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 March 31, 2022

☐	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 April 27, 2022 was 52,392,444.

GLYCOMIMETICS, INC.

INDEX TO FORM 10-Q


		PAGE

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements		3

Balance Sheets as of March 31, 2022 (unaudited) and December 31, 2021		3

Unaudited Statements of Operations and Comprehensive Loss for the three months ended March 31, 2022 and 2021		4

Unaudited Statements of Stockholders’ Equity for the three months ended March 31, 2022 and 2021		5

Unaudited Statements of Cash Flows for the three months ended March 31, 2022 and 2021		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		27

Item 4. Controls and Procedures		27

PART II. OTHER INFORMATION

Item 1. Legal Proceedings		28

Item 1A. Risk Factors		28

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		28

Item 5. Other Information		28

Item 6. Exhibits		30

Signatures		31

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Part I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

GLYCOMIMETICS, INC.

Balance Sheets


	March 31,		December 31,
	2022		2021
Assets		(Unaudited)
Current assets:
Cash and cash equivalents	$	76,516,226	$	90,254,890
Prepaid expenses and other current assets		947,392		533,804
Total current assets		77,463,618		90,788,694
Property and equipment, net		350,055		368,842
Prepaid research and development expenses		2,221,407		1,560,607
Deposits		52,320		52,320
Operating lease right-of-use asset		1,377,371		1,576,185
Total assets	$	81,464,771	$	94,346,648
Liabilities & stockholders’ equity
Current liabilities:
Accounts payable	$	2,276,173	$	2,107,615
Accrued expenses		9,477,026		8,715,368
Lease liabilities		1,028,534		1,001,407
Total current liabilities		12,781,733		11,824,390
Lease liabilities, net of current portion		651,786		918,607
Total liabilities		13,433,519		12,742,997
Stockholders’ equity:
Preferred stock; $0.001 par value; 5,000,000 shares authorized, no shares issued and outstanding at March 31, 2022 and December 31, 2021		—		—
Common stock; $0.001 par value; 100,000,000 shares authorized; 52,392,444 shares issued and outstanding at March 31, 2022; 52,313,894 shares issued and outstanding at December 31, 2021		52,392		52,314
Additional paid-in capital		455,528,891		454,448,327
Accumulated deficit		(387,550,031)		(372,896,990)
Total stockholders’ equity		68,031,252		81,603,651
Total liabilities and stockholders’ equity	$	81,464,771	$	94,346,648

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

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GLYCOMIMETICS, INC.

Unaudited Statements of Operations and Comprehensive Loss


	Three Months Ended March 31,
	2022		2021
Revenue from collaboration and license agreements	$	—	$	1,055,441

Costs and expenses:
Research and development expense		9,603,922		11,147,236
General and administrative expense		5,056,188		4,188,110
Total costs and expenses		14,660,110		15,335,346
Loss from operations		(14,660,110)		(14,279,905)
Interest income		7,069		5,846
Net loss and comprehensive loss	$	(14,653,041)	$	(14,274,059)
Basic and diluted net loss per common share	$	(0.28)	$	(0.28)
Basic and diluted weighted-average number of common shares outstanding		52,331,391		50,697,183

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

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GLYCOMIMETICS, INC.

Unaudited Statements of Stockholders’ Equity


	Three Months Ended March 31, 2022
				Additional				Total
	Common Stock			Paid-In		Accumulated		Stockholders’
	Shares	Amount		Capital		Deficit		Equity
Balance at December 31, 2021	52,313,894	$	52,314	$	454,448,327	$	(372,896,990)	$	81,603,651
Vesting of restricted stock units	78,550		78		(78)		—		—
Stock-based compensation	—		—		1,080,642		—		1,080,642
Net loss	—		—		—		(14,653,041)		(14,653,041)
Balance at March 31, 2022	52,392,444	$	52,392	$	455,528,891	$	(387,550,031)	$	68,031,252

	Three Months Ended March 31, 2021
				Additional				Total
	Common Stock			Paid-In		Accumulated		Stockholders’
	Shares	Amount		Capital		Deficit		Equity
Balance at December 31, 2020	49,017,622	$	49,018	$	437,639,991	$	(309,469,553)	$	128,219,456
Issuance of common stock, net of issuance costs	2,517,603		2,517		9,557,182		—		9,559,699
Exercise of options	3,785		4		4,235		—		4,239
Stock-based compensation	—		—		1,614,185		—		1,614,185
Net loss	—		—		—		(14,274,059)		(14,274,059)
Balance at March 31, 2021	51,539,010	$	51,539	$	448,815,593	$	(323,743,612)	$	125,123,520

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

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GLYCOMIMETICS, INC.

Unaudited Statements of Cash Flows


	Three Months Ended March 31,
	2022		2021
Operating activities
Net loss	$	(14,653,041)	$	(14,274,059)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation		59,308		68,088
Loss on disposal of assets		—		2,174
Non-cash lease expense		198,814		180,586
Stock-based compensation		1,080,642		1,614,185
Changes in assets and liabilities:
Prepaid expenses and other current assets		(413,588)		85
Prepaid research and development expenses		(660,800)		—
Accounts payable		168,558		50,861
Accrued expenses		761,658		(1,552,381)
Lease liabilities		(239,694)		(214,810)
Net cash used in operating activities		(13,698,143)		(14,125,271)

Investing activities
Purchases of property and equipment		(40,521)		(3,060)
Net cash used in investing activities		(40,521)		(3,060)

Financing activities
Proceeds from issuance of common stock, net of issuance costs		—		9,559,699
Proceeds from exercise of stock options		—		4,239
Net cash provided by financing activities		—		9,563,938
Net change in cash and cash equivalents		(13,738,664)		(4,564,393)
Cash and cash equivalents, beginning of period		90,254,890		137,035,017
Cash and cash equivalents, end of period	$	76,516,226	$	132,470,624

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

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GLYCOMIMETICS, INC.

Notes to Unaudited Financial Statements

1. Description of the Business

GlycoMimetics, Inc. (the Company), a Delaware corporation headquartered in Rockville, Maryland, was incorporated in 2003. The Company is a clinical stage biotechnology company focused on the discovery and development of novel glycomimetic drugs to address unmet medical needs resulting from diseases in which carbohydrate biology plays a key role. Glycomimetics are molecules that mimic the structure of carbohydrates involved in important biological processes. Using its expertise in carbohydrate chemistry and knowledge of carbohydrate biology, the Company is developing a pipeline of proprietary glycomimetics that inhibit disease-related functions of carbohydrates, such as the roles they play in inflammation, cancer and infection.

2. Going Concern

The accompanying unaudited financial statements have been prepared assuming that the Company will continue as a going concern within one year after the date that the financial statements are issued. During 2021, the Company incurred a net loss of $63.4 million and had net cash flows used in operating activities of $57.5 million. At March 31, 2022, the Company had $76.5 million in cash and cash equivalents and had no committed source of additional funding from either debt or equity financings, although the Company may, in its discretion, sell equity securities under the terms of its existing at-the-market sales agreement (see Note 8), subject to certain conditions and limitations. Management believes that given the Company’s current cash position and forecasted negative cash flows from operating activities over the next twelve months, including the completion of its planned Phase 3 clinical trial of uproleselan, there is substantial doubt about its ability to continue as a going concern after the date that is one year from the date that these unaudited financial statements are issued, without obtaining additional financing or entering into another form of non-equity or debt arrangement.

The Company’s ability to fund its operations is dependent upon management’s plans, which include raising additional capital in the near term primarily through a combination of equity and debt financings, collaborations, strategic alliances and marketing, distribution or licensing arrangements and in the longer term, from revenue related to product sales, to the extent its product candidates receive marketing approval and can be commercialized. There can be no assurances that new financings or other transactions will be available to the Company on commercially acceptable terms, or at all. Also, any collaborations, strategic alliances and marketing, distribution or licensing arrangements may require the Company to give up some or all of its rights to a product or technology, which in some cases may be at less than the full potential value of such rights. If the Company is unable to obtain additional capital, the Company will assess its capital resources and may be required to delay, reduce the scope of or eliminate some or all of its operations, which may have a material adverse effect on the Company’s business, financial condition, results of operations and ability to operate as a going concern.

The accompanying unaudited financial statements do not include any adjustments that might be necessary if the Company is not able to continue as a going concern.

3. Significant Accounting Policies

There have been no material changes to the significant accounting policies previously disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, filed with the United States Securities and Exchange Commission (the SEC) on March 3, 2022 (the Form 10-K).

Basis of Accounting

The accompanying unaudited financial statements were prepared based on the accrual method of accounting in accordance with U.S. generally accepted accounting principles (GAAP).

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Unaudited Financial Statements

The accompanying balance sheet as of March 31, 2022, statements of operations and comprehensive loss and stockholders’ equity for the three months ended March 31, 2022 and 2021 and statements of cash flows for the three months ended March 31, 2022 and 2021 are unaudited. These unaudited financial statements have been prepared in accordance with the rules and regulations of the SEC for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete annual financial statements. These unaudited financial statements should be read in conjunction with the audited financial statements and the accompanying notes for the year ended December 31, 2021 contained in the Form 10-K. The unaudited interim financial statements have been prepared on the same basis as the annual financial statements and in the opinion of management reflect all adjustments (consisting of normal recurring adjustments) necessary to state fairly the Company’s financial position as of March 31, 2022 and its results of operations and changes in its stockholders’ equity for the three months ended March 31, 2022 and 2021 and its cash flows for the three months ended March 31, 2022 and 2021. The December 31, 2021 balance sheet included herein was derived from audited financial statements, but does not include all disclosures including notes required by GAAP for complete annual financial statements. The financial data and other information disclosed in these notes to the financial statements related to the three months ended March 31, 2022 and 2021 are unaudited. Interim results are not necessarily indicative of results for an entire year or for any future period.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Although actual results could differ from those estimates, management does not believe that such differences would be material.

Fair Value Measurements

The Company had no assets or liabilities that were measured using quoted prices for similar assets and liabilities or significant unobservable inputs (Level 2 and Level 3 assets and liabilities, respectively) as of March 31, 2022 and December 31, 2021. The carrying value of cash held in money market funds of $74.5 million and $88.3 million as of March 31, 2022 and December 31, 2021, respectively, is included in cash and cash equivalents and approximates market values based on quoted market prices (Level 1 inputs). The Company did

SEC Form 10-Q filed by GlycoMimetics Inc.