Galectin Therapeutics Inc.

What they do

Galectin develops carbohydrate-based drug candidates that bind and inhibit galectin proteins, particularly galectin-3, using naturally occurring plant products as starting material. Its lead candidate, belapectin (GR-MD-02), is being developed for metabolic dysfunction-associated steatohepatitis (MASH) with cirrhosis and portal hypertension, and the company also cites certain cancer indications. The company has completed Phase 1 and Phase 2 studies, including the NASH-FX, NASH-CX and NAVIGATE trials.

Revenue drivers

• Belapectin for MASH cirrhosis — The company's only clinical-stage program and sole potential future revenue source; no product revenue has been generated to date.
• Belapectin in cancer indications — Identified in the 10-K as a focus area alongside MASH, but no active clinical trial is described beyond completed studies.
• Strategic partnerships — The stated strategy is to seek partners once a program becomes advanced and requires significant additional resources; no partnership revenue is reported.

Recent performance

Galectin reported a net loss of $30.8 million for 2025, narrower than the $47.0 million loss in 2024, with operating cash use of $23.9 million in 2025 versus $41.8 million in 2024. Diluted EPS improved to -$0.48 in 2025 from -$0.76 in 2024. As of June 30, 2026, the company reported $13.3 million in cash and equivalents, total liabilities of $151.7 million and shareholders' equity of negative $138.6 million. In December 2024 the company reported NAVIGATE top-line results: in the intent-to-treat population the composite endpoint did not reach statistical significance, while the per-protocol population showed a 49.3% reduction in varices incidence in the belapectin 2 mg/kg group (p<0.05).

Strategy

Management reached agreement with the FDA on key elements of a planned Phase 3 trial of belapectin in MASH cirrhosis and portal hypertension, including a composite liver outcome primary endpoint, blinded central endoscopic review, and a single 2 mg/kg LBM dose. The company expects to submit the registrational Phase 3 protocol in the third quarter of 2026. It also continues to publish and present NAVIGATE analyses, including at EASL 2026 and in Hepatology and Gastro Hep Advances. Chairman Richard Uihlein converted all outstanding principal and accrued interest under five line-of-credit facilities, approximately $105.8 million, into common stock effective July 31, 2026.

Risks

• Dependence on a single trial — The 10-K states NAVIGATE was the company's only active clinical trial and that it currently has no plans or funding to undertake another clinical trial.
• Financing dependence on chairman — The company identifies its dependence on Mr. Uihlein for financing as a risk and reported no assurance as to future investments by him.
• Going concern and losses — Galectin has incurred net losses each year since inception in July 2000, had an accumulated deficit of $431 million as of December 31, 2025, and has at times faced substantial doubt about its ability to continue as a going concern.
• Capital needs after April 2027 — The 10-K states the company believes existing cash, including $10 million available under a chairman-provided line of credit, funds planned operations through April 2027 and that more cash will be required thereafter.

Outlook

Management says it expects to submit the registrational Phase 3 protocol for belapectin in MASH cirrhosis in the third quarter of 2026. The most recent 10-Q states the company expects cash to fund currently planned operations through June 2027, while the 10-K cites April 2027 including the line of credit. The company says it will provide additional updates as they become available.