GALECTIN THERAPEUTICS INC
For the period ended Jun 30, 2024. Filed Aug 13, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 13, 2024
GALT$3.14+5.2%Stored close · as of Nov 6, 2026
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Item 1. Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
| June 30, 2024 | December 31, 2023 | |
|---|---|---|
| (in thousands) | ||
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $25,598 | $25,660 |
| Prepaid expenses and other current assets | 1,689 | 2,050 |
| Total current assets | 27,287 | 27,710 |
| Other assets | 368 | 490 |
| Total assets | $27,655 | $28,200 |
| LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) | ||
| Current liabilities: | ||
| Accounts payable | $3,698 | $6,431 |
| Accrued expenses and other | 10,856 | 9,182 |
| Accrued dividends payable | 63 | 63 |
| Total current liabilities | 14,617 | 15,676 |
| Convertible notes payable and accrued interest, net of discounts – related party (Note 3) | 31,375 | 30,902 |
| Derivative liabilities (Note 4) | 1,764 | 1,004 |
| Borrowing and accrued interest under convertible line of credit, net of debt discount – related party (Notes 9 and 10) | 62,046 | 40,839 |
| Other liabilities | — | 20 |
| Total liabilities | 109,802 | 88,441 |
| Commitments and contingencies (Note 11) | ||
| Series C super dividend redeemable convertible preferred stock; 1,000 shares authorized, 176 shares issued and outstanding at June 30, 2024 and December 31, 2023, redemption value: $8,124,000, liquidation value: $1,760,000 at June 30, 2024 | 1,723 | 1,723 |
| Stockholders’ equity (deficit): | ||
| Undesignated stock, $0.01 par value; 20,000,000 shares authorized, 20,000,000 designated at June 30, 2024 and December 31, 2023 respectively | — | — |
| Series A 12% convertible preferred stock; 1,742,500 shares authorized, 1,235,000 issued and outstanding at June 30, 2024 and December 31, 2023, liquidation value $1,235,000 at June 30, 2024 | 500 | 500 |
| Common stock, $0.001 par value; 150,000,000 shares authorized at June 30, 2024 and December 31, 2023, 62,278,125 and 61,852,914 issued and outstanding at June 30, 2024 and December 31, 2023, respectively | 62 | 61 |
| Additional paid-in capital | 293,872 | 291,847 |
| Retained deficit | (378,304) | (354,372) |
| Total stockholders’ equity (deficit) | (83,870) | (61,964) |
| Total liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit) | $27,655 | $28,200 |
Index
CONDENSED CONSOLIDATED
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