10-Q - GALECTIN THERAPEUTICS INC (0001133416) (Filer)

Wed, May 15, 11:52 AM (72 days ago)

Galectin Therapeutics Inc. reported a net loss of $11.5 million for Q1 2024, consistent with the same period in 2023. Operating expenses decreased by 6.7% to $9.6 million, driven primarily by an 8.5% reduction in R&D costs. Cash and cash equivalents stood at $23.6 million, down from $25.7 million at year-end 2023. The company also has $20 million available under two lines of credit. The NAVIGATE trial, a Phase 2b/3 study for belapectin in NASH cirrhosis, is ongoing with an interim analysis expected in Q4 2024. General and administrative expenses increased slightly to $1.6 million. The firm anticipates sufficient liquidity through May 2025 but will require additional financing thereafter. Convertible debt and related derivative liabilities increased due to new borrowings and fair value adjustments. The company continues to pursue strategic partnerships and additional funding sources to support its clinical and operational activities.