BOSTON, Feb. 12, 2026 (GLOBE NEWSWIRE) -- Galecto, Inc. (NASDAQ: GLTO), a biopharmaceutical company focused on developing novel therapeutics to redefine the treatment paradigm for people living with blood cancers, today announced the closing of its previously announced underwritten public offering of 16,644,737 shares of its common stock, including the full exercise of the underwriters’ option to purchase up to 2,171,052 additional shares, at a public offering price of $19.00 per share. The aggregate gross ...

Core Viewpoint - Galecto, Inc. has announced a public offering of 14,473,685 shares of common stock at a price of $19.00 per share, aiming to raise approximately $275 million in gross proceeds before expenses [1][2]. Group 1: Offering Details - The offering includes a 30-day option for underwriters to purchase an additional 2,171,052 shares at the same public offering price [1]. - The expected closing date for the offering is around February 12, 2026, subject to customary closing conditions [2]. Group 2: Company Overview - Galecto, Inc. is a clinical-stage biotechnology company focused on developing antibody therapeutics for hematological cancers [5]. - The company's pipeline includes a mutant calreticulin (mut-CALR)-driven myeloproliferative neoplasm portfolio and GB3226, a first-in-class preclinical dual inhibitor for acute myeloid leukemia [5].

BOSTON, Feb. 10, 2026 (GLOBE NEWSWIRE) -- Galecto, Inc. (NASDAQ: GLTO), a biopharmaceutical company focused on developing novel therapeutics to redefine the treatment paradigm for people living with blood cancers, today announced that it has commenced an underwritten public offering of shares of its common stock and, in lieu of common stock to certain investors that so choose, Series C non-voting convertible preferred stock. All of the securities are being offered by Galecto. In addition, Galecto intends to ...

DMR-001, a potentially best-in-class mutant calreticulin (“mutCALR”) targeting monoclonal antibody, on track for expected IND submission, or equivalent, in mid-2026 with anticipated first-in-human dosing via subcutaneous administrationRecent addition of deep hematology/oncology drug development experience with the appointment of a Chief Operating Officer and Chief Medical OfficerPipeline of additional candidates advancing to the clinic, with first IND submission of DMR-002 expected in second half of 2026Cas ...

Core Insights - Galecto, Inc. has appointed Sherwin Sattarzadeh as Chief Operating Officer and Dr. Becker Hewes as Chief Medical Officer, enhancing its leadership team for advancing drug development in hematology/oncology [1][2][3] Leadership Appointments - Sherwin Sattarzadeh brings over 20 years of experience in drug development, previously serving as Chief Business Officer at Blueprint Medicines, with a strong background in hematology/oncology [2][3] - Dr. Becker Hewes has over two decades of experience in drug development, having led significant projects at Blueprint Medicines, including the approval of AYVAKIT for systemic mastocytosis [3] Product Development - DMR-001, a monoclonal antibody targeting mutant calreticulin (mutCALR), is on track for IND submission in mid-2026, with first-in-human dosing expected to occur via subcutaneous administration [1][7] - DMR-001 has shown potent activity in preclinical models for both essential thrombocythemia (ET) and myelofibrosis (MF), indicating its potential as a best-in-class treatment [7] Financial Position - The company has a cash balance that includes $285 million raised in a PIPE transaction in November 2025, providing financial runway into 2029 to support multiple data milestones, including Phase 1 clinical proof-of-concept data for DMR-001 anticipated in 2027 [1] Compensation and Incentives - The company approved significant stock options and restricted stock units for both Sattarzadeh and Hewes as part of their inducement grants, aligning their interests with the company's long-term success [4][5]

Core Viewpoint - Galecto, Inc. has granted non-qualified stock options to a new employee as part of its 2022 Inducement Plan, which is a strategic move to attract talent in the biotechnology sector [1][2]. Company Overview - Galecto, Inc. is a clinical-stage biotechnology company focused on developing antibody therapeutics for hematological cancers, with a specific emphasis on mutant calreticulin-driven myeloproliferative neoplasms [3]. - The company is preparing to submit an Investigational New Drug (IND) application for its lead asset, DMR-001, which targets mut-CALR and is expected to be filed in mid-2026 [3]. - Galecto's pipeline also includes GB3226, a first-in-class preclinical dual inhibitor aimed at treating various genetic subsets of acute myeloid leukemia (AML) [3].

Core Insights - Galecto Inc. (NASDAQ:GLTO) stock experienced a significant increase, tripling in value on Monday with a trading volume of 23.26 million shares, compared to the average volume of 2.41 million shares [1] - The company acquired Damora Therapeutics, which specializes in antibody therapeutics for mutant calreticulin-driven myeloproliferative neoplasms, enhancing its pipeline in hematological cancers [1][2] Company Developments - The acquisition of Damora Therapeutics broadens Galecto's pipeline, allowing it to advance complementary assets targeting blood cancers [2] - A private placement led by Fairmount raised approximately $284.9 million for Galecto, expected to fund operations through 2029 and support the advancement of Damora's lead program, DMR-001, with key Phase 1 proof-of-concept data anticipated in 2027 [3] Pipeline and Regulatory Updates - An Investigational New Drug (IND) submission for DMR-001 is expected in mid-2026, with plans for first-in-human subcutaneous administration [4] - Galecto aims to combine the newly acquired assets with its investigational candidate GB3226, a dual ENL-YEATS and FLT3 inhibitor for acute myeloid leukemia (AML) [4] - The company received constructive feedback from the U.S. FDA on its pre-IND submission and plans to submit an IND application for GB3226 in the first quarter of 2026 [5] Stock Performance - Following these developments, GLTO stock rose by 293.33%, reaching $19.40 [5]

Summary of Conference Call Regarding Galecto's Acquisition of Demora Therapeutics Industry and Company Involved - **Industry**: Biotechnology, specifically focusing on hematological cancers and myeloproliferative neoplasms (MPNs) - **Companies**: Galecto Incorporated and Demora Therapeutics Core Points and Arguments 1. **Acquisition Announcement**: Galecto has announced the acquisition of Demora Therapeutics, which is expected to create significant value and expand Galecto's pipeline with Demora's anti-mutant calreticulin targeted therapies [4][5] 2. **Pipeline Expansion**: The acquisition will enhance Galecto's existing programs, particularly in the treatment of hematological cancers, by integrating Demora's portfolio of potentially best-in-class antibodies [4][5] 3. **Financial Backing**: Over $285 million was raised in an oversubscribed private financing, which is anticipated to fund the combined company's lead programs, including DMR 001, extending the cash runway beyond key phase one proof of concept data expected in 2027 [5] 4. **Market Opportunity**: There are over 42,000 patients with calreticulin mutant MPNs in the U.S., representing a potential market opportunity exceeding $5 billion [9] 5. **Lead Asset - DMR 001**: DMR 001 is designed to target mutant calreticulin and is expected to enter first-in-human trials by mid-2026, with clinical proof of concept readouts anticipated in mid-2027 [8][10] 6. **Clinical Development**: DMR 001 has shown increased binding affinity and inhibition of calreticulin-driven cell proliferation in preclinical studies, with a tenfold increase in potency against type 2 mutant cells [10] 7. **Convenience of Administration**: DMR 001 is engineered for low-volume subcutaneous administration, which is crucial for patients requiring long-term therapy [10] 8. **Future Developments**: Additional assets in the pipeline include DMR 002 and DMR 003, with IND filings expected in the second half of 2026 [11] Other Important Content 1. **Management's Forward-Looking Statements**: The call included forward-looking statements regarding the potential benefits of the acquisition and future expectations for the combined company, emphasizing the inherent risks and uncertainties [2][3] 2. **Board Expansion**: New board members Julie Bruno, Chris Kane, and Peter Howan were welcomed, indicating a strengthening of governance and expertise as the company enters a new phase [5] 3. **Clinical Focus**: The focus on MPNs, particularly essential thrombocythemia and myelofibrosis, highlights the unmet medical need in this area, as there are currently no available disease-modifying therapies [4][8]

Core Insights - Galecto, Inc. has completed the acquisition of Damora Therapeutics, enhancing its portfolio of therapies targeting mutant calreticulin (mutCALR) for Myeloproliferative Neoplasms (MPNs) [2][6] - The acquisition is supported by a concurrent oversubscribed private placement that raised approximately $284.9 million, providing financial runway into 2029 for advancing clinical programs [3][6] - DMR-001, the lead program from Damora, is a potentially best-in-class monoclonal antibody with significant potency against mutCALR-driven cell proliferation, expected to enter first-in-human trials by mid-2026 [5][6] Company Overview - Galecto is a clinical-stage biopharmaceutical company focused on novel treatments for cancer and liver diseases, with a pipeline that includes first-in-class small molecule drug candidates [11] - Damora Therapeutics specializes in disease-modifying biologics for MPNs, particularly those driven by mutCALR, aiming to redefine treatment standards for these chronic hematologic cancers [12] Financial Aspects - The private placement involved participation from notable institutional investors, ensuring a strong financial position for Galecto to support its expanded pipeline [3][6] - The acquisition and funding are expected to facilitate the advancement of multiple data milestones, including Phase 1 clinical proof-of-concept data for DMR-001 anticipated in 2027 [2][3] Pipeline and Development - The combined company will leverage complementary assets, including Galecto's investigational candidate GB3226 for acute myeloid leukemia (AML), enhancing its overall therapeutic offerings [7] - DMR-001 has shown approximately 10-fold greater potency against Type 2 mutCALR-driven cell proliferation compared to reference molecules, indicating its potential effectiveness in treating MPNs [5] Market Context - MPNs are rare, chronic blood cancers affecting approximately 42,000 patients in the United States, with mutCALR mutations driving a significant portion of these cases [4]

Core Insights - Galecto, Inc. reported its operating and financial results for Q3 2025, highlighting progress in its clinical development pipeline, particularly for GB3226, a novel treatment for acute myeloid leukemia (AML) [1][2]. Financial Performance - As of September 30, 2025, cash and cash equivalents were approximately $7.6 million, which is expected to fund preclinical development into 2026, but additional capital will be needed for future clinical development [3]. - Research and development expenses increased to $1.4 million in Q3 2025 from $1.1 million in Q3 2024, primarily due to higher costs in chemistry, manufacturing, and control, as well as preclinical studies [4]. - General and administrative expenses decreased to $1.7 million in Q3 2025 from $2.7 million in Q3 2024, mainly due to reduced personnel and legal costs [5]. - The net loss attributable to common stockholders for Q3 2025 was $3.1 million, or $(2.36) per share, compared to a net loss of $3.9 million, or $(3.39) per share, in the prior year [6]. Development Pipeline - The company received positive regulatory feedback from the FDA regarding its pre-IND submission for GB3226, which is aimed at treating a broad range of AML patients, including those with high-risk genetic mutations [2]. - Preclinical data supports the potential of GB3226 to treat AML, either as a monotherapy or in combination with existing treatments, with plans for a Phase 1 trial to assess safety and efficacy [2]. Company Overview - Galecto is focused on developing novel treatments for oncology and liver diseases, with a pipeline that includes GB1211 for liver cirrhosis and GB3226 for AML [7].