UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark one)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2021

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 001-36177

GlycoMimetics, Inc.

(Exact name of registrant as specified in its charter)

Delaware	06-1686563
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)

9708 Medical Center Drive Rockville, Maryland	20850
(Address of principal executive offices)	(Zip Code)

(240) 243-1201

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common Stock, $0.001 par value	GLYC	The Nasdaq Stock Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer ☐ Accelerated Filer ☐Smaller Reporting Company ☒

Non-accelerated Filer ☒ Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act of 1934). Yes ☐ No ☒

The number of outstanding shares of the registrant’s common stock, par value $0.001 per share, as of the close of business on August 3, 2021 was 51,539,010.

GLYCOMIMETICS, INC.

INDEX TO FORM 10-Q


		PAGE

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements		3

Balance Sheets as of June 30, 2021 (unaudited) and December 31, 2020		3

Unaudited Statements of Operations and Comprehensive Loss for the three and six months ended June 30, 2021 and 2020		4

Unaudited Statements of Stockholders’ Equity for the three and six months ended June 30, 2021 and 2020		5

Unaudited Statements of Cash Flows for the six months ended June 30, 2021 and 2020		6

Notes to Unaudited Financial Statements		7

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		19

Item 3. Quantitative and Qualitative Disclosures about Market Risk		28

Item 4. Controls and Procedures		28

PART II. OTHER INFORMATION

Item 1. Legal Proceedings		29

Item 1A. Risk Factors		29

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		29

Item 6. Exhibits		29

Signatures		31

Table of Contents

Part I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

GLYCOMIMETICS, INC.

Balance Sheets


	June 30,		December 31,
	2021		2020
	(Unaudited)
Assets
Current assets:
Cash and cash equivalents	$	118,854,094	$	137,035,017
Prepaid expenses and other current assets		1,460,867		1,238,328
Total current assets		120,314,961		138,273,345
Property and equipment, net		491,088		620,673
Prepaid research and development expenses		1,560,607		1,560,607
Deposits		52,320		52,320
Operating lease right-of-use asset		1,959,703		2,325,224
Total assets	$	124,378,679	$	142,832,169
Liabilities & stockholders’ equity
Current liabilities:
Accounts payable	$	1,174,589	$	2,089,939
Accrued expenses		8,125,541		9,439,881
Lease liabilities		948,787		898,549
Total current liabilities		10,248,917		12,428,369
Noncurrent accrued expenses		408,323		264,329
Lease liabilities, net of current portion		1,435,019		1,920,015
Total liabilities		12,092,259		14,612,713
Stockholders’ equity:
Preferred stock; $0.001 par value; 5,000,000 shares authorized, no shares issued and outstanding at June 30, 2021 and December 31, 2020		—		—
Common stock; $0.001 par value; 100,000,000 shares authorized; 51,539,010 shares issued and outstanding at June 30, 2021; 49,017,622 shares issued and outstanding at December 31, 2020		51,539		49,018
Additional paid-in capital		450,377,754		437,639,991
Accumulated deficit		(338,142,873)		(309,469,553)
Total stockholders’ equity		112,286,420		128,219,456
Total liabilities and stockholders’ equity	$	124,378,679	$	142,832,169

The accompanying notes are an integral part of the unaudited financial statements.

Table of Contents

GLYCOMIMETICS, INC.

Unaudited Statements of Operations and Comprehensive Loss


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021	2020
Revenue	$	142	$	—	$

SEC Form 10-Q filed by GlycoMimetics, Inc.