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GlycoMimetics(GLYC) - 2024 Q1 - Quarterly Report
GLYCGlycoMimetics(GLYC)2024-05-09 20:31

Financial Performance - The company reported an accumulated deficit of 467.2millionasofMarch31,2024,andexpectstocontinueincurringoperatinglossesoverthenextseveralyears[96].−Thecompanyhasnorevenuefromdrugsalesanddoesnotexpecttogeneraterevenueinthenearfuture,relyingonmilestonepaymentsfromcollaborationagreements[105].−NetlossforQ12024was467.2 million as of March 31, 2024, and expects to continue incurring operating losses over the next several years [96]. - The company has no revenue from drug sales and does not expect to generate revenue in the near future, relying on milestone payments from collaboration agreements [105]. - Net loss for Q1 2024 was 10,737,000, a decrease of 378,000(4378,000 (4%) compared to a net loss of 10,359,000 in Q1 2023 [114]. - Interest income decreased by 204,000(35204,000 (35%) to 378,000 in Q1 2024 due to lower cash and cash equivalent balances [118]. - As of March 31, 2024, the company had 31.3millionincashandcashequivalents,withnocommittedsourceofadditionalfunding[130].−ThecompanyexpectsexistingcashandcashequivalentstofundoperatingexpensesthroughQ42024,butplanstoreduceexpensestopreservecapital[131].−NetcashusedinoperatingactivitiesforQ12024was31.3 million in cash and cash equivalents, with no committed source of additional funding [130]. - The company expects existing cash and cash equivalents to fund operating expenses through Q4 2024, but plans to reduce expenses to preserve capital [131]. - Net cash used in operating activities for Q1 2024 was 10,509,000, an improvement from 11,607,000inQ12023[132].−Thecompanysold9,822,930sharesunderthe2022SalesAgreementin2023,raising11,607,000 in Q1 2023 [132]. - The company sold 9,822,930 shares under the 2022 Sales Agreement in 2023, raising 28.7 million in net proceeds [120]. Drug Development - The lead drug candidate, uproleselan, showed a median overall survival of 13 months in patients treated with it, compared to 12.3 months in the placebo group during a Phase 3 trial [87]. - The company completed enrollment of 388 patients in a Phase 3 pivotal clinical trial for uproleselan in 2021, based on FDA guidance [86]. - A Cooperative Research and Development Agreement with the National Cancer Institute is in place for a Phase 2/3 trial testing uproleselan with standard chemotherapy, with 267 patients enrolled in the Phase 2 portion [88]. - The Phase 3 bridging study for uproleselan in Greater China has enrolled 140 patients, with overall survival as the primary endpoint [101]. - GMI-1687, an innovative E-selectin antagonist, completed enrollment of 40 subjects in a Phase 1a trial in December 2023 [92]. - The company is uncertain about the timing and costs associated with the development of its drug candidates, including uproleselan [125]. Capital Management - The company has raised capital primarily through private placements and collaboration agreements, with no approved drugs currently available for sale [95]. - The company plans to reduce operating expenses in the upcoming months to preserve capital, although this may not significantly extend the cash runway [97]. - A purchase commitment of 3,768,000wasenteredintoforrawmaterialstosupportthenextcommercialmanufacturingcampaign[123].−Thecompanyreceivedanupfrontcashpaymentof3,768,000 was entered into for raw materials to support the next commercial manufacturing campaign [123]. - The company received an upfront cash payment of 9.0 million from Apollomics for the development and commercialization of uproleselan and GMI-1687 in Greater China [100]. Expenses - Research and development expenses for Q1 2024 increased by 606,000(11606,000 (11%) to 6,025,000 compared to Q1 2023 [114]. - General and administrative expenses decreased by 432,000(8432,000 (8%) to 5,090,000 in Q1 2024, primarily due to lower personnel-related expenses [117].