In This Story
Galectin Therapeutics Inc. (GALT-0.74%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's ongoing research and development efforts, focusing on its lead compound, belapectin, for the treatment of fibrotic diseases and cancer. The company completed a Phase 2b/3 clinical trial, NAVIGATE, in 2024, which did not meet its primary endpoint.
Net loss for the year was reported at $47.2 million, compared to $41.1 million in the previous year. This increase in loss is attributed to higher research and development expenses, which rose to $36.6 million from $32.1 million.
General and administrative expenses slightly decreased to $5.9 million from $5.9 million in 2023. The company continues to manage its expenses while seeking additional financing options to support ongoing operations.
As of December 31, 2024, Galectin Therapeutics had cash and cash equivalents of $15.1 million, down from $25.7 million the previous year. The company has also secured a line of credit from its chairman to support its financial needs.
Galectin Therapeutics acknowledges the need for further financing and strategic partnerships to advance its clinical programs and achieve potential commercialization of its drug candidates.
The company continues to focus on its core strategy of developing therapies targeting galectin proteins, with a particular emphasis on diseases with limited treatment options, such as NASH cirrhosis and certain cancers.
Galectin Therapeutics also reported on its intellectual property portfolio, highlighting several patents granted in the U.S. and internationally, which are crucial for protecting its proprietary technologies.
The filing outlines the company's commitment to maintaining compliance with regulatory requirements and its efforts to address any material weaknesses in internal controls over financial reporting.
Galectin Therapeutics remains focused on leveraging its scientific expertise and strategic partnerships to achieve its long-term goals of developing effective therapies for serious diseases.
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. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.