Market Overview - U.S. stocks traded higher, with the Dow Jones index gaining over 100 points, up 0.33% to 46,847.49, NASDAQ rose 0.11% to 22,967.90, and S&P 500 increased 0.15% to 6,750.64 [1] - Financials shares increased by 0.6%, while consumer discretionary stocks fell by 0.4% [1] Company Earnings - McCormick & Co reported Q3 earnings of 85 cents per share, exceeding the analyst consensus estimate of 81 cents per share, and quarterly sales of $1.724 billion, surpassing the estimate of $1.713 billion [2] - The company revised its FY2025 adjusted EPS guidance down from $3.03-$3.08 to $3.00-$3.05 [2] Commodity Market - Oil prices decreased by 0.1% to $61.64, while gold prices increased by 0.4% to $3,992.70 [5] - Silver prices fell by 0.1% to $48.420, and copper prices rose by 0.8% to $5.0760 [5] European Market - European shares were higher, with the eurozone's STOXX 600 gaining 0.2%, Spain's IBEX 35 Index up 0.2%, London's FTSE 100 rising 0.2%, Germany's DAX 40 increasing 0.2%, and France's CAC 40 gaining 0.3% [6] Notable Stock Movements - Galecto, Inc. shares surged 705% to $29.87, and Trilogy Metals Inc. shares rose 216% to $6.60 following the reversal of a decision blocking the Ambler Road Project in Alaska [7] - Zeta Network Group shares increased by 131% to $3.8400 after entering a strategic partnership with SOLV Foundation [7] - EPWK Holdings Ltd. shares dropped 61% to $0.1323 after announcing an $8 million public offering [7] - Connexa Sports Technologies Inc. shares fell 59% to $1.0350 after announcing a name change to AiRWA and receipt of $30 million in Solana tokens [7] - Biomea Fusion, Inc. shares decreased by 33% to $1.7950 following a public offering announcement [7] Asian Market - Asian markets closed higher, with Japan's Nikkei 225 gaining 0.01% and India's BSE Sensex increasing by 0.17% [8] Economic Indicators - The Redbook retail sales index rose by 5.8% year-over-year for the week ended October 4 [9]

Core Insights - Premarket trading is showing notable activity with significant price movements indicating potential opportunities for traders [1] Premarket Gainers - PepGen Inc. (PEPG) is up 151% at $6.68 [3] - 22nd Century Group, Inc. (XXII) is up 27% at $1.93 [3] - Immuneering Corporation (IMRX) is up 23% at $11.36 [3] - uniQure N.V. (QURE) is up 10% at $52.58 [3] - Lithium Americas Corp. (LAC) is up 9% at $6.60 [3] - Jasper Therapeutics, Inc. (JSPR) is up 9% at $2.55 [3] - American Shared Hospital Services (AMS) is up 8% at $2.75 [3] - PSQ Holdings, Inc. (PSQH) is up 7% at $3.06 [3] - K Wave Media Ltd. (KWM) is up 7% at $2.48 [3] - ClearPoint Neuro, Inc. (CLPT) is up 5% at $20.48 [3] Premarket Losers - Transocean Ltd. (RIG) is down 14% at $3.11 [4] - Cyclerion Therapeutics, Inc. (CYCN) is down 12% at $2.83 [4] - CarMax, Inc. (KMX) is down 11% at $50.38 [4] - ARB IOT Group Limited (ARBB) is down 11% at $10.45 [4] - SHF Holdings, Inc. (SHFS) is down 10% at $6.49 [4] - Digital Brands Group, Inc. (DBGI) is down 10% at $6.21 [4] - Aqua Metals, Inc. (AQMS) is down 9% at $5.29 [4] - Akanda Corp. (AKAN) is down 8% at $3.96 [4] - Galecto, Inc. (GLTO) is down 8% at $3.88 [4] - Platinum Analytics Cayman Limited (PLTS) is down 7% at $11.12 [4]

Core Viewpoint - Premarket trading is showing notable activity with significant price movements indicating potential investment opportunities before the market opens [1] Premarket Gainers - AGM Group Holdings Inc. (AGMH) increased by 185% to $6.36 [3] - AlphaVest Acquisition Corp (ATMV) rose by 77% to $26.80 [3] - Brera Holdings PLC (BREA) saw a 20% increase to $30.00 [3] - Asset Entities Inc. (ASST) gained 18% to $4.54 [3] - 22nd Century Group, Inc. (XXII) also increased by 18% to $2.08 [3] - Millennium Group International Holdings Limited (MGIH) rose by 16% to $2.84 [3] - Robo.ai Inc. (AIIO) increased by 11% to $2.17 [3] - Butterfly Network, Inc. (BFLY) saw a 10% rise to $2.10 [3] - GrafTech International Ltd. (EAF) increased by 9% to $13.91 [3] - Cardlytics, Inc. (CDLX) rose by 8% to $2.99 [3] Premarket Losers - ECD Automotive Design, Inc. (ECDA) decreased by 14% to $3.70 [4] - Champions Oncology, Inc. (CSBR) fell by 8% to $6.11 [4] - Beam Global (BEEM) saw an 8% decline to $2.79 [4] - Fathom Holdings Inc. (FTHM) decreased by 8% to $2.19 [4] - Ventyx Biosciences, Inc. (VTYX) fell by 7% to $2.20 [4] - SciSparc Ltd. (SPRC) decreased by 6% to $4.35 [4] - Lightwave Logic, Inc. (LWLG) fell by 6% to $3.45 [4] - Jasper Therapeutics, Inc. (JSPR) decreased by 6% to $2.43 [4] - StableX Technologies, Inc. (SBLX) fell by 5% to $5.67 [4] - Galecto, Inc. (GLTO) decreased by 5% to $2.70 [4]

Core Insights - Galecto, Inc. is focused on advancing its lead program, GB3226, a dual ENL-YEATS and FLT3 inhibitor for acute myeloid leukemia (AML), with plans to submit an Investigational New Drug (IND) application to the FDA in Q1 2026 [2] - The company reported a net loss of $3.4 million for Q2 2025, a decrease from $5.3 million in the same period last year, indicating improved financial performance [6][12] - As of June 30, 2025, Galecto had approximately $10.2 million in cash and cash equivalents, which is expected to fund operations into 2026, although additional capital will be needed for future clinical developments [3][11] Financial Performance - Research and development expenses for Q2 2025 were $1.5 million, down from $1.8 million in Q2 2024, primarily due to reduced preclinical studies and clinical trial-related expenses [4] - General and administrative expenses decreased to $2.0 million in Q2 2025 from $2.8 million in Q2 2024, attributed to lower personnel and legal-related costs [5] - Total operating expenses for Q2 2025 were $3.4 million, compared to $5.6 million in Q2 2024, reflecting a significant reduction in overall costs [12] Balance Sheet Overview - Total assets as of June 30, 2025, were $13.7 million, down from $17.1 million at the end of 2024, with a notable decrease in total stockholders' equity from $15.8 million to $11.0 million [11] - Current liabilities increased to $2.6 million from $1.2 million, indicating a rise in short-term obligations [11]

[PART I. FINANCIAL INFORMATION](index=6&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=6&type=section&id=Item%201.%20Financial%20Statements) Galecto, Inc.'s unaudited condensed consolidated financial statements for Q2 2025, including balance sheets, statements of operations, and cash flows, reveal liquidity challenges and going concern doubt - Galecto, Inc. is a clinical-stage biotechnology company focused on developing small molecule inhibitors for cancer and severe liver diseases, undergoing a strategic shift in September 2023 to focus on **GB3226** and **GB1211** while discontinuing GB2064[31](index=31&type=chunk)[33](index=33&type=chunk)[34](index=34&type=chunk) - The company's existing cash and cash equivalents of **$10.2 million** as of June 30, 2025, are **insufficient** to fund operations for the next twelve months, raising **substantial doubt** about its ability to continue as a **going concern**; management plans to raise additional capital[37](index=37&type=chunk)[41](index=41&type=chunk) Condensed Consolidated Balance Sheet Highlights (in thousands) | Metric | June 30, 2025 | December 31, 2024 | Change (2025 vs 2024) | | :-------------------------------- | :------------ | :---------------- | :-------------------- | | Cash and cash equivalents | $10,211 | $14,175 | $(3,964) | | Total current assets | $13,027 | $16,839 | $(3,812) | | Total assets | $13,691 | $17,132 | $(3,441) | | Total current liabilities | $2,629 | $1,197 | $1,432 | | Total liabilities | $2,738 | $1,301 | $1,437 | | Total stockholders' equity | $10,953 | $15,831 | $(4,878) | Condensed Consolidated Statements of Operations and Comprehensive Loss Highlights (in thousands) | Metric (Three Months Ended June 30) | 2025 | 2024 | Change (2025 vs 2024) | | :---------------------------------- | :-------- | :-------- | :-------------------- | | Research and development | $1,465 | $1,834 | $(369) (-20.1%) | | General and administrative | $1,956 | $2,775 | $(819) (-29.5%) | | Restructuring costs | $0 | $968 | $(968) (-100.0%) | | Total operating expenses | $3,421 | $5,577 | $(2,156) (-38.7%) | | Net loss | $(3,437) | $(5,338) | $1,901 (-35.6%) | | Net loss per common share (basic & diluted) | $(2.60) | $(4.92) | $2.32 | | Metric (Six Months Ended June 30) | 2025 | 2024 | Change (2025 vs 2024) | | :---------------------------------- | :-------- | :-------- | :-------------------- | | Research and development | $2,143 | $4,297 | $(2,154) (-50.1%) | | General and administrative | $3,877 | $6,053 | $(2,176) (-35.9%) | | Restructuring costs | $0 | $968 | $(968) (-100.0%) | | Total operating expenses | $6,020 | $11,318 | $(5,298) (-46.8%) | | Net loss | $(5,970) | $(10,815) | $4,845 (-44.8%) | | Net loss per common share (basic & diluted) | $(4.51) | $(9.97) | $5.46 | Condensed Consolidated Statements of Cash Flows Highlights (in thousands) | Metric (Six Months Ended June 30) | 2025 | 2024 | Change (2025 vs 2024) | | :-------------------------------- | :-------- | :--------- | :-------------------- | | Net cash used in operating activities | $(4,676) | $(10,036) | $5,360 | | Net cash provided by investing activities | $0 | $11,650 | $(11,650) | | Net cash provided by financing activities | $0 | $0 | $0 | | Net increase (decrease) in cash and cash equivalents | $(4,676) | $1,614 | $(6,290) | [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) [Condensed Consolidated Statements of Changes in Stockholders' Equity](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Stockholders'%20Equity) [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) [Notes to Unaudited Interim Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Unaudited%20Interim%20Condensed%20Consolidated%20Financial%20Statements) [1. DESCRIPTION OF BUSINESS, ORGANIZATION AND LIQUIDITY](index=11&type=section&id=1.%20DESCRIPTION%20OF%20BUSINESS,%20ORGANIZATION%20AND%20LIQUIDITY) [2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES](index=13&type=section&id=2.%20SUMMARY%20OF%20SIGNIFICANT%20ACCOUNTING%20POLICIES) [3. PROPERTY AND EQUIPMENT, NET](index=14&type=section&id=3.%20PROPERTY%20AND%20EQUIPMENT,%20NET) [4. FAIR VALUE MEASUREMENTS](index=14&type=section&id=4.%20FAIR%20VALUE%20MEASUREMENTS) [5. PREPAID EXPENSES AND OTHER CURRENT ASSETS](index=15&type=section&id=5.%20PREPAID%20EXPENSES%20AND%20OTHER%20CURRENT%20ASSETS) [6. LEASES](index=15&type=section&id=6.%20LEASES) [7. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES](index=16&type=section&id=7.%20ACCRUED%20EXPENSES%20AND%20OTHER%20CURRENT%20LIABILITIES) [8. COMMITMENTS AND CONTINGENCIES](index=16&type=section&id=8.%20COMMITMENTS%20AND%20CONTINGENCIES) [9. STOCKHOLDERS' EQUITY](index=16&type=section&id=9.%20STOCKHOLDERS'%20EQUITY) [10. INCOME TAXES](index=19&type=section&id=10.%20INCOME%20TAXES) [11. NET LOSS PER SHARE](index=19&type=section&id=11.%20NET%20LOSS%20PER%20SHARE) [12. SEGMENT REPORTING](index=19&type=section&id=12.%20SEGMENT%20REPORTING) [13. SUBSEQUENT EVENTS](index=20&type=section&id=13.%20SUBSEQUENT%20EVENTS) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=21&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Galecto's financial condition and operations, noting strategic shifts, ongoing losses, and capital needs - Galecto is a clinical-stage biotechnology company focused on developing novel small molecule therapeutics for cancer and liver diseases, with a strategic focus on **GB3226** and **GB1211** following a corporate restructuring in September 2023[79](index=79&type=chunk)[80](index=80&type=chunk) - Existing cash and cash equivalents are projected to fund preclinical development of **GB3226** into **2026**, including IND submission, but **substantial additional capital** is required for clinical development of **GB3226** and **GB1211**[81](index=81&type=chunk)[96](index=96&type=chunk) - **GB3226**, a dual ENL-YEATS and FLT3 inhibitor, is in preclinical development for **acute myeloid leukemia (AML)**, with an IND submission planned for **Q1 2026** and initial Phase 1a clinical data expected in **2027**[82](index=82&type=chunk)[83](index=83&type=chunk)[88](index=88&type=chunk) - **GB1211**, a selective oral galectin-3 inhibitor, is being evaluated in an investigator-initiated **Phase 2 trial** in combination with pembrolizumab for **metastatic melanoma and HNSCC**, following **promising partial responses** in the GALLANT-1 trial (Part A) with atezolizumab[89](index=89&type=chunk)[90](index=90&type=chunk)[92](index=92&type=chunk) Operating Expenses Comparison (in thousands) | Operating Expense | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change (Amount) | Change (Percent) | | :---------------- | :------------------------------- | :------------------------------- | :-------------- | :--------------- | | R&D | $1,465 | $1,834 | $(369) | -20.1% | | G&A | $1,956 | $2,775 | $(819) | -29.5% | | Restructuring | $0 | $968 | $(968) | -100.0% | | Total | $3,421 | $5,577 | $(2,156) | -38.7% | | Operating Expense | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change (Amount) | Change (Percent) | | :---------------- | :----------------------------- | :----------------------------- | :-------------- | :--------------- | | R&D | $2,143 | $4,297 | $(2,154) | -50.1% | | G&A | $3,877 | $6,053 | $(2,176) | -35.9% | | Restructuring | $0 | $968 | $(968) | -100.0% | | Total | $6,020 | $11,318 | $(5,298) | -46.8% | [Overview](index=21&type=section&id=Overview) [GB3226](index=21&type=section&id=GB3226) [GB1211](index=23&type=section&id=GB1211) [Financial Overview](index=24&type=section&id=Financial%20Overview) [Components of Operating Results](index=26&type=section&id=Components%20of%20Operating%20Results) [Results of Operations](index=32&type=section&id=Results%20of%20Operations) [Liquidity and Capital Resources](index=34&type=section&id=Liquidity%20and%20Capital%20Resources) [Critical Accounting Policies and Significant Judgments and Estimates](index=38&type=section&id=Critical%20Accounting%20Policies%20and%20Significant%20Judgments%20and%20Estimates) [Recently Adopted Accounting Pronouncements](index=42&type=section&id=Recently%20Adopted%20Accounting%20Pronouncements) [Emerging Growth Company and Smaller Reporting Company Status](index=42&type=section&id=Emerging%20Growth%20Company%20and%20Smaller%20Reporting%20Company%20Status) [Effects of Inflation](index=42&type=section&id=Effects%20of%20Inflation) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=42&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Galecto, as a smaller reporting company, is exempt from providing quantitative and qualitative market risk disclosures - Galecto, Inc. is a **smaller reporting company** and is therefore **not required** to provide quantitative and qualitative disclosures about market risk[155](index=155&type=chunk) [Item 4. Controls and Procedures](index=43&type=section&id=Item%204.%20Controls%20and%20Procedures) Management found disclosure controls effective, with no material changes to internal control over financial reporting - Management concluded that the company's disclosure controls and procedures were **effective** at the **reasonable assurance level** as of June 30, 2025[156](index=156&type=chunk) - There have been **no material changes** in internal control over financial reporting during the most recently completed fiscal quarter[158](index=158&type=chunk) [PART II. OTHER INFORMATION](index=44&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=44&type=section&id=Item%201.%20Legal%20Proceedings) Galecto is not currently involved in any material legal matters or claims - The company is **not currently involved** in any **material legal matters or claims**[160](index=160&type=chunk) [Item 1A. Risk Factors](index=44&type=section&id=Item%201A.%20Risk%20Factors) No material changes or additions to previously disclosed risk factors have occurred - **No material changes or additions** to the risk factors have occurred since the previous filings[161](index=161&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=44&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) IPO proceeds funded working capital and clinical development; no recent unregistered equity sales or repurchases - The company completed its **IPO** on **November 2, 2020**, raising **$86.3 million** in net proceeds[163](index=163&type=chunk) - As of **June 30, 2025**, **$79.5 million** of IPO net proceeds have been used for **general working capital** and funding **clinical development programs**, including **GB3226** and **GB1211**[164](index=164&type=chunk) - **No sales** under the **ATM Program** occurred during the reported periods, and there were **no purchases** of equity securities by the issuer or affiliated purchasers[124](index=124&type=chunk)[165](index=165&type=chunk) [Item 3. Defaults Upon Senior Securities](index=44&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) Galecto reported no defaults upon senior securities - There were **no defaults** upon senior securities[166](index=166&type=chunk) [Item 4. Mine Safety Disclosures](index=44&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Mine Safety Disclosures are **not applicable** to the company[167](index=167&type=chunk) [Item 5. Other Information](index=44&type=section&id=Item%205.%20Other%20Information) No officers or directors adopted, modified, or terminated Rule 10b5-1 or non-Rule 10b5-1 trading arrangements - **No officers or directors** adopted, modified, or terminated any **Rule 10b5-1 or non-Rule 10b5-1 trading arrangements** during the three months ended June 30, 2025[168](index=168&type=chunk) [Item 6. Exhibits](index=46&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Quarterly Report on Form 10-Q, including certifications and XBRL documents - Exhibits include **certifications** from the Principal Executive Officer and Principal Financial Officer (31.1, 31.2, 32.1) and Inline **XBRL documents** (101.INS, 101.SCH, 104)[169](index=169&type=chunk)

Core Viewpoint - Galecto, Inc. reported its operating and financial results for Q1 2025, highlighting advancements in its drug development pipeline, particularly GB3226 for AML, and a significant reduction in operating expenses compared to the previous year [1][2]. Financial Performance - Cash and cash equivalents as of March 31, 2025, were approximately $11.9 million, down from $14.2 million as of December 31, 2024 [3][11]. - Research and development expenses decreased to $0.7 million in Q1 2025 from $2.5 million in Q1 2024, a reduction of $1.8 million attributed to lower preclinical studies and personnel costs [4]. - General and administrative expenses also fell to $1.9 million in Q1 2025 from $3.3 million in Q1 2024, a decrease of $1.4 million primarily due to reduced personnel and legal costs [5]. - The net loss attributable to common stockholders for Q1 2025 was $2.5 million, or $(1.92) per share, compared to a net loss of $5.5 million, or $(5.05) per share, in the prior year [6][12]. Drug Development Progress - The company is advancing GB3226, a dual ENL-YEATS and FLT3 inhibitor for AML, with preclinical studies showing significant efficacy improvements over current treatments [2]. - The planned IND submission for GB3226 is on track for Q1 2026, with expectations for the drug to serve as both a monotherapy and a combination therapy [2]. Company Overview - Galecto is focused on developing novel treatments for oncology and liver diseases, with a pipeline that includes first-in-class small molecule drug candidates targeting cancer and fibrosis [7].

For the transition period from _______________ to _______________ Commission File Number: 001-39655 GALECTO, INC. UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Exact Name of Registrant as Specified in its Charter) | Delaware | 37-195700 ...

Completed strategic review to focus on oncology and liver diseases with the acquisition of global rights to GB3226 (formerly BRM-1420), a dual ENL-YEATS and FLT3 inhibitor for multiple genetic subsets of AML from Bridge MedicinesGB3226 on track for IND submission in Q1 2026Phase 2 investigator-initiated trial (IIT) of GB1211 in combination with pembrolizumab (Keytruda®) in metastatic melanoma and head and neck squamous cell carcinoma continues to enroll patients BOSTON, March 19, 2025 (GLOBE NEWSWIRE) -- Ga ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number: 001-39655 GALECTO, INC. (Exact name of Registrant as specified in its Charter) | Delaware | 37-1957007 | | --- | --- | | (State or other ...

BOSTON, Feb. 06, 2025 (GLOBE NEWSWIRE) -- Galecto, Inc. (NASDAQ: GLTO), a clinical-stage biotechnology company focused on the development of novel treatments for cancer and severe liver diseases, today announced that the Company management team will participate in the following upcoming investor conferences: Oppenheimer 35th Annual Healthcare Life Sciences ConferenceFormat: Corporate Presentation and One-on-One MeetingsDate and Time: Wednesday, February 12 at 8:40-9:10 AM Location: Virtual A live webcast of ...