GlycoMimetics(US:GLYC)2023-05-03 12:34Financial Performance - The company has an accumulated deficit of $429.9 million as of March 31, 2023, and expects to continue incurring significant operating losses over the next several years[102]. - The net loss for Q1 2023 was $10.359 million, a reduction of 29% from a net loss of $14.653 million in Q1 2022[124]. - Total costs and expenses for Q1 2023 were $10.941 million, down 25% from $14.660 million in Q1 2022[124]. - Research and development expenses for Q1 2023 were $5.419 million, a decrease of 44% from $9.604 million in Q1 2022[124]. - General and administrative expenses increased by 9% to $5.522 million in Q1 2023, compared to $5.056 million in Q1 2022[126]. - Interest income surged to $582,000 in Q1 2023, an increase of 8,214% from $7,000 in Q1 2022[124]. - Cash and cash equivalents as of March 31, 2023, totaled $65.0 million, providing liquidity for operations[128]. - The company sold 9,822,930 shares under the 2022 Sales Agreement at a weighted average price of $3.01 per share, generating net proceeds of $28.7 million in Q1 2023[130]. - Net cash provided by financing activities for Q1 2023 was $28.7 million from common stock sales[145]. - No financing activities were reported for Q1 2022[145]. Drug Development - The lead drug candidate, uproleselan, is being evaluated in a Phase 3 clinical trial with 388 patients enrolled, showing pooled survival data indicating patients are living longer than historically expected[92]. - The interim analysis of the Phase 3 trial was recommended to continue by the Independent Data Monitoring Committee, with projections to reach the overall survival events trigger in the first half of 2024[95]. - The company is advancing GMI-1687, an innovative E-selectin antagonist, with an IND application filed for treatment of vaso-occlusive crisis in sickle cell disease[98]. - The company has selected GMI-2093 as a lead galectin drug candidate for preclinical studies targeting fibrosis, cancer, and cardiovascular disease[99]. - The company is not currently developing GMI-1359 but is seeking a licensing partner for its clinical development[100]. - Research and development costs related to the drug candidate uproleselan decreased by 57% to $2.272 million in Q1 2023 from $5.286 million in Q1 2022[125]. Business Operations - The company has no approved drugs currently available for sale, with revenue primarily from upfront and milestone payments under license and collaboration agreements[101]. - The company has entered into a collaboration agreement with Apollomics, receiving an upfront payment of $9.0 million and potential milestone payments totaling approximately $179.0 million[109]. - The company anticipates that existing cash and cash equivalents will fund operations into late fourth quarter of 2024, without considering potential business development opportunities[104]. - The company expects existing cash resources to fund operations into late Q4 2024, based on current assumptions[141]. - The company has experienced minor disruptions from the COVID-19 pandemic, including a brief delay in patient enrollment for the Phase 3 trial of uproleselan[105]. - The company anticipates an increase in general and administrative expenses as commercialization efforts for uproleselan ramp up[122]. - The company is classified as a smaller reporting company and is not required to provide additional market risk disclosures[146].