Galecto Reports First Quarter 2025 Operating and Financial Results

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].