Glycomimetics Inc (GLYC) 10-Q Quarterly Report August 2021

Completion of enrollment is expected by year-end 2021 for the Company-sponsored Phase 3 pivotal trial evaluating uproleselan in patients with relapsed/refractory acute myeloid leukemia (AML)

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Completion of enrollment is expected by year-end 2021 for the Phase 2 portion of the NCI-sponsored Phase 2/3 registration trial evaluating uproleselan in newly diagnosed AML patients fit for chemotherapy

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During the quarter and shortly after the quarter close, GlycoMimetics announced the initiation of three investigator-sponsored trials (ISTs) to expand the scope of its clinical research with uproleselan in AML and multiple myeloma

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Yesterday, the Company announced that Harout Semerjian will become chief executive officer, effective August 6, to succeed Rachel King, who is retiring

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Hosting a conference call and webcast today at 8:30 a.m. ET

ROCKVILLE, MD, August 5, 2021--

GlycoMimetics, Inc. (Nasdaq: GLYC) today reported its financial results for the quarter ended June 30, 2021 and highlighted recent events. Cash and cash equivalents at June 30, 2021 were $118.9 million.

“There are now six trials underway evaluating our lead clinical candidate, uproleselan, including three registration trials and three ISTs, which we anticipate will provide clinical data flow beginning in 2022. Importantly, recruitment rates in both our Company-sponsored Phase 3 trial and the National Cancer Institute’s Phase 2 portion of the Phase 2/3 trial support our expectation that enrollment in both studies can be completed by the end of this year. The support of clinicians who are enrolling patients in our global studies, and now the new ISTs, has made it possible to broaden the scope of our uproleselan clinical research to address unmet needs in AML and beyond,” commented Chief Executive Officer Rachel King.

Operational Highlights

Uproleselan

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Enrollment of GlycoMimetics’ pivotal Phase 3 trial in relapsed/refractory AML continued in the U.S., Canada, Australia and Europe at a steady pace throughout the second quarter of 2021. The Company continues to project that enrollment will be completed by year-end 2021.

The following information was filed by Glycomimetics Inc (GLYC) on Thursday, August 5, 2021 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.

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Inside Glycomimetics Inc's 10-Q Quarterly Report:

Financial - Expense Highlight
Our research and development expense for the six months ended June 30, 2021 decreased by $1.2 million compared to the six months ended June 30, 2020 primarily due to a decrease in manufacturing and formulation costs relating to uproleselan.

Financial - Income Highlight
Interest Income During the three and six months ended June 30, 2021 interest income decreased due to lower average cash balances and lower interest rates on those balances.
Revenue - Product Highlight
Subject to the terms of the agreement, we will be eligible to receive potential further milestone payments totaling approximately $179.0 million, as well as tiered royalties ranging from the high single digits to 15%, as a percentage of net sales.
Financial - Earnings Highlight
We cannot assure you that we will ever be profitable or generate positive cash flow from operating activities.
Other - Other Highlight
However, COVID-19 infection rates continue to fluctuate, which could negatively affect enrollment going forward.
Other - Other
Factors that could cause or...Read more
Revenue - Product
We have financed our operations...Read more
Financial - Cash Flow
Cash Flows The following is...Read more
Revenue - Product
Under the 2020 Sales Agreement,...Read more
Other - Other
While to date we have...Read more
Financial - Expense
General and Administrative Expense The...Read more
Financial - Expense
The duration, costs and timing...Read more
Other - Other
We are also advancing other...Read more
Financial - Expense
The increase in clinical expenses...Read more
Other - Other
If we raise additional funds...Read more
Financial - Expense
The capitalized amounts are expensed...Read more
Other - Other
We believe our expertise in...Read more
Other - Other
The imposition of "lockdown," "social...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

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 10.1: Material Contract

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: 0001558370-21-010410
Submitted to the SEC: Thu Aug 05 2021 8:16:22 AM EST
Accepted by the SEC: Thu Aug 05 2021
Period: Wednesday, June 30, 2021
Industry: Pharmaceutical Preparations