$GLYC
GLYCOMIMETICS INC

2024 Q3 Form 10-Q Financial Statement

#000155837024011579 Filed on August 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development $1.715M $6.286M
YoY Change -67.58% 54.34%
% of Gross Profit
Depreciation & Amortization $8.130K $12.42K
YoY Change -80.98% -71.4%
% of Gross Profit
Operating Expenses $11.23M $10.36M
YoY Change 14.47% 15.99%
Operating Profit -$11.23M -$10.36M
YoY Change 14.47% 15.99%
Interest Expense $184.5K $262.3K
YoY Change -69.8% -60.91%
% of Operating Profit
Other Income/Expense, Net $1.409M
YoY Change 130.69%
Pretax Income
YoY Change
Income Tax
% Of Pretax Income
Net Earnings -$9.824M -$10.10M
YoY Change 6.76% 22.24%
Net Earnings / Revenue
Basic Earnings Per Share -$0.15 -$0.16
Diluted Earnings Per Share -$0.15 -$0.16
COMMON SHARES
Basic Shares Outstanding 64.48M 64.46M
Diluted Shares Outstanding 64.48M 64.48M

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $14.39M $22.39M
YoY Change -70.87% -61.43%
Cash & Equivalents $14.40M $22.40M
Short-Term Investments
Other Short-Term Assets $1.204M $1.395M
YoY Change -49.84% -34.1%
Inventory
Prepaid Expenses $798.3K $805.6K
Receivables
Other Receivables $50.26K $76.71K
Total Short-Term Assets $15.65M $23.86M
YoY Change -69.92% -60.48%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00 $424.2K
YoY Change -100.0% -68.59%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $52.32K $137.1K
YoY Change -47.68% 34.0%
Total Long-Term Assets $52.32K $561.3K
YoY Change -95.61% -61.36%
TOTAL ASSETS
Total Short-Term Assets $15.65M $23.86M
Total Long-Term Assets $52.32K $561.3K
Total Assets $15.70M $24.42M
YoY Change -70.49% -60.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $581.8K $950.8K
YoY Change 76.36% 293.71%
Accrued Expenses $3.478M $2.957M
YoY Change -34.52% -53.29%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.322M $4.356M
YoY Change -32.37% -33.71%
LONG-TERM LIABILITIES
Long-Term Debt $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
YoY Change -100.0% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.322M $4.356M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $4.322M $4.356M
YoY Change -35.04% -37.95%
SHAREHOLDERS EQUITY
Retained Earnings -$487.1M -$477.3M
YoY Change 8.88% 8.93%
Common Stock $64.48K $64.48K
YoY Change 0.18% 0.27%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $11.38M $20.06M
YoY Change
Total Liabilities & Shareholders Equity $15.70M $24.42M
YoY Change -70.49% -60.5%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$9.824M -$10.10M
YoY Change 6.76% 22.24%
Depreciation, Depletion And Amortization $8.130K $12.42K
YoY Change -80.98% -71.4%
Cash From Operating Activities -$7.994M -$8.893M
YoY Change -7.9% 27.51%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $2.530K
YoY Change -100.0% -75.97%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 -$2.530K
YoY Change -100.0% -75.97%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 500.0
YoY Change -100.0% -97.51%
NET CHANGE
Cash From Operating Activities -7.994M -8.893M
Cash From Investing Activities 0.000 -2.530K
Cash From Financing Activities 0.000 500.0
Net Change In Cash -7.994M -8.895M
YoY Change -7.37% 27.71%
FREE CASH FLOW
Cash From Operating Activities -$7.994M -$8.893M
Capital Expenditures $0.00 $2.530K
Free Cash Flow -$7.994M -$8.896M
YoY Change -8.0% 27.35%

Facts In Submission

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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;"><span style="white-space:pre-wrap;">GlycoMimetics, Inc. (the Company), a Delaware corporation headquartered in Rockville, Maryland, was incorporated in 2003. The Company is 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 has been 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 cancers and inflammation. In July 2024, following feedback from the U.S. Food and Drug Administration (FDA), the Company determined that the regulatory path forward for its lead product candidate, uproleselan, for the treatment of relapsed and refractory acute myeloid leukemia would require an additional clinical trial. As a result, the Company intends to conduct a strategic review of its business, in an effort to maximize shareholder value, including the evaluation of potential business development opportunities for uproleselan and the Company’s GMI-1687 to ensure their continued advancement. In order to conserve its cash resources, in July 2024 the Company reduced its workforce by approximately </span>80%. </p>
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us-gaap Use Of Estimates
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-style:italic;font-weight:bold;margin-bottom:5pt;margin-top:5pt;visibility:hidden;">​</span></p><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 Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y3M
CY2024Q2 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
805610
CY2023Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
1420642
CY2024Q2 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
589133
CY2023Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
401442
CY2024Q2 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
76710
CY2023Q4 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
175820
CY2024Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1471453
CY2023Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1997904
CY2024Q2 glyc Accrued Research And Development Expense Current
AccruedResearchAndDevelopmentExpenseCurrent
1916629
CY2023Q4 glyc Accrued Research And Development Expense Current
AccruedResearchAndDevelopmentExpenseCurrent
1824689
CY2023Q4 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
2561913
CY2024Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
441652
CY2023Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
439192
CY2024Q2 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
545549
CY2023Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
399763
CY2024Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
52948
CY2024Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
2956778
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
5225557
CY2024Q2 us-gaap Lease Practical Expedient Lessor Single Lease Component
LeasePracticalExpedientLessorSingleLeaseComponent
true
glyc Lessee Operating Lease Number Of New Leases
LesseeOperatingLeaseNumberOfNewLeases
0
CY2024Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
188310
CY2023Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
247359
us-gaap Operating Lease Cost
OperatingLeaseCost
376620
us-gaap Operating Lease Cost
OperatingLeaseCost
479349
CY2024Q2 us-gaap Variable Lease Cost
VariableLeaseCost
138819
CY2023Q2 us-gaap Variable Lease Cost
VariableLeaseCost
133022
us-gaap Variable Lease Cost
VariableLeaseCost
238706
us-gaap Variable Lease Cost
VariableLeaseCost
316296
CY2024Q2 us-gaap Lease Cost
LeaseCost
327129
CY2023Q2 us-gaap Lease Cost
LeaseCost
380381
us-gaap Lease Cost
LeaseCost
615326
us-gaap Lease Cost
LeaseCost
795645
CY2024Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
196314
CY2023Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
280518
us-gaap Operating Lease Payments
OperatingLeasePayments
392628
us-gaap Operating Lease Payments
OperatingLeasePayments
560210
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
396555
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
67401
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
463956
CY2024Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
15181
CY2024Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
448775
CY2024Q2 us-gaap Lessee Operating Lease Remaining Lease Term
LesseeOperatingLeaseRemainingLeaseTerm
P0Y7M6D
CY2023Q4 us-gaap Lessee Operating Lease Remaining Lease Term
LesseeOperatingLeaseRemainingLeaseTerm
P1Y1M6D
CY2024Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.100
CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.100
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
872892
CY2024Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000
CY2024Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
150000000
CY2024Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
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
1.0179
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 Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0417
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 Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2024Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1207322
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
858088
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2399402
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1728268
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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0001558370-24-011579-index.html Edgar Link pending
0001558370-24-011579.txt Edgar Link pending
0001558370-24-011579-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
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glyc-20240630x10q.htm Edgar Link pending
glyc-20240630xex31d1.htm Edgar Link pending
glyc-20240630xex31d2.htm Edgar Link pending
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glyc-20240630_cal.xml Edgar Link unprocessable
glyc-20240630_def.xml Edgar Link unprocessable
glyc-20240630_lab.xml Edgar Link unprocessable
glyc-20240630_pre.xml Edgar Link unprocessable
glyc-20240630x10q_htm.xml Edgar Link completed
FilingSummary.xml Edgar Link unprocessable