Galectin Therapeutics Reports $9.6 Million Net Loss in Q1 2025, Decreased Operating Expenses

Galectin Therapeutics Inc. reported a net loss of $9.6 million for the first quarter of 2025, a decrease from the $11.5 million loss recorded in the same period of 2024. The company's operating expenses totaled $7.9 million, down from $9.6 million year-over-year, primarily due to reduced research and development costs, which fell to $6.5 million from $8.1 million. General and administrative expenses also decreased to $1.4 million from $1.6 million, reflecting lower investor relations and stock-based compensation expenses. The net loss per common share improved to $(0.15) from $(0.19) in the prior year.

As of March 31, 2025, Galectin Therapeutics had $7.4 million in cash and cash equivalents, a significant decline from $15.1 million at the end of 2024. The company’s total assets decreased to $9.5 million from $17.5 million, while total liabilities increased to $121.8 million from $120.6 million. The rise in liabilities was largely attributed to an increase in accounts payable and accrued expenses, which rose to $6.5 million and $6.9 million, respectively. The company has access to $11 million under two lines of credit from its chairman, Richard Uihlein, which it believes will fund operations through August 2025.

In terms of operational developments, Galectin Therapeutics is advancing its lead product candidate, belapectin, which is currently in a Phase 2b/3 clinical trial known as the NAVIGATE trial. This trial aims to evaluate the efficacy of belapectin in preventing esophageal varices in patients with non-alcoholic steatohepatitis (NASH) cirrhosis. The company completed patient randomizations in February 2023 and presented top-line results in December 2024, indicating a 43.2% reduction in the incidence of varices in the treatment group compared to placebo, although the primary endpoint did not achieve statistical significance.

Looking ahead, Galectin Therapeutics anticipates continued operating losses as it progresses its clinical trials and seeks additional funding to support its operations. The company plans to raise capital through various means, including debt or equity financing, collaborations, and partnerships. However, it acknowledges the uncertainty surrounding its ability to secure such funding on favorable terms, which could materially impact its business and financial condition. The company remains focused on its clinical development programs and the potential commercialization of its therapies targeting fibrotic diseases and cancer.