Galecto(US:GLTO) Globenewswireยท2025-08-05 20:15Core 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]