$GLTO
Galecto, Inc.

2022 Q2 Form 10-Q Financial Statement

#000095017022006612 Filed on April 29, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2022 Q1 2021 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 $3.414M $3.704M $3.560M
YoY Change -6.03% 4.04% 217.86%
% of Gross Profit
Research & Development $13.71M $13.24M $9.990M
YoY Change 58.74% 32.48% 112.1%
% of Gross Profit
Depreciation & Amortization $7.000K $8.000K $2.000K
YoY Change 250.0% 300.0%
% of Gross Profit
Operating Expenses $17.12M $16.94M $13.55M
YoY Change 39.56% 24.99% 132.45%
Operating Profit -$17.12M -$16.94M -$13.55M
YoY Change 39.56% 24.99% 132.45%
Interest Expense $234.0K $1.000K $210.0K
YoY Change -788.24% -99.52% 31.25%
% of Operating Profit
Other Income/Expense, Net $234.0K $1.000K $207.0K
YoY Change -788.24% -99.52% 32.69%
Pretax Income -$16.89M -$16.94M -$13.35M
YoY Change 37.27% 26.88% 135.45%
Income Tax
% Of Pretax Income
Net Earnings -$16.89M -$16.94M -$13.35M
YoY Change 37.27% 26.92% 135.2%
Net Earnings / Revenue
Basic Earnings Per Share -$0.67 -$0.67
Diluted Earnings Per Share -$668.3K -$670.5K -$528.5K
COMMON SHARES
Basic Shares Outstanding 25.26M 25.26M 25.26M
Diluted Shares Outstanding 25.27M 25.26M

Balance Sheet

Concept 2022 Q2 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $79.03M $93.60M $110.3M
YoY Change -22.38% -15.17%
Cash & Equivalents $29.80M $45.39M $74.25M
Short-Term Investments $49.23M $48.21M $36.08M
Other Short-Term Assets $962.0K $1.479M $1.600M
YoY Change 5.6% -7.56%
Inventory
Prepaid Expenses
Receivables $1.068M $785.0K $3.800M
Other Receivables $1.146M $1.170M $1.200M
Total Short-Term Assets $82.20M $97.00M $116.9M
YoY Change -23.68% -17.02%
LONG-TERM ASSETS
Property, Plant & Equipment $205.0K $238.0K $1.000M
YoY Change 16.48% -76.2%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $6.888M $8.160M $38.60M
YoY Change -80.79% -78.86%
Other Assets $3.009M $2.798M $1.116M
YoY Change 167.23% 150.72%
Total Long-Term Assets $10.66M $11.93M $41.80M
YoY Change -72.76% -71.46%
TOTAL ASSETS
Total Short-Term Assets $82.20M $97.00M $116.9M
Total Long-Term Assets $10.66M $11.93M $41.80M
Total Assets $92.86M $108.9M $158.7M
YoY Change -36.75% -31.36%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.815M $3.215M $1.800M
YoY Change 77.6% 78.61%
Accrued Expenses $4.673M $3.999M $3.758M
YoY Change 47.41% 6.41%
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 $7.500M $7.200M $5.500M
YoY Change 56.25% 30.91%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $305.0K $402.0K $500.0K
YoY Change -51.97% -19.6%
Total Long-Term Liabilities $305.0K $402.0K $500.0K
YoY Change -51.97% -19.6%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.500M $7.200M $5.500M
Total Long-Term Liabilities $305.0K $402.0K $500.0K
Total Liabilities $7.793M $7.616M $6.100M
YoY Change 44.58% 24.85%
SHAREHOLDERS EQUITY
Retained Earnings -$189.9M -$173.1M
YoY Change 46.08%
Common Stock $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $85.07M $101.3M $152.6M
YoY Change
Total Liabilities & Shareholders Equity $92.86M $108.9M $158.7M
YoY Change -36.75% -31.36%

Cashflow Statement

Concept 2022 Q2 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$16.89M -$16.94M -$13.35M
YoY Change 37.27% 26.92% 135.2%
Depreciation, Depletion And Amortization $7.000K $8.000K $2.000K
YoY Change 250.0% 300.0%
Cash From Operating Activities -$14.84M -$6.797M -$14.15M
YoY Change 32.86% -51.97% 77.38%
INVESTING ACTIVITIES
Capital Expenditures $26.00K $43.00K $65.00K
YoY Change -123.64% -33.85%
Acquisitions
YoY Change
Other Investing Activities -$77.00K -$10.16M -$74.57M
YoY Change -101.47% -86.37%
Cash From Investing Activities -$51.00K -$10.21M -$74.63M
YoY Change -101.0% -86.32%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 18.00K 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -14.84M -6.797M -14.15M
Cash From Investing Activities -51.00K -10.21M -74.63M
Cash From Financing Activities 18.00K 0.000
Net Change In Cash -14.87M -17.00M -88.78M
YoY Change 145.96% -80.85% -380.16%
FREE CASH FLOW
Cash From Operating Activities -$14.84M -$6.797M -$14.15M
Capital Expenditures $26.00K $43.00K $65.00K
Free Cash Flow -$14.87M -$6.840M -$14.22M
YoY Change 34.41% -51.89% 78.19%

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IncomeTaxesPaidNet
38000
CY2021Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
161000
CY2022Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-173100000
CY2022Q1 us-gaap Profit Loss
ProfitLoss
-16900000
CY2021Q1 us-gaap Profit Loss
ProfitLoss
-13300000
CY2022Q1 us-gaap Investments And Cash
InvestmentsAndCash
101800000
CY2022Q1 us-gaap Assets Current
AssetsCurrent
97000000.0
CY2022Q1 us-gaap Liabilities Current
LiabilitiesCurrent
7200000
CY2021Q4 us-gaap Investments And Cash
InvestmentsAndCash
109200000
CY2021Q4 us-gaap Assets Current
AssetsCurrent
110100000
CY2021Q4 us-gaap Liabilities Current
LiabilitiesCurrent
4500000
CY2022Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
266000
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
223000
CY2022Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
28000
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
20000
CY2022Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
238000
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
203000
CY2022Q1 us-gaap Depreciation
Depreciation
8000
CY2021Q1 us-gaap Depreciation
Depreciation
2000
CY2022Q1 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
86925000
CY2021Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
96302000
CY2022Q1 us-gaap Prepaid Insurance
PrepaidInsurance
1228000
CY2021Q4 us-gaap Prepaid Insurance
PrepaidInsurance
1728000
CY2022Q1 glto Research And Development Tax Credit Receivable Current
ResearchAndDevelopmentTaxCreditReceivableCurrent
820000
CY2021Q4 glto Research And Development Tax Credit Receivable Current
ResearchAndDevelopmentTaxCreditReceivableCurrent
1682000
CY2022Q1 glto Contract Research And Development Cost Current
ContractResearchAndDevelopmentCostCurrent
785000
CY2021Q4 glto Contract Research And Development Cost Current
ContractResearchAndDevelopmentCostCurrent
5569000
CY2022Q1 us-gaap Value Added Tax Receivable Current
ValueAddedTaxReceivableCurrent
350000
CY2021Q4 us-gaap Value Added Tax Receivable Current
ValueAddedTaxReceivableCurrent
598000
CY2022Q1 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
251000
CY2021Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
334000
CY2022Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
3434000
CY2021Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
9911000
CY2022Q1 glto Operating Lease Rent Expense
OperatingLeaseRentExpense
100000
CY2021Q1 glto Operating Lease Rent Expense
OperatingLeaseRentExpense
100000
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
126000
CY2021Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
119000
CY2021Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
161000
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y3M18D
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
114000
CY2021Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
119000
CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y4M24D
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.08
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.08
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
316000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
265000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
199000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
17000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
797000
CY2022Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
71000
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
726000
CY2022Q1 glto Contract Research And Development Costs Current
ContractResearchAndDevelopmentCostsCurrent
2195000
CY2021Q4 glto Contract Research And Development Costs Current
ContractResearchAndDevelopmentCostsCurrent
1575000
CY2022Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1113000
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
601000
CY2022Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
324000
CY2021Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
399000
CY2022Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
367000
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
438000
CY2022Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
3999000
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
3013000
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3998728
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.51
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y3M18D
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
1357655
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1648750
CY2022Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
3.09
CY2022Q1 glto Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodIntrinsicValue
110313
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5647478
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.51
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y7M6D
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
340272
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
5343336
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
5.52
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P8Y10M24D
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
340272
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
1863013
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
5.36
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P7Y3M18D
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
217145
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1404000
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1031000
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.015
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.005
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y1M6D
CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y1M6D
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.902
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.905
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-16938000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-13345000
CY2022Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
25261832
CY2021Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
25261832
CY2022Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.67
CY2021Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.53

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