$GLTO
Galecto, Inc.

2023 Q1 Form 10-K Financial Statement

#000095017023006807 Filed on March 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.130M $2.755M $13.00M
YoY Change -15.5% -17.83% -5.37%
% of Gross Profit
Research & Development $10.36M $10.77M $48.21M
YoY Change -21.71% 6.48% 25.25%
% of Gross Profit
Depreciation & Amortization $18.00K $21.00K $42.00K
YoY Change 125.0% 200.0% 110.0%
% of Gross Profit
Operating Expenses $13.49M $13.53M $61.21M
YoY Change -20.35% 0.42% 59.03%
Operating Profit -$13.49M -$61.21M
YoY Change -20.35% 17.19%
Interest Expense $498.0K -$544.0K -$417.0K
YoY Change 49700.0% -1022.03% -187.79%
% of Operating Profit
Other Income/Expense, Net $498.0K -$417.0K
YoY Change 49700.0% -187.79%
Pretax Income -$12.99M -$14.07M -$61.62M
YoY Change -23.28% 4.92% 19.08%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$12.99M -$14.07M -$61.62M
YoY Change -23.28% 4.92% 19.08%
Net Earnings / Revenue
Basic Earnings Per Share -$0.51 -$2.43
Diluted Earnings Per Share -$0.51 -$0.55 -$2.43
COMMON SHARES
Basic Shares Outstanding 25.67M 25.58M 25.41M
Diluted Shares Outstanding 25.67M 25.41M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $53.25M $60.22M $60.22M
YoY Change -43.11% -39.89% -39.89%
Cash & Equivalents $25.07M $32.79M $32.79M
Short-Term Investments $28.18M $27.44M $27.44M
Other Short-Term Assets $721.0K $857.0K $857.0K
YoY Change -51.25% -58.44% -58.44%
Inventory
Prepaid Expenses
Receivables $1.938M $1.450M $1.450M
Other Receivables $1.222M $1.379M $1.379M
Total Short-Term Assets $57.10M $63.90M $63.91M
YoY Change -41.13% -41.96% -41.95%
LONG-TERM ASSETS
Property, Plant & Equipment $345.0K $357.0K $1.167M
YoY Change 44.96% 75.86% 12.54%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $3.964M $5.832M $5.832M
YoY Change -51.42% -35.54% -35.54%
Other Assets $2.489M $2.279M $2.279M
YoY Change -11.04% 12.38% 12.38%
Total Long-Term Assets $7.530M $9.288M $9.278M
YoY Change -36.88% -23.33% -23.4%
TOTAL ASSETS
Total Short-Term Assets $57.10M $63.90M $63.91M
Total Long-Term Assets $7.530M $9.288M $9.278M
Total Assets $64.63M $73.19M $73.19M
YoY Change -40.67% -40.12% -40.12%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.550M $3.350M $3.350M
YoY Change 10.42% 118.81% 118.81%
Accrued Expenses $10.51M $7.757M $1.073M
YoY Change 162.89% 157.45% 7.3%
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 $14.10M $11.10M $11.11M
YoY Change 95.83% 146.67% 144.43%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $234.0K $328.0K $328.0K
YoY Change -41.79% -26.79% -26.79%
Total Long-Term Liabilities $234.0K $328.0K $328.0K
YoY Change -41.79% -26.79% -26.79%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.10M $11.10M $11.11M
Total Long-Term Liabilities $234.0K $328.0K $328.0K
Total Liabilities $14.30M $11.44M $11.44M
YoY Change 87.72% 129.07% 129.07%
SHAREHOLDERS EQUITY
Retained Earnings -$230.7M -$217.7M
YoY Change 33.28% 39.45%
Common Stock $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $50.33M $61.75M $61.75M
YoY Change
Total Liabilities & Shareholders Equity $64.63M $73.19M $73.19M
YoY Change -40.67% -40.12% -40.12%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$12.99M -$14.07M -$61.62M
YoY Change -23.28% 4.92% 19.08%
Depreciation, Depletion And Amortization $18.00K $21.00K $42.00K
YoY Change 125.0% 200.0% 110.0%
Cash From Operating Activities -$9.134M -$11.45M -$42.93M
YoY Change 34.38% -35.79% -17.92%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $41.00K $196.0K
YoY Change -100.0% 925.0% -12.11%
Acquisitions
YoY Change
Other Investing Activities $1.374M $14.37M $12.58M
YoY Change -113.52% -0.26% -126.3%
Cash From Investing Activities $1.374M $14.33M $12.38M
YoY Change -113.46% -0.57% -125.77%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $507.0K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 23.00K 65.00K 507.0K
YoY Change
NET CHANGE
Cash From Operating Activities -9.134M -11.45M -42.93M
Cash From Investing Activities 1.374M 14.33M 12.38M
Cash From Financing Activities 23.00K 65.00K 507.0K
Net Change In Cash -7.737M 2.947M -30.04M
YoY Change -54.5% -186.25% -70.07%
FREE CASH FLOW
Cash From Operating Activities -$9.134M -$11.45M -$42.93M
Capital Expenditures $0.00 $41.00K $196.0K
Free Cash Flow -$9.134M -$11.49M -$43.13M
YoY Change 33.54% -35.57% -17.9%

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BasisOfAccounting
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Principles of consolidation</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The Company’s consolidated financial statements for 2022 and 2021</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> include Galecto, Inc. and its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p>
CY2022 us-gaap Use Of Estimates
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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Use of estimates</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of expenses during the reporting periods. The Company bases its estimates on historical experience and various other assumptions that management believes to be reasonable under the circumstances. Significant items subject to such estimates and assumptions include contract research accruals, accounting for stock-based compensation and valuation of the Company’s deferred tax assets. Changes in estimates are recorded in the period in which they become known. The Company’s actual results could differ from those estimates.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p>
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ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
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0.017
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CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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0.900
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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0
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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0.21
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0.210
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31022000
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8036000
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1191000
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544000
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274000
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53487000
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36435000
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CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
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36435000
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15000
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15000
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DeferredTaxAssetsValuationAllowance
36400000
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ValuationAllowanceDeferredTaxAssetChangeInAmount
17000000.0
CY2022 us-gaap Operating Loss Carryforwards Limitations On Use
OperatingLossCarryforwardsLimitationsOnUse
The Company also had NOLs in Denmark of $161.7 million which have an indefinite life. Federal and state NOLs and R&D credit and ODC carryforwards are also subject to annual limitations in the event that cumulative changes in the ownership interests of significant stockholders exceed 50% over a three-year period, as defined under Sections 382 and 383 of the Internal Revenue Code of 1986.
CY2022 us-gaap Net Income Loss
NetIncomeLoss
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CY2021 us-gaap Net Income Loss
NetIncomeLoss
-51752000
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25409123
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25409123
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WeightedAverageNumberOfSharesOutstandingBasic
25261832
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25261832
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EarningsPerShareBasic
-2.43
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EarningsPerShareDiluted
-2.43
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EarningsPerShareBasic
-2.05
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-2.05
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100000
CY2022 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
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100000
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RelatedPartyTransactionAmountsOfTransaction
0
CY2021 us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
0

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