Galectin Therapeutics Reports $47.2 Million Net Loss for Fiscal Year 2024

Galectin Therapeutics Inc. reported a net loss of $47.2 million for the fiscal year ending December 31, 2024, with no revenue generated during the period. This marks an increase in losses compared to the previous year, where the company recorded a net loss of $41.5 million. The accumulated deficit as of December 31, 2024, stands at $354 million. The company had $15.1 million in unrestricted cash and $6 million available under a line of credit, which it believes will fund operations through August 2025. However, additional financing will be necessary to sustain operations beyond that date.

Research and development expenses rose to $36.6 million in 2024, a 13.8% increase from $32.1 million in 2023. This increase was primarily driven by costs associated with the NAVIGATE clinical trial, which is evaluating the efficacy of the company's lead product candidate, belapectin, in preventing esophageal varices in patients with non-alcoholic steatohepatitis (NASH) cirrhosis. The company completed randomizations for 357 patients in this trial by February 2023, and top-line results were presented in December 2024. While the trial showed a 43.2% reduction in the incidence of varices in the intent-to-treat population, the composite endpoint did not reach statistical significance.

Operationally, Galectin Therapeutics has focused on advancing its clinical programs, particularly for belapectin, which is in Phase 2b/3 trials. The company has also engaged in strategic partnerships to enhance its research capabilities, including a joint venture with SBH Sciences to develop small organic molecule inhibitors of galectin-3. As of February 2025, the company employed 15 full-time staff, with plans to expand its workforce as needed to support ongoing research and development efforts.

Looking ahead, Galectin Therapeutics faces significant challenges, including the need for additional capital to fund future clinical trials and operations. The company has expressed substantial doubt about its ability to continue as a going concern without securing further financing. The management is actively exploring options for raising capital, including potential partnerships and public or private equity financing. The outcome of these efforts will be critical for the company's ability to advance its clinical programs and achieve regulatory approval for its product candidates.