GLMD · Eocene Ltd.

This announcement represents a HIGH materiality clinical development milestone for Galmed, fundamentally de-risking Aramchol’s development path through a validated, superior formulation. The ~500% increase in bioavailability with AM 400mg enables a critical shift from twice-daily 300mg AA to once-daily 400mg AM — directly addressing key commercial and clinical barriers including patient adherence, manufacturing scalability, and dosing convenience. The ability to produce GMP clinical batches confirms readiness for upcoming trials, compressing the timeline toward later-stage development. Solidification and prolongation of IP protection mitigates near-term generic competition risk and enhances valuation upside. The disclosed ~50% CoGs reduction potential signals improved unit economics, which — while contingent on successful scale-up and regulatory approval — would materially benefit future gross margins. Importantly, management explicitly links the higher exposure enabled by AM to unlocking Aramchol’s multi-system potential beyond MASH, particularly in GI cancers where it is being evaluated pre-clinically to overcome resistance and synergize with standard oncology agents. This strategic expansion diversifies Galmed’s value proposition beyond liver disease and positions Aramchol as a platform candidate, though all such applications remain pre-clinical and subject to substantial development risk as underscored in the forward-looking statements section.