Galectin Therapeutics Reports Q3 Financial Results and Business Update

On November 14, 2024, Galectin Therapeutics Inc. (NASDAQ: GALT) released its financial results for the quarter ended September 30, 2024, along with a business update. The company, focused on developing therapeutics targeting galectin proteins, emphasized its progress in the NAVIGATE trial of belapectin for patients with MASH cirrhosis, with top-line results expected in December 2024.

Joel Lewis, Chief Executive Officer of Galectin Therapeutics, expressed optimism about belapectin potentially serving as a new treatment for patients in the U.S. with compensated cirrhosis and portal hypertension who have not developed esophageal varices. Dr. Khurram Jamil, the Chief Medical Officer, highlighted the presentation of abstracts concerning the NAVIGATE trial at the American Association for the Study of Liver Disease (AASLD) 2024 meeting.

Regarding financial highlights, as of September 30, 2024, Galectin Therapeutics had $27.1 million in cash and cash equivalents, with an additional $6 million available under a line of credit to fund operations through May 2025. Research and development expenses for the quarter were $7.6 million, and general and administrative expenses were $1.5 million.

The company reported a net loss applicable to common stockholders of $11.2 million, or ($0.18) per share, for the quarter. Galectin Therapeutics highlighted that the results discussed are available in its Quarterly Report on Form 10-Q, filed with the U.S. Securities and Exchange Commission.

Galectin Therapeutics is known for its lead drug belapectin, which inhibits the galectin-3 protein and is being evaluated for MASH cirrhosis, among other indications. The company’s commitment to developing treatments for chronic liver disease and cancer was underlined in the financial report.

Forward-looking statements in the press release reference Galectin Therapeutics’ goals for its development programs, emphasizing potential outcomes and challenges. The company’s future initiatives, including drug development and partnership opportunities, were noted as key factors influencing its progress.

Investors and stakeholders were directed to official filings with the Securities and Exchange Commission and the company’s website for comprehensive details on Galectin Therapeutics’ financial status, operational updates, and development programs.

Contact information:
Jack Callicutt, Chief Financial Officer
(678) 620-3186
[email protected]

Investor Relations Contacts:
Kevin Gardner
[email protected]
Chris Calabrese
[email protected]

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Galectin Therapeutics’s 8K filing here.

Galectin Therapeutics Company Profile

Galectin Therapeutics Inc, a clinical stage biopharmaceutical company, engages in the research and development of therapies for fibrotic, cancer, and other diseases. Its lead product candidate is belapectin (GR-MD-02) galectin-3 inhibitor, that is in Phase 2b/3 clinical trial, to prevent esophageal varices in patient with non-alcoholic steatohepatitis (NASH) cirrhosis; and Phase 2 clinical trial for the treatment of liver fibrosis, as well as severe skin disease, and melanoma and head and neck squamous cell carcinoma.