$GLYC
GLYCOMIMETICS INC

2014 Q3 Form 10-Q Financial Statement

#000119312514289579 Filed on July 31, 2014

View on sec.gov

Income Statement

Concept 2014 Q3 2014 Q2 2013 Q2
Revenue $0.00 $15.03M $55.07K
YoY Change -100.0% 27185.11%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.648M $1.605M $668.3K
YoY Change 106.0% 140.19%
% of Gross Profit
Research & Development $5.051M $5.358M $2.884M
YoY Change 71.02% 85.79%
% of Gross Profit
Depreciation & Amortization $40.79K $38.85K $32.38K
YoY Change 22.47% 20.0% -19.06%
% of Gross Profit
Operating Expenses $6.699M $6.963M $3.552M
YoY Change 78.48% 96.02%
Operating Profit -$6.699M $8.064M -$3.497M
YoY Change 81.01% -330.61%
Interest Expense $0.00 $0.00 $0.00
YoY Change
% of Operating Profit 0.0%
Other Income/Expense, Net $4.827K $4.263K -$104.00
YoY Change 30068.75% -4199.04%
Pretax Income -$6.694M $8.068M -$3.497M
YoY Change 80.88% -330.72%
Income Tax -$76.76K $76.76K $0.00
% Of Pretax Income 0.95%
Net Earnings -$6.618M $7.992M -$3.497M
YoY Change 78.81% -328.53%
Net Earnings / Revenue 53.18% -6349.75%
Basic Earnings Per Share -$0.35 $0.42 -$3.70
Diluted Earnings Per Share -$0.35 $0.39 -$3.70
COMMON SHARES
Basic Shares Outstanding 18.89M shares 18.81M shares 946.4K shares
Diluted Shares Outstanding 20.24M shares 946.4K shares

Balance Sheet

Concept 2014 Q3 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $61.40M $66.20M $10.80M
YoY Change 512.96%
Cash & Equivalents $61.36M $66.22M $10.78M
Short-Term Investments
Other Short-Term Assets $600.0K $900.0K $400.0K
YoY Change 125.0%
Inventory
Prepaid Expenses $507.7K $756.9K
Receivables
Other Receivables $22.39K $42.07K
Total Short-Term Assets $61.95M $67.10M $11.10M
YoY Change 504.5%
LONG-TERM ASSETS
Property, Plant & Equipment $481.9K $420.6K $400.0K
YoY Change 5.16%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00
YoY Change
Total Long-Term Assets $481.9K $420.6K $500.0K
YoY Change -15.87%
TOTAL ASSETS
Total Short-Term Assets $61.95M $67.10M $11.10M
Total Long-Term Assets $481.9K $420.6K $500.0K
Total Assets $62.43M $67.52M $11.60M
YoY Change 482.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $583.7K $472.2K $500.0K
YoY Change -5.57%
Accrued Expenses $3.446M $2.641M $900.0K
YoY Change 193.4%
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 $4.714M $3.597M $1.700M
YoY Change 111.58%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00 $0.00 $100.0K
YoY Change -100.0%
Total Long-Term Liabilities $0.00 $0.00 $100.0K
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.714M $3.597M $1.700M
Total Long-Term Liabilities $0.00 $0.00 $100.0K
Total Liabilities $4.723M $3.636M $1.800M
YoY Change 101.99%
SHAREHOLDERS EQUITY
Retained Earnings -$67.00M -$60.39M
YoY Change
Common Stock $18.90K $18.89K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $57.71M $63.88M $9.700M
YoY Change
Total Liabilities & Shareholders Equity $62.43M $67.52M $11.60M
YoY Change 482.07%

Cashflow Statement

Concept 2014 Q3 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income -$6.618M $7.992M -$3.497M
YoY Change 78.81% -328.53%
Depreciation, Depletion And Amortization $40.79K $38.85K $32.38K
YoY Change 22.47% 20.0% -19.06%
Cash From Operating Activities -$4.760M $9.220M -$2.700M
YoY Change 40.41% -441.48% -47.88%
INVESTING ACTIVITIES
Capital Expenditures -$100.0K -$90.00K -$20.00K
YoY Change 150.0% 350.0% -88.24%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$100.0K -$90.00K -$20.00K
YoY Change 150.0% 350.0% -88.89%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 120.0K 20.00K
YoY Change -100.0% 500.0%
NET CHANGE
Cash From Operating Activities -4.760M 9.220M -2.700M
Cash From Investing Activities -100.0K -90.00K -20.00K
Cash From Financing Activities 0.000 120.0K 20.00K
Net Change In Cash -4.860M 9.250M -2.700M
YoY Change 57.28% -442.59% -49.63%
FREE CASH FLOW
Cash From Operating Activities -$4.760M $9.220M -$2.700M
Capital Expenditures -$100.0K -$90.00K -$20.00K
Free Cash Flow -$4.660M $9.310M -$2.680M
YoY Change 39.1% -447.39% -46.51%

Facts In Submission

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dei Document Type
DocumentType
10-Q
dei Entity Incorporation State Country Name
EntityIncorporationStateCountryName
Delaware
dei Entity Registrant Name
EntityRegistrantName
GLYCOMIMETICS INC
us-gaap Operations Commenced Date1
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2003-05-21
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> <b>1. Description of the Business &#x2013; Planned Commercial Operations Have Not Commenced</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> GlycoMimetics, Inc. (the Company) is a business that has not commercialized any of its product candidates. The Company was incorporated in Delaware on April&#xA0;4, 2003 and commenced operations on May&#xA0;21, 2003. The Company is headquartered in Gaithersburg, Maryland.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> The Company is a clinical stage biotechnology company focused on the discovery and development of novel glycomimetic drugs to address unmet medical needs resulting from diseases in which carbohydrate biology plays a key role. Glycomimetics are molecules that mimic the structure of carbohydrates involved in important biological processes. Using its expertise in carbohydrate chemistry and knowledge of carbohydrate biology, the Company is developing a pipeline of proprietary glycomimetics that inhibit disease-related functions of carbohydrates, such as the roles they play in inflammation, cancer and infection.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> The Company&#x2019;s executive personnel have devoted substantially all of their time to date to the planning and organization of the Company, the process of hiring scientists, initiating research and development programs and securing adequate capital for anticipated growth and operations. The Company is subject to a number of risks similar to those of other companies in similar development stages, including dependence on key individuals, the need to develop commercially viable products, competition from other companies, many of whom are larger and better capitalized, and the need to obtain adequate additional financing to fund the development of its product candidates. The Company has incurred significant operating losses since inception and has relied on its ability to fund its operations through private and public equity financings, and management expects operating losses and negative operating cash flows to continue for the foreseeable future.&#xA0;As the Company continues to incur losses, transition to profitability is dependent upon the successful development, approval, and commercialization of its product candidates and achieving a level of revenues adequate to support the Company&#x2019;s cost structure.&#xA0;The Company may never achieve profitability, and unless and until it does, the Company will continue to need to raise additional capital.&#xA0;Management intends to fund future operations through additional public or private equity or debt offerings and may seek additional capital through arrangements with strategic partners or from other sources.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b><i>Initial Public Offering</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> On January&#xA0;15, 2014, the Company completed an initial public offering of its common stock, which resulted in the sale of 8,050,000 shares, including all additional shares available to cover over-allotments, at a price to the public of $8.00 per share. The Company received net proceeds of approximately $57.2 million.</p> </div>
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dei Document Period End Date
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us-gaap Concentration Risk Credit Risk
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt"> <b><i>Concentration of Credit Risk</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> Credit risk represents the risk that the Company would incur a loss if counterparties failed to perform pursuant to the terms of their agreements. Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents. Cash and cash equivalents consist of certificates of deposit and money market funds with major financial institutions in the United States. These deposits and funds may be redeemed upon demand and, therefore, bear minimal risk. The Company does not anticipate any losses on such balances.</p> </div>
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us-gaap Research And Development Expense
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9239417
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2829995
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
63906639
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
76758
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
192871
us-gaap Depreciation
Depreciation
73472
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
57375922
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
57248219
us-gaap Stock Option Plan Expense
StockOptionPlanExpense
710643
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
1983134
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-95737
us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
12069412
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-672734
us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
0
glyc Operating Lease Agreements Expiring Date
OperatingLeaseAgreementsExpiringDate
2015-10
glyc Lease Agreement Date Of Commencement
LeaseAgreementDateOfCommencement
2015-11-01
glyc Stockholder Equity Reverse Stock Split Effective Date
StockholderEquityReverseStockSplitEffectiveDate
2013-10-25
glyc Lease Effective Date
LeaseEffectiveDate
2014-07-23
glyc Warrant Expiry Period
WarrantExpiryPeriod
2016-10
glyc Proceeds From Stock Options And Warrants Exercised
ProceedsFromStockOptionsAndWarrantsExercised
127703
CY2014Q2 invest Investment Warrants Exercise Price
InvestmentWarrantsExercisePrice
0.33
CY2014Q2 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
339
CY2006Q4 glyc Issuance Of Warrants To Purchase Common Stock
IssuanceOfWarrantsToPurchaseCommonStock
1544 shares
CY2013 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
0
CY2013Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-3.70
CY2013Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
946363 shares
CY2013Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-3.70
CY2013Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
946363 shares
CY2013Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-3497060
CY2013Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-3496956
CY2013Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-104
CY2013Q2 us-gaap Revenues
Revenues
55074
CY2013Q2 us-gaap Net Income Loss
NetIncomeLoss
-3497060
CY2013Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
109663
CY2013Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2883777
CY2013Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
668253
CY2013Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
96317
CY2013Q2 us-gaap Depreciation
Depreciation
32378
CY2013Q2 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
3552030
CY2014Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.39
CY2014Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
818970 shares
CY2014Q2 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
611698 shares
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20238343 shares
CY2014Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.42
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18807675 shares
CY2014Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
8068479
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
8064216
CY2014Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
4263
CY2014Q2 us-gaap Revenues
Revenues
15027004
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
7991721
CY2014Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
418429
CY2014Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
5357696
CY2014Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1605092
CY2014Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
76758
CY2014Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
96554
CY2014Q2 us-gaap Depreciation
Depreciation
38852
CY2014Q2 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
6962788

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