In This Story
Galectin Therapeutics Inc. (GALT-2.44%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing research and development expenses of $7,595,000, slightly down from $7,732,000 in the same quarter the previous year. The decrease is attributed to decreased pre-clinical activities.
General and administrative expenses for the quarter were $1,471,000, compared to $1,433,000 in the previous year, primarily due to changes in investor relations and business development expenses.
The company reported a net loss of $11,220,000 for the quarter, compared to $10,428,000 in the previous year. The net loss applicable to common stockholders was $11,238,000, compared to $14,041,000 in the previous year.
Galectin had cash and cash equivalents of $27,060,000 as of September 30, 2024. The company entered into a second supplemental unsecured $6 million line of credit financing with its chairman, Richard E. Uihlein, on November 14, 2024.
The filing outlines the company's ongoing NAVIGATE trial, a Phase 2b/3 clinical study evaluating the safety and efficacy of belapectin for the prevention of esophageal varices in patients with MASH cirrhosis. The trial's top-line results are expected in December 2024.
The company continues to focus on the development of its lead compound, belapectin, for the treatment of NASH cirrhosis and cancer. It is also exploring potential strategic partnerships for further development.
The company acknowledges its dependence on additional financing to fund operations beyond May 2025 and highlights the uncertainty of obtaining such financing on favorable terms.
Galectin does not anticipate cash dividend payments to common stockholders in the near future.
The filing also details various financial agreements, including convertible notes payable and lines of credit with related parties.
Galectin's management has evaluated the effectiveness of its disclosure controls and procedures and concluded that they were effective as of September 30, 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Galectin Therapeutics Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.