Galectin Therapeutics progresses with belapectin trial for MASH cirrhosis, financials show net loss

From GlobeNewswire: 2024-08-13 08:00:00

Galectin Therapeutics is making progress with its NAVIGATE Phase 2b/3 trial of belapectin, targeting galectin-3 proteins for MASH cirrhosis. An interim top-line analysis is expected in December 2024 for the trial, which involves 357 patients across 14 countries. Insights from the belapectin program were presented at the EASL 2024 Congress. The company reported $25.6 million in cash and cash equivalents as of June 30, 2024, with enough funds to support operations until May 15, 2025. Research and development expenses for Q2 2024 were $9.8 million, and general and administrative expenses were $1.5 million. Galectin Therapeutics is dedicated to developing therapies for chronic liver disease and cancer, with belapectin as a lead drug targeting galectin-3 proteins in inflammatory, fibrotic, and malignant diseases. Additional programs are focused on cancer immunotherapy and other malignancies. Forward-looking statements indicate hopes for development success in these areas, but caution is advised due to factors that could impact results. Galectin Therapeutics’ financial results for the quarter ended June 30, 2024, show a net loss applicable to common stockholders of $12.4 million or ($0.20) per share, compared to the previous year’s net loss of $9.2 million. Key balance sheet data includes $25.6 million in cash and cash equivalents as of June 30, 2024, while total liabilities stood at $109.8 million.



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