Two Presentations at ASH 2025 to highlight preclinical data and clinical development plans for GB3226, a novel dual ENL-YEATS and FLT3 inhibitor for the treatment of acute myeloid leukemia (AML) BOSTON, Nov. 03, 2025 (GLOBE NEWSWIRE) -- Galecto, Inc. (NASDAQ: GLTO), a clinical-stage biotechnology company focused on the development of novel treatments for oncology and liver diseases, today announced that preclinical data and clinical development plans for its investigational candidate GB3226 will be featured ...

Market Overview - Major U.S. indices closed lower, with the Dow Jones Industrial Average down 0.2% to 46,602.98, the S&P 500 down nearly 0.4% to 6,714.59, and the Nasdaq down about 0.7% to 22,788.36 [1] POET Technologies Inc. - POET Technologies shares increased by 23.51%, closing at $7.88, with an intraday high of $8.13 and a low of $6.47, within a 52-week range of $3.10 to $8.13 [2] - The company announced a non-brokered private placement, raising US$75 million through the sale of 13.6 million shares and accompanying warrants, marking the largest investment in its history. The funds will be used for corporate development, R&D expansion, and scaling its AI-related light source business [3] Oracle Corp - Oracle's stock fell by 2.52%, ending at $284.24, with fluctuations between $293.22 and $271, and a 52-week range from $118.86 to $345.72. The decline was attributed to financial challenges related to renting Nvidia chips, resulting in a nearly $100 million loss last quarter, with a gross profit margin from these rentals averaging around 16% over the past year [4] NUBURU Inc. - NUBURU's stock surged by 86.27%, closing at $0.48, with an intraday range of $0.50 to $0.30, and a 52-week high of $1.60 and low of $0.12. In after-hours trading, the stock spiked 24.5% to $0.59, following the announcement of its defense subsidiary's acquisition of Orbit S.r.l., enhancing its capabilities in defense software [5] Galecto Inc. - Galecto's stock skyrocketed by 383.02%, closing at $17.92, with an intraday high of $31.70 and a low of $16.40, within a 52-week range of $2.01 to $31.70. However, shares declined by 25.6% in after-hours trading to $13.33 [6] - The surge in Galecto's shares occurred despite the absence of company news, indicating speculative activity. The company reported having $10.2 million in cash at the end of June 2025 and anticipates needing additional capital for its cancer and liver disease programs [7] TMC The Metals Company - TMC The Metals Company shares rose by 20.21%, closing at $9.28, with an intraday high of $9.55 and a low of $7.96, and a 52-week range from $0.72 to $9.55. The rally was driven by investments in the metals sector by the Trump administration, increasing interest in rare earths and battery metals [8]

Core Viewpoint - Galecto Inc. has experienced a significant stock price increase without any news to justify the rally, indicating speculative trading activity [1][4]. Financial Position - As of June 30, 2025, the company reported cash and cash equivalents of approximately $10.2 million, which is expected to cover operating expenses and capital requirements through 2026 [1][2]. - The company anticipates needing substantial additional capital for future clinical development of its GB3226 and GB1211 programs [2]. Strategic Focus - In 2024, Galecto completed a strategic review and decided to concentrate on cancer and liver disease, utilizing its clinical-stage asset GB1211, which has shown positive results in non-small cell lung cancer and decompensated cirrhosis studies [3]. - The company has enhanced its pipeline by acquiring global rights to BRM-1420, a novel asset developed by Bridge Medicines, co-founded by Takeda Pharmaceutical Co Ltd [3].

Core 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]

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].