GALT · Galectin Therapeutics Inc.

Galectin Therapeutics reported a significant improvement in its financial performance for the fiscal year ended December 31, 2025, with the net loss applicable to common stockholders narrowing to $31.0 million, or $0.48 per share, from $47.2 million, or $0.76 per share, in the prior year. This reduction was primarily driven by a substantial decrease in research and development expenses, which fell to $14.3 million from $36.6 million in 2024. Management attributed this decline to the conclusion of the NAVIGATE clinical trial and related supportive activities. General and administrative expenses remained relatively stable at $5.8 million. The company's balance sheet reflects a challenging financial position with a stockholders' equity deficit of $127.9 million and total liabilities of $145.7 million. However, liquidity has been bolstered by a new $10 million line of credit provided by the company's Chairman, Dick Uihlein. Combined with $17.7 million in unrestricted cash, management believes this is sufficient to fund operations through April 2027. Operationally, the company continues to analyze data from the NAVIGATE trial, noting that belapectin reduced the incidence of varices by 49.3% in the per-protocol population. Management expressed encouragement regarding biomarker analyses and plans to meet with the FDA in the second quarter of 2026 to determine the next steps for the program.