$GLTO
Galecto, Inc.

2021 Q1 Form 10-K Financial Statement

#000156459021015916 Filed on March 29, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 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 $3.560M $9.010M $220.0K
YoY Change 217.86% 267.76%
% of Gross Profit
Research & Development $9.990M $24.63M $7.850M
YoY Change 112.1% 24.77%
% of Gross Profit
Depreciation & Amortization $2.000K
YoY Change
% of Gross Profit
Operating Expenses $13.55M $33.64M $24.85M
YoY Change 132.45% -13.69%
Operating Profit -$13.55M $33.64M
YoY Change 132.45% -13.69%
Interest Expense $210.0K -$1.200M -$120.0K
YoY Change 31.25% -318.18%
% of Operating Profit -3.57%
Other Income/Expense, Net $207.0K -$1.200M $550.0K
YoY Change 32.69% -148.7%
Pretax Income -$13.35M -$34.84M -$24.42M
YoY Change 135.45% -4.57%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$13.35M -$34.84M -$24.42M
YoY Change 135.2% -4.57%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$528.5K -$1.379M -$982.3K
COMMON SHARES
Basic Shares Outstanding 25.26M
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q1 2020 2019 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $110.3M $163.6M
YoY Change 1347.79%
Cash & Equivalents $74.25M $163.6M $11.29M
Short-Term Investments $36.08M
Other Short-Term Assets $1.600M $1.800M
YoY Change 500.0%
Inventory
Prepaid Expenses
Receivables $3.800M $1.600M
Other Receivables $1.200M $2.200M
Total Short-Term Assets $116.9M $169.3M $56.08M
YoY Change 201.78%
LONG-TERM ASSETS
Property, Plant & Equipment $1.000M $900.0K
YoY Change 200.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $38.60M
YoY Change
Other Assets $1.116M $1.400M
YoY Change 600.0%
Total Long-Term Assets $41.80M $2.300M $529.0K
YoY Change 360.0%
TOTAL ASSETS
Total Short-Term Assets $116.9M $169.3M $56.08M
Total Long-Term Assets $41.80M $2.300M $529.0K
Total Assets $158.7M $171.6M $56.61M
YoY Change 203.18%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.800M $2.900M $3.329M
YoY Change -12.12%
Accrued Expenses $3.758M $1.400M $4.598M
YoY Change 600.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.500M $5.600M $7.927M
YoY Change -29.11%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $500.0K $500.0K
YoY Change 150.0%
Total Long-Term Liabilities $500.0K $500.0K
YoY Change 150.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.500M $5.600M $7.927M
Total Long-Term Liabilities $500.0K $500.0K
Total Liabilities $6.100M $6.100M $8.138M
YoY Change -24.69%
SHAREHOLDERS EQUITY
Retained Earnings -$69.52M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $152.6M $165.5M -$71.15M
YoY Change
Total Liabilities & Shareholders Equity $158.7M $171.6M $56.61M
YoY Change 203.18%

Cashflow Statement

Concept 2021 Q1 2020 2019 Q4
OPERATING ACTIVITIES
Net Income -$13.35M -$34.84M -$24.42M
YoY Change 135.2% -4.57%
Depreciation, Depletion And Amortization $2.000K
YoY Change
Cash From Operating Activities -$14.15M -$38.20M -$5.260M
YoY Change 77.38% 97.68%
INVESTING ACTIVITIES
Capital Expenditures $65.00K
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$74.57M $0.00 -$330.0K
YoY Change -100.0%
Cash From Investing Activities -$74.63M $0.00 -$330.0K
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 187.4M 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -14.15M -38.20M -5.260M
Cash From Investing Activities -74.63M 0.000 -330.0K
Cash From Financing Activities 0.000 187.4M 0.000
Net Change In Cash -88.78M 149.2M -5.590M
YoY Change -380.16% -859.14%
FREE CASH FLOW
Cash From Operating Activities -$14.15M -$38.20M -$5.260M
Capital Expenditures $65.00K
Free Cash Flow -$14.22M
YoY Change 78.19%

Facts In Submission

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<p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Principles of consolidation </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company&#8217;s consolidated financial statements for 2020 and 2019 include the accounts of Galecto, Inc. and its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. </p>
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<p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of estimates </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of expenses during the reporting periods. Significant items subject to such estimates and assumptions include contract research accruals, stock-based compensation expense, the fair value of the Company&#8217;s common stock and valuation of the Company&#8217;s deferred tax assets. The Company bases its estimates on historical experience and various other assumptions that management believes to be reasonable under the circumstances. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates. </p>
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On December 31, 2019, as part of an integrated transaction, Galecto, Inc., Galecto Biotech AB, a Swedish operating company, and PharmAkea, Inc., or PharmAkea, consummated a purchase agreement and plan of merger by and among Galecto, Inc., Galecto Biotech AB and PharmAkea, or the Purchase, whereby Galecto, Inc. (i) acquired the shareholdings of Galecto Biotech AB via a one-for-one exchange of equity between Galecto, Inc. and the shareholders of Galecto Biotech AB in a common control reorganization, and (ii) acquired PharmAkea in principally an all-stock transaction.
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CY2020Q1 glto Receivable On Issuance Of Convertible Preferred Stock
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CY2020 us-gaap Common Stock Voting Rights
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one vote
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0
CY2020 us-gaap Common Stock Dividends Per Share Cash Paid
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0
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304142
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
304142
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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2235285
CY2020 us-gaap Stock Issued During Period Shares Stock Options Exercised
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2538411
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2234269
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695373
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5.58
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4.67
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1.95
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
4.67
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
4.57
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3.48
CY2019 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
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CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y9M18D
CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P9Y6M
CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y7M6D
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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5842
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
20009769
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
17845220
CY2020Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
6282748
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.004
CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y9M18D
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ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.901
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00
CY2020 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2019 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2020 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2019 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
-7544000
CY2019 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
-16788000
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IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
-27293000
CY2019 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
-19719000
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-34837000
CY2019 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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-36507000
CY2020 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.029
CY2020 us-gaap Operating Loss Carryforwards Limitations On Use
OperatingLossCarryforwardsLimitationsOnUse
The Company also had NOLs in Denmark of $67.3 million which have an indefinite life. Federal and state NOLs and R&D credit 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.
CY2020 us-gaap Related Party Transaction Amounts Of Transaction
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0
CY2019 us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
0
CY2019 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.007
CY2020 glto Effective Income Tax Rate Reconciliation Permanent Differences
EffectiveIncomeTaxRateReconciliationPermanentDifferences
0.025
CY2019 glto Effective Income Tax Rate Reconciliation Permanent Differences
EffectiveIncomeTaxRateReconciliationPermanentDifferences
0.007
CY2020 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
0.023
CY2019 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
-0.018
CY2020 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
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0.008
CY2019 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
0.006
CY2019 glto Effective Income Tax Rate Reconciliation Purchased In Process Research And Development
EffectiveIncomeTaxRateReconciliationPurchasedInProcessResearchAndDevelopment
-0.097
CY2019 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
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0.002
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-0.295
CY2019 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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-0.110
CY2020Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
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18471000
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8980000
CY2020Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
2828000
CY2019Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
2019000
CY2020Q4 glto Deferred Tax Assets Bonus Compensation
DeferredTaxAssetsBonusCompensation
322000
CY2019Q4 glto Deferred Tax Assets Bonus Compensation
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156000
CY2020Q4 us-gaap Deferred Tax Assets Gross
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21621000
CY2019Q4 us-gaap Deferred Tax Assets Gross
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11155000
CY2020Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
21621000
CY2019Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
11155000
CY2020 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
10400000

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