2019 Q4 Form 10-K Financial Statement

#000155837021002222 Filed on March 02, 2021

View on sec.gov

Income Statement

Concept 2019 Q4 2018 2017 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 $3.870M $11.41M $2.820M
YoY Change 32.53% 16.07% 22.61%
% of Gross Profit
Research & Development $11.47M $40.09M $6.720M
YoY Change -4.73% 66.36% 10.89%
% of Gross Profit
Depreciation & Amortization $70.00K $275.1K $70.00K
YoY Change 0.0% 5.82% 40.0%
% of Gross Profit
Operating Expenses $15.34M $51.50M $9.540M
YoY Change 2.54% 51.8% 14.11%
Operating Profit -$51.50M
YoY Change
Interest Expense $610.0K $3.231M $280.0K
YoY Change -41.9% 397.11% 833.33%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$14.73M -$48.27M -$9.260M
YoY Change 5.9% 45.04% 11.16%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$14.73M -$48.27M -$9.260M
YoY Change 5.9% 45.05% 11.16%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$339.6K -$1.176M -$271.2K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q4 2018 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $158.2M $209.9M $123.9M
YoY Change -24.63% 69.41% 208.98%
Cash & Equivalents $158.2M $209.9M $123.9M
Short-Term Investments $0.00
Other Short-Term Assets $4.100M $1.900M $3.200M
YoY Change 115.79% -40.63% 1500.0%
Inventory
Prepaid Expenses $3.839M
Receivables
Other Receivables $186.0K
Total Short-Term Assets $162.5M $212.3M $127.2M
YoY Change -23.44% 66.9% 214.07%
LONG-TERM ASSETS
Property, Plant & Equipment $822.9K $1.000M $1.100M
YoY Change -17.71% -9.09% 0.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.600M $1.600M $300.0K
YoY Change 0.0% 433.33% -62.5%
Total Long-Term Assets $5.442M $2.500M $1.400M
YoY Change 117.68% 78.57% -26.32%
TOTAL ASSETS
Total Short-Term Assets $162.5M $212.3M $127.2M
Total Long-Term Assets $5.442M $2.500M $1.400M
Total Assets $168.0M $214.8M $128.6M
YoY Change -21.8% 67.03% 203.3%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.436M $2.700M $2.600M
YoY Change -46.83% 3.85% 62.5%
Accrued Expenses $8.711M $6.000M $5.400M
YoY Change 45.18% 11.11% 14.89%
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 $10.95M $8.800M $8.200M
YoY Change 24.44% 7.32% 30.16%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.800M $600.0K $700.0K
YoY Change 366.67% -14.29% -12.5%
Total Long-Term Liabilities $2.800M $600.0K $700.0K
YoY Change 366.67% -14.29% -12.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.95M $8.800M $8.200M
Total Long-Term Liabilities $2.800M $600.0K $700.0K
Total Liabilities $13.77M $9.400M $8.900M
YoY Change 46.48% 5.62% 25.35%
SHAREHOLDERS EQUITY
Retained Earnings -$258.4M
YoY Change
Common Stock $43.47K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $154.2M $205.5M $119.7M
YoY Change
Total Liabilities & Shareholders Equity $168.0M $214.8M $128.6M
YoY Change -21.8% 67.03% 203.3%

Cashflow Statement

Concept 2019 Q4 2018 2017 Q4
OPERATING ACTIVITIES
Net Income -$14.73M -$48.27M -$9.260M
YoY Change 5.9% 45.05% 11.16%
Depreciation, Depletion And Amortization $70.00K $275.1K $70.00K
YoY Change 0.0% 5.82% 40.0%
Cash From Operating Activities -$12.79M -$43.33M -$8.370M
YoY Change 28.16% 45.55% 40.67%
INVESTING ACTIVITIES
Capital Expenditures -$10.00K $125.6K -$30.00K
YoY Change -83.33% -143.32% -93.02%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$10.00K -$125.6K -$30.00K
YoY Change -83.33% -56.68% -93.02%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $128.4M
YoY Change 12.7%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 120.0K 129.4M 19.46M
YoY Change -7.69% 13.6% 1592.17%
NET CHANGE
Cash From Operating Activities -12.79M -43.33M -8.370M
Cash From Investing Activities -10.00K -125.6K -30.00K
Cash From Financing Activities 120.0K 129.4M 19.46M
Net Change In Cash -12.68M 85.99M 11.06M
YoY Change 27.95% 2.51% -311.47%
FREE CASH FLOW
Cash From Operating Activities -$12.79M -$43.33M -$8.370M
Capital Expenditures -$10.00K $125.6K -$30.00K
Free Cash Flow -$12.78M -$43.46M -$8.340M
YoY Change 28.83% 47.41% 51.09%

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 6pt 0pt;"><b style="font-weight:bold;">1. Description of the Business</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24.5pt;margin:0pt 0pt 6pt 0pt;">GlycoMimetics, Inc. (the Company), a Delaware corporation headquartered in Rockville, Maryland, was incorporated in 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="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24.5pt;margin:0pt 0pt 12pt 0pt;">The Company’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 and planned commercial operations have not commenced. The Company has incurred significant losses in the development of its drug candidates. The Company has not generated revenues from product sales. As a result, the Company has consistently reported negative cash flows from operating activities and net losses, had an accumulated deficit of $309.5 million at December 31, 2020 and expects to continue incurring losses for the foreseeable future.</p>
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 6pt 0pt;"><span style="font-style:italic;font-weight:bold;">Use of Estimates</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24.5pt;margin:0pt 0pt 6pt 0pt;">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>
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 6pt 0pt;"><span style="font-style:italic;font-weight:bold;">Concentration of Credit Risk</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24.5pt;margin:0pt 0pt 6pt 0pt;">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 investment in 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>
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CY2019 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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CY2018 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 6pt 0pt;"><b style="font-weight:bold;">12. Risks and Uncertainties</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 6pt 0pt;"><b style="font-weight:bold;">COVID-19</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:27pt;margin:0pt 0pt 6pt 0pt;">In March 2020, the World Health Organization declared the novel coronavirus disease 2019, or COVID-19, outbreak a pandemic. In order to mitigate the spread of COVID-19, governments have imposed unprecedented restrictions on business operations, travel and gatherings, resulting in a global economic downturn and other adverse economic and societal impacts. The COVID-19 pandemic has also overwhelmed or otherwise led to changes in the operations of many healthcare facilities.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24.5pt;margin:0pt 0pt 12pt 0pt;">The impact of the COVID-19 pandemic on the Company’s business and financial performance is uncertain and depends on various factors, including the scope and duration of the pandemic, government restrictions and other actions, including relief measures, implemented to address the impact of the pandemic, and resulting impacts on the financial markets and overall economy. The imposition of “lockdown,” “social distancing” and “shelter in place” directives by state and federal governments in the United States as well as governments in other regions of the world in response to the COVID-19 pandemic, including in locations in which its Phase 3 clinical trial of uproleselan is being conducted, resulted in slowed clinical site initiation, patient recruitment and enrollment rates early in the pandemic. Enrollment rates have returned to forecasted levels since the lockdowns. However, the COVID-19 infection rates continue to fluctuate which could negatively affect enrollment going forward. The Company is unable to determine the extent of the impact of the pandemic on its operations and financial condition going forward. These developments are highly uncertain and unpredictable, and may materially adversely affect the Company’s financial position and results of operations. The Company continues to closely monitor the COVID-19 situation and any potential impact to its planned activities.</p>

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