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ROCKVILLE, Md. - GlycoMimetics, Inc. (NASDAQ:GLYC), a clinical-stage biotechnology company currently trading at $0.20 per share with a market capitalization of approximately $13 million, announced today that following a special meeting, its Board of Directors has approved a 1-for-100 reverse stock split of its common stock. The reverse split is scheduled to take effect on June 16, 2025, subsequent to the company’s anticipated merger with Crescent Biopharma, Inc. According to InvestingPro data, the company maintains strong liquidity with a current ratio of 2.29, though it faces significant operational challenges.
This strategic move will reduce GlycoMimetics’ outstanding common stock from about 64.5 million shares to approximately 0.645 million shares. However, the total authorized common stock will remain unchanged at 175 million shares, an increase approved by stockholders at the special meeting in anticipation of the merger. The stock has experienced significant volatility, with InvestingPro analysis showing a 26% decline over the past six months and a beta of 1.6, indicating higher-than-market volatility.
Stockholders will not receive fractional shares in the reverse stock split. Instead, they are set to receive a cash payment in lieu of fractional shares, based on the closing price per share on June 12, 2025, the last trading day before the reverse stock split is expected to be filed with the state of Delaware.
In connection with the reverse stock split, proportional adjustments will be made to the exercise prices and shares underlying GlycoMimetics’ outstanding equity awards. The par value per share will not be altered by this event.
After the merger’s completion, the combined entity, which will operate under the name Crescent Biopharma, Inc. and trade on the Nasdaq under the ticker symbol CBIO, is anticipated to have approximately 14.8 million shares issued and outstanding, or about 25.3 million shares on a fully-diluted basis.
GlycoMimetics has been focused on developing therapies for cancers and inflammatory diseases by leveraging its expertise in glycobiology, while Crescent Biopharma is advancing precision-engineered molecules for solid tumor treatments. InvestingPro subscribers can access detailed financial health metrics and 10 additional ProTips that provide crucial insights into the company’s operational and financial position, available in the comprehensive Pro Research Report.
The information in this article is based on a press release statement from GlycoMimetics, Inc.
In other recent news, GlycoMimetics has amended its merger agreement with Crescent Biopharma, as detailed in an SEC 8-K filing. The revised agreement includes changes to the exchange of Crescent restricted stock units and clarifies voting mechanics related to GlycoMimetics’ Series A Non-Voting Convertible Preferred Stock. This merger, structured as a stock-for-stock transaction, will see Crescent shareholders receive approximately 15.4192 shares of GlycoMimetics common stock for each Crescent share. Current GlycoMimetics shareholders are expected to own about 2.6% of the combined entity, while Crescent security holders will own approximately 97.4%. The merger remains subject to regulatory approvals and customary closing conditions. Cantor Fitzgerald has maintained an Overweight rating on GlycoMimetics, citing the strategic benefits of the merger and the potential of Crescent’s primary asset, CR-001. This bispecific therapy is seen as a competitive "fast follower" to the promising ivonescimab, which is undergoing pivotal trials. The merger is anticipated to enhance GlycoMimetics’ position in the cancer treatment market, with the deal expected to close in the second quarter.
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