$GLYC
GLYCOMIMETICS INC

2015 Q2 Form 10-Q Financial Statement

#000119312515281118 Filed on August 06, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q4 2014 Q2
Revenue $20.04M $0.00 $15.03M
YoY Change 33.33% -100.0% 27185.11%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.810M $2.120M $1.605M
YoY Change 12.77% 158.54% 140.19%
% of Gross Profit
Research & Development $7.843M $5.280M $5.358M
YoY Change 46.39% 69.23% 85.79%
% of Gross Profit
Depreciation & Amortization $46.29K $50.00K $38.85K
YoY Change 19.14% 66.67% 20.0%
% of Gross Profit
Operating Expenses $7.843M $7.400M $6.963M
YoY Change 12.64% 87.82% 96.02%
Operating Profit $10.39M $8.064M
YoY Change 28.8% -330.61%
Interest Expense $0.00 $0.00 $0.00
YoY Change
% of Operating Profit 0.0% 0.0%
Other Income/Expense, Net $2.638K $4.263K
YoY Change -38.12% -4199.04%
Pretax Income $10.39M -$7.390M $8.068M
YoY Change 28.77% 90.96% -330.72%
Income Tax $0.00 $76.76K
% Of Pretax Income 0.0% 0.95%
Net Earnings $10.39M -$7.394M $7.992M
YoY Change 30.0% 91.19% -328.53%
Net Earnings / Revenue 51.86% 53.18%
Basic Earnings Per Share $0.55 -$0.39 $0.42
Diluted Earnings Per Share $0.51 -$0.39 $0.39
COMMON SHARES
Basic Shares Outstanding 19.01M shares 18.89M shares 18.81M shares
Diluted Shares Outstanding 20.24M shares 20.24M shares

Balance Sheet

Concept 2015 Q2 2014 Q4 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $40.20M $55.20M $66.20M
YoY Change -39.27% 2300.0% 512.96%
Cash & Equivalents $40.23M $55.20M $66.22M
Short-Term Investments $0.00
Other Short-Term Assets $600.0K $900.0K $900.0K
YoY Change -33.33% -65.38% 125.0%
Inventory
Prepaid Expenses $463.6K $819.9K $756.9K
Receivables $20.00M
Other Receivables $814.00 $22.33K $42.07K
Total Short-Term Assets $60.77M $56.12M $67.10M
YoY Change -9.43% 1049.04% 504.5%
LONG-TERM ASSETS
Property, Plant & Equipment $579.2K $452.3K $420.6K
YoY Change 37.69% 13.12% 5.16%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $700.0K $700.0K
YoY Change
Total Long-Term Assets $1.276M $1.149M $420.6K
YoY Change 203.28% 187.34% -15.87%
TOTAL ASSETS
Total Short-Term Assets $60.77M $56.12M $67.10M
Total Long-Term Assets $1.276M $1.149M $420.6K
Total Assets $62.04M $57.26M $67.52M
YoY Change -8.11% 983.83% 482.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.107M $874.0K $472.2K
YoY Change 134.44% -23.66% -5.57%
Accrued Expenses $5.204M $4.736M $2.641M
YoY Change 97.09% 590.59% 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 $6.797M $6.461M $3.597M
YoY Change 88.96% 183.44% 111.58%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.797M $6.461M $3.597M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $6.825M $6.461M $3.636M
YoY Change 87.71% 171.9% 101.99%
SHAREHOLDERS EQUITY
Retained Earnings -$71.12M -$74.40M -$60.39M
YoY Change 17.77% 17.58%
Common Stock $126.3M $125.2M $18.89K
YoY Change 668560.34% 8767435.22%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $55.22M $50.80M $63.88M
YoY Change
Total Liabilities & Shareholders Equity $62.04M $57.26M $67.52M
YoY Change -8.11% 983.83% 482.07%

Cashflow Statement

Concept 2015 Q2 2014 Q4 2014 Q2
OPERATING ACTIVITIES
Net Income $10.39M -$7.394M $7.992M
YoY Change 30.0% 91.19% -328.53%
Depreciation, Depletion And Amortization $46.29K $50.00K $38.85K
YoY Change 19.14% 66.67% 20.0%
Cash From Operating Activities -$6.140M -$6.150M $9.220M
YoY Change -166.59% 10.41% -441.48%
INVESTING ACTIVITIES
Capital Expenditures -$210.0K -$10.00K -$90.00K
YoY Change 133.33% 0.0% 350.0%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$210.0K -$10.00K -$90.00K
YoY Change 133.33% 0.0% 350.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 10.00K 0.000 120.0K
YoY Change -91.67% -100.0% 500.0%
NET CHANGE
Cash From Operating Activities -6.140M -6.150M 9.220M
Cash From Investing Activities -210.0K -10.00K -90.00K
Cash From Financing Activities 10.00K 0.000 120.0K
Net Change In Cash -6.340M -6.160M 9.250M
YoY Change -168.54% 14.5% -442.59%
FREE CASH FLOW
Cash From Operating Activities -$6.140M -$6.150M $9.220M
Capital Expenditures -$210.0K -$10.00K -$90.00K
Free Cash Flow -$5.930M -$6.140M $9.310M
YoY Change -163.69% 10.43% -447.39%

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<div> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <b>1. Description of the Business</b></p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> GlycoMimetics, Inc. (the Company), a Delaware corporation headquartered in Gaithersburg, Maryland, was incorporated on April&#xA0;4, 2003 and commenced operations on May&#xA0;21, 2003. 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-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> 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 has not commercialized any of its drug candidates or commenced commercial 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 drugs, 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 drug 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, profitability will be dependent upon the successful development, approval, and commercialization of its drug 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> </div>
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <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>
dei Current Fiscal Year End Date
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dei Entity Registrant Name
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GLYCOMIMETICS INC
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b><i>Use of Estimates</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Although actual results could differ from those estimates, management does not believe that such differences would be material.</p> </div>
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ClassOfWarrantOrRightExercised
0 shares
CY2015Q1 glyc Payments For Research And Development Expenses Under Research Services Agreement
PaymentsForResearchAndDevelopmentExpensesUnderResearchServicesAgreement
1500000
CY2014Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.39
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 Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
818970 shares
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18807675 shares
CY2014Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.42
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
7991721
CY2014Q2 us-gaap Revenues
Revenues
15027004
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
8064216
CY2014Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
4263
CY2014Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
8068479
CY2014Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
76758
CY2014Q2 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
6962788
CY2014Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
5357696
CY2014Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
418429
CY2014Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1605092
CY2014Q2 us-gaap Depreciation
Depreciation
38852
CY2015Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.51
CY2015Q2 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
565537 shares
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20236946 shares
CY2015Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
659449 shares
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
19011960 shares
CY2015Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.55
CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
10389405
CY2015Q2 us-gaap Revenues
Revenues
20035375
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
10386767
CY2015Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
2638
CY2015Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
10389405
CY2015Q2 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
9648608
CY2015Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
7842884
CY2015Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
458230
CY2015Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1805724
CY2015Q2 us-gaap Depreciation
Depreciation
46290

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