Galectin Therapeutics Inc., a clinical-stage biopharmaceutical company focused on therapies for fibrotic diseases and cancer, reported its financial results for the three and nine months ended September 30, 2024. The company experienced a net loss of $11.2 million for the third quarter, compared to a loss of $10.4 million in the same period of 2023. For the nine months ended September 30, 2024, the net loss increased to $35.1 million from $31.1 million in the prior year. Despite the increase in losses, the net loss applicable to common stockholders for the third quarter improved to $11.2 million from $14.0 million year-over-year, resulting in a net loss per share of $(0.18), down from $(0.24).
Total operating expenses for the third quarter were $9.1 million, slightly lower than the $9.2 million reported in the same quarter of 2023. However, for the nine-month period, operating expenses rose to $30.0 million from $28.5 million, primarily driven by increased clinical activities related to the NAVIGATE clinical trial.
As of September 30, 2024, Galectin Therapeutics reported cash and cash equivalents of $27.1 million, an increase from $20.4 million at the end of the third quarter in 2023. The company’s total current assets rose to $28.7 million, while total liabilities surged to $121.5 million, up from $88.4 million at the end of 2023. The increase in liabilities was attributed to a rise in current liabilities, which reached $25.3 million, compared to $15.7 million at the end of 2023.
The company has entered into a $6 million line of credit financing agreement with its chairman, Richard E. Uihlein, on November 14, 2024, to support its operations. Despite this, there remains substantial doubt about the company's ability to continue as a going concern beyond May 2025, as it relies heavily on external capital for future operations.
Galectin Therapeutics is actively conducting the NAVIGATE trial, with topline results expected in December 2024. The trial evaluates the efficacy of its lead compound, belapectin, in preventing esophageal varices in patients with metabolic dysfunction-associated steatohepatitis (MASH) cirrhosis. The company has also been exploring belapectin's potential in cancer immunotherapy, with ongoing preclinical and clinical trials.
Overall, while the company has made strides in its clinical programs, it continues to face significant financial challenges and operational uncertainties.
About GALECTIN THERAPEUTICS INC
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