$GLTO
Galecto, Inc.

2023 Q2 Form 10-Q Financial Statement

#000095017023015461 Filed on April 28, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 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 $3.070M $3.130M $3.704M
YoY Change -10.08% -15.5% 4.04%
% of Gross Profit
Research & Development $8.089M $10.36M $13.24M
YoY Change -40.99% -21.71% 32.48%
% of Gross Profit
Depreciation & Amortization $17.00K $18.00K $8.000K
YoY Change 142.86% 125.0% 300.0%
% of Gross Profit
Operating Expenses $11.16M $13.49M $16.94M
YoY Change -34.82% -20.35% 24.99%
Operating Profit -$11.16M -$13.49M -$16.94M
YoY Change -34.82% -20.35% 24.99%
Interest Expense $415.0K $498.0K $1.000K
YoY Change 77.35% 49700.0% -99.52%
% of Operating Profit
Other Income/Expense, Net $415.0K $498.0K $1.000K
YoY Change 77.35% 49700.0% -99.52%
Pretax Income -$10.74M -$12.99M -$16.94M
YoY Change -36.38% -23.28% 26.88%
Income Tax
% Of Pretax Income
Net Earnings -$10.74M -$12.99M -$16.94M
YoY Change -36.38% -23.28% 26.92%
Net Earnings / Revenue
Basic Earnings Per Share -$0.41 -$0.51 -$0.67
Diluted Earnings Per Share -$0.41 -$0.51 -$670.5K
COMMON SHARES
Basic Shares Outstanding 25.67M 25.67M 25.26M
Diluted Shares Outstanding 26.38M 25.67M 25.26M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $52.12M $53.25M $93.60M
YoY Change -34.04% -43.11% -15.17%
Cash & Equivalents $22.96M $25.07M $45.39M
Short-Term Investments $29.17M $28.18M $48.21M
Other Short-Term Assets $493.0K $721.0K $1.479M
YoY Change -48.75% -51.25% -7.56%
Inventory
Prepaid Expenses
Receivables $1.553M $1.938M $785.0K
Other Receivables $1.192M $1.222M $1.170M
Total Short-Term Assets $55.36M $57.10M $97.00M
YoY Change -32.65% -41.13% -17.02%
LONG-TERM ASSETS
Property, Plant & Equipment $961.0K $345.0K $238.0K
YoY Change 368.78% 44.96% -76.2%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $3.964M $8.160M
YoY Change -100.0% -51.42% -78.86%
Other Assets $2.480M $2.489M $2.798M
YoY Change -17.58% -11.04% 150.72%
Total Long-Term Assets $3.441M $7.530M $11.93M
YoY Change -67.71% -36.88% -71.46%
TOTAL ASSETS
Total Short-Term Assets $55.36M $57.10M $97.00M
Total Long-Term Assets $3.441M $7.530M $11.93M
Total Assets $58.80M $64.63M $108.9M
YoY Change -36.67% -40.67% -31.36%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.557M $3.550M $3.215M
YoY Change 97.41% 10.42% 78.61%
Accrued Expenses $2.190M $10.51M $3.999M
YoY Change -53.14% 162.89% 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 $14.90M $14.10M $7.200M
YoY Change 98.63% 95.83% 30.91%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $206.0K $234.0K $402.0K
YoY Change -32.46% -41.79% -19.6%
Total Long-Term Liabilities $206.0K $234.0K $402.0K
YoY Change -32.46% -41.79% -19.6%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.90M $14.10M $7.200M
Total Long-Term Liabilities $206.0K $234.0K $402.0K
Total Liabilities $15.10M $14.30M $7.616M
YoY Change 93.8% 87.72% 24.85%
SHAREHOLDERS EQUITY
Retained Earnings -$241.5M -$230.7M -$173.1M
YoY Change 27.17% 33.28%
Common Stock $0.00 $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $43.70M $50.33M $101.3M
YoY Change
Total Liabilities & Shareholders Equity $58.80M $64.63M $108.9M
YoY Change -36.67% -40.67% -31.36%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$10.74M -$12.99M -$16.94M
YoY Change -36.38% -23.28% 26.92%
Depreciation, Depletion And Amortization $17.00K $18.00K $8.000K
YoY Change 142.86% 125.0% 300.0%
Cash From Operating Activities -$7.849M -$9.134M -$6.797M
YoY Change -47.11% 34.38% -51.97%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $43.00K
YoY Change -100.0% -100.0% -33.85%
Acquisitions
YoY Change
Other Investing Activities $3.091M $1.374M -$10.16M
YoY Change -4114.29% -113.52% -86.37%
Cash From Investing Activities $3.091M $1.374M -$10.21M
YoY Change -6160.78% -113.46% -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 2.682M 23.00K
YoY Change 14800.0%
NET CHANGE
Cash From Operating Activities -7.849M -9.134M -6.797M
Cash From Investing Activities 3.091M 1.374M -10.21M
Cash From Financing Activities 2.682M 23.00K
Net Change In Cash -2.076M -7.737M -17.00M
YoY Change -86.04% -54.5% -80.85%
FREE CASH FLOW
Cash From Operating Activities -$7.849M -$9.134M -$6.797M
Capital Expenditures $0.00 $0.00 $43.00K
Free Cash Flow -$7.849M -$9.134M -$6.840M
YoY Change -47.2% 33.54% -51.89%

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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
25068000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
45388000
CY2023Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-230700000
CY2023Q1 us-gaap Profit Loss
ProfitLoss
-13000000.0
CY2022Q1 us-gaap Profit Loss
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CY2023Q1 us-gaap Investments And Cash
InvestmentsAndCash
57200000
CY2023Q1 us-gaap Assets Current
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57100000
CY2023Q1 us-gaap Liabilities Current
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CY2022Q4 us-gaap Investments And Cash
InvestmentsAndCash
66100000
CY2022Q4 us-gaap Assets Current
AssetsCurrent
63900000
CY2022Q4 us-gaap Liabilities Current
LiabilitiesCurrent
11100000
CY2023Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
425000
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
419000
CY2023Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
80000
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
62000
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
345000
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
357000
CY2023Q1 us-gaap Depreciation
Depreciation
18000
CY2022Q1 us-gaap Depreciation
Depreciation
8000
CY2023Q1 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
49160000
CY2022Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
49715000
CY2023Q1 glto Contract Research And Development Costs Current
ContractResearchAndDevelopmentCostsCurrent
8394000
CY2022Q4 glto Contract Research And Development Costs Current
ContractResearchAndDevelopmentCostsCurrent
6145000
CY2023Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1121000
CY2023Q1 glto Contract Research And Development Cost Current
ContractResearchAndDevelopmentCostCurrent
1938000
CY2022Q4 glto Contract Research And Development Cost Current
ContractResearchAndDevelopmentCostCurrent
1450000
CY2023Q1 glto Research And Development Tax Credit Receivable Current
ResearchAndDevelopmentTaxCreditReceivableCurrent
804000
CY2022Q4 glto Research And Development Tax Credit Receivable Current
ResearchAndDevelopmentTaxCreditReceivableCurrent
792000
CY2023Q1 us-gaap Prepaid Insurance
PrepaidInsurance
560000
CY2022Q4 us-gaap Prepaid Insurance
PrepaidInsurance
805000
CY2023Q1 us-gaap Value Added Tax Receivable Current
ValueAddedTaxReceivableCurrent
418000
CY2022Q4 us-gaap Value Added Tax Receivable Current
ValueAddedTaxReceivableCurrent
587000
CY2023Q1 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
161000
CY2022Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
52000
CY2023Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
3881000
CY2022Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
3686000
CY2023Q1 glto Operating Lease Rent Expense
OperatingLeaseRentExpense
100000
CY2022Q1 glto Operating Lease Rent Expense
OperatingLeaseRentExpense
100000
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
137000
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
126000
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
148000
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
114000
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y7M6D
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y9M18D
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.08
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.08
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
384000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
299000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
52000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
735000
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
49000
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
686000
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
597000
CY2023Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
452000
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
476000
CY2023Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
546000
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
539000
CY2023Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
10513000
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
7757000
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5778885
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.43
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y10M24D
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1797350
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.22
CY2023Q1 glto Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodIntrinsicValue
425460
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
25766
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
2.40
CY2023Q1 glto Share Based Compensation Arrangement By Share Based Payment Award Options Cancelled Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsCancelledIntrinsicValue
11445
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
7550469
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
4.44
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y2M12D
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
1430221
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
7246327
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
4.40
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P8Y4M24D
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
1430221
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
3356935
CY2023Q1 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
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P7Y2M12D
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
44205
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.51
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.67
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.67
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1434000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1404000
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.038
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.015
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y1M6D
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y1M6D
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.907
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.902
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-12994000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-16938000
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
25672902
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
25672902
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
25261832
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
25261832
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.51

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