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

Robust enrollment momentum in the quarter indicates imminent completion of enrollment for Company-sponsored Phase 3 pivotal trial in patients with relapsed/refractory acute myeloid leukemia (AML); top line results anticipated after year-end 2022

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Data showing high rate of Minimal Residual Disease (MRD) in evaluable relapsed/refractory AML patients were published in BLOOD, as part of a comprehensive review of the data set from the Company’s Phase 1/2 trial evaluating uproleselan in both relapsed/refractory and newly diagnosed fit for chemo AML patient populations

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Completed manufacturing of uproleselan drug product registration batches

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Transition of new CEO, Harout Semerjian, completed

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

ROCKVILLE, MD, November 2, 2021 —

GlycoMimetics, Inc. (Nasdaq: GLYC) today reported its financial results for the quarter ended September 30, 2021 and highlighted recent events. Cash and cash equivalents at September 30, 2021 were $101.9 million.

“I am excited about the strong momentum and opportunities we have in front of us. I am grateful for the dedication and perseverance of our employees and board of directors especially during my CEO transition period,” commented Chief Executive Officer Harout Semerjian.

The following information was filed by Glycomimetics Inc (GLYC) on Tuesday, November 2, 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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Glycomimetics Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2021 10-K Annual Report includes:

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Inside Glycomimetics Inc's 10-Q Quarterly Report:

Financial - Income Highlight
Interest Income During the three and nine months ended September 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
Factors that could cause or contribute to these differences include those below and elsewhere in this Quarterly Report on Form 10-Q, our Annual Report on Form 10-K, particularly in Part I - Item 1A, "Risk Factors," and our other filings with the Securities and Exchange Commission.
Revenue - Product Highlight
We have financed our operations primarily through private placements of our securities, up-front and milestone payments under our license and collaboration agreements and the net proceeds from public offerings of common stock, including sales of common stock under at-the-market sales facilities with Cowen and Company LLC, or Cowen.
Revenue - Product
Under the 2020 Sales Agreement,...Read more
Financial - Expense
Personnel-related expenses decreased due to...Read more
Other - Other
While to date we have...Read more
Revenue - Product
Although it is difficult to...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
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
Legal - Other
These decreases were offset by...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: 0001558370-21-014003
Submitted to the SEC: Tue Nov 02 2021 8:30:43 AM EST
Accepted by the SEC: Tue Nov 02 2021
Period: Thursday, September 30, 2021
Industry: Pharmaceutical Preparations