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GlycoMimetics Inc. (NASDAQ:GLYC), a biotechnology firm with a market capitalization of $17.35 million, announced significant corporate changes including the termination of a major agreement and the departure of several board members and executives. The company, headquartered in Rockville, MD, disclosed these developments in a recent SEC filing. According to InvestingPro data, the company maintains a healthy current ratio of 1.92 and holds more cash than debt on its balance sheet, though it’s currently experiencing rapid cash burn.
On Monday, GlycoMimetics received a termination notice from Apollomics (Hong Kong) Limited, effectively ending the collaboration and license agreement that had been in place since January 2, 2020. This agreement granted Apollomics exclusive rights to develop and commercialize two of GlycoMimetics’ drug candidates, uproleselan and GMI-1687, in Mainland China, Hong Kong, Macau, and Taiwan. The termination will take effect after a 90-day notice period, leaving GlycoMimetics with no material financial obligations related to the contract. The news contributed to the stock’s recent volatility, with InvestingPro data showing a sharp 21.84% decline in the past week, though the stock remains up 47.68% over the past six months.
In addition to the contract termination, GlycoMimetics announced the resignations of five board members, including Mark Goldberg, M.D., Scott Jackson, Rachel King, and Scott Koenig, M.D., Ph.D., effective last Thursday. Harout Semerjian, the Chief Executive Officer, also resigned from the board. The company stated that these resignations were not due to disagreements over operations, policies, or practices.
Furthermore, both Harout Semerjian, the CEO, and Brian Hahn, the Chief Financial Officer, ceased their employment with the company as of last Thursday. GlycoMimetics has entered into separation agreements with both executives. Under these agreements, Semerjian will receive a severance payment of $1,365,456, and Hahn will receive $480,991. Both will also have their healthcare premiums covered for 18 and 12 months, respectively. These executive changes come as the company faces financial challenges, with InvestingPro reporting an EBITDA of -$32.47 million in the last twelve months. For deeper insights into GlycoMimetics’ financial health and future prospects, including 8 additional ProTips and comprehensive analysis, check out the Pro Research Report available on InvestingPro.
In addition to their severance, both Semerjian and Hahn have entered into consulting agreements with the company. Semerjian will provide consulting services for 12 months at a rate of $700 per hour, and his equity awards will continue to vest during this period. Hahn will serve as a consultant through September 30, 2025, or until a change in control, with a monthly retainer of $15,000, and his equity awards will also continue to vest.
The information provided is based on a press release statement.
In other recent news, GlycoMimetics Inc. has announced significant developments regarding its merger with Crescent Biopharma, Inc. The company has amended the merger agreement to adjust the financing structure, with Crescent shareholders expected to receive approximately 14.9149 shares of GlycoMimetics common stock for each Crescent share. GlycoMimetics security holders will own about 3.10% of the combined entity post-merger, while Crescent security holders are projected to own roughly 96.90%. Additionally, GlycoMimetics has been granted an extension until June 16, 2025, to regain compliance with Nasdaq’s minimum bid price requirement, following its transfer to the Nasdaq Capital Market. The company is actively monitoring its stock’s bid price and considering a reverse stock split if necessary to meet compliance. In leadership news, GlycoMimetics’ CEO Harout Semerjian and CFO Brian Hahn have announced their departure by March 31, 2025, though they will remain as consultants to assist with the merger transition. These executive changes occur during a critical period for the company as it navigates its merger plans. Investors and stakeholders are encouraged to review additional materials that GlycoMimetics plans to file with the SEC for more information on these developments.
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