GALECTIN THERAPEUTICS INC
For the period ended Jun 30, 2026. Filed Aug 14, 2026.
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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, 2026 · Filed Aug 14, 2026
GALT$3.14+5.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-15.
0001140361-26-021495
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-14.
0001140361-26-032945
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 85 previous paragraphs and 88 current paragraphs.
79 unchanged; 6 reworded; 3 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.
Added paragraphs (3)
Current report
Other Income and Expense
Current report
During the six months ended June 30, 2026, other income and expense consisted of $65,000 of interest income offset by interest expense and amortization of debt discounts on convertible notes payable and convertible line of credit of $3,992,000 and change in fair value of derivatives of $2,173,000.
Current report
During the year ended June 30, 2025, other income and expense consisted of $61,000 of interest income offset by interest expense and amortization of debt discounts on convertible notes payable and convertible line of credit of $3,570,000 and change in fair value of derivatives of $1,121,000.
Reworded paragraphs (6)
Previous wording
The Company submitted a Type C meeting request in the first quarter of 2026. Subsequently, FDA granted an in-person Type C meeting to be held in the second quarter of 2026.
Current wording
The Company submitted a Type C meeting request in the first quarter of 2026. Subsequently, FDA granted an in-person Type C meeting which was held in the second quarter of 2026. The Company reached agreement with FDA on the primary endpoint and regulatory path forward for the potential full approval of belapectin for patients with MASH cirrhosis and portal hypertension. The Company plans to file a Phase 3 protocol with the FDA in the third quarter of 2026 and is actively exploring strategic and financial partnership opportunities to support the continued development and commercialization of belapectin.
Previous wording
Three Months Ended March 31, 2026 Compared to Three Months Ended March 31, 2025
Current wording
Three and Six Months Ended June 30, 2026 Compared to Three and Six Months Ended June 30, 2025
Previous wording
Clinical activities decreased primarily due to timing of incurrence of expenditures related to our NAVIGATE clinical trial which ended in the first quarter of 2025. Pre-clinical activities decreased due to decrease in work on those areas. All other research and development expenses decreased primarily due to fewer employees in 2026 than 2025.
Current wording
Clinical activities decreased primarily due to timing of incurrence of expenditures related to our NAVIGATE clinical trial which ended in the first quarter of 2025. Pre-clinical activities decreased due to decrease in work in those areas. All other research and development expenses decreased primarily due to fewer employees in 2026 than in 2025.
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 increase in general and administrative expenses for the three-months ended March 31, 2026 as compared to the same period in 2025 is due to increases in non-cash stock based compensation expenses of approximately $302,000.
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 and six month periods ended June 30, 2026 as compared to the same periods in 2025 are due to increases in non-cash stock-based compensation expenses of approximately $463,000 and $680,000, respectively.
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. As of March 31, 2026, we raised a net total of $341 million from these offerings. At March 31, 2026, the Company had $14.1 million of unrestricted cash and cash equivalents in addition to $10 million remaining available under two lines of credit provided by our chairman available to fund future operations. The Company believes there is sufficient cash to fund currently planned operations through May 2027. We will require more cash to fund our operations after May 2027. 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. As of June 30, 2026, we raised a net total of $342 million from these offerings. At June 30, 2026, the Company had $13.3 million of unrestricted cash and cash equivalents in addition to $10 million remaining available under a line of credit provided by our chairman available to fund future operations. The Company believes there is sufficient cash to fund currently planned operations through June 2027. These factors raise substantial doubt about the Company’s ability to continue as a going concern for a period of 12 months from the issuance date of this Form 10-Q. The ability of the Company to continue as a going concern is likely dependent on its ability to raise capital; however, the Company’s cash position may not be sufficient to support its daily operations after June 2027. We will require more cash to fund our operations after June 2027. 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 $3,823,000 to $3,866,000 for the three months ended March 31, 2026, as compared to $7,689,000 for the three months ended March 31, 2025. Cash operating expenses decreased principally due to the completion of our NAVIGATE clinical trial with belapectin in 2025.
Current wording
Net cash used in operations decreased by $7,986,000 to $6,305,000 for the six months ended June 30, 2026, as compared to $14,291,000 for the six months ended June 30, 2025. Cash operating expenses decreased principally due to the completion of our NAVIGATE clinical trial with belapectin in 2025.