GALECTIN THERAPEUTICS INC
For the period ended Sep 30, 2025. Filed Nov 14, 2025.
View on SEC.govAbout this filing
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.
Sep 30, 2025 · Filed Nov 14, 2025
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-14.
0001140361-25-031039
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-14.
0001140361-25-042116
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 80 previous paragraphs and 80 current paragraphs.
76 unchanged; 4 reworded; 0 added; 0 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 4 previous and 4 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Reworded paragraphs (4)
Previous wording
Three and Six Months Ended June 30, 2025 Compared to Three and Six Months Ended June 30, 2024
Current wording
Three and Nine Months Ended September 30, 2025 Compared to Three and Nine Months Ended September 30, 2024
Previous wording
General and administrative expenses consist primarily of salaries including stock-based compensation, legal and accounting fees, insurance, investor relations, business development and other office related expenses. The primary reasons for the decrease in general and administrative expenses for the three months ended June 30, 2025 as compared to the same period in 2024 is due to a decrease in stock compensation expense of $106,000. The primary reasons for the decrease in general and administrative expenses for the six-months ended June 30, 2025 as compared to the same period in 2024 is due to a decrease in stock compensation expense of $197,000 and a decrease in investor relations/business development expense of $77,000.
Current wording
General and administrative expenses consist primarily of salaries including stock-based compensation, legal and accounting fees, insurance, investor relations, business development and other office related expenses. The primary reasons for the increase in general and administrative expenses for the three months ended September 30, 2025, as compared to the same period in 2024 is due to increases in legal and investor relations/business development expenses. The primary reasons for the decrease in general and administrative expenses for the nine-months ended September 30, 2025 as compared to the same period in 2024 is due to a decrease in stock compensation expense of $292,000 somewhat offset by increases legal expenses of $80,000.
Previous wording
Since our inception on July 10, 2000, we have financed our operations from proceeds of public and private offerings of debt and equity. At June 30, 2025, the Company had $13.8 million of unrestricted cash and cash equivalents in addition to a new $10 million line of credit entered into on July 8, 2025 provided by our chairman available to fund future operations. The Company believes there is sufficient cash to fund currently planned operations through June 30, 2026. We will require more cash to fund our operations after June 30, 2026. There can be no assurance that we will be successful in obtaining such new financing or, if available, that such financing will be on terms favorable to us.
Current wording
Since our inception on July 10, 2000, we have financed our operations from proceeds of public and private offerings of debt and equity. At September 30, 2025, the Company had $11.5 million of unrestricted cash and cash equivalents in addition to a $10 million line of credit entered into on July 8, 2025 provided by our chairman available to fund future operations. The Company believes there is sufficient cash to fund currently planned operations through June 30, 2026. We will require more cash to fund our operations after June 30, 2026. There can be no assurance that we will be successful in obtaining such new financing or, if available, that such financing will be on terms favorable to us.
Previous wording
Net cash used in operations decreased by $6,147,000 to $14,291,000 for the six months ended June 30, 2025, as compared to $20,438,000 for the six months ended June 30, 2024. Cash operating expenses increased principally due to decreased expenses related to our NAVIGATE clinical trial with belapectin which ended in the first quarter of 2025. Cash provided by financing activities decreased by $7,434,000 to $12,942,000 for the six months ended June 30, 2025, as compared to $20,376,000 for the six months ended June 30, 2024 primarily due to a decrease in borrowings under related party lines of credit.
Current wording
Net cash used in operations decreased by $11,143,000 to $17,833,000 for the nine months ended September 30, 2025, as compared to $28,976,000 for the nine months ended September 30, 2024. Cash operating expenses increased principally due to decreased expenses related to our NAVIGATE clinical trial with belapectin which ended in the first quarter of 2025. Cash provided by financing activities decreased by $16,138,000 to $14,238,000 for the nine months ended September 30, 2025, as compared to $30,376,000 for the nine months ended September 30, 2024 primarily due to a decrease in borrowings under related party lines of credit.