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Galera Therapeutics Inc. (GRTX) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a net loss of $5.6 million for the quarter, compared to a net loss of $15.1 million in the same quarter the previous year. The decrease in loss is attributed to reduced research and development expenses following the discontinuation of clinical trials.
Galera's cash and cash equivalents were $8.5 million as of September 30, 2024, down from $18.3 million at the end of the previous year. The company expects these funds to cover operating expenses for at least the next twelve months.
The company has ceased all clinical trial activities and is exploring strategic alternatives, including potential mergers or asset sales, after failing to secure stockholder approval for a proposed plan of dissolution.
Galera recognized a non-cash impairment charge of $2.3 million for in-process research and development and $0.9 million for goodwill, following the board's approval of a dissolution plan.
The company recorded a gain of $975,000 from a litigation settlement with its former contract research organizations.
General and administrative expenses decreased to $3.4 million from $5.0 million in the previous year, primarily due to reduced commercial activities and workforce reductions.
Galera's common stock is now quoted on the OTC Pink Market following delisting from Nasdaq due to non-compliance with listing standards.
Galera is engaged with financial advisors to explore strategic alternatives aimed at maximizing stockholder value amid its discontinued business operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Galera Therapeutics Inc. quarterly 10-Q report dated December 13, 2024. To report an error, please email earnings@qz.com.