Galmed Pharmaceuticals Ltd. Files 20-F Annual Report

TL;DR

<b>Galmed Pharmaceuticals Ltd. has filed its annual 20-F report detailing its 2023 fiscal year operations and financial standing.</b>

AI Summary

Galmed Pharmaceuticals Ltd. (GLMD) filed a Foreign Annual Report (20-F) with the SEC on April 4, 2024. Galmed Pharmaceuticals Ltd. filed its annual report on Form 20-F for the fiscal year ended December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal executive offices are located at 16 Ze'ev Tyomkin St. (4th Fl.), Tel Aviv, Israel. Galmed Pharmaceuticals Ltd. is classified under the Pharmaceutical Preparations industry (SIC code 2834). The report includes financial data for the fiscal years 2021, 2022, and 2023.

Why It Matters

For investors and stakeholders tracking Galmed Pharmaceuticals Ltd., this filing contains several important signals. This 20-F filing provides a comprehensive overview of Galmed's financial performance, business operations, and risk factors for the fiscal year 2023, crucial for investors to assess the company's health and future prospects. As a foreign private issuer, this 20-F filing is the primary annual disclosure document for Galmed Pharmaceuticals Ltd., offering insights into its corporate governance, executive compensation, and material events.

Risk Assessment

Risk Level: low — Galmed Pharmaceuticals Ltd. shows low risk based on this filing. The filing is a standard annual report (20-F) and does not contain immediate, significant new financial or operational information that would alter the company's risk profile.

Analyst Insight

Review the detailed financial statements and risk factors within the 20-F filing to understand Galmed Pharmaceuticals Ltd.'s performance and potential challenges in the upcoming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (The period covered by the annual report.)
• 2024-04-04 — Filing Date (Date the 20-F report was filed.)
• 2834 — SIC Code (Industry classification for Pharmaceutical Preparations.)

Key Players & Entities

• Galmed Pharmaceuticals Ltd. (company) — Filer of the 20-F report.
• 16 Ze'ev Tyomkin St. (4th Fl.), Tel Aviv (location) — Business and mailing address of the company.

FAQ

Industry Context

Galmed Pharmaceuticals Ltd. operates within the pharmaceutical preparations industry, focusing on the development and commercialization of treatments.

Regulatory Implications

As a foreign private issuer, Galmed Pharmaceuticals Ltd. is subject to SEC reporting requirements under the Securities Exchange Act of 1934, filing annual reports on Form 20-F.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and cash flow for the fiscal year 2023.
2. Review the 'Risk Factors' section for any new or updated material risks disclosed by the company.
3. Examine any updates on clinical trial progress or regulatory milestones mentioned in the report.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 20-F filing.
• 2024-04-04: Filing Date — Date the 20-F annual report was officially submitted to the SEC.

Year-Over-Year Comparison

This filing is the annual 20-F report for the fiscal year ended December 31, 2023, providing updated financial and operational information compared to previous filings.

Key Financial Figures

• $ — t, "NIS" means New Israeli Shekel, and "$," "US$" and "U.S. dollars" mean United
• $17.4 million — er 31, 2022, and 2023 was approximately $17.4 million and $7.2 million, respectively. As of D
• $7.2 m — 023 was approximately $17.4 million and $7.2 million, respectively. As of December 31,
• $193.0 million — 2023, we had an accumulated deficit of $193.0 million. Substantially all of our operating los

Filing Documents

• form20-f.htm (20-F) — 2797KB
• ex2-1.htm (EX-2.1) — 87KB
• ex8-1.htm (EX-8.1) — 8KB
• ex12-1.htm (EX-12.1) — 11KB
• ex12-2.htm (EX-12.2) — 12KB
• ex13-1.htm (EX-13.1) — 10KB
• ex15-1.htm (EX-15.1) — 6KB
• ex97-1.htm (EX-97.1) — 80KB
• form20-f_001.jpg (GRAPHIC) — 92KB
• form20-f_002.jpg (GRAPHIC) — 61KB
• form20-f_003.jpg (GRAPHIC) — 61KB
• form20-f_004.jpg (GRAPHIC) — 55KB
• form20-f_005.jpg (GRAPHIC) — 66KB
• 0001493152-24-013203.txt (&nbsp;) — 9281KB
• glmd-20231231.xsd (EX-101.SCH) — 43KB
• glmd-20231231_cal.xml (EX-101.CAL) — 61KB
• glmd-20231231_def.xml (EX-101.DEF) — 195KB
• glmd-20231231_lab.xml (EX-101.LAB) — 344KB
• glmd-20231231_pre.xml (EX-101.PRE) — 281KB
• form20-f_htm.xml (XML) — 1156KB

Identity of Directors, Senior Management and Advisers

ITEM 1. Identity of Directors, Senior Management and Advisers. 5

Offer Statistics and Expected Timetable

ITEM 2. Offer Statistics and Expected Timetable. 5

Key Information

ITEM 3. Key Information. 5

Information on the Company

ITEM 4. Information on the Company. 55

Unresolved Staff Comments

ITEM 4A. Unresolved Staff Comments. 92

Operating and Financial Review and Prospects

ITEM 5. Operating and Financial Review and Prospects. 92

Directors, Senior Management and Employees

ITEM 6. Directors, Senior Management and Employees. 99

Major Shareholders and Related Party Transactions

ITEM 7. Major Shareholders and Related Party Transactions. 120

Financial Information

ITEM 8. Financial Information. 121

The Offer and Listing

ITEM 9. The Offer and Listing. 122

Additional Information

ITEM 10. Additional Information. 122

Quantitative and Qualitative Disclosures About Market Risk

ITEM 11. Quantitative and Qualitative Disclosures About Market Risk. 135

Description of Securities Other Than Equity Securities

ITEM 12. Description of Securities Other Than Equity Securities. 136 PART II 136

Defaults, Dividend Arrearages and Delinquencies

ITEM 13. Defaults, Dividend Arrearages and Delinquencies. 136

Material Modifications to the Rights of Security Holders and Use of Proceeds

ITEM 14. Material Modifications to the Rights of Security Holders and Use of Proceeds. 136

Controls and Procedures

ITEM 15. Controls and Procedures. 136

[RESERVED]

ITEM 16. [RESERVED] 137

Audit Committee Financial Expert

ITEM 16A. Audit Committee Financial Expert. 137

Code of Ethics

ITEM 16B. Code of Ethics. 137

Principal Accountant Fees and Services

ITEM 16C. Principal Accountant Fees and Services. 138

Exemptions from the Listing Standards for Audit Committees

ITEM 16D. Exemptions from the Listing Standards for Audit Committees. 139

Purchases of Equity Securities by the Issuer and Affiliated Purchasers

ITEM 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers. 139

Change in Registrant's Certifying Accountant

ITEM 16F. Change in Registrant's Certifying Accountant. 139

Corporate Governance

ITEM 16G. Corporate Governance. 139

Mine Safety Disclosure

ITEM 16H. Mine Safety Disclosure. 141

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

ITEM 16I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. 141

Insider Trading Policies

ITEM 16J. Insider Trading Policies. 141

Cybersecurity

ITEM 16K. Cybersecurity. 141 PART III 141

Financial Statements

ITEM 17. Financial Statements. 141

Financial Statements

ITEM 18. Financial Statements. 141

Exhibits

ITEM 19. Exhibits 142 2 ABOUT THIS ANNUAL REPORT All references to "we," "us," "our," "the Company" and "our Company", in this Annual Report on Form 20-F, or our annual report, are to Galmed Pharmaceuticals Ltd. and its subsidiaries, unless the context otherwise requires. All references to Aramchol mean Aramchol acid or Aramchol meglumine (salt), unless the context otherwise requires. All references to "shares" or "ordinary shares" are to our ordinary shares, NIS 0.15 nominal par value per share. All references to "Israel" are to the State of Israel. "U.S. GAAP" means the generally accepted accounting principles of the United States. Unless otherwise stated, all of our financial information presented in this annual report has been prepared in accordance with U.S. GAAP. Any discrepancies in any table between totals and sums of the amounts listed are due to rounding. Unless otherwise indicated, or the context otherwise requires, references in this annual report to financial and operational data for a particular year refer to the fiscal year of our company ended December 31 of that year. Our reporting currency and financial currency is the U.S. dollar. In this annual report, "NIS" means New Israeli Shekel, and "$," "US$" and "U.S. dollars" mean United States dollars. All information in this Annual Report on Form 20-F relating to shares or price per share reflects the 1-for-15 reverse share split effected by us on May 15, 2023. CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This annual report contains forward-looking statements about our expectations, beliefs or intentions regarding, among other things, our product development efforts, business, financial condition, results of operations, strategies or prospects. In addition, from time to time, we or our representatives have made or may make forward-looking statements, orally or in writing. Forward-looking statements can be identified by the use of forward-looking words such as "believe," "expect,"

View Full Filing

View this 20-F filing on SEC EDGAR