GlycoMimetics, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 03, 2023 at 08:32 am EDT
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GlycoMimetics, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported net loss was USD 9.2 million compared to USD 8.52 million a year ago. Basic loss per share from continuing operations was USD 0.14 compared to USD 0.16 a year ago. Diluted loss per share from continuing operations was USD 0.14 compared to USD 0.16 a year ago.
For the nine months, net loss was USD 27.82 million compared to USD 36.44 million a year ago. Basic loss per share from continuing operations was USD 0.44 compared to USD 0.7 a year ago. Diluted loss per share from continuing operations was USD 0.44 compared to USD 0.7 a year ago.
GlycoMimetics, Inc. is a late clinical-stage biotechnology company discovering and developing glycobiology-based therapies for cancers, including acute myeloid leukemia (AML) and for inflammatory diseases. It is developing a pipeline of glycomimetics, which are small molecules that mimic the structure of carbohydrates involved in biological processes, to inhibit disease-related functions of carbohydrates, such as the roles they play in inflammation, cancer and infection. Its drug candidates include Uproleselan, GMI-1687, Galectin Antagonists and GMI-1359. It is developing Uproleselan, a specific E-selectin antagonist, to be used in combination with chemotherapy to treat patients with AML, a life-threatening hematologic cancer, and potentially other hematologic cancers. It has designed an antagonist of E-selectin, GMI-1687, that is suitable for subcutaneous administration. GMI-1359 is a drug candidate that simultaneously targets both E-selectin and a chemokine receptor (CXCR4).