Galmed Pharma Files 6-K with Q2 2024 Financials

TL;DR

Galmed Pharma dropped its Q2 2024 financials, check the balance sheet!

AI Summary

Galmed Pharmaceuticals Ltd. filed a 6-K report on August 28, 2024, detailing its financial results for the period ending June 30, 2024. The filing includes financial data for Q2 2024 and the first six months of 2024, comparing them to the same periods in 2023. It also provides balance sheet information as of December 31, 2023, March 31, 2024, and June 30, 2024.

Why It Matters

This filing provides investors with an update on Galmed Pharmaceuticals' financial performance and position as of the second quarter of 2024, crucial for assessing the company's ongoing operations and potential.

Risk Assessment

Risk Level: low — This is a routine financial filing (6-K) providing standard financial reporting and does not indicate any unusual events or significant changes.

Key Numbers

• Q2 2024 — Financial Period (Reporting period for financial results)
• 2024-06-30 — End of Period Date (Specific date for financial reporting)

Key Players & Entities

• Galmed Pharmaceuticals Ltd. (company) — Filer of the report
• 20240630 (date) — Period of report
• 20240828 (date) — Filing date

FAQ

Key Financial Figures

• $ — K, "NIS" means New Israeli Shekel, and "$," "US$" and "U.S. dollars" mean United
• $195.3 million — an accumulated deficit of approximately $195.3 million. Our financing activities are describ
• $10.1 m — June 30, 2024, we had current assets of $10.1 million, which includes cash and cash equ
• $1.8 m — h includes cash and cash equivalents of $1.8 million, short term deposit of $2.0 milli
• $2.0 m — of $1.8 million, short term deposit of $2.0 million, marketable debt securities of $5
• $5.9 m — million, marketable debt securities of $5.9 million, other receivables of $0.1 millio
• $0.1 million — s of $5.9 million, other receivables of $0.1 million and restricted cash of $0.1 million. Th
• $13.2 million — n. This compares with current assets of $13.2 million at December 31, 2023, which includes ca
• $2.9 m — h includes cash and cash equivalents of $2.9 million, short term deposit of $2.2 milli
• $2.2 m — of $2.9 million, short term deposit of $2.2 million, marketable debt securities of $7
• $7.5 m — million, marketable debt securities of $7.5 million, other receivables of $0.5 millio
• $0.5 million — s of $7.5 million, other receivables of $0.5 million and restricted cash of $0.1 million. Al

Filing Documents

• form6-k.htm (6-K) — 434KB
• 0001493152-24-034198.txt ( ) — 1846KB
• glmd-20240630.xsd (EX-101.SCH) — 13KB
• glmd-20240630_cal.xml (EX-101.CAL) — 27KB
• glmd-20240630_def.xml (EX-101.DEF) — 40KB
• glmd-20240630_lab.xml (EX-101.LAB) — 130KB
• glmd-20240630_pre.xml (EX-101.PRE) — 101KB
• form6-k_htm.xml (XML) — 175KB

From the Filing

UNITED 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 August 2024 001-36345 (Commission File Number) GALMED PHARMACEUTICALS LTD. (Exact name of Registrant as specified in its charter) 16 Abba Hillel Road , Ramat Gan , Israel 5250608 (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 interim condensed consolidated financial statements for the three and six months ended June 30, 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. 333-272722 ). FINANCIAL INFORMATION Financial GALMED PHARMACEUTICALS LTD. Interim Condensed Consolidated Balance Sheets (Unaudited) U.S. Dollars in thousands, except share data and per share data As of As of June 30, 2024 December 31, 2023 Assets Current assets Cash and cash equivalents $ 1,837 $ 2,861 Restricted Cash 118 117 Short-term deposit 2,046 2,253 Marketable debt securities 5,940 7,528 Other receivables 135 480 Total current assets 10,076 13,239 Right of use assets - 42 Property and equipment, net - 83 Investment in associate at fair value 3,265 3,265 Total non-current assets 3,265 3,390 Total assets $ 13,341 $ 16,629 Liabilities and stockholders' equity Current liabilities Trade payables $ 1,203 $ 1,879 Other payables 351 871 Total current liabilities 1,554 2,750 Stockholders' equity Ordinary shares par value NIS 0.15 per share; Authorized 20,000,000 ; Issued and outstanding: 6,358,747 shares as of June 30, 2024 and 5,045,324 shares as of December 31, 2023 263 209 Additional paid-in capital 207,305 207,076 Accumulated other comprehensive loss ( 435 ) ( 454 ) Accumulated deficit ( 195,346 ) ( 192,952 ) Total stockholders' equity 11,787 13,879 Total liabilities and stockholders' equity $ 13,341 $ 16,629 The accompanying notes are an integral part of the interim condensed consolidated financial statements. GALMED PHARMACEUTICALS LTD. Interim Condensed Consolidated Statements of Operations (Unaudited) U.S. Dollars in thousands, except share data and per share data 2024 2023 2024 2023 Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Research and development expenses 534 809 1,169 1,892 General and administrative expenses 688 1,062 1,454 1,981 Total operating expenses 1,222 1,871 2,623 3,873 Financial income, net ( 103 ) ( 278 ) ( 229 ) ( 450 ) Net loss $ 1,119 $ 1,593 $ 2,394 $ 3,423 Basic and diluted net loss per share $ 0.18 $ 0.95 $ 0.41 $ 2.04 Weighted-average number of shares outstanding used in computing basic and diluted net loss per share 6,294,748 1,680,232 5,878,432 1,680,232 The accompanying notes are an integral part of the interim condensed consolidated financial statements. GALMED PHARMACEUTICALS LTD. Interim Condensed Consolidated Statements of Comprehensive Loss (Unaudited) U.S. Dollars in thousands 2024 2023 2024 2023 Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Net loss $ 1,119 $ 1,593 $ 2,394 $ 3,423 Other comprehensive loss: Net unrealized loss (gain) on available for sale securities ( 20 ) 17 ( 19 ) ( 83 ) Comprehensive loss $ 1,099 $ 1,610 $ 2,375 $ 3,340 The accompanying notes are an integral part of the interim condensed consolidated financial statements. GALMED PHARMACEUTICALS LTD. Consolidated U.S. Dollars in thousands, except share data and per share data Shares Amount capital loss Deficit Total Ordinary shares Additional paid-in Accumulated other 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 ) $

View Full Filing

View this 6-K filing on SEC EDGAR