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Galectin Therapeutics(GALT) - 2024 Q4 - Annual Report
GALTGalectin Therapeutics(GALT)2025-03-31 11:50

Financial Performance - Net cash used in operations increased by 8,802,000to8,802,000 to 41,767,000 for 2024, compared to 32,965,000for2023[188]−Netcashusedinoperationsincreasedby32,965,000 for 2023[188] - Net cash used in operations increased by 1,909,000 to 32,965,000in2023comparedto32,965,000 in 2023 compared to 31,056,000 in 2022, driven by increased research and development expenses[191] - Net cash provided by financing activities was 31,227,000in2024,adecreasefrom31,227,000 in 2024, a decrease from 40,033,000 in 2023, primarily due to changes in transactions[190] - In 2023, the company received 40,033,000infinancing,upfrom40,033,000 in financing, up from 10,000,000 in 2022, with 30,000,000fromaconvertiblelineofcreditand30,000,000 from a convertible line of credit and 10,000,000 from stock purchase warrants[192] Research and Development - Research and development expenses for 2024 were 36,571,000,adecreaseof13.836,571,000, a decrease of 13.8% compared to 32,130,000 in 2023[174] - Clinical program expenses increased to 29,079,000in2024from29,079,000 in 2024 from 23,942,000 in 2023, primarily due to NAVIGATE clinical trial activities[175] - Research and development expenses are charged as incurred, with significant costs related to the NAVIGATE clinical trial and third-party contract research organizations[199] Cash Position and Financing - As of December 31, 2024, the company had 15.1millioninunrestrictedcashandcashequivalents,plus15.1 million in unrestricted cash and cash equivalents, plus 6 million available under a line of credit[187] - The company has raised a net total of 314.5millionfrompublicandprivateofferingssinceitsinception[187]−ThecompanybelievesithassufficientcashtofundoperationsthroughAugust2025,butwillrequireadditionalfinancingthereafter[187]ClinicalTrials−TheNAVIGATEtrialiscurrentlytheonlyactiveclinicaltrial,withnoplansorfundingforadditionaltrialsatthistime[173]−Thecompanyhasengagedoutsidevendorsforclinicaltrialservices,whicharetypicallycancellableon30daysnotice[195]OperatingExpenses−Generalandadministrativeexpensesdecreasedby1.3314.5 million from public and private offerings since its inception[187] - The company believes it has sufficient cash to fund operations through August 2025, but will require additional financing thereafter[187] Clinical Trials - The NAVIGATE trial is currently the only active clinical trial, with no plans or funding for additional trials at this time[173] - The company has engaged outside vendors for clinical trial services, which are typically cancellable on 30 days notice[195] Operating Expenses - General and administrative expenses decreased by 1.3% to 5,942,000 in 2024 from 5,862,000in2023[178]−Stock−basedcompensationismeasuredatgrantdatefairvalueandrecognizedovertheserviceperiod,withestimatesforpotentialforfeituresincluded[200]−ThecompanyenteredintoanoperatingleaseforofficespaceinNorcross,GA,withanaveragerateofapproximately5,862,000 in 2023[178] - Stock-based compensation is measured at grant date fair value and recognized over the service period, with estimates for potential forfeitures included[200] - The company entered into an operating lease for office space in Norcross, GA, with an average rate of approximately 4,250 per month, effective from March 1, 2022[193] Market Risks and Losses - The company has incurred significant operating losses since inception and cannot assure future revenue generation[171] - The company is not exposed to significant market risks as of December 31, 2024, and 2023[201] - The company has not created any off-balance sheet entities that could materially affect liquidity or capital resources[196]