Galectin Therapeutics, Inc. (NASDAQ: GALT) shares barely moved in the first hour Tuesday, as the company reported financial results for the quarter ended June 30, 2024.
As of June 30, 2024, the Company had $25.6 million of cash and cash equivalents. Additionally, the Company has $10 million remaining available under a line of credit provided by its chairman of the board to fund operations.
The company reported a net loss applicable to common stockholders of $12.4 million, or ($0.20) per share, compared to a net loss applicable to common stockholders of $9.2 million, or ($0.15) per share for the quarter ended June 30, 2023.
Research and development expenses for the quarter ended June 30, 2024 were $9.8 million compared with $7.4 million for the same period in 2023. The increase was primarily due to timing of incurrence of expenditures related to our NAVIGATE clinical trial.
CEO Joel Lewis said, “We continued to advance the NAVIGATE Phase 2b/3 trial of belapectin in the first half of 2024. We believe that belapectin can potentially offer a new medical treatment option for the increasing number of patients affected with MASH associated liver cirrhosis and portal hypertension that represents a significant unmet medical need, and we are excited for the planned upcoming interim analysis in December 2024.”
GALT shares gathered a penny to $2.12.
