Galectin Therapeutics Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Galectin Therapeutics Inc. has filed its quarterly report (10-Q) for the period ending March 31, 2024.</b>

AI Summary

GALECTIN THERAPEUTICS INC (GALT) filed a Quarterly Report (10-Q) with the SEC on May 15, 2024. Galectin Therapeutics Inc. filed a 10-Q report for the period ending March 31, 2024. The company's fiscal year ends on December 31. The filing was made on May 15, 2024. The company was formerly known as PRO PHARMACEUTICALS INC. The filing covers the first quarter of 2024.

Why It Matters

For investors and stakeholders tracking GALECTIN THERAPEUTICS INC, this filing contains several important signals. This 10-Q filing provides an update on the company's financial performance and operational status for the first quarter of 2024. Investors and stakeholders can use this report to assess the company's current financial health, strategic direction, and potential risks.

Risk Assessment

Risk Level: medium — GALECTIN THERAPEUTICS INC shows moderate risk based on this filing. The company's financial statements and risk factors will require careful review to understand its current financial position and operational challenges, as is typical for a 10-Q filing in the pharmaceutical sector.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-Q to understand Galectin Therapeutics' current financial health and operational status.

Key Numbers

• 2024-03-31 — Period End Date (Conformed period of report)
• 2024-05-15 — Filing Date (Filed as of date)
• 2024-01-01 — Quarter Start Date (Reporting period)
• 2023-12-31 — Fiscal Year End (Fiscal year end)

Key Players & Entities

• GALECTIN THERAPEUTICS INC (company) — Filer name
• GALT (company) — Ticker symbol
• 10-Q (regulator) — Form type
• 2024-03-31 (date) — Conformed period of report
• 2024-05-15 (date) — Filed as of date
• PRO PHARMACEUTICALS INC (company) — Former company name
• 2001-06-12 (date) — Date of name change
• NV (state) — State of incorporation

FAQ

Industry Context

Galectin Therapeutics operates in the pharmaceutical preparations industry, focusing on the development of novel therapies.

Regulatory Implications

The company is subject to SEC regulations for public filings, including the requirement to submit quarterly reports (10-Q).

What Investors Should Do

1. Analyze the financial statements within the 10-Q for revenue, expenses, and cash flow.
2. Review the 'Risk Factors' section for any new or updated risks affecting the company.
3. Examine management's discussion and analysis (MD&A) for insights into operational performance and future outlook.

Key Dates

• 2024-05-15: 10-Q Filing — Report for the quarter ended March 31, 2024
• 2024-03-31: Quarter End Date — End of the reporting period
• 2023-12-31: Fiscal Year End — Company's fiscal year end

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, following the 2023 10-K annual report.

Filing Documents

• ef20026311_10q.htm (10-Q) — 941KB
• ef20026311_ex31-1.htm (EX-31.1) — 11KB
• ef20026311_ex31-2.htm (EX-31.2) — 11KB
• ef20026311_ex32-1.htm (EX-32.1) — 5KB
• ef20026311_ex32-2.htm (EX-32.2) — 5KB
• 0001140361-24-026105.txt (&nbsp;) — 5402KB
• galt-20240331.xsd (EX-101.SCH) — 42KB
• galt-20240331_cal.xml (EX-101.CAL) — 32KB
• galt-20240331_def.xml (EX-101.DEF) — 235KB
• galt-20240331_lab.xml (EX-101.LAB) — 559KB
• galt-20240331_pre.xml (EX-101.PRE) — 364KB
• ef20026311_10q_htm.xml (XML) — 740KB

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION PAGE ITEM 1. Unaudited Condensed Consolidated Financial Statements (unaudited) Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and 2023 4 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 5 Condensed Consolidated Statements of Changes in Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) for the three months ended March 31, 2024 and 2023 6 Notes to Unaudited Condensed Consolidated Financial Statements 7 ITEM 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 16 ITEM 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 23 ITEM 4.

Controls and Procedures

Controls and Procedures 24

— OTHER INFORMATION

PART II — OTHER INFORMATION ITEM 1.

Legal Proceedings

Legal Proceedings 24 ITEM 1A.

Risk Factors

Risk Factors 24 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 24 ITEM 3. Defaults Upon Senior Securities 24 ITEM 4. Mine Safety Disclosures 24 ITEM 5. Other Information 24 ITEM 6. Exhibits 24

SIGNATURES

SIGNATURES 26 Index GALECTIN THERAPEUTICS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) March 31, 2024 December 31, 2023 (in thousands) ASSETS Current assets: Cash and cash equivalents $ 23,555 $ 25,660 Prepaid expenses and other current assets 1,905 2,050 Total current assets 25,460 27,710 Other assets 430 490 Total assets $ 25,890 $ 28,200 LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) Current liabilities: Accounts payable $ 3,797 $ 6,431 Accrued expenses and other 8,836 9,182 Accrued dividends payable — 63 Total current liabilities 12,633 15,676 Convertible notes payable and accrued interest, net of discounts – related party (Note 3) 31,139 30,902 Derivative liabilities (Note 4) 1,873 1,004 Borrowing and accrued interest under convertible line of credit, net of debt discount – related party (Notes 9 and 10) 51,324 40,839 Other liabilities 7 20 Total liabilities 96,976 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 March 31, 2024 and December 31, 2023 , redemption value: $ 8,098,000 , liquidation value: $ 1,760,000 at March 31, 2024 1,723 1,723 Stockholders' equity (deficit): Undesignated stock, $ 0.01 par value; 20,000,000 shares authorized, 20,000,000 designated at March 31, 2024 and December 31, 2023 , respectively — — Series A 12% convertible preferred stock; 1,742,500 shares authorized, 1,235,000 issued and outstanding at March 31, 2024 and December 31, 2023 , liquidation value $ 1,235,000 at March 31, 2024 500 500 Common stock, $ 0.001 par value; 150,000,000 shares authorized at March 31, 2024 and December 31, 2023 , 62,148,134 and 61,852,914 issued and outstanding at March 31, 2024 and December 31, 2023 , respectively 61 61 Additional paid-in capital 292,499 29

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 1. Basis of Presentation and Liquidity Galectin Therapeutics Inc. and subsidiaries (the "Company") is a clinical stage biopharmaceutical company that is applying its leadership in galectin science and drug development to create new therapies for fibrotic disease and cancer. These candidates are based on the Company's targeting of galectin proteins which are key mediators of biologic and pathologic function. These compounds also may have application for drugs to treat other diseases and chronic health conditions. The unaudited condensed consolidated financial statements as reported in this Quarterly Report on Form 10-Q reflect all adjustments which are, in the opinion of management, necessary to present fairly the financial position of the Company as of March 31, 2024 and the results of its operations for the three months ended March 31, 2024 and 2023 and its cash flows for the three months ended March 31, 2024 and 2023. All adjustments made to the interim financial statements include all those of a normal and recurring nature. Amounts presented in the condensed consolidated balance sheet as of December 31, 2023 are derived from the Company's audited consolidated financial statements as of that date, but do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. Subsequent events have been evaluated through the date these financial statements are available to be issued. The results for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the full year. The unaudited condensed consolidated financial statements of the Company

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View this 10-Q filing on SEC EDGAR