UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 16, 2015
GlycoMimetics, Inc.
(Exact name of registrant as specified in its charter)
| Delaware | 001-36177 | 06-1686563 | ||
| (State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
401 Professional Drive, Suite 250
Gaithersburg, MD 20879
(Address of principal executive offices, including zip code)
(240) 243-1201
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 Results of Operations and Financial Condition.
On March 16, 2015, GlycoMimetics, Inc. (the “Registrant” or the “Company”) issued a press release announcing its financial results for the quarter and year ended December 31, 2014. 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 Registrant’s filings under the Securities Act of 1933, as amended, 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 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit |
Exhibit Description | |
| 99.1 | Press Release, dated March 16, 2015, “GlycoMimetics Reports Fourth Quarter and Year-end 2014 Results.” | |
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 16, 2015 | Brian M. Hahn | |||||
| Chief Financial Officer | ||||||
EXHIBIT INDEX
| Exhibit |
Exhibit Description | |
| 99.1 | Press Release, dated March 16, 2015, “GlycoMimetics Reports Fourth Quarter and Year-end 2014 Results.” | |
Exhibit 99.1
GLYCOMIMETICS REPORTS FOURTH QUARTER AND YEAR-END 2014 RESULTS
Year-End Cash and Cash Equivalents of $55.2 million
GAITHERSBURG, MD, March 16, 2015 – GlycoMimetics, Inc. (NASDAQ: GLYC) today reported financial results for the fourth quarter and year ended December 31, 2014. As of December 31, 2014, GlycoMimetics had cash and cash equivalents of $55.2 million, which reflects the company’s net proceeds of $57.2 million from its January 2014 initial public offering and a $15.0 million non-refundable milestone payment received from Pfizer in May 2014 under the terms of the parties’ collaboration agreement for development of rivipansel (previously known as GMI-1070).
GlycoMimetics did not recognize any revenues in the quarter ended December 31, 2014, compared to $77,000 for the quarter ended December 31, 2013. For the year ended December 31, 2014, total revenues were $15.0 million compared to $4.0 million in 2013.
The Company’s research and development expenses increased to $5.3 million for the quarter ended December 31, 2014 as compared to $3.0 million for the fourth quarter of 2013. Research and development expense similarly increased by $7.9 million to $19.6 million for the year ended December 31, 2014, from $11.7 million in the year ended December 31, 2013. These increases were primarily attributable to increases related to manufacturing and process development for the Company’s drug candidate GMI-1271 in preparation for upcoming clinical trials. In addition, the Company recorded a $1.5 million milestone license fee in the year ended December 31, 2014 for the payment due to the University of Basel representing 10 percent of the $15.0 million non-refundable milestone payment received from Pfizer in May 2014.
The Company’s general and administrative expenses increased to $2.1 million for the quarter ended December 31, 2014 as compared to $0.9 million for the fourth quarter of 2013. General and administrative expenses for the year ended December 31, 2014 increased to $6.6 million as compared to $2.9 million in the prior year. These increases were primarily due to costs associated with supporting public company operations.
“Our focus in 2015 will be on our proprietary and wholly owned investigational drug candidate GMI-1271. We expect to evaluate this novel drug candidate in multiple clinical studies, initially in acute myeloid leukemia as well as in a thrombotic study sponsored by the National Heart, Lung, and Blood Institute. This year we also plan to identify a second hematologic malignancy for which we will study the compound as a potential treatment,” said Rachel King, GlycoMimetics’ Chief Executive Officer. “Our plan is to continue to present data for GMI-1271 at key medical meetings, as well as to progress advanced preclinical work on a third clinical program.”
About GlycoMimetics, Inc.
GlycoMimetics 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 entered into an exclusive license agreement with Pfizer for rivipansel in October 2011. Under the license agreement, Pfizer is responsible for the clinical development, regulatory approval and potential commercialization of rivipansel. A GlycoMimetics wholly-owned candidate therapy (GMI-1271) for acute myeloid leukemia (AML) and other blood disorders is also in clinical trials. 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, GlycoMimetics is developing a pipeline of glycomimetic drug candidates that inhibit disease-related functions of carbohydrates, such as the roles they play in inflammation, cancer and infection. Learn more at www.glycomimetics.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements regarding the clinical development of the Company’s drug candidates and the presentation of data. Actual results may differ materially from those 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 quarterly report on Form 10-K that was filed with the U.S. Securities and Exchange Commission on March 16, 2015, and other filings the Company 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.
###
GlycoMimetics, Inc.
Condensed Statements of Operations
(In thousands except per share data)
| Three months ended December 31, | Year ended December 31, | |||||||||||||||
| (Unaudited) | ||||||||||||||||
| 2014 | 2013 | 2014 | 2013 | |||||||||||||
| Revenue |
$ | — | $ | 77 | $ | 15,027 | $ | 3,993 | ||||||||
| Cost and Expenses: |
||||||||||||||||
| Research and development |
5,281 | 3,033 | 19,571 | 11,701 | ||||||||||||
| General and administrative |
2,117 | 911 | 6,596 | 2,898 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total costs and expenses |
7,398 | 3,944 | 26,167 | 14,599 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Loss from operations |
(7,398 | ) | (3,867 | ) | (11,140 | ) | (10,606 | ) | ||||||||
| Other income (expense) |
4 | — | 18 | 1 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Loss and comprehensive loss before income taxes |
(7,394 | ) | (3,867 | ) | (11,122 | ) | (10,605 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Income tax benefit |
— | — | — | — | ||||||||||||
| Net loss and net comprehensive loss |
$ | (7,394 | ) | $ | (3,867 | ) | $ | (11,122 | ) | $ | (10,605 | ) | ||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net loss per share – basic |
$ | (0.39 | ) | $ | (2.80 | ) | $ | (0.60 | ) | $ | (8.87 | ) | ||||
| Net loss per share – diluted |
$ | (0.39 | ) | $ | (2.80 | ) | $ | (0.60 | ) | $ | (8.87 | ) | ||||
| Weighted average shares – basic |
18,902,876 | 1,380,090 | 18,452,252 | 1,196,162 | ||||||||||||
| Weighted average shares – diluted |
18,902,876 | 1,380,090 | 18,452,252 | 1,196,162 | ||||||||||||
GlycoMimetics, Inc.
Balance Sheet Data
(In thousands)
| December 31, 2014 |
December 31, 2013 |
|||||||
| (Unaudited) | ||||||||
| Cash and cash equivalents |
$ | 55,199 | $ | 2,311 | ||||
| Working capital |
49,655 | 2,605 | ||||||
| Total assets |
57,264 | 5,283 | ||||||
| Total liabilities |
6,461 | 2,376 | ||||||
| Stockholders’ equity |
50,803 | 2,907 | ||||||