Galectin Therapeutics Reports Financial Results for the Quarter Ended September 30, 2024 and Provides Business Update

Core Insights - Galectin Therapeutics is focused on advancing the NAVIGATE trial of belapectin for MASH cirrhosis, with top-line results expected in December 2024 [2][3] - The company reported a net loss of $11.2 million for Q3 2024, an improvement from a net loss of $14.0 million in Q3 2023 [7][12] - As of September 30, 2024, Galectin had $27.1 million in cash and cash equivalents, with additional funding available through a line of credit [5][13] NAVIGATE Trial Update - The NAVIGATE trial is evaluating belapectin's efficacy and safety in preventing esophageal varices in MASH patients, involving 357 participants across 14 countries [3] - The trial's stage 1 results will be analyzed as a stand-alone trial, with full results expected after the Data Safety Monitoring Board meeting in December 2024 [3][4] Financial Performance - For Q3 2024, research and development expenses were $7.6 million, slightly down from $7.7 million in Q3 2023, while general and administrative expenses increased to $1.5 million from $1.4 million [6][12] - The total operating loss for the quarter was $9.1 million, compared to $9.2 million in the same quarter of the previous year [12] Stockholder Meeting - The 2024 Annual Meeting of Stockholders is scheduled for January 23, 2025, coinciding with the anticipated top-line results of the NAVIGATE trial [4] Company Overview - Galectin Therapeutics is dedicated to developing therapies for chronic liver disease and cancer, with belapectin being its lead drug targeting galectin-3 [9] - The company aims to address significant medical needs in liver cirrhosis and is exploring additional development programs in cancer immunotherapy [9]