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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Galectin Therapeutics Inc | NASDAQ:GALT | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.09 | -3.59% | 2.42 | 1.75 | 2.75 | 2.615 | 2.395 | 2.51 | 159,789 | 01:00:00 |
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(State or Other Jurisdiction of Incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Title of each class
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Trading
Symbol
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Name of each exchange on which
registered
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|
|
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Item 2.02 |
Results of Operations and Financial Condition.
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Item 9.01 |
Financial Statements and Exhibits.
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(d) Exhibits.
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Exhibit Number
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Description
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Press Release dated May 15, 2024
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Galectin Therapeutics Inc.
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|||
Date: May 15, 2024
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By:
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/s/ Jack W. Callicutt
|
|
Jack W. Callicutt
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|||
Chief Financial Officer
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• |
Fifth Data and Safety Monitoring Board (DSMB) meeting recommended the continuation, without modifications, of the Phase 2b/3 NAVIGATE study of belapectin in liver cirrhosis due
to metabolic dysfunction-associated steatohepatitis (MASH)
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• |
NAVIGATE trial remains on track for interim top-line readout late in the fourth quarter of 2024
|
• |
The NAVIGATE Phase 2b/3 trial (NCT04365868) evaluating the efficacy and safety of belapectin for the prevention of esophageal varices in MASH in 357 patients across 14 countries on
five continents is progressing as planned.
|
o |
The fifth Data Safety and Monitoring Board (DSMB) meeting authorized the continuation of the trial as designed and without modifications.
|
o |
Interim top-line data readout from the Phase 2b portion of the trial is anticipated late in the fourth quarter of 2024.
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• |
Appointed Khurram Jamil, M.D. as Vice President of Clinical Development.
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• |
As of March 31, 2024, the Company had $23.6 million of cash and cash equivalents. Additionally, the Company has $10 million remaining available under a $60 million line of credit provided by its
chairman of the board to fund operations and $10 million available from a more recently executed line of credit also provided by our chairman. The Company believes it has sufficient cash to fund currently planned operations and research
and development activities through May 15, 2025.
|
• |
Research and development expenses for the quarter ended March 31, 2024 were $8.1 million compared with $8.8 million for the same period in 2023. The decrease was primarily due to timing of
incurrence of expenditures related to our NAVIGATE clinical trial.
|
• |
General and administrative expenses for the quarter ended March 31, 2024 were $1.6 million, compared to $1.5 million for the quarter ended quarter ended March 31, 2023.
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• |
For the quarter ended quarter ended March 31, 2024, the Company reported a net loss applicable to common stockholders of $11.5 million, or ($0.19) per share, compared to a net loss applicable to
common stockholders of $11.5 million, or ($0.19) per share for the quarter ended March 31, 2023.
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• |
These results are included in the Company's Quarterly Report on Form 10-Q as of and for the
period ended March 31, 2024, which has been filed with the U.S. Securities and Exchange Commission and is available at www.sec.gov.
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Three Months Ended
March 31,
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||||||||
2024
|
2023
|
|||||||
Operating expenses:
|
||||||||
Research and development
|
$
|
8,054
|
$
|
8,799
|
||||
General and administrative
|
1,594
|
1,543
|
||||||
Total operating expenses
|
9,648
|
10,342
|
||||||
Total operating loss
|
(9,648
|
)
|
(10,342
|
)
|
||||
Other income (expense):
|
||||||||
Interest income
|
80
|
44
|
||||||
Interest expense
|
(1,052
|
)
|
(460
|
)
|
||||
Change in fair value of derivatives
|
(869
|
)
|
(769
|
)
|
||||
Total other income
|
(1,841
|
)
|
(1,185
|
)
|
||||
Net loss
|
$
|
(11,489
|
)
|
$
|
(11,527
|
)
|
||
Preferred stock dividends
|
(8
|
)
|
0
|
|||||
Net loss applicable to common stock
|
$
|
(11,497
|
)
|
$
|
(11,527
|
)
|
||
Basic and diluted net loss per share
|
$
|
(0.19
|
)
|
$
|
(0.19
|
)
|
||
Shares used in computing basic and diluted net loss per share
|
61,976
|
59,480
|
March 31, 2024
|
December 31, 2023
|
|||||||
(in thousands)
|
||||||||
Cash and cash equivalents
|
$
|
23,555
|
$
|
25,660
|
||||
Total assets
|
25,890
|
28,200
|
||||||
Total current liabilities
|
12,633
|
15,676
|
||||||
Total liabilities
|
96,976
|
88,441
|
||||||
Total redeemable, convertible preferred stock
|
1,723
|
1,723
|
||||||
Total stockholders’ equity (deficit)
|
$
|
(72,809
|
)
|
$
|
(61,964
|
)
|
Document and Entity Information |
May 15, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | May 15, 2024 |
Entity File Number | 001-31791 |
Entity Registrant Name | GALECTIN THERAPEUTICS INC. |
Entity Central Index Key | 0001133416 |
Entity Incorporation, State or Country Code | NV |
Entity Tax Identification Number | 04-3562325 |
Entity Address, Address Line One | 4960 PEACHTREE INDUSTRIAL BOULEVARD |
Entity Address, Address Line Two | STE 240 |
Entity Address, City or Town | NORCROSS |
Entity Address, State or Province | GA |
Entity Address, Postal Zip Code | 30071 |
City Area Code | 678 |
Local Phone Number | 620-3186 |
Title of 12(b) Security | Common Stock $0.001par value per share |
Trading Symbol | GALT |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
1 Year Galectin Therapeutics Chart |
1 Month Galectin Therapeutics Chart |
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