Glycomimetics Inc (GLYC) 10-Q Quarterly Report July 2020

Enrollment in the Company-sponsored pivotal Phase 3 trial evaluating uproleselan in patients with relapsed/refractory acute myeloid leukemia (AML) continued, and the company affirmed second half of 2021 as target for completion of enrollment

●

A post hoc analysis of the Phase 3 RESET study evaluating the efficacy of rivipansel in acute vaso-occlusive crisis (VOC) in sickle cell disease (SCD) produced new efficacy data showing statistically significant improvements for patients treated early in crisis in the primary efficacy endpoint of time to readiness for discharge compared to placebo

●

Pfizer completed the transfer to GlycoMimetics of all commercial and development rights and the Investigational New Drug Application (IND) for rivipansel

ROCKVILLE, MD, July 31, 2020 -- GlycoMimetics, Inc. (Nasdaq: GLYC) today reported its financial results for the second quarter ended June 30, 2020, and highlighted recent company events. Cash and cash equivalents at June 30, 2020 were $149.8 million.

“The second quarter was quite productive as we noted strong enrollment in our company-sponsored pivotal trial of uproleselan in relapsed/refractory AML. Though we did see a slow down early in the COVID crisis, we were pleased to see enrollment pick back up later in the quarter. This was an important achievement in the face of the COVID-19 pandemic, and we are able to maintain prior guidance that we expect to complete enrollment in the second half of 2021. Also important were new data from a post hoc analysis of the rivipansel Phase 3 study that showed that patients treated with rivipansel within approximately 26 hours of the onset of pain in their crisis experienced statistically significant improvements in the primary efficacy endpoint of time to readiness for discharge compared to placebo. These data provide a foundation, we believe, for us to discuss with the U.S. Food and Drug Administration (FDA) whether there may be a path forward for rivipansel in acute VOC,” commented Rachel King, Chief Executive Officer.

The following information was filed by Glycomimetics Inc (GLYC) on Friday, July 31, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

Please wait while we load the requested 10-Q report or click the link below:

https://last10k.com/sec-filings/report/1253689/000155837020008841/glyc-20200630x10q.htm

View differences made from one quarter to another to evaluate Glycomimetics Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ) — *Sample 10-K Year-over-Year (YoY) Comparison*

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were ~~removed~~ , added and changed by Glycomimetics Inc.

Continue

Assess how Glycomimetics Inc's management team is paid from their Annual Proxy

Glycomimetics Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

Voting Procedures
Board Members
Executive Team
Salaries, Bonuses, Perks
Peers / Competitors

Continue

Rating
Learn More

Filter Sentiment:

All

Positive

Negative

Filter Category:

All

Revenue

Financial

Other

Filter Subcategory:

All

Product

Expense

Income

Cash Flow

Earnings

Geography

Other

Inside Glycomimetics Inc's 10-Q Quarterly Report:

Revenue - Product Highlight
We received an upfront cash payment of $9.0 million and, subject to the terms of the agreement, will be eligible to receive potential milestone payments totaling approximately $180.0 million, as well as tiered royalties ranging from the high single digits to 15%, as a percentage of net sales.

Financial - Expense Highlight
25 Research and Development Expense The following tables summarize our research and development expense by functional area for the three and six months ended June 30, 2020 and 2019: The following tables summarize our research and development expense by drug candidate for the three and six months ended June 30, 2020 and 2019: During the three and six months ended June 30, 2020, our research and development expense decreased by $3.2 million, or 24%, and $2.3 million, or 9%, respectively, compared to the same periods in 2019.
Financial - Income Highlight
Interest Income During the three and six months ended June 30, 2020 interest income decreased by $959,000, or 97%, and $1.6 million, or 77%, respectively, compared to the same periods in 2019, due to lower average cash balances and lower interest rates on those balances due to the market reaction to the COVID-19 pandemic.
Financial - Expense Highlight
Contract research services, consulting and other costs were lower in 2020 as research activities were affected at outside universities and travel by research and development personnel was largely eliminated due to the COVID-19 pandemic.
Financial - Cash Flow Highlight
Cash Flows The following is a summary of our cash flows for the six months ended June 30, 2020 and 2019: Operating Activities Net cash used in operating activities for the six months ended June 30, 2020 and 2019 was primarily the result of ongoing costs associated with our uproleselan clinical development programs which includes significant costs for project support, investigator site start-up costs and patient enrollment fees as well as clinical manufacturing costs.
Other - Other
However, the COVID-19 infection rates...Read more
Financial - Earnings
We cannot assure you that...Read more
Other - Other
Pfizer terminated the Pfizer Agreement...Read more
Other - Other
Factors that could cause or...Read more
Revenue - Product
To date, we have financed...Read more
Financial - Expense
The higher clinical expenses were...Read more
Other - Other
While to date we have...Read more
Other - Other
Pfizer terminated the Pfizer Agreement,...Read more
Financial - Expense
The duration, costs and timing...Read more
Financial - Expense
Personnel-related expenses increased due to...Read more
Revenue - Product
27 In September 2017, we...Read more
Revenue - Geography
In May 2017, the European...Read more
Other - Other
Impact of COVID-19 on Our...Read more
Other - Other
If we raise additional funds...Read more
Financial - Expense
The capitalized amounts are expensed...Read more
Financial - Expense
We expect our research and...Read more
Other - Other
We will determine which programs...Read more
Financial - Expense
Funding Requirements Our primary uses...Read more
Other - Other
Our initial research and development...Read more
Revenue - Geography
In December 2018, at the...Read more
Other - Other
We are currently preparing plans...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Glycomimetics Inc provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Ticker: GLYC
CIK: 1253689
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-20-008841
Submitted to the SEC: Fri Jul 31 2020 9:00:47 AM EST
Accepted by the SEC: Fri Jul 31 2020
Period: Tuesday, June 30, 2020
Industry: Pharmaceutical Preparations