Galera Therapeutics, Inc. reported a significant decline in its financial performance for the fiscal year ending December 31, 2024, with a net loss of $19.0 million compared to a loss of $59.1 million in 2023. The company's accumulated deficit reached $456.4 million, reflecting ongoing challenges in its operations. Total operating expenses decreased to $20.2 million from $49.3 million in the previous year, primarily due to reduced research and development costs following the cessation of clinical trials for its product candidates, avasopasem and rucosopasem. The company’s cash and cash equivalents stood at $8.3 million, which is expected to fund operations into the first quarter of 2026.
In a strategic shift, Galera announced the acquisition of Nova Pharmaceuticals, Inc. on December 30, 2024, focusing on developing therapies for advanced breast cancer, including metaplastic breast cancer and triple-negative breast cancer. This acquisition was supported by a $2.9 million investment from a syndicate led by Ikarian Capital. The company has now prioritized its clinical portfolio to include a pan-inhibitor of nitric oxide synthase and two SOD mimetics, with plans for a Phase 1/2 trial of the pan-NOS inhibitor in combination with nab-paclitaxel and alpelisib for metaplastic breast cancer.
Operationally, Galera has faced significant changes, including a workforce reduction of approximately 70% in August 2023, which was part of cost-reduction initiatives following a Complete Response Letter from the FDA that required an additional Phase 3 trial for avasopasem. As of December 31, 2024, the company had only three employees, reflecting its streamlined operations. The company has also halted its clinical trials for rucosopasem after a futility analysis indicated that the trials were unlikely to succeed.
Looking ahead, Galera's ability to continue as a going concern is uncertain, as it must secure additional funding to support its operations. The company is exploring strategic alternatives and has engaged Stifel, Nicolaus & Company, Inc. as a financial advisor to assist in maximizing shareholder value. The management has indicated that without successful fundraising or strategic partnerships, the company may need to further reduce its operational scope or cease certain activities altogether. The upcoming year will be critical for Galera as it navigates these challenges while attempting to advance its new focus on breast cancer therapies.
About Galera Therapeutics, Inc.
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