GlycoMimetics(GLYC) - 2025 Q2 - Quarterly Report

Financial Performance - For the three and six months ended June 30, 2025, the company incurred net losses of $21.8 million and $36.9 million, respectively, with an accumulated deficit of $54.8 million as of June 30, 2025[151]. - Revenue has not been generated from any sources, including product sales, and is not expected in the foreseeable future[165]. - The company has not generated any revenue from product sales since its inception in September 2024[150]. - The company anticipates significant operating losses to continue as it pursues clinical development and commercialization of product candidates[192]. Cash Position - As of June 30, 2025, the company had cash of $152.6 million, expected to fund operations for at least twelve months from the filing date of the Quarterly Report[152]. - The company reported a net cash provided by financing activities of $145.4 million, mainly from $144.3 million of net proceeds from Pre-Closing Financing[196]. - The total net increase in cash for the period was $117.985 million[193]. - The company expects existing cash to be sufficient to fund operating plans for at least twelve months from the report date[192]. Expenses - Research and development expenses for the three months ended June 30, 2025, were $12.1 million, with significant costs related to external research for CR-001 and CR-002[181]. - General and administrative expenses for the three months ended June 30, 2025, totaled $8.9 million, primarily driven by personnel-related costs and professional fees[182]. - Total operating expenses for the three months ended June 30, 2025, were $21.0 million, resulting in a net loss of $21.8 million[177]. - For the six months ended June 30, 2025, research and development expenses amounted to $22.7 million, with major contributions from CR-001 and CR-002[188]. - General and administrative expenses for the six months ended June 30, 2025, were $12.5 million, reflecting increased costs associated with becoming a public company[189]. - The company expects substantial increases in both research and development and general and administrative expenses as it continues to grow and develop its programs[168][172]. Merger and Financing - The company completed a merger with GlycoMimetics on June 13, 2025, resulting in a reverse recapitalization where Pre-Merger Crescent is deemed the accounting acquirer[153][155]. - The Pre-Closing Financing raised approximately $200.0 million, including $37.5 million from convertible notes, prior to the merger[157]. - The Exchange Ratio for the merger was set at 0.1445 shares of GlycoMimetics common stock for each share of Crescent common stock[158]. - A 1-for-100 reverse stock split was executed immediately prior to the merger, effective June 13, 2025[159]. Product Development - The company plans to submit an Investigational New Drug application for CR-001 in Q4 2025, with initial clinical data anticipated in the second half of 2026[150]. - The company is focused on developing CR-001, an anti-PD-1/anti-VEGF bispecific antibody, with potential applications in multiple solid tumor indications[150]. - The company has not yet commercialized any products and does not expect to generate revenue from sales for several years, if at all[191]. Operational Risks - The company is closely monitoring macroeconomic risks, including inflation and geopolitical factors, which may impact its operations and future clinical trials[164]. - The company does not expect any contract terminations related to its agreements with CROs and CMOs[198]. - There are no off-balance sheet arrangements as of June 30, 2025[210]. Cash Flow - The company incurred a net cash used in operating activities of $27.3 million for the six months ended June 30, 2025, primarily due to a net loss of $36.9 million[194]. - Non-cash charges included $6.6 million in share-based compensation expense and $2.2 million of non-cash interest expense[194]. - Cash flows from investing activities were minimal, with $0.1 million used for property and equipment purchases[195]. - The company has not experienced any material deviations between accrued and actual research and development expenses as of June 30, 2025[202].