2024 Q4 Form 10-Q Financial Statement

#000155837024015537 Filed on November 13, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3 2023 Q3
Revenue $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.520M
YoY Change 17.57%
% of Gross Profit
Research & Development $1.715M $5.292M
YoY Change -67.58% 7.49%
% of Gross Profit
Depreciation & Amortization $8.130K $42.75K
YoY Change -80.98% -9.72%
% of Gross Profit
Operating Expenses $11.23M $9.813M
YoY Change 14.47% 11.93%
Operating Profit -$11.23M -$9.813M
YoY Change 14.47% 11.93%
Interest Expense $184.5K $611.0K
YoY Change -69.8% 150.82%
% of Operating Profit
Other Income/Expense, Net $1.409M $611.0K
YoY Change 130.69%
Pretax Income -$9.200M
YoY Change 7.93%
Income Tax
% Of Pretax Income
Net Earnings -$9.824M -$9.203M
YoY Change 6.76% 7.96%
Net Earnings / Revenue
Basic Earnings Per Share -$0.15 -$0.14
Diluted Earnings Per Share -$0.15 -$0.14
COMMON SHARES
Basic Shares Outstanding 64.48M 64.48M 64.32M
Diluted Shares Outstanding 64.48M 64.35M

Balance Sheet

Concept 2024 Q4 2024 Q3 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $14.39M $49.40M
YoY Change -70.87% -4.31%
Cash & Equivalents $14.40M $49.41M
Short-Term Investments
Other Short-Term Assets $1.204M $2.400M
YoY Change -49.84% 12.51%
Inventory
Prepaid Expenses $798.3K $1.811M
Receivables
Other Receivables $50.26K $188.9K
Total Short-Term Assets $15.65M $52.01M
YoY Change -69.92% -3.41%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00 $133.0K
YoY Change -100.0% -53.84%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $52.32K $100.0K
YoY Change -47.68% -88.37%
Total Long-Term Assets $52.32K $1.191M
YoY Change -95.61% -43.66%
TOTAL ASSETS
Total Short-Term Assets $15.65M $52.01M
Total Long-Term Assets $52.32K $1.191M
Total Assets $15.70M $53.20M
YoY Change -70.49% -4.93%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $581.8K $329.9K
YoY Change 76.36% -61.29%
Accrued Expenses $3.478M $5.311M
YoY Change -34.52% -8.61%
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 $6.391M
YoY Change -32.37% -17.52%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00 $300.0K
YoY Change -100.0% 213.77%
Total Long-Term Liabilities $0.00 $300.0K
YoY Change -100.0% 213.77%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.322M $6.391M
Total Long-Term Liabilities $0.00 $300.0K
Total Liabilities $4.322M $6.653M
YoY Change -35.04% -15.18%
SHAREHOLDERS EQUITY
Retained Earnings -$487.1M -$447.4M
YoY Change 8.88% 9.3%
Common Stock $64.48K $64.37K
YoY Change 0.18% 22.79%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $11.38M $46.55M
YoY Change
Total Liabilities & Shareholders Equity $15.70M $53.20M
YoY Change -70.49% -4.93%

Cashflow Statement

Concept 2024 Q4 2024 Q3 2023 Q3
OPERATING ACTIVITIES
Net Income -$9.824M -$9.203M
YoY Change 6.76% 7.96%
Depreciation, Depletion And Amortization $8.130K $42.75K
YoY Change -80.98% -9.72%
Cash From Operating Activities -$7.994M -$8.680M
YoY Change -7.9% 0.73%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $10.00K
YoY Change -100.0% -503.23%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 -$10.00K
YoY Change -100.0% 303.23%
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 60.00K
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -7.994M -8.680M
Cash From Investing Activities 0.000 -10.00K
Cash From Financing Activities 0.000 60.00K
Net Change In Cash -7.994M -8.630M
YoY Change -7.37% 0.12%
FREE CASH FLOW
Cash From Operating Activities -$7.994M -$8.680M
Capital Expenditures $0.00 $10.00K
Free Cash Flow -$7.994M -$8.690M
YoY Change -8.0% 0.87%

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 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:27pt;margin:0pt 0pt 12pt 0pt;"><span style="white-space:pre-wrap;">GlycoMimetics, Inc. (the Company), a Delaware corporation headquartered in Rockville, Maryland, was incorporated in 2003. The Company was previously 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. The decision to not conduct an additional clinical trial did not relate to any safety or medical issues or negative regulatory feedback related to the Company’s programs. In order to conserve its cash resources, in July 2024 the Company reduced its workforce by approximately </span>80%<span style="white-space:pre-wrap;">. The Company also initiated a strategic review of its business in an effort to maximize shareholder value. </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:27pt;margin:0pt 0pt 12pt 0pt;"><span style="white-space:pre-wrap;">Following the strategic review on October 28, 2024 the Company entered into an Agreement and Plan of Merger and Reorganization (the Merger Agreement) with Crescent Biopharma, Inc., a Delaware corporation (Crescent), pursuant to which Crescent will become a wholly owned subsidiary of the Company (the Merger). Upon completion of the Merger, the Company plans to operate under the name Crescent Biopharma, Inc. The Merger is expected to close in the second quarter of 2025, subject to certain closing conditions, including, among other things, approval by the stockholders of each company and the satisfaction of customary closing conditions. </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:27pt;margin:0pt 0pt 12pt 0pt;">The Merger is intended to qualify for federal income tax purposes as a tax-free reorganization under the provisions of Section 368(a) of the Internal Revenue Code of 1986, as amended. Pursuant to the exchange ratio formula set forth in the Merger Agreement, upon the closing of the Merger (but prior to closing of the Private Placement described below), on a pro forma basis and based upon the number of shares of common stock of the Company expected to be issued in the Merger, pre-Merger Crescent stockholders will own approximately 86.2% of the combined company and pre-Merger stockholders of the Company will own approximately 13.8% of the combined company. After giving further effect to the Private Placement, the pre-Merger Crescent stockholders (inclusive of those investors participating in the Private Placement) are expected to own approximately 96.9% of the combined company and the pre-Merger stockholders of the Company are expected to own approximately 3.1% of the combined company. The exchange ratio will be adjusted to the extent that the Company’s net cash at closing of the Merger is less than $1.0 million and will be based on the amount of proceeds actually received by the Company in the Private Placement.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:27pt;margin:0pt;">Concurrently with the execution and delivery of the Merger Agreement, certain institutional and accredited investors have entered into a securities purchase agreement (the Purchase Agreement) with the Company, pursuant to which they have agreed, subject to the terms and conditions of such agreements, to purchase, immediately following the consummation of the Merger, shares of the Company’s common stock and pre-funded warrants (together, the PIPE Securities) for an aggregate purchase price of approximately $200.0 million in a private placement (the Private Placement). The closing of the Private Placement is conditioned on the satisfaction or waiver of the conditions set forth in the Merger Agreement (in addition to other customary closing conditions) and is expected to occur immediately following the closing of the Merger.</p>
CY2024Q3 us-gaap Restructuring And Related Cost Number Of Positions Eliminated Period Percent
RestructuringAndRelatedCostNumberOfPositionsEliminatedPeriodPercent
0.80
CY2024Q4 glyc Merger Agreement Exchange Ratio Determination Maximum Net Cash At Closing
MergerAgreementExchangeRatioDeterminationMaximumNetCashAtClosing
1000000.0
glyc Net Income Loss And Comprehensive Income Net Of Tax
NetIncomeLossAndComprehensiveIncomeNetOfTax
-30700000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-27400000
CY2024Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
14400000
CY2024Q3 us-gaap Severance Costs1
SeveranceCosts1
5000000.0
us-gaap Use Of Estimates
UseOfEstimates
<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;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 </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">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
CY2024Q3 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
798274
CY2023Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
1420642
CY2024Q3 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
405628
CY2023Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
401442
CY2024Q3 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
50255
CY2023Q4 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
175820
CY2024Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1254157
CY2023Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1997904
CY2024Q3 glyc Accrued Research And Development Expense Current
AccruedResearchAndDevelopmentExpenseCurrent
758599
CY2023Q4 glyc Accrued Research And Development Expense Current
AccruedResearchAndDevelopmentExpenseCurrent
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CY2023Q4 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
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CY2024Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
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CY2023Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
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CY2024Q3 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
439130
CY2023Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
302778
CY2024Q3 glyc Accrued Retention Current
AccruedRetentionCurrent
427908
CY2024Q3 glyc Accrued Severance Current
AccruedSeveranceCurrent
1378522
CY2023Q4 glyc Accrued Severance Current
AccruedSeveranceCurrent
96985
CY2024Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
3477929
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
5225557
CY2024Q3 us-gaap Lease Practical Expedient Lessor Single Lease Component
LeasePracticalExpedientLessorSingleLeaseComponent
true
CY2023Q2 us-gaap Operating Lease Impairment Loss
OperatingLeaseImpairmentLoss
400000
glyc Lessee Operating Lease Number Of New Leases
LesseeOperatingLeaseNumberOfNewLeases
0
CY2024Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
68703
CY2023Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
255044
us-gaap Operating Lease Cost
OperatingLeaseCost
445323
us-gaap Operating Lease Cost
OperatingLeaseCost
734393
CY2024Q3 us-gaap Variable Lease Cost
VariableLeaseCost
138819
CY2023Q3 us-gaap Variable Lease Cost
VariableLeaseCost
155583
us-gaap Variable Lease Cost
VariableLeaseCost
377525
us-gaap Variable Lease Cost
VariableLeaseCost
471879
CY2024Q3 us-gaap Lease Cost
LeaseCost
207522
CY2023Q3 us-gaap Lease Cost
LeaseCost
410627
us-gaap Lease Cost
LeaseCost
822848
us-gaap Lease Cost
LeaseCost
1206272
CY2024Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
196314
CY2023Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
285122
us-gaap Operating Lease Payments
OperatingLeasePayments
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us-gaap Operating Lease Payments
OperatingLeasePayments
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CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
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CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
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CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
267641
CY2024Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
5508
CY2024Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
262133
CY2024Q3 us-gaap Lessee Operating Lease Remaining Lease Term
LesseeOperatingLeaseRemainingLeaseTerm
P0Y3M18D
CY2023Q4 us-gaap Lessee Operating Lease Remaining Lease Term
LesseeOperatingLeaseRemainingLeaseTerm
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CY2024Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
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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
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CY2024Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000
CY2024Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
150000000
CY2024Q3 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
0.7812
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
0.0357
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
CY2024Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1138115
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3537517
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2616105
CY2024Q3 us-gaap Restructuring And Related Cost Number Of Positions Eliminated
RestructuringAndRelatedCostNumberOfPositionsEliminated
26
CY2024Q3 us-gaap Restructuring And Related Cost Number Of Positions Eliminated Period Percent
RestructuringAndRelatedCostNumberOfPositionsEliminatedPeriodPercent
0.80
CY2024Q3 us-gaap Restructuring Charges
RestructuringCharges
5000000.0
CY2024Q3 us-gaap Restructuring Reserve Accelerated Depreciation
RestructuringReserveAcceleratedDepreciation
400000
CY2024Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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