Galectin Therapeutics Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Galectin Therapeutics Inc. has filed its annual report detailing its 2023 financial performance and operations.</b>

AI Summary

GALECTIN THERAPEUTICS INC (GALT) filed a Annual Report (10-K) with the SEC on March 29, 2024. Galectin Therapeutics Inc. filed its 2023 Form 10-K on March 29, 2024. The company's fiscal year ends on December 31st. Galectin Therapeutics Inc. is incorporated in Nevada. The company's principal business address is in Norcross, Georgia. The filing covers the fiscal year ending December 31, 2023.

Why It Matters

For investors and stakeholders tracking GALECTIN THERAPEUTICS INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Galectin Therapeutics' financial health, operational activities, and strategic direction for the fiscal year 2023. Investors and stakeholders can use this report to assess the company's performance, identify potential risks, and make informed investment decisions regarding Galectin Therapeutics.

Risk Assessment

Risk Level: medium — GALECTIN THERAPEUTICS INC shows moderate risk based on this filing. The company operates in the pharmaceutical industry, which is subject to significant regulatory hurdles, lengthy development cycles, and substantial R&D costs, posing inherent risks to financial performance and market success.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand Galectin Therapeutics' current financial position and future prospects.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-03-29 — Filing Date (Filed as of date)
• 0001133416 — Central Index Key (Filer's Central Index Key)
• 2834 — SIC Code (Standard Industrial Classification)
• NV — State of Incorporation (State of incorporation)
• 001-31791 — SEC File Number (SEC file number)

Key Players & Entities

• GALECTIN THERAPEUTICS INC (company) — Filer name
• GALT (company) — Ticker symbol
• 2024-03-29 (date) — Filing date
• 2023-12-31 (date) — Fiscal year end
• Norcross, GA (location) — Business address city and state
• NV (location) — State of incorporation
• PRO PHARMACEUTICALS INC (company) — Former company name
• 2001-06-12 (date) — Date of former company name change

FAQ

Risk Factors

• Regulatory Risks [high — regulatory]: The company is subject to extensive government regulation, including the FDA, which can impact product development, approval, and marketing.
• Need for Additional Financing [high — financial]: The company has a history of operating losses and may require additional capital to fund its operations and development programs.
• Dependence on Key Personnel [medium — operational]: The success of the company may depend on the continued service of key scientific and management personnel.
• Competition [medium — market]: The company faces intense competition from other biotechnology and pharmaceutical companies.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-29: 10-K Filing Date — Date the annual report was officially submitted to the SEC.

Key Financial Figures

• $0.001 — ge on which registered Common Stock, $0.001 Par Value Per Share GALT The NASDAQ

Filing Documents

• ef20015363_10k.htm (10-K) — 2015KB
• ef20015363_ex4-11.htm (EX-4.11) — 90KB
• ef20015363_ex4-12.htm (EX-4.12) — 45KB
• ef20015363_ex10-2.htm (EX-10.2) — 30KB
• ef20015363_ex10-3.htm (EX-10.3) — 17KB
• ef20015363_ex10-19.htm (EX-10.19) — 42KB
• ef20015363_ex10-20.htm (EX-10.20) — 10KB
• ef20015363_ex21-1.htm (EX-21.1) — 3KB
• ef20015363_ex23-1.htm (EX-23.1) — 3KB
• ef20015363_ex31-1.htm (EX-31.1) — 11KB
• ef20015363_ex31-2.htm (EX-31.2) — 11KB
• ef20015363_ex32-1.htm (EX-32.1) — 5KB
• ef20015363_ex32-2.htm (EX-32.2) — 5KB
• ef20015363_ex97.htm (EX-97) — 31KB
• image00008.jpg (GRAPHIC) — 2KB
• 0001140361-24-016452.txt (&nbsp;) — 9502KB
• galt-20231231.xsd (EX-101.SCH) — 76KB
• galt-20231231_cal.xml (EX-101.CAL) — 43KB
• galt-20231231_def.xml (EX-101.DEF) — 388KB
• galt-20231231_lab.xml (EX-101.LAB) — 928KB
• galt-20231231_pre.xml (EX-101.PRE) — 578KB
• ef20015363_10k_htm.xml (XML) — 1255KB

Business

Business 1 ITEM 1A.

Risk Factors

Risk Factors 9 ITEM 1B. Unresolved Staff Comments 20 ITEM IC Cybersecurity 20 ITEM 2.

Properties

Properties 20 ITEM 3.

Legal Proceedings

Legal Proceedings 20 ITEM 4. Mine Safety Disclosure 20 PART II ITEM 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 21 ITEM 6. [Reserved] 21 ITEM 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 21 ITEM 7A. Quantitative and Qualitative Discussions About Market Risk 25 ITEM 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 26 ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 26 ITEM 9A.

Controls and Procedures

Controls and Procedures 26 ITEM 9B. Other Information 27 ITEM 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 27 PART III ITEM 10. Directors, Executive Officers and Corporate Governance 28 ITEM 11.

Executive Compensation

Executive Compensation 31 ITEM 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 39 ITEM 13. Certain Relationships, Related Transactions and Director Independence 41 ITEM 14. Principal Accountant Fees and Services 42 PART IV ITEM 15. Exhibits and Financial Statement Schedules 43 ITEM 16 Form 10-K Summary 46

SIGNATURES

SIGNATURES 47 Index PART I Item 1.

Business

Business Overview We are a clinical stage biopharmaceutical company engaged in drug research and development to create new therapies for fibrotic disease, cancer and selected other diseases. Our drug candidates are based on our method of targeting galectin proteins, which are key mediators of biologic and pathologic functions. We use naturally occurring, readily-available plant products as starting material in manufacturing processes to create proprietary, patented complex carbohydrates with specific molecular weights and other pharmaceutical properties. These complex carbohydrate molecules are appropriately formulated into acceptable pharmaceutical formulations. Using these unique carbohydrate-based candidate compounds that largely bind and inhibit galectin proteins, particularly galectin-3, we are undertaking the focused pursuit of therapies for indications where galectin proteins have a demonstrated role in the pathogenesis of a given disease. We focus on diseases with serious, life-threatening consequences and those where current treatment options are limited specifically in NASH (non-alcoholic steatohepatitis) with cirrhosis and certain cancer indications. Our strategy is to establish and implement clinical development programs that add value to our business in the shortest period of time possible and to seek strategic partners when one of our programs becomes advanced and requires significant additional resources. Our lead galectin-3 inhibitor is belapectin (GR-MD-02), which has been demonstrated in preclinical models to reverse liver fibrosis and cirrhosis and in clinical studies to decrease portal hypertension and prevent its complication: the development of esophageal varices. Belapectin has the potential to treat many diseases due to galectin-3's involvement in multiple key biological pathways such as fibrosis, immune cell function and immunity, cell differentiation, cell growth, and apoptosis (cell death). The importance of galectin-3 in the fibrotic p

View Full Filing

View this 10-K filing on SEC EDGAR