UNITED STATES
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FORM
CURRENT REPORT
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Item 2.02 Results of Operations and Financial Condition.
On March 27, 2024, GlycoMimetics, Inc. (the “Company”) issued a press release announcing its financial results for the fourth quarter and full year ended December 31, 2023. A copy of this press release is furnished herewith as Exhibit 99.1 to this Current Report and is incorporated herein by reference.
In accordance with General Instruction B.2. of Form 8-K, the information in this Item 2.02, and Exhibit 99.1 hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any of the Company’s filings under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, whether made before or after the date hereof, regardless of any incorporation language in such a filing, except as expressly set forth by specific reference in such a filing.
Item 9.01Financial Statements and Exhibits.
(d) Exhibits
Exhibit |
| |
Number |
| Exhibit Description |
99.1 | ||
104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document) |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
GLYCOMIMETICS, INC. | ||
By: | /s/ Brian M. Hahn | |
Date: March 27, 2024 | Brian M. Hahn |
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EXHIBIT 99.1
GlycoMimetics Reports Highlights and Financial Results for Fourth Quarter and Full Year 2023
| ● | Topline results from pivotal Phase 3 study of uproleselan in relapsed/refractory (R/R) Acute Myeloid Leukemia (AML) to be reported in Q2 2024 |
| ● | New Drug Application (NDA) for uproleselan to be submitted to the U.S. Food and Drug Administration (FDA) by end of 2024 if outcome of R/R AML pivotal study is positive |
| ● | Phase 1a study of GMI-1687, a highly potent E-selectin antagonist with an initial focus on sickle cell disease (SCD), met its primary and secondary endpoints |
| ● | The company has entered into a research collaboration for GMI-1687 with the ASH Research Collaborative (ASH RC), a non-profit organization established by the American Society of Hematology (ASH) |
| ● | Conference call and webcast to be hosted on March 27, 2024, at 8:30 a.m. ET. |
ROCKVILLE, Md.--(BUSINESS WIRE) – March 27, 2024-- GlycoMimetics, Inc. (Nasdaq: GLYC), a late clinical-stage biotechnology company discovering and developing glycobiology-based therapies for cancers and inflammatory diseases, today reported its financial results and highlights for the quarter and year ended December 31, 2023. Cash and cash equivalents as of December 31, 2023, were $41.8 million.
“With the time-based analysis imminent for our pivotal Phase 3 study of uproleselan in R/R AML, we are laser-focused on delivering the topline results in Q2 and excited about the possibility of submitting an NDA before year-end. This large, randomized, global trial now has a median follow-up of more than three years, which is remarkable in R/R AML, and could demonstrate the potential of uproleselan to become a new standard of care for a disease with limited treatment options and high unmet need,” said Harout Semerjian, Chief Executive Officer of GlycoMimetics. “We are also pleased to announce our agreement with the ASH RC for GMI-1687, further validating the potential of this highly potent E-selectin antagonist for the treatment of sickle cell disease. We remain deeply committed to bringing life-changing treatments to patients and look forward to sharing more important updates in the coming months.”
Operational Highlights
Uproleselan
GMI-1687
| ● | In August 2023, GlycoMimetics initiated a Phase 1a single-center, double-blind, randomized, placebo-controlled, sequential, single ascending dose trial in healthy adult volunteers. The study enrolled 40 subjects. Eligible subjects received a single dose of GMI-1687 or placebo (6:2 ratio) via subcutaneous injection. In January 2024, the company announced that the study met its primary and secondary endpoints of safety/tolerability and pharmacokinetics. There were no dose-limiting toxicities or other safety signals. Potentially therapeutic plasma levels that may alleviate vaso-occlusive events (VOE) were achieved at multiple dose levels after a single injection. Full study results of this Phase 1a first-in-human trial of GMI-1687 will be presented at an upcoming medical meeting. |
Corporate Update
| ● | GlycoMimetics strengthened its leadership team by appointing Shantha Tyavanagimatt, Ph.D., as Senior Vice President of Technical Operations. |
Fourth Quarter and Full Year 2023 Financial Results
| ● | Cash position: As of December 31, 2023, GlycoMimetics had cash and cash equivalents of $41.8 million, compared to $47.9 million as of December 31, 2022. |
| ● | Shares Outstanding: Shares of common stock outstanding as of December 31, 2023, were 64,393,744. |
Conference Call Information
The company will host a conference call and webcast today at 8:30 a.m. ET. To access the call by phone, please go to this registration link and you will be provided with dial in details. Participants are encouraged to connect 15 minutes in advance of the scheduled start time.
A live webcast of the call will be available on the “Investors” tab on the GlycoMimetics website. A webcast replay will be available for 30 days following the call.
About Uproleselan
Discovered and developed by GlycoMimetics, uproleselan is an investigational, first-in-class E-selectin antagonist. Uproleselan (yoo’ pro le’se lan) is currently being evaluated in a broad development program, including a late-stage Phase 3 trial in acute myeloid leukemia (AML), GlycoMimetics has received Breakthrough Therapy and Fast Track designations from the FDA and Breakthrough Therapy designation from the Chinese National Medical Products Administration for uproleselan as a potential treatment for adult AML patients with relapsed or refractory disease. Uproleselan is designed to block E-selectin binding and stimulation of myeloid cells. E-selectin is expressed on the surface of blood vessels, and its binding to myeloid cells is believed to confer a pro-survival effect. Uproleselan is intended to enable a novel approach to disrupting established mechanisms of leukemic cell resistance.
About GMI-1687
Discovered and developed by GlycoMimetics, GMI-1687 is a highly potent E-selectin antagonist that is bioavailable after subcutaneous administration. This second-generation compound has potential application in inflammatory diseases, and the company’s initial clinical development will focus on SCD. E-selectin is believed to play a major role in vaso-occlusive events (VOEs), a group of acute complications that are associated with SCD and include vaso-occlusive pain crises, acute chest syndrome (ACS), stroke, and splenic sequestration. Administration of GMI-1687 by subcutaneous injection, if successfully developed in the clinic, may enable this study drug to be approved as a patient-controlled, point-of-care treatment option.
About GlycoMimetics, Inc.
GlycoMimetics is a late clinical-stage biotechnology company discovering and developing glycobiology-based therapies for cancers, including AML, and for inflammatory diseases. The company’s scientific approach is based on an understanding of the role that carbohydrates play in cell recognition. Its specialized chemistry platform is being deployed to discover small molecule drugs, known as glycomimetics, that alter carbohydrate-mediated recognition in diverse disease states, including cancers and inflammation. GlycoMimetics is leveraging its differentiated expertise with this scientific approach in order to advance its pipeline of wholly owned drug candidates. The company’s goal is to develop transformative therapies for diseases with high unmet medical need. GlycoMimetics is headquartered 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 may include, but are not limited to, statements regarding the conduct of and timing for data from clinical trials; planned or potential clinical development, regulatory interactions, or submissions; the company’s collaborations with third parties; 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 27, 2024, 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.
Investor Contact:
Argot Partners
Leo Vartorella
212-600-1902
Glycomimetics@argotpartners.com
GlycoMimetics, Inc.
Condensed Statements of Operations
(In thousands, except share and per share data)
| | Three months ended December 31, | | Year ended December 31, | ||||||||
|
| 2023 |
| 2022 |
| 2023 |
| 2022 | ||||
| | (Unaudited) | | | ||||||||
| | | | | | | | | | | | |
Revenue from collaboration and license agreements | | $ | 10 | | $ | — | | $ | 10 | | $ | 75 |
| | | | | | | | | | | | |
Costs and expenses: | | | | | | | | | | | | |
Research and development expense | | $ | 5,289 | | $ | 5,891 | | | 20,072 | | | 28,391 |
General and administrative expense | | | 4,312 | | | 4,732 | | | 19,213 | | | 19,087 |
Total costs and expenses | | | 9,601 | | | 10,623 | | | 39,285 | | | 47,478 |
| | | | | | | | | | | | |
Loss from operations | | | (9,591) | | | (10,623) | | | (39,275) | | | (47,403) |
| | | | | | | | | | | | |
Interest income | | | 512 | | | 378 | | | 2,376 | | | 715 |
| | | | | | | | | | | | |
Net loss and comprehensive loss | | $ | (9,079) | | $ | (10,245) | | $ | (36,899) | | $ | (46,688) |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
Net loss per common share – basic and diluted | | $ | (0.14) | | $ | (0.19) | | $ | (0.58) | | $ | (0.89) |
Weighted-average common shares outstanding – basic and diluted | | | 64,393,840 | | | 52,962,011 | | | 63,342,465 | | | 52,531,173 |
GlycoMimetics, Inc.
Balance Sheet Data
(In thousands)
| | December 31, | | December 31, | ||
| | 2023 | | 2022 | ||
|
| |
| | ||
| | | | | | |
Cash and cash equivalents | | $ | 41,793 | | $ | 47,871 |
| | | | | | |
Working capital | | | 36,956 | | | 41,834 |
| | | | | | |
Total assets | | | 45,316 | | | 51,811 |
| | | | | | |
Total liabilities | | | 6,902 | | | 8,881 |
| | | | | | |
Total stockholders' equity | | | 38,414 | | | 42,930 |