GlycoMimetics(GLYC) - 2025 Q3 - Quarterly Report

Financial Performance - The net loss for the three months ended September 30, 2025, was $24,607,000, compared to a net loss of $2,631,000 for the period from September 19, 2024, through September 30, 2024[32]. - For the nine months ended September 30, 2025, the net loss was $61,545 thousand, compared to a net loss of $2,631 thousand for the same period in 2024[41]. - The net loss per share attributable to ordinary shareholders for the nine months ended September 30, 2025, was $7.89, compared to $3.60 for the period from September 19, 2024, through September 30, 2024[32]. - Crescent recorded a net loss of $24.6 million for the three months ended September 30, 2025, compared to a loss of $2.6 million for the period from September 19, 2024, through September 30, 2024[190]. - The net loss for the nine months ended September 30, 2025, was $61.5 million, compared to a loss of $2.6 million for the same period in 2024, representing an increase in loss of $58.9 million[202]. Assets and Liabilities - As of September 30, 2025, total assets increased to $138,269,000 from $35,617,000 as of December 31, 2024, representing a growth of 287%[27]. - Total current liabilities increased to $20,304,000 from $9,614,000, reflecting a rise of 111%[27]. - Shareholders' equity improved to $116,641,000 as of September 30, 2025, from a deficit of $15,479,000 as of December 31, 2024[27]. - The balance of accumulated deficit as of September 30, 2025, was $(79,412) thousand, reflecting the ongoing losses[41]. - Cash, cash equivalents, and restricted cash at the end of the period was $133,372 thousand, an increase of $98,606 thousand from the beginning of the period[41]. Cash Flow and Financing - The company reported a net cash used in operating activities of $44,792 thousand for the nine months ended September 30, 2025[41]. - Proceeds from Pre-Closing Financing amounted to $143,027 thousand, contributing to the net cash provided by financing activities of $144,124 thousand[41]. - The company raised approximately $142.3 million in net proceeds from Pre-Closing Financing in June 2025, contributing to its liquidity position[208]. - As of September 30, 2025, the company had cash and cash equivalents of $133.3 million, expected to fund operations for at least twelve months[60]. Research and Development - Research and development expenses for the three months ended September 30, 2025, were $20,347,000, up from $2,473,000 for the same period last year[32]. - Research and development expenses for the nine months ended September 30, 2025, totaled $43.1 million, a significant increase from $2.5 million for the same period in 2024, reflecting a change of $40.6 million[203]. - Crescent's research and development expenses included $5.7 million related to chemistry, manufacturing, and development costs for CR-001 in preparation for clinical trials[197]. - The company expects significant increases in research and development and general and administrative costs related to future clinical trials and commercialization efforts[60]. - The company has incurred significant external research and development costs, totaling $8.7 million for CR-001 and $6.7 million for CR-002 for the three months ended September 30, 2025[159]. Shareholder Equity and Stock Options - The company issued 20,000,000 shares of convertible preferred stock valued at $4,000 thousand during its inception[38]. - The total stockholders' equity (deficit) as of September 30, 2025, was $116,641 thousand[38]. - The 2025 Stock Incentive Plan has an initial share pool of 2,345,962 ordinary shares, with 1,955,408 shares available as of September 30, 2025[118]. - The aggregate intrinsic value of stock options as of September 30, 2025, was $14,815 thousand, with an outstanding balance of 4,094,237 options[122]. - For the nine months ended September 30, 2025, the total share-based compensation expense was $8.55 million, with $5.25 million attributed to general and administrative expenses and $3.30 million to research and development[129]. Merger and Acquisitions - The company completed a reverse recapitalization on June 13, 2025, merging with Pre-Merger Crescent, which is focused on developing therapies for solid tumors[49]. - The merger was accounted for as a reverse recapitalization, with Pre-Merger Crescent deemed the accounting acquirer[54]. - The Exchange Ratio for the merger was set at 0.1445 shares of GlycoMimetics common stock for each share of Pre-Merger Crescent common stock, reflecting a 1-for-100 reverse stock split[52]. - Following the merger with GlycoMimetics, the company raised approximately $200.0 million in gross proceeds through a subscription agreement with investors[173]. Future Outlook - 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[165]. - The company expects to continue incurring substantial losses for the foreseeable future, with profitability dependent on the successful development and commercialization of its product candidates[168]. - The company has not generated any revenue from product sales and relies on equity offerings and debt financings for operating activities[58]. - The company has not yet commercialized any products and does not expect to generate revenue from product sales for several years[208].