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GlycoMimetics (GLYC) investor relations material
GlycoMimetics Q1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2025 earnings summary13 May, 2025
Executive summary
GlycoMimetics ceased development of its drug candidates after negative Phase 3 and Phase 2 trial results for uproleselan in AML, with no statistically significant benefit observed and no ongoing clinical trials as of March 31, 2025.
The company initiated a strategic review, reduced its workforce by 80%, and entered into a merger agreement with Crescent Biopharma, expected to close in Q2 2025, after which Crescent's business will become primary.
A $200 million private placement is planned to close concurrently with the merger, with pre-merger GlycoMimetics shareholders expected to own only 2.6% of the combined company post-transaction.
Financial highlights
Net loss for Q1 2025 was $2.34 million, a significant improvement from a $10.74 million net loss in Q1 2024, reflecting the wind-down of operations.
Research and development expenses dropped to $15,000 in Q1 2025 from $6.03 million in Q1 2024; general and administrative expenses fell to $2.38 million from $5.09 million year-over-year.
Cash and cash equivalents were $5.6 million as of March 31, 2025, down from $10.7 million at year-end 2024.
Net cash used in operating activities was $5.1 million in Q1 2025, down from $10.5 million in Q1 2024.
No revenue was recognized in Q1 2025; the Apollomics license agreement was terminated effective May 21, 2025.
Outlook and guidance
Current cash is expected to fund operations until the merger closes; if the merger and private placement do not close by Q3 2025, the company may seek other alternatives or liquidate.
No plans to continue development of uproleselan or other drug candidates; Crescent Biopharma's pipeline will become the focus post-merger.
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Frequently asked questions
GlycoMimetics Inc. is a clinical-stage biotechnology company focused on developing novel therapies that target the role of sugars in disease, particularly in the areas of cancer and inflammatory diseases. The company’s drug candidates are designed to block specific carbohydrate interactions that contribute to disease progression, with a focus on improving treatment outcomes for patients with blood cancers and rare diseases. GlycoMimetics develops small-molecule glycomimetic compounds that are intended to disrupt key biological processes in various disease states. The company is headquartered in Rockville, Maryland, and its shares are listed on the NASDAQ.
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