 51.42% 73.58%
Operating Profit -$3.584M
YoY Change 51.42%
Interest Expense -$10.00K $22.00K $50.00K
YoY Change -147.62% 0.0% -171.43%
% of Operating Profit
Other Income/Expense, Net $28.00K
YoY Change -450.0%
Pretax Income -$6.110M -$3.560M -$5.140M
YoY Change 103.67% 49.58% 68.52%
Income Tax
% Of Pretax Income
Net Earnings -$6.110M -$3.556M -$5.140M
YoY Change 103.8% 49.73% 68.52%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$107.1K -$62.50K -$121.0K
COMMON SHARES
Basic Shares Outstanding 57.03M 57.03M 56.89M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q2 2020 Q1 2019 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $40.77M $43.33M $47.48M
YoY Change -21.66% 521.66% 475.52%
Cash & Equivalents $40.77M $43.33M $47.48M
Short-Term Investments
Other Short-Term Assets $350.0K $560.0K $730.0K
YoY Change -46.15% 9.8% 25.86%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $41.12M $43.88M $48.21M
YoY Change -21.97% 486.45% 445.84%
LONG-TERM ASSETS
Property, Plant & Equipment $70.00K $80.00K $0.00
YoY Change -30.0% -27.27%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $130.0K $227.0K $258.0K
YoY Change -58.99% -34.58% 48.28%
Total Long-Term Assets $200.0K $227.0K $258.0K
YoY Change -36.91% -34.58% 48.28%
TOTAL ASSETS
Total Short-Term Assets $41.12M $43.88M $48.21M
Total Long-Term Assets $200.0K $227.0K $258.0K
Total Assets $41.32M $44.11M $48.47M
YoY Change -22.06% 463.36% 438.16%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $210.0K $660.0K $1.661M
YoY Change -46.97% 47.32% 459.26%
Accrued Expenses $4.000M $656.0K $1.093M
YoY Change 366.74% 42.92% -27.71%
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 $4.280M $1.316M $2.820M
YoY Change 224.49% 45.09% 33.78%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $30.00K $42.00K $52.00K
YoY Change -58.33% -48.15%
Total Long-Term Liabilities $30.00K $42.00K $52.00K
YoY Change -58.33% -48.15%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.280M $1.316M $2.820M
Total Long-Term Liabilities $30.00K $42.00K $52.00K
Total Liabilities $4.310M $1.358M $2.872M
YoY Change 209.85% 37.45% 36.24%
SHAREHOLDERS EQUITY
Retained Earnings -$219.9M -$216.4M
YoY Change 7.13% 10.28%
Common Stock $56.00K $56.00K
YoY Change 24.44% 36.59%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $37.01M $41.03M $43.87M
YoY Change
Total Liabilities & Shareholders Equity $41.32M $44.11M $48.47M
YoY Change -22.06% 463.36% 438.16%

Cashflow Statement

Concept 2020 Q2 2020 Q1 2019 Q4
OPERATING ACTIVITIES
Net Income -$6.110M -$3.556M -$5.140M
YoY Change 103.8% 49.73% 68.52%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$2.610M -$4.371M -$3.760M
YoY Change 12.02% 33.1% 87.06%
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 $219.0K
YoY Change -89.07%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 40.00K 219.0K 910.0K
YoY Change -99.92% -89.07% 658.33%
NET CHANGE
Cash From Operating Activities -2.610M -4.371M -3.760M
Cash From Investing Activities
Cash From Financing Activities 40.00K 219.0K 910.0K
Net Change In Cash -2.570M -4.152M -2.850M
YoY Change -105.7% 224.12% 50.79%
FREE CASH FLOW
Cash From Operating Activities -$2.610M -$4.371M -$3.760M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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GALECTIN THERAPEUTICS INC
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<div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; 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="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Galectin Therapeutics Inc. and subsidiaries (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 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 March&#160;31, 2020 and the results of its operations for the three months ended March&#160;31, 2020 and 2019 and its cash flows for the three months ended March&#160;31, 2020 and 2019. 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, 2019 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, 2019.</div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">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 March&#160;31, 2020, the Company had $43,328,000 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 September&#160;30, 2021. We will require more cash to fund our operations after September&#160;30, 2021 and believe we will be able to obtain additional financing. The currently planned operations include costs related to a planned adaptively designed Phase 2b/3 clinical trial. While the costs of the trial and general overhead during the first stage of the trial are currently estimated to be approximately $125&#160;million, the costs and timing of such trial is not yet finalized. These costs will require additional funding. However, there can be no assurance that we will be successful in obtaining such new financing or, if available, that such financing will be on terms favorable to us. If we are unsuccessful in raising additional capital to fund operations before September&#160;30, 2021, we may be required to cease operations. 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><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
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CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
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CY2019Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
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CY2020Q1 us-gaap Interest Expense Debt
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CY2019Q1 galt Non Cash Expense Related To Extension Of Warrants
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CY2019Q1 galt Number Of Warrants Issued
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3579642
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CY2019Q1 galt Lease Deposits
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CY2020Q1 us-gaap Lessee Operating Lease Discount Rate
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395000
CY2020Q1 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2019Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies

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