GlycoMimetics Inc (GLYC) Reports Q3 2023 Financial Results
GlycoMimetics Inc (NASDAQ:GLYC) reported its Q3 2023 financial results on November 3, 2023.
The company's cash and cash equivalents as of September 30, 2023, were $49.4 million.
Net loss for the quarter was $9.2 million, compared to $8.5 million in Q3 2022.
Research and development expenses increased to $5.3 million from $4.9 million in the same period last year.
On November 3, 2023, GlycoMimetics Inc (NASDAQ:GLYC), a late clinical-stage biotechnology company specializing in glycobiology-based therapies for cancers and inflammatory diseases, released its financial results for the third quarter of 2023. The company reported cash and cash equivalents of $49.4 million as of September 30, 2023.
Financial Highlights
The company's net loss for the quarter was $9.2 million, or $0.14 per share, compared to a net loss of $8.5 million, or $0.16 per share, in the same period in 2022. The increase in net loss was primarily due to higher research and development expenses, which amounted to $5.3 million in Q3 2023, up from $4.9 million in Q3 2022.
General and administrative expenses also increased to $4.5 million in Q3 2023 from $3.8 million in the same period last year. Total costs and expenses for the quarter were $9.8 million, compared to $8.8 million in Q3 2022.
Operational Highlights
CEO Harout Semerjian expressed anticipation and excitement for 2024, with topline results for their pivotal Phase 3 study of uproleselan in relapsed/refractory AML expected by the end of Q2 2024. He stated,
Our progress toward these important milestones, along with the upcoming presentation of independent data on uproleselan at ASH and the expected initial results of our Phase 1a GMI-1687 study by end of Q1 2024, demonstrate our ability and ambition to deliver our development strategy and move closer to becoming a commercial stage company.
Balance Sheet Data
As of September 30, 2023, GlycoMimetics Inc (NASDAQ:GLYC) reported total assets of $53.2 million, total liabilities of $6.7 million, and total stockholders' equity of $46.5 million. The company's working capital stood at $45.6 million.
In conclusion, GlycoMimetics Inc (NASDAQ:GLYC) ended Q3 2023 with a solid cash position and is making steady progress towards its development goals. The company's financial results reflect its commitment to advancing its pipeline of wholly-owned drug candidates and its ambition to become a commercial stage company.
Explore the complete 8-K earnings release (here) from GlycoMimetics Inc for further details.
This article first appeared on GuruFocus.
