GlycoMimetics Files 2024 10-K, Reports $64.4M Cash

TL;DR

GlycoMimetics 2024 10-K is in: $64.4M cash, $64.3M assets. Pharma prep biz.

AI Summary

GlycoMimetics Inc. filed its 10-K for the fiscal year ending December 31, 2024. The company, based in Rockville, MD, operates in the pharmaceutical preparations sector. Key financial data includes $64,483,958 in cash and cash equivalents and $64,393,744 in total assets for the fiscal year 2024. The filing also references specific accounting standards related to restructuring costs and asset impairment charges.

Why It Matters

This 10-K filing provides a comprehensive overview of GlycoMimetics' financial health and operational status as of December 31, 2024, crucial for investors assessing the company's performance and future prospects.

Risk Assessment

Risk Level: medium — As a pharmaceutical company, GlycoMimetics faces inherent risks related to drug development, regulatory approvals, and market competition, which are typical for the industry.

Key Numbers

• $64.4B — Cash and cash equivalents (As of December 31, 2024)
• $64.3B — Total assets (As of December 31, 2024)

Key Players & Entities

• GLYCOMIMETICS INC (company) — Filer
• 2024-12-31 (date) — Fiscal Year End
• 2025-02-13 (date) — Filing Date
• Rockville, MD (location) — Business Address
• $64,483,958 (dollar_amount) — Cash and cash equivalents
• $64,393,744 (dollar_amount) — Total assets

FAQ

Key Financial Figures

• $0.001 — nge on which Registered Common Stock, $0.001 par value GLYC The Nasdaq Stock Mar
• $100 million — oncurrent private placement of at least $100 million (as described below). Additionally, i
• $200.0 million — gregate purchase price of approximately $200.0 million in a private placement (the "Private Pl

Filing Documents

• glyc-20241231x10k.htm (10-K) — 2155KB
• glyc-20241231xex4d2.htm (EX-4.2) — 21KB
• glyc-20241231xex19d1.htm (EX-19.1) — 48KB
• glyc-20241231xex23d1.htm (EX-23.1) — 11KB
• glyc-20241231xex31d1.htm (EX-31.1) — 11KB
• glyc-20241231xex31d2.htm (EX-31.2) — 11KB
• glyc-20241231xex32d1.htm (EX-32.1) — 9KB
• 0001558370-25-000948.txt ( ) — 7088KB
• glyc-20241231.xsd (EX-101.SCH) — 45KB
• glyc-20241231_cal.xml (EX-101.CAL) — 49KB
• glyc-20241231_def.xml (EX-101.DEF) — 178KB
• glyc-20241231_lab.xml (EX-101.LAB) — 423KB
• glyc-20241231_pre.xml (EX-101.PRE) — 348KB
• glyc-20241231x10k_htm.xml (XML) — 851KB

BUSINESS

BUSINESS 1 ITEM 1A.

RISK FACTORS

RISK FACTORS 18 ITEM 1B. UNRESOLVED STAFF COMMENTS 51 ITEM 1C. CYBERSECURITY 51 ITEM 2.

PROPERTIES

PROPERTIES 52 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 53 ITEM 4. MINE SAFETY DISCLOSURES 53 PART II 53 ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 53 ITEM 6. [RESERVED] 53 ITEM 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 54 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 59 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 59 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 60 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 60 ITEM 9B. OTHER INFORMATION 60 ITEM 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 60 PART III 61 ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 61 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 65 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 72 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 76 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 77 PART IV 77 ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 77 ITEM 16. FORM 10-K SUMMARY 81

SIGNATURES

SIGNATURES 82 i Table of Contents PART I ITEM 1. BUSINES S Introduction We are a biotechnology company that was previously developing a pipeline of proprietary glycomimetics, which are small molecules that mimic the structure of carbohydrates involved in important biological processes, to inhibit disease-related functions of carbohydrates, such as the roles they play in cancers and inflammation. Our previous lead glycomimetic drug candidate, uproleselan, is a specific E-selectin antagonist that we were developing to be used in combination with chemotherapy to treat patients with acute myeloid leukemia, or AML, a life-threatening hematologic cancer, and potentially other hematologic cancers. We conducted a randomized, double-blind, placebo-controlled Phase 3 pivotal clinical trial to evaluate uproleselan in individuals with relapsed/refractory (R/R) AML. In the second quarter of 2024, we reported results from the Phase 3 trial showing that uproleselan combined with chemotherapy did not achieve a statistically significant improvement in overall survival in the intent to treat (ITT) population versus chemotherapy alone. We have concluded, following subsequent feedback from the U.S. Food and Drug Administration, that the regulatory path forward for uproleselan for the treatment of relapsed and refractory acute myeloid leukemia would require an additional clinical trial. In July 2024, we announced a streamlined operating plan that included the exploration of strategic alternatives focused on maximizing shareholder value and a corporate restructuring that included a reduction in our workforce by 26 employees, or approximately 80% of our headcount. At this time, we do not intend to continue development of uproleselan or any other drug candidates. Following the strategic review, on October 28, 2024, we, Gemini Merger Sub Corp., a Delaware corporation and our wholly-owned subsidiary ("First Merger Sub"), Gemini Merger Sub II, LLC, a Delaware limited liabili

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View this 10-K filing on SEC EDGAR