Full Press Release Details
GLYCOMIMETICS REPORTS HIGHLIGHTS AND FINANCIAL RESULTS
FOR THIRD QUARTER 2021
ROCKVILLE, MD, November 2, 2021 - GlycoMimetics, Inc. (Nasdaq: GLYC) today reported its financial results for the quarter ended September 30, 2021 and highlighted recent events. Cash and cash equivalents at September 30, 2021 were $101.9 million.
"I am excited about the strong momentum and opportunities we have in front of us. I am grateful for the dedication and perseverance of our employees and board of directors especially during my CEO transition period," commented Chief Executive Officer Harout Semerjian.
Operational Highlights
Third Quarter 2021 Financial Results
The Company will host a conference call and webcast today at 8:30 a.m. ET. The dial-in number for the conference call is (844) 413-7154 for domestic participants and (216) 562-0466 for international participants, with participant code 2991493. Participants are encouraged to connect 15 minutes in advance of the call to ensure they are able to connect. A webcast replay will be available via the "Investors" tab on the GlycoMimetics website for 30 days following the call. A dial-in phone replay will be available for 24 hours after the close of the call by dialing (855) 859-2056 domestic participants and (404) 537-3406 for international participants, with participant code 2991493.
Discovered and developed by GlycoMimetics, uproleselan is an investigational, first-in-class, targeted inhibitor of E-selectin. Uproleselan (yoo' pro le' sel an), currently in a comprehensive Phase 3 development program in AML, has received Breakthrough Therapy Designation from the U.S. FDA and from the Chinese National Medical Products Administration for the treatment of adult AML patients with relapsed or
refractory disease. Uproleselan is designed to block E-selectin (an adhesion molecule on cells in the bone marrow) from binding with blood cancer cells as a targeted approach to disrupting well-established mechanisms of leukemic cell resistance within the bone marrow microenvironment.
Discovered and developed by GlycoMimetics, GMI-1687 is a highly-targeted, highly-potent E-selectin antagonist that represents a potential life-cycle extension opportunity for uproleselan. It has been shown in preclinical studies to be bioavailable via subcutaneous administration, and could be a potentially self-administered drug to be used in treatment of AML. Additionally, data from recent oral presentations at major scientific conferences pointed to the potential for GMI-1687 as a self-administered drug to treat vaso-occlusive crisis of sickle cell disease.
About GlycoMimetics, Inc.
GlycoMimetics is a clinical-stage biotechnology company discovering and developing glycobiology-based therapies for cancers, including acute myeloid leukemia (AML), and for inflammatory diseases with high unmet need. The Company's science is based on an understanding of the role that carbohydrates play on the surface of every living cell and applying its specialized chemistry platform to discover small molecule drugs, known as glycomimetics, which alter these carbohydrate-mediated pathways in a variety of disease states, including signaling in cancer and inflammation. As a leader in this space, GlycoMimetics is leveraging this unique targeted approach to advance its pipeline of wholly owned drug candidates, with the goal of developing transformative therapies for serious diseases. GlycoMimetics is located in Rockville, MD in the BioHealth Capital Region. Learn more at www.glycomimetics.com.
Forward-Looking Statements
This press release contains forward-looking statements. These forward-looking statements include those relating to the planned or potential clinical development and commercialization of the Company's product candidates, as well as the presentation of data from preclinical studies and clinical trials, and the potential benefits and impact of the Company's drug candidates. Actual results may differ materially from those described in these forward-looking statements. For a further description of the risks associated with these statements, as well as other risks facing GlycoMimetics, please see the risk factors described in the
Company's annual report on Form 10-K filed with the U.S. Securities and Exchange Commission (SEC) on March 2, 2021, and other filings GlycoMimetics makes with the SEC from time to time. Forward-looking statements speak only as of the date of this release, and GlycoMimetics undertakes no obligation to update or revise these statements, except as may be required by law
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Condensed Statements of Operations
(In thousands, except share and per share data)
| Three months ended September 30, | Nine Months ended September 30, | |||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||
| (Unaudited) | (Unaudited) | |||||||||||
| Revenue from collaboration and license agreements | $ | 87 | $ | 1,000 | $ | 1,142 | $ | 10,000 | ||||
| Costs and expenses: | ||||||||||||
| Research and development expense | 13,282 | 10,670 | 34,596 | 33,209 | ||||||||
| General and administrative expense | 4,142 | 4,058 | 12,567 | 12,732 | ||||||||
| Total costs and expenses | 17,424 | 14,728 | 47,163 | 45,941 | ||||||||
| Loss from operations | (17,337) | (13,728) | (46,021) | (35,941) | ||||||||
| Interest income | 5 | 5 | 15 | 477 | ||||||||
| Net loss and comprehensive loss | $ | (17,332) | $ | (13,723) | $ | (46,006) | $ | (35,464) | ||||
| Net loss per common share - basic and diluted | $ | (0.34) | $ | (0.29) | $ | (0.90) | $ | (0.79) | ||||
| Weighted-average common shares outstanding - basic and diluted | 51,564,674 | 47,511,818 | 51,266,955 | 44,962,886 |
| September 30, | December 31, | |||||
| 2021 | 2020 | |||||
| (unaudited) | ||||||
| Cash and cash equivalents | $ | 101,924 | $ | 137,035 | ||
| Working capital | 94,473 | 125,845 | ||||
| Total assets | 107,945 | 142,832 | ||||
| Total liabilities | 11,379 | 14,613 | ||||
| Total stockholders' equity | 96,566 | 128,219 |