$GLTO
Galecto, Inc.

2024 Q1 Form 10-K Financial Statement

#000095017024028610 Filed on March 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.278M $3.183M $12.69M
YoY Change 4.73% 15.54% -2.42%
% of Gross Profit
Research & Development $2.463M $2.768M $23.77M
YoY Change -76.23% -74.3% -50.69%
% of Gross Profit
Depreciation & Amortization $5.000K $23.00K $269.0K
YoY Change -72.22% 9.52% 540.48%
% of Gross Profit
Operating Expenses $5.741M $5.951M $36.46M
YoY Change -57.45% -56.0% -40.44%
Operating Profit -$5.741M -$39.91M
YoY Change -57.45% -34.8%
Interest Expense $264.0K $132.0K $1.492M
YoY Change -46.99% -124.26% -457.79%
% of Operating Profit
Other Income/Expense, Net $264.0K $1.556M
YoY Change -46.99% -473.14%
Pretax Income -$5.477M -$6.475M -$38.35M
YoY Change -57.85% -53.98% -37.77%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$5.477M -$6.475M -$38.35M
YoY Change -57.85% -53.98% -37.77%
Net Earnings / Revenue
Basic Earnings Per Share -$0.20 -$1.44
Diluted Earnings Per Share -$0.20 -$0.24 -$1.44
COMMON SHARES
Basic Shares Outstanding 27.11M 27.11M 26.57M
Diluted Shares Outstanding 27.11M 26.57M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $27.17M $33.15M $33.15M
YoY Change -48.97% -44.95% -44.95%
Cash & Equivalents $21.09M $21.47M $21.47M
Short-Term Investments $6.080M $11.69M $11.69M
Other Short-Term Assets $3.370M $859.0K $859.0K
YoY Change 367.41% 0.23% 0.23%
Inventory
Prepaid Expenses
Receivables $944.0K $1.046M $1.046M
Other Receivables $1.703M $1.718M $1.718M
Total Short-Term Assets $30.50M $36.77M $36.77M
YoY Change -46.58% -42.45% -42.46%
LONG-TERM ASSETS
Property, Plant & Equipment $73.00K $325.0K $325.0K
YoY Change -78.84% -8.96% -72.15%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $0.00
YoY Change -100.0% -100.0%
Other Assets $1.711M $1.128M $1.128M
YoY Change -31.26% -50.5% -50.5%
Total Long-Term Assets $1.977M $1.453M $1.453M
YoY Change -73.75% -84.36% -84.34%
TOTAL ASSETS
Total Short-Term Assets $30.50M $36.77M $36.77M
Total Long-Term Assets $1.977M $1.453M $1.453M
Total Assets $32.48M $38.23M $38.23M
YoY Change -49.75% -47.77% -47.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.665M $1.702M $1.702M
YoY Change -53.1% -49.19% -49.19%
Accrued Expenses $2.653M $2.904M $2.904M
YoY Change -74.76% -62.56% 170.64%
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 $4.300M $5.830M $5.830M
YoY Change -69.5% -47.48% -47.51%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00 $66.00K $66.00K
YoY Change -100.0% -79.88% -79.88%
Total Long-Term Liabilities $0.00 $66.00K $66.00K
YoY Change -100.0% -79.88% -79.88%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.300M $5.830M $5.830M
Total Long-Term Liabilities $0.00 $66.00K $66.00K
Total Liabilities $4.318M $5.896M $5.896M
YoY Change -69.8% -48.44% -48.44%
SHAREHOLDERS EQUITY
Retained Earnings -$261.6M -$256.1M
YoY Change 13.39% 17.64%
Common Stock $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $28.16M $32.33M $32.33M
YoY Change
Total Liabilities & Shareholders Equity $32.48M $38.23M $38.23M
YoY Change -49.75% -47.77% -47.77%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$5.477M -$6.475M -$38.35M
YoY Change -57.85% -53.98% -37.77%
Depreciation, Depletion And Amortization $5.000K $23.00K $269.0K
YoY Change -72.22% 9.52% 540.48%
Cash From Operating Activities -$5.900M -$11.47M -$36.91M
YoY Change -35.41% 0.23% -14.02%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change -100.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities $5.650M $9.580M $22.33M
YoY Change 311.21% -33.34% 77.5%
Cash From Investing Activities $5.650M $9.580M $22.33M
YoY Change 311.21% -33.15% 80.31%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $2.876M
YoY Change 467.26%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 -4.000K 2.876M
YoY Change -100.0% -106.15% 467.26%
NET CHANGE
Cash From Operating Activities -5.900M -11.47M -36.91M
Cash From Investing Activities 5.650M 9.580M 22.33M
Cash From Financing Activities 0.000 -4.000K 2.876M
Net Change In Cash -250.0K -1.894M -11.71M
YoY Change -96.77% -164.27% -61.04%
FREE CASH FLOW
Cash From Operating Activities -$5.900M -$11.47M -$36.91M
Capital Expenditures $0.00 $0.00
Free Cash Flow -$11.47M -$36.91M
YoY Change -0.13% -14.42%

Facts In Submission

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NetCashProvidedByUsedInInvestingActivities
22330000
CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
12384000
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ProceedsFromIssuanceOfCommonStock
2876000
CY2022 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
507000
CY2023 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
2876000
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
507000
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-11705000
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-30041000
CY2023 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
384000
CY2022 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
264000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
32786000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
62563000
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
21465000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
32786000
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488000
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-38300000
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ProfitLoss
-61600000
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33200000
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36800000
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5800000
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66100000
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63900000
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11100000
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NumberOfEmployeesReducedDueToRestructuring
29
CY2023Q3 glto Work Force Reduction Precentage
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0.70
CY2023 us-gaap Restructuring Charges
RestructuringCharges
3400000
CY2023 us-gaap Basis Of Accounting
BasisOfAccounting
<p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Principles of consolidation</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company’s consolidated financial statements for 2023 and 2022</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> include Galecto, Inc. and its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
CY2023 us-gaap Use Of Estimates
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<p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of estimates</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;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:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
CY2023 glto Original Maturities At Date Of Purchase
OriginalMaturitiesAtDateOfPurchase
three months or less
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MoneyMarketFundsAtCarryingValue
13600000
CY2022Q4 us-gaap Money Market Funds At Carrying Value
MoneyMarketFundsAtCarryingValue
16400000
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MarketableSecurities
11700000
CY2022Q4 us-gaap Marketable Securities
MarketableSecurities
33300000
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0
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1
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AssetsFairValueDisclosure
25296000
CY2022Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
49715000
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ResearchAndDevelopmentTaxCreditReceivableCurrent
1438000
CY2022Q4 glto Research And Development Tax Credit Receivable Current
ResearchAndDevelopmentTaxCreditReceivableCurrent
792000
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ContractResearchAndDevelopmentCostCurrent
1046000
CY2022Q4 glto Contract Research And Development Cost Current
ContractResearchAndDevelopmentCostCurrent
1450000
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774000
CY2022Q4 us-gaap Prepaid Insurance
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805000
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280000
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587000
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OtherPrepaidExpenseCurrent
85000
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OtherPrepaidExpenseCurrent
52000
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PrepaidExpenseAndOtherAssetsCurrent
3623000
CY2022Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
3686000
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OperatingLeaseRentExpense
600000
CY2022 glto Operating Lease Rent Expense
OperatingLeaseRentExpense
500000
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OperatingLeaseCost
571000
CY2022 us-gaap Operating Lease Cost
OperatingLeaseCost
506000
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OperatingLeasePayments
565000
CY2022 us-gaap Operating Lease Payments
OperatingLeasePayments
523000
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488000
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OperatingLeaseWeightedAverageRemainingLeaseTerm1
P0Y10M24D
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y9M18D
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OperatingLeaseWeightedAverageDiscountRatePercent
0.08
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.08
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241000
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LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
17000
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LesseeOperatingLeaseLiabilityPaymentsDue
258000
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LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
9000
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OperatingLeaseLiability
249000
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107000
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PropertyPlantAndEquipmentGross
419000
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29000
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
62000
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
78000
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
357000
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Depreciation
269000
CY2022 us-gaap Depreciation
Depreciation
42000
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1734000
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EmployeeRelatedLiabilitiesCurrent
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EmployeeRelatedLiabilitiesCurrent
597000
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ContractResearchAndDevelopmentCostsCurrent
685000
CY2022Q4 glto Contract Research And Development Costs Current
ContractResearchAndDevelopmentCostsCurrent
6145000
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OperatingLeaseLiabilityCurrent
183000
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476000
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CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
539000
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
4128000
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
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3998728
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.51
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
1357655
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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1827750
CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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2.98
CY2022 glto Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Intrinsic Value
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111013
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47593
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ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
2.73
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5778885
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.43
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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y10M24D
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1923350
CY2023 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.28
CY2023 glto Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodIntrinsicValue
433020
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
815346
CY2023 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
2.83
CY2023 glto Share Based Compensation Arrangement By Share Based Payment Award Options Cancelled Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsCancelledIntrinsicValue
11445
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
6886889
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
4.58
CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y8M12D
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
6582747
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
4.54
CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P6Y8M12D
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
4525339
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
5.31
CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P5Y9M18D
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.95
CY2023 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5427000
CY2022 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5571000
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ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.038
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.017
CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.910
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.900
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2023 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2023 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
-8142000
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
-10163000
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IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
-30207000
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
-51461000
CY2023 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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-38349000
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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-61624000
CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.21
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2023 glto Effective Income Tax Rate Reconciliation Orphan Drug Credit
EffectiveIncomeTaxRateReconciliationOrphanDrugCredit
0.023
CY2022 glto Effective Income Tax Rate Reconciliation Orphan Drug Credit
EffectiveIncomeTaxRateReconciliationOrphanDrugCredit
0.066
CY2023 glto Effective Income Tax Rate Reconciliation Permanent Differences
EffectiveIncomeTaxRateReconciliationPermanentDifferences
-0.024
CY2022 glto Effective Income Tax Rate Reconciliation Permanent Differences
EffectiveIncomeTaxRateReconciliationPermanentDifferences
0.025
CY2023 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.016
CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.011
CY2023 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
0.008
CY2022 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
0.008
CY2023 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.233
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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-0.32
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DeferredTaxAssetsOperatingLossCarryforwards
52393000
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
43716000
CY2023Q4 glto Deferred Tax Assets Orphan Drug Credit
DeferredTaxAssetsOrphanDrugCredit
8924000
CY2022Q4 glto Deferred Tax Assets Orphan Drug Credit
DeferredTaxAssetsOrphanDrugCredit
8036000
CY2023Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
1191000
CY2022Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
1191000
CY2023Q4 glto Deferred Tax Assets Bonus Compensation
DeferredTaxAssetsBonusCompensation
803000
CY2022Q4 glto Deferred Tax Assets Bonus Compensation
DeferredTaxAssetsBonusCompensation
544000
CY2023Q4 us-gaap Deferred Tax Assets Property Plant And Equipment
DeferredTaxAssetsPropertyPlantAndEquipment
16000
CY2023Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccruals
84000
CY2023Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
63411000
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
53487000
CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
63411000
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
53472000
CY2022Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
15000
CY2022Q4 glto Deferred Tax Liabilities Fixed Assets
DeferredTaxLiabilitiesFixedAssets
15000
CY2022Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
15000
CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
63400000
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
53500000
CY2023 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
9900000
CY2023 us-gaap Operating Loss Carryforwards Limitations On Use
OperatingLossCarryforwardsLimitationsOnUse
The Company also had NOLs in Denmark of $192.6 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.
CY2022Q4 us-gaap Restructuring Reserve
RestructuringReserve
0
CY2023 us-gaap Restructuring Charges
RestructuringCharges
3448000
CY2023 us-gaap Payments For Restructuring
PaymentsForRestructuring
1593000
CY2023 us-gaap Restructuring Reserve Settled Without Cash2
RestructuringReserveSettledWithoutCash2
121000
CY2023Q4 us-gaap Restructuring Reserve
RestructuringReserve
1734000
CY2023Q3 glto Employees Retention Bonus Payable
EmployeesRetentionBonusPayable
1200000
CY2023 glto Employees Retention Bonus Amount
EmployeesRetentionBonusAmount
400000
CY2023 us-gaap Net Income Loss
NetIncomeLoss
-38349000
CY2022 us-gaap Net Income Loss
NetIncomeLoss
-61624000
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WeightedAverageNumberOfSharesOutstandingBasic
26571783
CY2023 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26571783
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
25409123
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
25409123
CY2023 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.44
CY2023 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.44
CY2022 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.43
CY2022 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-2.43
CY2023 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
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100000
CY2022 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
100000
CY2023 us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
0
CY2022 us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
0

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