Galecto Reports First Quarter Operating and Financial Results
“We continued to execute this quarter, and importantly completed enrollment in two of our three ongoing Phase 2 trials: GALACTIC-1 in IPF and GULLIVER-2 in liver cirrhosis,” said Hans Schambye, CEO of
- Completed target enrollment of 141 patients in the GALACTIC-1 Phase 2b clinical trial in idiopathic pulmonary fibrosis (IPF).
- Completed enrollment of Parts 2 and 3 of the GULLIVER-2 trial in liver cirrhosis. Part 2 of the trial is designed to assess the effect of 12-week dosing of GB1211 on a wide series of biological markers of hepatic function and structure in participants with moderate hepatic impairment; and Part 3 of the GULLIVER-2 trial is designed to evaluate patients with liver cirrhosis and severe hepatic impairment.
Expected Upcoming Milestones
- Initiation of enrollment in Phase 2a GALLANT-1 trial of GB1211 in combination with Tecentriq® in first-line Non-Small-Cell
Lung Cancerin Q2 2022.
- Interim readout of MYLOX-1 trial in mid-2022 followed by completion of enrollment in 2H 2022.
- Top-line results from Parts 2 and 3 of the GULLIVER-2 Phase 1b/2a trial in Q4 2022.
First Quarter 2022 Financial Highlights
Cash, cash equivalents, and investments as of
Research and development expenses were
General and administrative expenses were
Net loss attributable to common stockholders for the three months ended
Certain statements in this press release are forward-looking statements that involve a number of risks and uncertainties. Such forward-looking statements include statements about Galecto’s ability to make progress across its clinical pipeline of asset; the potential of Galecto’s product candidates to address significant areas of unmet need; Galecto’s plans for timing of completing enrollment in its MYLOX-1 and GULLIVER-2 trials; Galecto’s plans for initiating its GALLANT-1 trial, and Galecto’s expectation that its cash, cash equivalents and marketable securities will be sufficient to fund its operating expenses and capital requirements into the second half 2024. The words “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “target” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. For such statements,
For more information, contact:
|Hans Schambye, CEO
|+45 70 70 52 10|
|+1 617 430 7577
||+41 78 680 0538|
Financial Tables to Follow
Condensed Consolidated Balance Sheets
|Cash and cash equivalents||$||45,388||$||62,563|
|Prepaid expenses and other current assets||3,434||9,911|
|Marketable securities, noncurrent||8,160||9,048|
|Operating lease right-of-use assets||702||834|
|Other assets, noncurrent||3,036||2,231|
|Operating lease liabilities, noncurrent||402||448|
|Total stockholders’ equity||101,314||117,223|
|Total liabilities and stockholders' equity||$||108,930||$||122,215|
Condensed Consolidated Statements of Operations and Comprehensive Loss
(in thousands, except share and per share amounts)
|For the Three Months Ended
|Research and development||$||13,235||$||9,990|
|General and administrative||3,704||3,562|
|Total operating expenses||16,939||13,552|
|Loss from operations||(16,939||)||(13,552||)|
|Total other income (expense), net||1||207|
|Net loss per common share, basic and diluted||$||(0.67||)||$||(0.53||)|
|Weighted-average number of shares used in computing net loss
per common share, basic and diluted
|Other comprehensive loss, net of tax||(375||)||(604||)|
|Total comprehensive loss||$||(17,313||)||$||(13,949||)|
Source: Galecto, Inc.