Galera Therapeutics Files Q3 2024 10-Q

TL;DR

Galera Therapeutics filed its Q3 2024 10-Q. Financials and operations detailed.

AI Summary

Galera Therapeutics, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial information and business operations for the third quarter of 2024. Key financial data and operational updates are presented for investors and stakeholders.

Why It Matters

This filing provides crucial financial and operational insights into Galera Therapeutics' performance for the third quarter of 2024, impacting investor decisions.

Risk Assessment

Risk Level: medium — As a pharmaceutical company, Galera Therapeutics faces inherent risks related to drug development, regulatory approvals, and market competition.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial information is reported.)
• 2024-12-13 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)

Key Players & Entities

• Galera Therapeutics, Inc. (company) — Filer of the 10-Q
• 2024-09-30 (date) — End of the reporting period
• 2024-12-13 (date) — Filing date

FAQ

Key Financial Figures

• $0.001 — nge on which registered Common Stock, $0.001 par value per share GRTX OTC Pink Ma

Filing Documents

• d914517d10q.htm (10-Q) — 828KB
• d914517dex101.htm (EX-10.1) — 46KB
• d914517dex311.htm (EX-31.1) — 11KB
• d914517dex312.htm (EX-31.2) — 11KB
• d914517dex321.htm (EX-32.1) — 4KB
• d914517dex322.htm (EX-32.2) — 4KB
• 0001193125-24-277849.txt ( ) — 4446KB
• grtx-20240930.xsd (EX-101.SCH) — 39KB
• grtx-20240930_cal.xml (EX-101.CAL) — 37KB
• grtx-20240930_def.xml (EX-101.DEF) — 100KB
• grtx-20240930_lab.xml (EX-101.LAB) — 310KB
• grtx-20240930_pre.xml (EX-101.PRE) — 227KB
• d914517d10q_htm.xml (XML) — 534KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 1 Consolidated Balance Sheets 1 Consolidated Statements of Operations 2 Consolidated Statements of Comprehensive Loss 3 Consolidated Statements of Changes in Stockholders' Deficit 4 Consolidated Statements of Cash Flows 5 Notes to Unaudited Interim Consolidated Financial Statements 6 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 18 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 27 Item 4.

Controls and Procedures

Controls and Procedures 27 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 29 Item 1A.

Risk Factors

Risk Factors 29 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 31 Item 3. Defaults Upon Senior Securities 31 Item 4. Mine Safety Disclosures 31 Item 5. Other Information 32 Item 6. Exhibits 33

Signatures

Signatures 34 i Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. All statements other than statements of historical facts contained in this Quarterly Report are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expect," "plan," "anticipate," "could," "intend," "target," "project," "contemplate," "believe," "estimate," "predict," "potential" or "continue" or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words. All statements other than statements of historical fact contained in this Quarterly Report, including without limitation statements regarding our plans and expectations regarding alternatives available for the future of our company in light of our discontinued business activities and lack of resources following the failure to obtain stockholder approval for the Plan of Dissolution (defined herein); the impact of our discontinuation of the development of our product candidates; the amount of proceeds, if any, that might be realized from the sale or other disposition of any of our remaining assets; cash, cash runway and future cash position, including the availability, timing and amount of liquidating distributions, the amounts that will need to be set aside by us, and the adequacy of such reserves to satisfy our obligations; the pursuit of strategic alternatives that are not currently contemplated; and the plans and objectives of management for future operations, capital needs, and capital expenditures are forward-looking statements. The forward-looking statements in this Quarterly Report are only

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION Item1. Financial Statements. GALERA THERAPEUTICS, INC. CONSOLIDATED BALANCE SHEETS (IN THOUSANDS EXCEPT SHARE AND PER SHARE AMOUNTS) (unaudited) September 30, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 8,455 $ 18,257 Prepaid expenses and other current assets 444 3,372 Total current assets 8,899 21,629 Property and equipment, net — 71 Acquired intangible asset — 2,258 Goodwill — 881 Right-of-use lease assets — 1,212 Other assets 2 90 Total assets $ 8,901 $ 26,141 Liabilities and stockholders' deficit Current liabilities: Accounts payable $ 296 $ 1,375 Accrued expenses 618 3,449 Lease liabilities — 133 Total current liabilities 914 4,957 Royalty purchase liability 151,049 151,049 Lease liabilities, net of current portion — 1,117 Deferred tax liability — 203 Total liabilities 151,963 157,326 Stockholders' deficit: Preferred stock, $ 0.001 par value: 10,000,000 shares authorized; no shares issued and outstanding — — Common stock, $ 0.001 par value: 200,000,000 shares authorized; 54,392,170 shares issued and outstanding at September 30, 2024 and December 31, 2023 54 54 Additional paid-in capital 308,316 306,167 Accumulated deficit ( 451,432 ) ( 437,406 ) Total stockholders' deficit ( 143,062 ) ( 131,185 ) Total liabilities and stockholders' deficit $ 8,901 $ 26,141 See accompanying notes to unaudited interim consolidated financial statements. 1 Table of Contents GALERA THERAPEUTICS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (IN THOUSANDS EXCEPT SHARE AND PER SHARE AMOUNTS) (unaudited) Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Operating expenses: Research and development $ 305 $ 6,093 $ 3,223 $ 20,926 General and administrative 3,439 4,994 9,307 20,849 Write-off of acquired intangi

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View this 10-Q filing on SEC EDGAR