Galectin Therapeutics Inc. reported a net loss of $9.175 million for the second quarter of 2026, compared to a net loss of $7.584 million in the same period of 2025. For the first half of 2026, the company recorded a net loss of $14.242 million, down from $17.189 million in the prior year. The decrease in losses was attributed to a significant reduction in research and development expenses, which fell by 55% to $4.366 million for the six months ended June 30, 2026, compared to $9.746 million in 2025. This decline was primarily due to the completion of the NAVIGATE clinical trial, which concluded in early 2025.
Total operating expenses for the second quarter of 2026 were $3.982 million, a decrease from $4.625 million in the same quarter of 2025. The reduction in expenses was driven by lower research and development costs, which were partially offset by an increase in general and administrative expenses, which rose to $1.847 million from $1.364 million year-over-year. The increase in administrative costs was largely due to higher non-cash stock-based compensation expenses.
As of June 30, 2026, Galectin Therapeutics had total assets of $14.826 million, down from $19.532 million at the end of 2025. The company's cash and cash equivalents decreased to $13.269 million from $17.720 million at the end of the previous fiscal year. Current liabilities surged to $151.619 million, primarily due to the recognition of convertible notes payable and accrued interest related to a line of credit from Chairman Richard Uihlein. The company has indicated that it has sufficient cash to fund operations through June 2027, although it faces substantial doubt about its ability to continue as a going concern beyond that date without additional capital.
In terms of strategic developments, Galectin Therapeutics is focused on advancing its lead product candidate, belapectin, which is being evaluated for the treatment of metabolic dysfunction-associated steatohepatitis (MASH) cirrhosis. The company has completed a Phase 2b/3 clinical trial, the NAVIGATE trial, and is preparing to file a Phase 3 protocol with the FDA. The company is also exploring strategic partnerships to support the continued development and commercialization of belapectin.
Looking ahead, Galectin Therapeutics anticipates ongoing operating losses as it continues to invest in clinical trials and product development. The company has not generated any revenue to date and relies heavily on external financing to support its operations. The management has expressed optimism about the potential of belapectin and is actively seeking additional capital to fund future initiatives.
About GALECTIN THERAPEUTICS INC
Galectin Therapeutics Inc. is a clinical-stage biopharmaceutical company focused on developing therapies targeting galectin proteins, especially galectin-3, to treat fibrotic diseases, cancer, and inflammatory conditions. Its lead candidate, belapectin, aims to reverse liver fibrosis and prevent complications in NASH cirrhosis. The company leverages proprietary carbohydrate-based compounds, conducts clinical trials, and seeks strategic partnerships to advance its innovative, patent-protected drug development pipeline.
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