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GlycoMimetics Inc. (GLYC-0.17%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports that GlycoMimetics is not currently pursuing the development of its drug candidates, including uproleselan, following the results of a Phase 3 clinical trial that did not achieve statistically significant improvement in overall survival for patients with acute myeloid leukemia.
The company has entered into a merger agreement with Crescent Biopharma, Inc., which will result in Crescent becoming a wholly owned subsidiary of GlycoMimetics. The merger is expected to close in the second quarter of 2025, subject to customary closing conditions.
GlycoMimetics reported a net loss of $37.9 million for the year ended December 31, 2024, compared to a net loss of $36.9 million in the prior year. The company has reduced its workforce by approximately 80% as part of a streamlined operating plan.
The company had $10.7 million in cash and cash equivalents as of December 31, 2024, and has stated that its current cash resources are expected to fund operations until the closing of the merger with Crescent.
GlycoMimetics' future operations are highly dependent on the successful consummation of the merger with Crescent. If the merger is not completed, the company may explore other strategic alternatives or consider liquidation.
The filing also details various risks, including the potential inability to complete the merger, the need for additional capital, and the possibility of delisting from Nasdaq if listing standards are not maintained.
GlycoMimetics has reported that it does not anticipate paying any cash dividends on its common stock in the foreseeable future.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the GlycoMimetics Inc. annual 10-K report dated February 13, 2025. To report an error, please email earnings@qz.com.