GlycoMimetics Inc 2025年季度报告

(Mark one)☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGEACT OF 1934For the quarterly period endedMarch31,2025 ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGEACT OF 1934 GlycoMimetics, Inc. (Exact name of registrant as specified in its charter) Delaware06-1686563(State or Other Jurisdiction ofIncorporation or Organization)(I.R.S. EmployerIdentification No.)P.O. Box 65Monrovia,Maryland21770 GLYCOMIMETICS, INC. INDEX TO FORM 10-Q PART I. FINANCIAL INFORMATION Item1. Financial Statements Item1. Legal Proceedings18 Item5. Other Information18 Item6. Exhibits19 Signatures20 Part I. FINANCIAL INFORMATION GLYCOMIMETICS, INC.Unaudited Statements of Stockholders’ Equity The accompanying notes are an integral part of the unaudited financial statements. GLYCOMIMETICS, INC.Notes to Unaudited Financial Statements 1. Description of the Business GlycoMimetics, Inc. (the Company), a Delaware corporation, was incorporated in 2003. TheCompany was previously developing a pipeline of proprietary glycomimetics, which are smallmolecules that mimic the structure of carbohydrates involved in important biological processes, toinhibit disease-related functions of carbohydrates such as the roles they play in cancers andinflammation. In July 2024, following feedback from the U.S. Food and Drug Administration (FDA),the Company determined that the regulatory path forward for its lead product candidate, uproleselan,for the treatment of relapsed and refractory acute myeloid leukemia would require an additional Following the strategic review, on October 28, 2024 the Company entered into an Agreementand Plan of Merger and Reorganization (the Merger Agreement) with Crescent Biopharma, Inc., aDelaware corporation (Crescent), pursuant to which Crescent will become a wholly owned subsidiaryof the Company (the Merger). Upon completion of the Merger, the Company plans to operate underthe name Crescent Biopharma, Inc. The Merger is expected to close in the second quarter of 2025, Concurrently with the execution and delivery of the Merger Agreement, certain institutionaland accredited investors have entered into a securities purchase agreement (the Purchase Agreement)with the Company, pursuant to which they have agreed, subject to the terms and conditions of suchagreements, to purchase, immediately following the consummation of the Merger, shares of the Company’s common stock and pre-funded warrants (together, the PIPE Securities) for an aggregatepurchase price of approximately $200.0million in a private placement (the Private Placement). Theclosing of the Private Placement is conditioned on the satisfaction or waiver of the conditions set Pursuant to the exchange ratio formula set forth in the Merger Agreement, upon the closing ofthe Merger (but prior to closing of the Private Placement described below), on a pro forma basis andbased upon the number of shares of common stock of the Company expected to be issued in theMerger, pre-Merger Crescent stockholders will own approximately86.2% of the combined companyand pre-Merger stockholders of the Company will own approximately13.8% of the combinedcompany. After giving further effect to the Private Placement, the pre-Merger Crescent stockholders 2. Going Concern The accompanying unaudited financial statements have been prepared assuming that theCompany will continue as a going concern within one year after the date that the financial statementsare issued. During 2024, the Company incurred a net loss of $37.9million and had net cash flowsused in operating activities of $31.1million. During the three months ended March 31, 2025, theCompany incurred a net loss of $2.3million and had net cash flows used in operating activities of$5.1million. At March 31, 2025, the Company had $5.6million in cash and cash equivalents and hadno committed source of additional funding other than the expected Private Placement. Management If the contemplated Merger and Private Placement does not close by the third quarter of 2025,the Company may seek other strategic alternatives or liquidate. Table of Contents The accompanying financial statements do not include any adjustments that might be necessaryif 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 disclosedin the Company’s Annual Report on Form 10-K for the year ended December31, 2024, filed with the Basis of Accounting The accompanying unaudited financial statements were prepared based on the accrual method Unaudited Financial Statements The accompanying balance sheet as of March 31, 2025, statements of operations andcomprehensive loss and stockholders’ equity for the three months ended March 31, 2025 and 2024and statements of cash flows for the three months ended March 31, 2025 and 2024 are unaudited.These unaudited financial statements have been prepared in