$GLYC
GLYCOMIMETICS INC

2023 Q1 Form 10-K Financial Statement

#000155837023004864 Filed on March 29, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $0.00 $0.00 $75.00K
YoY Change -100.0% -93.53%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $5.522M $4.732M $19.09M
YoY Change 9.22% 4.04% 11.52%
% of Gross Profit
Research & Development $5.419M $5.891M $28.39M
YoY Change -43.58% -54.32% -40.22%
% of Gross Profit
Depreciation & Amortization $43.84K $45.72K $207.1K
YoY Change -26.08% -25.83% -21.71%
% of Gross Profit
Operating Expenses $10.94M $10.62M $47.48M
YoY Change -25.37% -39.1% -26.51%
Operating Profit -$10.94M -$47.40M
YoY Change -25.37% -25.29%
Interest Expense $581.7K $378.3K $714.5K
YoY Change 8128.43% 9171.32% 3514.53%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$10.36M -$10.24M -$46.69M
YoY Change -29.3% -41.2% -26.39%
Income Tax
% Of Pretax Income
Net Earnings -$10.36M -$10.24M -$46.69M
YoY Change -29.3% -41.2% -26.39%
Net Earnings / Revenue -62251.74%
Basic Earnings Per Share -$0.17 -$0.89
Diluted Earnings Per Share -$0.17 -$0.19 -$0.89
COMMON SHARES
Basic Shares Outstanding 64.25M 52.42M 52.53M
Diluted Shares Outstanding 60.35M 52.53M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $65.00M $47.87M $47.87M
YoY Change -15.05% -46.96% -46.96%
Cash & Equivalents $65.00M $47.87M $47.87M
Short-Term Investments
Other Short-Term Assets $2.850M $2.700M $2.700M
YoY Change 202.36% 407.09% 407.09%
Inventory
Prepaid Expenses $2.291M $2.300M
Receivables
Other Receivables $234.1K $144.0K
Total Short-Term Assets $68.09M $50.71M $50.71M
YoY Change -12.11% -44.14% -44.14%
LONG-TERM ASSETS
Property, Plant & Equipment $200.7K $242.4K $993.6K
YoY Change -42.65% -34.28% -48.92%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $102.3K $102.3K $102.3K
YoY Change -95.5% -93.66% -93.66%
Total Long-Term Assets $835.1K $1.096M $1.096M
YoY Change -79.13% -69.2% -69.2%
TOTAL ASSETS
Total Short-Term Assets $68.09M $50.71M $50.71M
Total Long-Term Assets $835.1K $1.096M $1.096M
Total Assets $68.92M $51.81M $51.81M
YoY Change -15.4% -45.08% -45.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $480.2K $970.2K $970.2K
YoY Change -78.91% -53.97% -53.97%
Accrued Expenses $5.608M $6.992M $7.911M
YoY Change -40.82% -19.77% -18.59%
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 $6.740M $8.881M $8.881M
YoY Change -47.27% -24.89% -24.89%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $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% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.740M $8.881M $8.881M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $6.740M $8.881M $8.881M
YoY Change -49.83% -30.31% -30.31%
SHAREHOLDERS EQUITY
Retained Earnings -$429.9M -$419.6M
YoY Change 10.93% 12.52%
Common Stock $64.25K $54.38K
YoY Change 22.62% 3.95%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $62.18M $42.93M $42.93M
YoY Change
Total Liabilities & Shareholders Equity $68.92M $51.81M $51.81M
YoY Change -15.4% -45.08% -45.08%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$10.36M -$10.24M -$46.69M
YoY Change -29.3% -41.2% -26.39%
Depreciation, Depletion And Amortization $43.84K $45.72K $207.1K
YoY Change -26.08% -25.83% -21.71%
Cash From Operating Activities -$11.61M -$7.912M -$46.46M
YoY Change -15.27% -38.22% -19.2%
INVESTING ACTIVITIES
Capital Expenditures $2.197K $0.00 $84.19K
YoY Change -94.58% -100.0% 463.41%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$2.197K $0.00 -$84.19K
YoY Change -94.58% -100.0% 463.41%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $4.157M
YoY Change -61.14%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 28.74M 4.157M 4.157M
YoY Change 264.81% -61.23%
NET CHANGE
Cash From Operating Activities -11.61M -7.912M -46.46M
Cash From Investing Activities -2.197K 0.000 -84.19K
Cash From Financing Activities 28.74M 4.157M 4.157M
Net Change In Cash 17.13M -3.754M -42.38M
YoY Change -224.7% -67.83% -9.4%
FREE CASH FLOW
Cash From Operating Activities -$11.61M -$7.912M -$46.46M
Capital Expenditures $2.197K $0.00 $84.19K
Free Cash Flow -$11.61M -$7.912M -$46.54M
YoY Change -15.5% -38.21% -19.08%

Facts In Submission

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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;"><span style="white-space:pre-wrap;">GlycoMimetics, Inc. (the Company), a Delaware corporation headquartered in Rockville, Maryland, was incorporated in 2003. The Company is a late-stage clinical development biotechnology company focused on improving the lives of people living with cancer and inflammatory diseases by leveraging the inhibition of carbohydrate interactions that occur on the surface of cells. The Company is developing a pipeline of proprietary glycomimetics, which are small molecules that mimic the structure of carbohydrates involved in important biological processes, to inhibit disease-related functions of carbohydrates such as the roles they play in inflammation, cancer and infection. </span></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 $419.6 million at December 31, 2022 and expects to continue incurring losses for the foreseeable future. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24.5pt;margin:0pt 0pt 12pt 0pt;">Subsequent to December 31, 2022, the Company issued and sold 9,822,930<span style="white-space:pre-wrap;"> shares of common stock under its “at-the-market” equity offering program at a weighted average price per share of </span>$3.01, for aggregate net proceeds of $28.7 million, after deducting commissions and offering expenses. The Company believes that its existing cash and cash equivalents as of December 31, 2022 together with the net proceeds of $28.7 million from sale of shares of common stock under the “at-the-market” program will be sufficient to fund the Company’s operations at least 12 months from the issuance of these financial statements. 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, which cannot be assured.</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:27pt;margin: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. The Company maintains its cash balances with financial institutions in federally insured accounts and has cash balances in excess of the insurance limits. 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 the Company does not anticipate any losses on such balances. The Company has not experienced any losses to date and believes that it is not exposed to any significant credit risk on cash and cash equivalents. On March 10, 2023, one of the financial institutions the Company has accounts with, Silicon Valley Bank, or SVB, was closed and the FDIC was appointed receiver for the bank. The FDIC created a successor bridge bank, Silicon Valley Bridge Bank, N.A, or SVBB, and all deposits of SVB were transferred to SVBB and made available in full to customers under a systemic risk exception approved by the United States Department of Treasury, the Federal Reserve and the FDIC.</p>
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