$GLYC
GLYCOMIMETICS INC

2023 Q3 Form 10-Q Financial Statement

#000155837023012814 Filed on August 02, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $0.00 $0.00
YoY Change -100.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.520M $4.857M
YoY Change 17.57% -10.96%
% of Gross Profit
Research & Development $5.292M $4.073M
YoY Change 7.49% -48.92%
% of Gross Profit
Depreciation & Amortization $42.75K $43.42K
YoY Change -9.72% -20.73%
% of Gross Profit
Operating Expenses $9.813M $8.930M
YoY Change 11.93% -33.5%
Operating Profit -$9.813M -$8.930M
YoY Change 11.93% -33.12%
Interest Expense $611.0K $671.0K
YoY Change 150.82% 684.02%
% of Operating Profit
Other Income/Expense, Net $611.0K
YoY Change
Pretax Income -$9.200M -$8.259M
YoY Change 7.93% -37.75%
Income Tax
% Of Pretax Income
Net Earnings -$9.203M -$8.259M
YoY Change 7.96% -37.75%
Net Earnings / Revenue
Basic Earnings Per Share -$0.14 -$0.13
Diluted Earnings Per Share -$0.14 -$0.13
COMMON SHARES
Basic Shares Outstanding 64.32M 64.25M
Diluted Shares Outstanding 64.35M 64.28M

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $49.40M $58.04M
YoY Change -4.31% -3.66%
Cash & Equivalents $49.41M $58.04M
Short-Term Investments
Other Short-Term Assets $2.400M $2.116M
YoY Change 12.51% 135.58%
Inventory
Prepaid Expenses $1.811M $1.362M
Receivables
Other Receivables $188.9K $215.4K
Total Short-Term Assets $52.01M $60.37M
YoY Change -3.41% -1.46%
LONG-TERM ASSETS
Property, Plant & Equipment $133.0K $1.350M
YoY Change -53.84% 305.55%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $100.0K $102.3K
YoY Change -88.37% -95.5%
Total Long-Term Assets $1.191M $1.453M
YoY Change -43.66% -61.57%
TOTAL ASSETS
Total Short-Term Assets $52.01M $60.37M
Total Long-Term Assets $1.191M $1.453M
Total Assets $53.20M $61.82M
YoY Change -4.93% -4.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $329.9K $241.5K
YoY Change -61.29% -81.0%
Accrued Expenses $5.311M $6.331M
YoY Change -8.61% -4.24%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.391M $6.572M
YoY Change -17.52% -26.47%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $300.0K $448.8K
YoY Change 213.77% 18.48%
Total Long-Term Liabilities $300.0K $448.8K
YoY Change 213.77% 18.48%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.391M $6.572M
Total Long-Term Liabilities $300.0K $448.8K
Total Liabilities $6.653M $7.021M
YoY Change -15.18% -24.64%
SHAREHOLDERS EQUITY
Retained Earnings -$447.4M -$438.2M
YoY Change 9.3% 9.33%
Common Stock $64.37K $64.31K
YoY Change 22.79% 22.68%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $46.55M $54.80M
YoY Change
Total Liabilities & Shareholders Equity $53.20M $61.82M
YoY Change -4.93% -4.95%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$9.203M -$8.259M
YoY Change 7.96% -37.75%
Depreciation, Depletion And Amortization $42.75K $43.42K
YoY Change -9.72% -20.73%
Cash From Operating Activities -$8.680M -$6.975M
YoY Change 0.73% -57.03%
INVESTING ACTIVITIES
Capital Expenditures $10.00K $10.53K
YoY Change -503.23% -125.56%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$10.00K -$10.53K
YoY Change 303.23% -74.44%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 60.00K 20.11K
YoY Change
NET CHANGE
Cash From Operating Activities -8.680M -6.975M
Cash From Investing Activities -10.00K -10.53K
Cash From Financing Activities 60.00K 20.11K
Net Change In Cash -8.630M -6.965M
YoY Change 0.12% -57.19%
FREE CASH FLOW
Cash From Operating Activities -$8.680M -$6.975M
Capital Expenditures $10.00K $10.53K
Free Cash Flow -$8.690M -$6.985M
YoY Change 0.87% -56.85%

Facts In Submission

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us-gaap Nature Of Operations
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin: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;"><span style="visibility:hidden;">​</span></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 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. </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 $438.2 million at June 30, 2023 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;">The Company believes that its cash and cash equivalents as of June 30, 2023 will be sufficient to fund the Company’s operations for 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, the securing of which cannot be assured.</p>
CY2023Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-438200000
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin: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;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24.5pt;margin: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>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin: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;margin:0pt;"><span style="visibility:hidden;">​</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 United States government money market funds with major financial institutions. 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. </p>
us-gaap Depreciation
Depreciation
114080
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y3M
CY2023Q2 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
1362220
CY2022Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
2300209
CY2023Q2 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
754174
CY2022Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
399861
CY2023Q2 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
215368
CY2022Q4 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
144016
CY2023Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
2331762
CY2022Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
2844086
CY2023Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2635248
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2629005
CY2023Q2 glyc Accrued Research And Development Expense Current
AccruedResearchAndDevelopmentExpenseCurrent
2061209
CY2022Q4 glyc Accrued Research And Development Expense Current
AccruedResearchAndDevelopmentExpenseCurrent
3484742
CY2023Q2 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
1796306
CY2022Q4 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
2664613
CY2023Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
861260
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
499592
CY2023Q2 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
770827
CY2022Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
300653
CY2023Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
20670
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
42406
CY2023Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
5510272
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
6992006
CY2023Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
247359
CY2022Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
231989
us-gaap Operating Lease Cost
OperatingLeaseCost
479349
us-gaap Operating Lease Cost
OperatingLeaseCost
463979
CY2023Q2 us-gaap Variable Lease Cost
VariableLeaseCost
133022
CY2022Q2 us-gaap Variable Lease Cost
VariableLeaseCost
153753
us-gaap Variable Lease Cost
VariableLeaseCost
316296
us-gaap Variable Lease Cost
VariableLeaseCost
304885
CY2023Q2 us-gaap Lease Cost
LeaseCost
380381
CY2022Q2 us-gaap Lease Cost
LeaseCost
385742
us-gaap Lease Cost
LeaseCost
795645
us-gaap Lease Cost
LeaseCost
768864
CY2023Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
280518
CY2022Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
273676
us-gaap Operating Lease Payments
OperatingLeasePayments
560210
us-gaap Operating Lease Payments
OperatingLeasePayments
546547
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
511559
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
789183
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
67401
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1368143
CY2023Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
99125
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
1269018
CY2023Q2 us-gaap Lessee Operating Lease Remaining Lease Term
LesseeOperatingLeaseRemainingLeaseTerm
P1Y5M15D
CY2022Q4 us-gaap Lessee Operating Lease Remaining Lease Term
LesseeOperatingLeaseRemainingLeaseTerm
P0Y9M18D
CY2023Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.098
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.080
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
872892
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y3M
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y3M
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.8126
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.8454
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0354
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0174
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
858088
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
963758
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1728268
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2044400

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