$GLYC
GLYCOMIMETICS INC

2014 Q4 Form 10-Q Financial Statement

#000119312514391030 Filed on October 31, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2013 Q3
Revenue $0.00 $0.00 $52.57K
YoY Change -100.0% -100.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.120M $1.648M $800.2K
YoY Change 158.54% 106.0%
% of Gross Profit
Research & Development $5.280M $5.051M $2.953M
YoY Change 69.23% 71.02%
% of Gross Profit
Depreciation & Amortization $50.00K $40.79K $33.31K
YoY Change 66.67% 22.47%
% of Gross Profit
Operating Expenses $7.400M $6.699M $3.753M
YoY Change 87.82% 78.48%
Operating Profit -$6.699M -$3.701M
YoY Change 81.01%
Interest Expense $0.00 $0.00 $0.00
YoY Change
% of Operating Profit
Other Income/Expense, Net $4.827K $16.00
YoY Change 30068.75%
Pretax Income -$7.390M -$6.694M -$3.701M
YoY Change 90.96% 80.88%
Income Tax -$76.76K $0.00
% Of Pretax Income
Net Earnings -$7.394M -$6.618M -$3.701M
YoY Change 91.19% 78.81%
Net Earnings / Revenue -7039.78%
Basic Earnings Per Share -$0.39 -$0.35 -$3.00
Diluted Earnings Per Share -$0.39 -$0.35 -$3.00
COMMON SHARES
Basic Shares Outstanding 18.89M shares 18.89M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q4 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $55.20M $61.40M
YoY Change 2300.0%
Cash & Equivalents $55.20M $61.36M $7.690M
Short-Term Investments
Other Short-Term Assets $900.0K $600.0K
YoY Change -65.38%
Inventory
Prepaid Expenses $819.9K $507.7K
Receivables
Other Receivables $22.33K $22.39K
Total Short-Term Assets $56.12M $61.95M
YoY Change 1049.04%
LONG-TERM ASSETS
Property, Plant & Equipment $452.3K $481.9K
YoY Change 13.12%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $700.0K
YoY Change
Total Long-Term Assets $1.149M $481.9K
YoY Change 187.34%
TOTAL ASSETS
Total Short-Term Assets $56.12M $61.95M
Total Long-Term Assets $1.149M $481.9K
Total Assets $57.26M $62.43M
YoY Change 983.83%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $874.0K $583.7K
YoY Change -23.66%
Accrued Expenses $4.736M $3.446M
YoY Change 590.59%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.461M $4.714M
YoY Change 183.44%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00 $0.00
YoY Change -100.0%
Total Long-Term Liabilities $0.00 $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.461M $4.714M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $6.461M $4.723M
YoY Change 171.9%
SHAREHOLDERS EQUITY
Retained Earnings -$74.40M -$67.00M
YoY Change 17.58%
Common Stock $125.2M $18.90K
YoY Change 8767435.22%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $50.80M $57.71M
YoY Change
Total Liabilities & Shareholders Equity $57.26M $62.43M
YoY Change 983.83%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income -$7.394M -$6.618M -$3.701M
YoY Change 91.19% 78.81%
Depreciation, Depletion And Amortization $50.00K $40.79K $33.31K
YoY Change 66.67% 22.47%
Cash From Operating Activities -$6.150M -$4.760M -$3.390M
YoY Change 10.41% 40.41%
INVESTING ACTIVITIES
Capital Expenditures -$10.00K -$100.0K -$40.00K
YoY Change 0.0% 150.0%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$10.00K -$100.0K -$40.00K
YoY Change 0.0% 150.0%
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 0.000 340.0K
YoY Change -100.0% -100.0%
NET CHANGE
Cash From Operating Activities -6.150M -4.760M -3.390M
Cash From Investing Activities -10.00K -100.0K -40.00K
Cash From Financing Activities 0.000 0.000 340.0K
Net Change In Cash -6.160M -4.860M -3.090M
YoY Change 14.5% 57.28%
FREE CASH FLOW
Cash From Operating Activities -$6.150M -$4.760M -$3.390M
Capital Expenditures -$10.00K -$100.0K -$40.00K
Free Cash Flow -$6.140M -$4.660M -$3.350M
YoY Change 10.43% 39.1%

Facts In Submission

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dei Document Type
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dei Entity Registrant Name
EntityRegistrantName
GLYCOMIMETICS INC
dei Trading Symbol
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GLYC
us-gaap Operations Commenced Date1
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2003-05-21
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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&#x2014;Planned Commercial Operations Have Not Commenced</b></p> <!-- xbrl,body --> <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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us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
289188
us-gaap Depreciation
Depreciation
114261
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
57376346
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
57248219
us-gaap Stock Option Plan Expense
StockOptionPlanExpense
1152420
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
2984607
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-197738
us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
18768574
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-561176
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
128127
CY2013 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
0
CY2013Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
1233672 shares
CY2013Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-3.00
CY2013Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-3700885
CY2013Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-3700901
CY2013Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
16
CY2013Q3 us-gaap Revenues
Revenues
52571
CY2013Q3 us-gaap Net Income Loss
NetIncomeLoss
-3700885
CY2013Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
147406
CY2013Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2953239
CY2013Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
800233
CY2013Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2013Q3 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
96317
CY2013Q3 us-gaap Depreciation
Depreciation
33306
CY2013Q3 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
3753472
CY2014Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
18893834 shares
CY2014Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.35
CY2014Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-6694335
CY2014Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-6699162
CY2014Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
4827
CY2014Q3 us-gaap Net Income Loss
NetIncomeLoss
-6617577
CY2014Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
441776
CY2014Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
5050666
CY2014Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1648496
CY2014Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-76758
CY2014Q3 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
96317
CY2014Q3 us-gaap Depreciation
Depreciation
40789
CY2014Q3 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
6699162

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