Eocene Ltd.

What they do

Galmed Pharmaceuticals Ltd. is a pharmaceutical preparations company incorporated in Israel and listed on the Nasdaq Capital Market under the symbol GLMD. Its lead product candidate is Aramchol, which the company describes as Aramchol acid or Aramchol meglumine (salt). The company states it is pursuing development of Aramchol for non-alcoholic steatohepatitis (NASH), also known as metabolic dysfunction-associated steatohepatitis (MASH), and fibrosis, as well as in combination therapy.

Revenue drivers

• Aramchol — The company's only named product candidate, but no revenue has been reported since 2018, and annual revenue was $0.00 in 2019 and 2020.

Recent performance

Reported annual net losses were $32.5 million in 2021, $17.9 million in 2022, $6.9 million in 2023, $7.5 million in 2024, and $10.3 million in 2025. Operating cash flow was negative each year, at -$32.9 million in 2021, -$18.5 million in 2022, -$6.1 million in 2023, -$5.9 million in 2024, and -$6.3 million in 2025. Diluted EPS shifted from $19.8 in 2021 to $127.8 in 2022, $30 in 2023, $8.08 in 2024, and $2.39 in 2025, with the large 2022 figure reflecting share-count changes rather than profitability. As of June 30, 2026, total assets were $18.3 million, shareholder equity was $12.7 million, and cash and equivalents were $2.9 million. No revenue has been reported in any recent period, and the company reported 6,581,390 ordinary shares outstanding as of December 31, 2025.

Strategy

The company's stated focus is the development and approval of Aramchol for indications outside of NASH/MASH and fibrosis, or in combination therapy. It also states an intent to pursue, evaluate and complete strategic alternatives that yield value for shareholders. The 20-F filing for fiscal year 2025 frames these as forward-looking priorities subject to risk and uncertainty. No specific partnership, financing, or trial milestone commitments are detailed in the provided excerpts.

Risks

• No product revenue — The company has reported no revenue since 2018 and relies on external funding to sustain operations.
• Recurring losses and cash use — Net losses and negative operating cash flow have persisted from 2021 through 2025, with the 2025 net loss of $10.3 million exceeding the 2024 loss of $7.5 million.
• Clinical and regulatory uncertainty — Aramchol remains a product candidate, and the filing states that development and approval for indications outside NASH/MASH and fibrosis or in combination therapy are subject to risk.
• Strategic alternative execution — The filing lists the ability to pursue, evaluate and complete any strategic alternative that yields shareholder value as a factor that could affect actual results.

Outlook

The filing frames the company's priorities around developing Aramchol in indications outside NASH/MASH and fibrosis or in combination therapy, and around evaluating strategic alternatives. It does not provide specific revenue, trial, or financing guidance in the excerpts provided. As of June 30, 2026, the company reported $2.9 million in cash and equivalents, which constrains near-term flexibility.