Galecto Reports Third Quarter 2024 Financial Results

Core Insights - Galecto, Inc. has completed a strategic review focusing on oncology and severe liver diseases, and announced the acquisition of global rights to BRM-1420, a dual ENL-YEATS and FLT3 inhibitor for multiple genetic subsets of acute myeloid leukemia (AML) from Bridge Medicines [1][2][3] Corporate Highlights - The acquisition of BRM-1420 is expected to enhance Galecto's portfolio of first-in-class small molecule agents, with preclinical data showing superior activity compared to existing FLT3 and menin inhibitors in AML patient samples [3] - Galecto plans to submit an investigational new drug application (IND) for BRM-1420 in the US by late 2025 or early 2026, followed by the initiation of clinical studies in AML patients [3] - Matthew Kronmiller has joined Galecto as Executive Vice President of Strategy and Chief Business Officer, and Dr. Amy Wechsler has been appointed to the Board of Directors [3] Financial Results - As of September 30, 2024, Galecto reported cash, cash equivalents, and investments of approximately $19.7 million, which is expected to fund operating expenses for at least the next twelve months [4] - Research and development expenses decreased to $1.1 million for Q3 2024 from $2.6 million in Q3 2023, primarily due to reduced research activities [5] - General and administrative expenses also decreased to $2.7 million in Q3 2024 from $3.3 million in Q3 2023, attributed to lower personnel-related costs [6] - The net loss attributable to common stockholders for Q3 2024 was $3.9 million, or $(3.39) per share, compared to a net loss of $8.1 million, or $(7.50) per share, in Q3 2023 [7]