Galectin Therapeutics(US:GALT)2026-03-31 11:50Financial Performance - Research and development expenses decreased by 61% from $36,571,000 in 2024 to $14,290,000 in 2025, primarily due to winding down costs related to the NAVIGATE clinical trial [171]. - Net cash used in operations decreased by $17,892,000 to $23,875,000 in 2025, compared to $41,767,000 in 2024, mainly due to reduced research and development activities [184]. - General and administrative expenses slightly decreased by 1.1% from $5,862,000 in 2024 to $5,795,000 in 2025 [174]. - Clinical program expenses for 2025 were $29,079,000, a decrease from $8,313,000 in 2024, attributed to reduced costs related to contract manufacturing of belapectin [172]. - Other income for 2025 included $126,000 in interest income, offset by $7,329,000 in interest expense and amortization of debt discounts [175]. - The company has not generated any revenue to date and continues to rely on external financing for operations [183]. Cash and Financing - The company had $17.7 million in unrestricted cash and cash equivalents and $10 million available under a line of credit as of December 31, 2025, sufficient to fund operations through April 2027 [183]. - Net cash provided by financing activities was $26,475,000 in 2025, down from $31,227,000 in 2024, primarily due to various transactions [185]. - In 2025, the company received $21,000,000 from a convertible line of credit and $3.2 million from share issuance under the At the Market sales program [186]. - The company received $30,000,000 from a convertible line of credit in 2024, consistent with the amount received in 2023 [189]. Research and Development - The company is focused on developing therapies for fibrotic diseases and cancer, utilizing proprietary, patented complex carbohydrates [169]. - The company has completed two Phase 1 clinical studies and two Phase 2 clinical studies for its lead product candidate, belapectin [170]. - Research and development expenses are charged as incurred, with significant costs related to the NAVIGATE clinical trial and associated activities [196]. - Cash operating expenses increased due to heightened research and development activities related to clinical trials [187]. Operational Activities - The company entered into a twelve-month operating lease in March 2025 for office space at an average rate of approximately $5,400 per month [190]. - Stock-based compensation is measured at grant date fair value and recognized as an expense over the service period, including estimates for forfeitures [197]. - The company has not engaged in any off-balance sheet arrangements that could materially affect liquidity or capital resources [193]. - The company does not face significant market risks as of December 31, 2025, and 2024 [198].