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GI

GLYCOMIMETICS INC (GLYC)·Q1 2025 Earnings Summary

Executive Summary

  • Q1 2025 had no revenue; operating expenses fell 78% year-over-year to $2.399M, narrowing net loss to $2.344M (EPS -$0.04) versus Q1 2024 net loss of $10.737M (EPS -$0.17) as operations wound down .
  • Cash ended at $5.614M with operating cash outflow of $5.106M; management disclosed “substantial doubt” about going concern absent closing of the Crescent merger and concurrent $200M private placement .
  • Merger with Crescent Biopharma expected to close in late Q2 2025; stockholders approved the merger and a 1-for-100 reverse stock split on June 5, 2025, a key corporate catalyst for the equity profile post-closing .
  • R&D was effectively eliminated ($0.015M) and accrued severance declined to $1.672M by March 31, reflecting the 2024 restructuring impact on the P&L and balance sheet .

What Went Well and What Went Wrong

What Went Well

  • Expense discipline: Total costs and expenses fell 78%, cutting quarterly net loss by 78% year-over-year as the company executed its 2024 restructuring and wind-down plan .
  • Strategic progress: Management stated “We anticipate that the Merger will close in the late second quarter of 2025,” signaling line-of-sight to the transaction and funding solution .
  • Controls intact: Disclosure controls and procedures were deemed effective at the reasonable assurance level as of March 31, 2025 .

What Went Wrong

  • Going concern risk: Management explicitly flagged substantial doubt about the company’s ability to continue as a going concern without the merger/private placement closing by Q3 2025 .
  • Collaboration overhang: Apollomics exercised its right to terminate the license agreement (effective May 21, 2025), reducing optionality for milestone/royalty inflows in Greater China .
  • Liquidity pressures: Cash fell to $5.614M with operating cash burn of $5.106M in Q1 2025, highlighting the need for the pending financing to close .

Financial Results

MetricQ1 2024Q3 2024Q1 2025
Net Loss ($USD Millions)$10.737 $9.824 $2.344
Diluted EPS ($USD)$(0.17) $(0.15) $(0.04)
Total Operating Expenses ($USD Millions)$11.115 $11.234 $2.399
Cash And Equivalents ($USD Millions)$31.281 $14.392 $5.614
Cash from Operations ($USD Millions)$(10.509) —$(5.106)

Notes:

  • Revenue: Company reported no revenue; statements present only expenses in these quarters .
  • Segment breakdown/KPIs: Not applicable; no commercial segments or operating KPIs disclosed.

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Merger timingClose of Crescent deal“Second quarter of 2025” (Q3 2024 filing) “Late second quarter of 2025” (Q1 2025) Narrowed timing window (maintained)
Cash runwayThrough merger closeExpected to fund operations until closing Expect current cash to fund ops until closing; substantial doubt beyond 12 months without merger/placement Risk language heightened (maintained runway expectation)
ATM shelf status2025$66M capacity remaining as of 9/30/2024 Shelf expired April 28, 2025; no plans to sell prior to closing Expired; reduced financing flexibility
Apollomics licenseGreater ChinaLicense active Apollomics terminated agreement (effective May 21, 2025) Terminated; reduces potential milestones/royalties

Earnings Call Themes & Trends

(No earnings call transcript was available for Q1 2025; themes reflect management commentary across filings.)

TopicPrevious Mentions (Q-2 and Q-1)Current PeriodTrend
Merger with CrescentExpected Q2 2025 close; PIPE ~$200M; pro forma ownership outlined (Q3 2024 10-Q; FY 2024 10-K) “Late Q2 2025” close reiterated Steady progress; timing narrowed
Going concernSubstantial doubt; reliance on transaction closing (Q3 2024 10-Q; FY 2024 10-K) Substantial doubt persists; liquidity lower Deteriorating cash heightens urgency
R&D executionRestructuring; R&D cut; severance accruals detailed (Q3 2024 10-Q) R&D near-zero; severance accrual down to $1.672M Continued wind-down
Regulatory/legalUproleselan Phase 3 did not meet OS; NCI Phase 2 showed no EFS benefit; strategic review launched (Q3 2024 10-Q) No ongoing clinical trials; not continuing development Program cessation
CollaborationApollomics license active (prior) Apollomics terminated agreement effective 5/21/2025 Negative development

Management Commentary

  • “We anticipate that the Merger will close in the late second quarter of 2025, subject to certain closing conditions, along with the concurrent Private Placement.”
  • “There is substantial doubt about [the company’s] ability to continue as a going concern… without the closing of the contemplated Merger and Private Placement.”
  • “Following these outcomes of our clinical trials and regulatory discussions we do not currently intend to continue development of uproleselan or any of our other drug candidates. We currently do not have any ongoing clinical trials.”

Q&A Highlights

  • No Q1 2025 earnings call transcript was found for GLYC; no Q&A content available (searches returned no earnings call documents) [ListDocuments, earnings-call-transcript: 0 documents].

Estimates Context

  • Wall Street consensus estimates (S&P Global) for Q1 2025 revenue/EPS were unavailable due to missing CIQ mapping for GLYC; as a result, comparison to consensus cannot be provided at this time [GetEstimates error].

Key Takeaways for Investors

  • Transaction-critical quarter: Liquidity at $5.614M and operating cash burn of $5.106M underscore reliance on timely closing of the Crescent merger and PIPE .
  • P&L reset executed: Operating expenses fell 78% YoY to $2.399M, driving a materially smaller net loss; R&D essentially ceased as wind-down completed .
  • Structural catalyst: Merger approval and 1-for-100 reverse split set up a post-close capital structure and rebranding to Crescent Biopharma (CBIO), which may alter investor base dynamics .
  • Pipeline exit risk removed but also value optionality reduced: Program cessation and Apollomics termination eliminate near-term development costs and potential milestones/royalties, increasing dependence on Crescent’s pipeline post-close .
  • Binary near-term path: Management states substantial doubt absent closing; failure to consummate could force strategic alternatives or liquidation .
  • Monitoring points: Confirmed closing timeline (late Q2 2025), PIPE funding execution, reverse split effectiveness, and subsequent CBIO strategy disclosures .

Additional Documents Reviewed

  • Q1 2025 Form 10-Q (full financials and MD&A) –.
  • GLYC press release: Stockholders approve merger and 1-for-100 reverse split (June 5, 2025) –.
  • Crescent Biopharma press release (Feb 26, 2025) for conference presentation context .
  • Q3 2024 Form 10-Q (for trend analysis) –.
  • FY 2024 Form 10-K (for liquidity and going concern context) –.

Search Notes:

  • No GLYC 8-K Item 2.02 earnings press release for Q1 2025 was found; we searched GLYC filings and press releases in March–June 2025 (none matched Item 2.02 for quarterly results) [ListDocuments, 2025 filters; SearchDocuments query].
  • No Q1 2025 earnings call transcript was available in the document catalog for GLYC [ListDocuments, earnings-call-transcript: 0 documents].