Galmed Pharma Files Q1 2024 Financials

TL;DR

Galmed Pharma dropped its Q1 2024 financials, check the 6-K for the latest numbers.

AI Summary

Galmed Pharmaceuticals Ltd. filed a Form 6-K on May 30, 2024, reporting its unaudited condensed consolidated financial statements for the three months ended March 31, 2024. The company, headquartered in Tel Aviv, Israel, is a foreign private issuer and files annual reports on Form 20-F.

Why It Matters

This filing provides investors with the latest unaudited financial performance of Galmed Pharmaceuticals, crucial for understanding the company's current financial health and operational status.

Risk Assessment

Risk Level: low — This filing is a routine financial report and does not contain significant new operational or strategic information that would inherently increase risk.

Key Numbers

• Q1 2024 — Financial Period (Unaudited condensed consolidated financial statements for the three months ended March 31, 2024.)

Key Players & Entities

• Galmed Pharmaceuticals Ltd. (company) — Registrant
• May 30, 2024 (date) — Filing Date
• March 31, 2024 (date) — End of Reporting Period
• Tel Aviv, Israel (location) — Company Headquarters
• Form 6-K (document) — Filing Type
• Form 20-F (document) — Annual Report Filing

FAQ

Key Financial Figures

• $1.5 m — ompany had cash and cash equivalents of $1.5 million, restricted cash of $0.1 million,
• $0.1 m — nts of $1.5 million, restricted cash of $0.1 million, short-term deposits of $2.6 mill
• $2.6 million — of $0.1 million, short-term deposits of $2.6 million and marketable debt securities of $6.7
• $6.7 million — llion and marketable debt securities of $6.7 million. The Company has incurred operating l
• $1.3 million — rch 31, 2024 and 2023 was approximately $1.3 million and $1.8 million, respectively. As of M
• $1.8 m — 2023 was approximately $1.3 million and $1.8 million, respectively. As of March 31, 20
• $194.2 million — e Company had an accumulated deficit of $194.2 million. Substantially all of its operating los
• $1.5 million — ent (the “Agreement”) for a $1.5 million equity investment in OnKai, a US-based
• $6.0million — t in OnKai was part of an approximately $6.0million investment round (the “Investment
• $3.8 million — ny of which SAFE notes of approximately $3.8 million were converted into preferred shares. O
• $1.25 — arrants”), at a purchase price of $1.25 per share and accompanying Investor War
• $1.249 — e and accompanying Investor Warrant and $1.249 per Pre-Funded Warrant and accompanying
• $0.001 — ely exercisable at an exercise price of $0.001 per ordinary share and will not expire
• $6.2 million — ceeds to the Company were approximately $6.2 million. As of March 31, 2024, a total of 3,9
• $ — o; means New Israeli Shekel, and “$,” “US$” and “U.

Filing Documents

• form6-k.htm (6-K) — 233KB
• 0001493152-24-021989.txt ( ) — 234KB

From the Filing

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 Under the Securities Exchange Act of 1934 For the Month of May 2024 001-36345 (Commission File Number) GALMED PHARMACEUTICALS LTD. (Exact name of Registrant as specified in its charter) 16 Tiomkin St. Tel Aviv 6578317, Israel (Address of principal executive offices) Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. Form 20-F Form 40-F This Form 6-K contains the quarterly report of Galmed Pharmaceuticals Ltd. (the “Company”), which includes the Company’s unaudited condensed consolidated financial statements for the three months ended March 31, 2024, together with related information and certain other information. The Company is not subject to the requirements to file quarterly or certain other reports under Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended. The Company does not undertake to file or cause to be filed any such reports in the future, except to the extent required by law. This Form 6-K is incorporated by reference into the Company’s Registration Statement on Form S-8 (Registration No. 333-206292 and 333-227441 ) and the Company’s Registration Statement on Form F-3 (Registration No. 333-254766 ). Financial GALMED PHARMACEUTICALS LTD. Condensed consolidated Balance Sheets (Unaudited) U.S. Dollars in thousands, except share data and per share data As of As of March 31, December 31, 2024 2023 Assets Current assets Cash and cash equivalents $ 1,463 $ 2,861 Short-term deposit 2,633 2,253 Restricted Cash 117 117 Marketable debt securities 6,715 7,528 Other receivables 254 480 Total current assets 11,182 13,239 Right of use assets - 42 Property and equipment, net 74 83 Investment in associate at fair value 3,265 3,265 Total non-current assets 3,339 3,390 Total assets $ 14,521 $ 16,629 Liabilities and stockholders’ equity Current liabilities Trade payables $ 1,383 $ 1,879 Other payables 382 871 Total current liabilities 1,765 2,750 Stockholders’ equity Ordinary shares par value NIS 0.15 per share; Authorized 20,000,000; Issued and outstanding: 6,009,654 shares as of March 31, 2024 and 5,045,324 shares as of December 31, 2023 249 209 Additional paid-in capital 207,189 207,076 Accumulated other comprehensive loss (455 ) (454 ) Accumulated deficit (194,227 ) (192,952 ) Total stockholders’ equity 12,756 13,879 Total liabilities and stockholders’ equity $ 14,521 $ 16,629 The accompanying notes are an integral part of the interim Condensed consolidated financial statements. GALMED PHARMACEUTICALS LTD. Condensed Consolidated Statements of Operations (Unaudited) U.S. Dollars in thousands, except share data and per share data Three months ended March 31, 2024 2023 Research and development expenses $ 635 $ 1,083 General and administrative expenses 766 919 Total operating expenses 1,401 2,002 Financial income, net (126 ) (172 ) Net loss $ 1,275 $ 1,830 Basic and diluted net loss per share $ 0.23 $ 1.08 (*) Weighted-average number of shares outstanding used in computing basic and diluted net loss per share 5,460,659 1,692,342 (*) The accompanying notes are an integral part of the interim Condensed consolidated financial statements. (*) Retroactively adjusted (See Note 4.1) GALMED PHARMACEUTICALS LTD. Condensed Consolidated Statements of Comprehensive Loss (Unaudited) U.S. Dollars in thousands Three months ended March 31, 2024 2023 Net loss $ 1,275 $ 1,830 Other comprehensive loss: Net unrealized loss (profit) on available for sale securities 1 (100 ) Comprehensive loss $ 1,276 $ 1,730 The accompanying notes are an integral part of the interim Condensed consolidated financial statements. GALMED PHARMACEUTICALS LTD. Condensed consolidated Statements of Changes in Stockholders’ Equity (Unaudited) U.S. Dollars in thousands, except share data and per share data Accumulated Additional other Ordinary shares paid-in Comprehensive Accumulated Shares Amount capital loss Deficit Total Balance - December 31, 2023 5,045,324 $ 209 $ 207,076 $ (454 ) $ (192,952 ) $ 13,879 Exercise of pre-funded warrants 964,330 40 (40 ) - - - Stock-based compensation - - 153 - - 153 Unrealized loss from marketable debt securities - - - (1 ) - (1 ) Net loss - - - - (1,275 ) (1,275 ) Balance - March 31, 2024 6,009,654 $ 249 $ 207,189 $ (455 ) $ (194,227 ) $ 12,756 Accumulated Additional other Ordinary shares (*) paid-in Comprehensive Accumulated Shares Amount capital loss Deficit Total Balance - December 31, 2022 1,692,342 $ 70 $ 200,138 $ (745 ) $ (186,040 ) $ 13,4

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View this 6-K filing on SEC EDGAR