Galectin Therapeutics (GALT) ( (GALT) ) has released its Q3 earnings. Here is a breakdown of the information Galectin Therapeutics (GALT) presented to its investors.
Galectin Therapeutics Inc. is a clinical-stage biopharmaceutical company based in Norcross, Georgia, focused on developing therapies for fibrotic disease and cancer by targeting galectin proteins. The company is recognized for its innovative approach in the healthcare sector, working to address unmet medical needs through its proprietary drug candidates.
In its latest earnings report for the quarter ending September 30, 2024, Galectin Therapeutics reported a net loss of $11.2 million, reflecting an increase from the $10.4 million loss in the same quarter the previous year. The company has maintained a steady cash balance with $27.1 million in cash and cash equivalents, ensuring operational continuity through May 2025, pending further capital raise efforts.
The company’s financial performance was marked by total operating expenses of $9.1 million, primarily driven by research and development costs which amounted to $7.6 million. Interest expenses increased significantly to $1.5 million from $835,000 due to higher borrowing costs. Despite the operating loss, Galectin Therapeutics secured $30 million in proceeds from its convertible line of credit, highlighting its ability to leverage financial instruments to support its strategic initiatives.
Looking forward, Galectin Therapeutics remains focused on advancing its NAVIGATE clinical trial, with results anticipated in December 2024. While the company faces challenges related to its financial sustainability beyond mid-2025, management is actively exploring avenues to secure additional funding through strategic partnerships, debt, or equity financing to continue its innovative research and development endeavors.
