Galectin Therapeutics Reports Financial Results for the Quarter Ended June 30, 2024 and Provides Business Update

Core Insights - Galectin Therapeutics is advancing its NAVIGATE Phase 2b/3 trial of belapectin, targeting MASH associated liver cirrhosis and portal hypertension, with an interim analysis expected in December 2024 [2][3]. Company Overview - Galectin Therapeutics focuses on developing therapies for chronic liver disease and cancer, with its lead drug belapectin targeting galectin-3, a protein involved in inflammatory and fibrotic diseases [5]. Clinical Trial Progress - The NAVIGATE trial is evaluating the efficacy and safety of belapectin in 357 patients across 14 countries, with interim data readout anticipated in late December 2024 [3]. - Recent data presented at the EASL 2024 Congress indicated that collagen content in liver biopsies of MASH cirrhotic patients does not correlate with portal pressure, emphasizing the need for endoscopies in assessing disease progression [2][3]. Financial Highlights - As of June 30, 2024, the company had $25.6 million in cash and cash equivalents, with an additional$10 million available under a line of credit [4]. - Research and development expenses for Q2 2024 were $9.8 million, up from$7.4 million in Q2 2023, primarily due to the NAVIGATE trial [4]. - The net loss applicable to common stockholders for Q2 2024 was $12.4 million, or$0.20 per share, compared to a net loss of $9.2 million, or$0.15 per share, in Q2 2023 [4][8]. Balance Sheet Data - Total assets as of June 30, 2024, were $27.7 million, with total liabilities amounting to$109.8 million [9]. - The total stockholders' equity deficit was $83.9 million as of June 30, 2024 [9].