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Galera Therapeutics Inc. (GRTX-3.56%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's financial position, reporting a net loss of $18.957 million for the year, compared to a net loss of $59.082 million in 2023.
Galera's cash and cash equivalents as of December 31, 2024, were $8.3 million, with the company expressing substantial doubt about its ability to continue as a going concern beyond the first quarter of 2026.
In December 2024, Galera completed the acquisition of Nova Pharmaceuticals, Inc., issuing 119,318 shares of Series B Non-Voting Convertible Preferred Stock as consideration, valued at $2.6 million.
The company reported a decrease in research and development expenses to $3.151 million in 2024 from $24.115 million in 2023, primarily due to the cessation of clinical trials and reduced headcount.
General and administrative expenses also decreased to $11.002 million in 2024 from $22.836 million in 2023, attributed to reduced commercial preparations and legal expenses.
Galera's strategic focus has shifted to developing product candidates for advanced breast cancer, following the acquisition of Nova Pharmaceuticals.
The filing indicates that Galera's board of directors approved a plan of complete liquidation and dissolution in August 2024, which was not approved by stockholders in October 2024.
The company continues to explore strategic alternatives and has engaged Stifel, Nicolaus & Company, Inc. as a financial advisor.
Galera's clinical portfolio now includes a pan-inhibitor of nitric oxide synthase and two SOD mimetics, with ongoing trials in collaboration with the I-SPY 2 consortium.
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. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.