Galecto, Inc.

Galecto, Inc. (GLTO), a clinical-stage biopharmaceutical company, reported a substantial net loss of $209.8 million for FY 2025 ended December 31, 2025, widening significantly from $21.4 million in 2024. The primary driver was $174.3 million in acquired in-process research and development expenses from the November 10, 2025, Damora Therapeutics asset acquisition, which bolstered the pipeline with mutCALR-targeting antibodies DMR-001, DMR-002, and DMR-003 for myeloproliferative neoplasms (MPNs) like essential thrombocythemia (ET) and myelofibrosis (MF). Total operating expenses totaled $210.9 million, comprising $26.9 million R&D, $174.3 million IPR&D, and $9.7 million G&A, resulting in an operating loss of $210.9 million. Offset by $1.1 million other income net, the pre-tax loss was $209.8 million after $50K tax expense. Financing activities provided $266.8 million net from preferred stock private placement concurrent with the acquisition. Net cash from operations was -$6.7 million, investing -$17.4 million (Damora costs $17.4 million net of cash assumed, offset by $11.7 million securities sale), yielding net cash increase of $242.7 million. Ending cash and equivalents reached $257.6 million, with total assets $260.5 million and stockholders' equity $240.4 million. Management states this cash funds operations into Phase 3 of DMR-001. Post-period developments include February 2026 public offering netting $297.3 million and name change to Damora Therapeutics, Inc.

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