0000950170-24-049808 | 10-Q | XBRL Viewer

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

$ 17,561

$ 25,296

Money Market Funds

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

^[1]

11,481

13,610

Debt Securities

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

6,080

11,686

Level 1

Level 1 | Money Market Funds

11,481

13,610

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

^[1]

11,481

13,610

Level 2

Level 2 | Debt Securities

6,080

11,686

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Commitments and Contingencies Disclosure [Abstract]

$ 6,080

$ 11,686

[1]	Money market funds with maturities of 90 days or less at the date of purchase are included within cash and cash equivalents in the accompanying condensed consolidated balance sheets and are recognized at fair value

Property and Equipment, Net - Summary of Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Total property and equipment	$ 107	$ 107
Less: accumulated depreciation	(34)	(29)
Equipment, net	$ 73	$ 78

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Employee compensation costs	$ 1,166	$ 987
Restructuring costs	485	1,734	$ 0
Contract research and development costs	420	685
Operating lease liabilities, current	$ 155	$ 183
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities and Other Liabilities	Accrued Liabilities and Other Liabilities
Other liabilities	$ 427	$ 539
Total accrued expenses and other current liabilities	$ 2,653	$ 4,128

Net Loss Per Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Net Loss Per Share

12. NET LOSS PER SHARE

Basic and diluted net loss per share is calculated as follows (in thousands except share and per share amounts):


	Three Months Ended March 31,
	2024			2023
Net loss	$	(5,477	)	$	(12,994	)
Weighted-average number of shares used in computing net loss per common share, basic and diluted		27,112,697			25,672,902
Net loss per common share, basic and diluted	$	(0.20	)	$	(0.51	)

The following outstanding potentially dilutive securities have been excluded from the calculation of diluted net loss per share, as their effect is anti-dilutive:


	Three Months Ended March 31,
	2024		2023
Stock options to purchase common stock		5,994,964		7,550,469
Restricted stock units		820,000		—

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating expenses
Research and development	$ 2,463	$ 10,362
General and administrative	3,278	3,130
Total operating expenses	5,741	13,492
Loss from operations	(5,741)	(13,492)
Other income, net
Interest income, net	257	434
Foreign exchange transaction gain, net	7	64
Total other income, net	264	498
Net loss	$ (5,477)	$ (12,994)
Net loss per common share, basic	$ (0.2)	$ (0.51)
Net loss per common share, diluted	$ (0.2)	$ (0.51)
Weighted-average number of shares used in computing net loss per common share, basic	27,112,697	25,672,902
Weighted-average number of shares used in computing net loss per common share, diluted	27,112,697	25,672,902
Other comprehensive loss, net of tax
Currency translation gain (loss)	$ (86)	$ 25
Unrealized gain on marketable securities	32	92
Other comprehensive gain (loss), net of tax	(54)	117
Total comprehensive loss	$ (5,531)	$ (12,877)

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended		12 Months Ended
	Jan. 31, 2024	Oct. 31, 2020	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Nov. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance and sale of common stock				$ 23
Number of options, granted			0
Compensation expense recognized			$ 1,359	1,434
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units, Granted			855,000
Weighted- average grant-date fair value			$ 0.71		$ 0
Compensation expense recognized			$ 47,000
Restricted Stock Units \| One Year Milestone
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options, vesting period			1 year
Vesting percentage			33.00%
Restricted Stock Units \| Every Six Months Thereafter
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options, vesting period			6 months
Vesting percentage			17.00%
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant date fair value of stock options granted			$ 0.71
Intrinsic value per share of stock options			$ 0.78		$ 0.72
Fair value of stock options vested			$ 1,300	$ 2,200
2020 Plan \| Unvested Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense			$ 100
2020 Plan \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grant		0
2020 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grant			2,486,741
2020 Equity Incentive Plan \| Unvested Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense that is expected to be recognized over a weighted-average period			1 year 7 months 6 days
2020 Equity Incentive Plan \| Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units, Granted	855,000
2020 Equity Incentive Plan \| Time-Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted- average grant-date fair value			$ 0.71
2020 Equity Incentive Plan \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options, vesting period		4 years
Stock options, expiration period		10 years
Percentage increase of number of shares of common stock issued and outstanding		5.00%
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of aggregate shares of common stock sold				21,082
Common Stock \| 2022 Inducement Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grant						250,000
Shares issued			0

Commitments and Contingencies

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies

9. COMMITMENTS AND CONTINGENCIES

During the three months ended March 31, 2024, there were no material changes to the Company’s commitments and contingencies as disclosed in Note 9 of the 2023 Consolidated Financial Statements. Further, the Company’s commitments related to lease agreements are disclosed in Note 7 to the Company’s unaudited interim condensed consolidated financial statements.

Leases - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Leases [Line Items]
Rent expense	$ 0.1	$ 0.1
Weighted average remaining lease term for operating leases	9 months 18 days		10 months 24 days
Weighted average discount rate for operating leases	8.00%		8.00%

Description of Business, Organization and Liquidity

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of Business, Organization and Liquidity

1. DESCRIPTION OF BUSINESS, ORGANIZATION AND LIQUIDITY

Business and Organization

Galecto, Inc., together with its consolidated subsidiaries (the “Company” or “Galecto”), is a clinical-stage biotechnology company developing novel therapeutics that are designed to target the biological processes that lie at the heart of fibrotic diseases and cancer. The Company’s initial focus is on the development of small molecule inhibitors of galectin-3 and lysyl oxidase-like 2 ("LOXL2”), which play key roles in regulating fibrosis and cancer.

As of March 31, 2024, the Company’s wholly owned subsidiaries were PharmAkea, Inc. or PharmAkea, Galecto Securities Corporation, and Galecto Biotech AB, a Swedish company. Galecto Biotech ApS, a Danish operating company, is a wholly-owned subsidiary of Galecto Biotech AB.

Risks and uncertainties

The Company is subject to risks common to companies in the biotechnology industry, including, but not limited to, new technological innovations, protection of proprietary technology, dependence on key personnel, compliance with government regulations and the need to obtain additional financing. Product candidates currently under development will require significant additional research and development efforts, including extensive preclinical and clinical testing and regulatory approval, prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel infrastructure and extensive compliance reporting capabilities.

The Company’s product candidates are in development. There can be no assurance that the Company’s research and development will be successfully completed, that adequate protection for the Company’s intellectual property will be obtained, that any products developed will obtain necessary government regulatory approval or that any approved products will be commercially viable. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will generate significant revenue from product sales. The Company operates in an environment of rapid change in technology and substantial competition from pharmaceutical and biotechnology companies. In addition, the Company is dependent upon the services of its employees and consultants.

In September 2023, the Company undertook an organizational restructuring and determined to conduct a comprehensive exploration of strategic alternatives. The restructuring and pursuit of strategic alternatives involves risks. There can be no assurance that the Company’s significantly reduced workforce will be sufficient to pursue the strategic alternatives and the development of the Company’s product candidates. Additionally, availability of suitable third parties with which to conduct contemplated strategic transactions may be limited and whether the Company will be able to pursue a strategic transaction, or whether any transaction, if pursued, will be completed on attractive terms or at all is uncertain.

Liquidity and management plans

Since inception, the Company has devoted substantially all its efforts to business planning, research and development,

recruiting management and technical staff and raising capital, and has financed its operations primarily through the issuance of redeemable convertible preferred shares, debt financings, the Company’s initial public offering (“IPO”) and sales of the Company's common stock in "at-the-market" offerings.

As of March 31, 2024, the Company had an accumulated deficit of $261.6 million, from recurring losses since inception in 2011. The Company has incurred recurring losses and has not generated revenue as no products have obtained the necessary regulatory approval in order to market products. The Company expects to continue to incur losses as a result of costs and expenses related to the Company’s clinical development and corporate general and administrative activities. The Company had negative cash flows from operating activities during the three months ended March 31, 2024 and 2023 of $5.9 million and $9.1 million, respectively, and current projections indicate that the Company will have continued negative cash flows for the foreseeable future as it continues to fund operating expenses. Net losses incurred for the three months ended March 31, 2024 and 2023 were $5.5 million and $13.0 million, respectively.

As of March 31, 2024, the Company’s cash, cash equivalents and marketable securities amounted to $27.2 million and current assets amounted to $30.5 million and current liabilities amounted to $4.3 million. At December 31, 2023, the Company’s cash, cash

equivalents and marketable securities amounted to $33.2 million, current assets amounted to $36.8 million and current liabilities amounted to $5.8 million.

On September 26, 2023, the Company announced a restructuring plan to reduce the Company's operations to preserve financial resources, resulting in a reduction of the Company’s workforce by up to 29 people, or approximately 70% of the Company's then existing headcount. As of March 31, 2024, the Company has incurred $3.4 million in restructuring charges in connection with the restructuring, consisting primarily of cash-based expenses related to employee severance and notice period payments, benefits and related costs and believes that the execution of the restructuring plan has been substantially completed.

Additionally, the Company has initiated a process to evaluate strategic alternatives in order to maximize stockholder value. As part of the strategic review process, the Company is exploring potential strategic alternatives that include, without limitation, an acquisition, merger, business combination or other transactions. The Company is also exploring strategic alternatives related to its product candidates and related assets, including, without limitation, licensing transactions and asset sales. There can be no assurance that the strategic review process will result in the Company pursuing a transaction, or that any transaction, if pursued, will be completed on terms favorable to the Company and its stockholders.

Restructuring Activities - Summary of Restructuring Costs Pertaining to Restructuring Plan (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Restructuring Costs [Abstract]
Restructuring costs, beginning balance	$ 1,734	$ 0
Restructuring expenses incurred	3,400	3,448
Payments	(1,249)	(1,593)
Non-cash charges		(121)
Restructuring costs, ending balance	$ 485	$ 1,734

Property and Equipment, Net (Tables)

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Summary of Property and Equipment

Property and equipment as of March 31, 2024 consisted of the following (in thousands):


	March 31,			December 31,
	2024			2023
Equipment	$	107		$	107
Less: accumulated depreciation		(34	)		(29	)
Equipment, net	$	73		$	78

Description of Business, Organization and Liquidity - Additional Information (Details) $ in Thousands		3 Months Ended		12 Months Ended
	Sep. 26, 2023 People	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Description Of Business Organization And Liquidity [Line Items]
Accumulated deficit		$ 261,562		$ 256,085
Net loss		(5,477)	$ (12,994)
Cash flows from operating activities		(5,936)	$ (9,134)
Cash, cash equivalents and marketable securities		27,200		33,200
Current assets		30,541		36,774
Current liabilities		4,318		5,830
Restructuring charges		$ 3,400		$ 3,448
Work force reduction precentage	70.00%
Number of employees reduced due to restructuring \| People	29

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2024
Accounting Policies [Abstract]
Recently issued accounting standards	Recently issued accounting standards The Company periodically reviews new accounting standards that are issued and has not identified any new standards that it believes merit further discussion or would have a significant impact on its financial statements.

Investments

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Investments

3. INVESTMENTS

Cash in excess of the Company’s immediate requirements is invested in accordance with the Company’s investment policy that primarily seeks to maintain adequate liquidity and preserve capital.

A summary of the Company’s available-for-sale investments as of March 31, 2024 and December 31, 2023 consisted of the following (in thousands):


	At March 31, 2024
	Amortized		Gross Unrealized		Gross Unrealized			Fair
Marketable securities:	Cost		Gains		Losses			Value
Corporate bonds	$	6,081	$	—	$	(1	)	$	6,080
Total	$	6,081	$	—	$	(1	)	$	6,080

	At December 31, 2023
	Amortized		Gross Unrealized		Gross Unrealized			Fair
Marketable securities:	Cost		Gains		Losses			Value
Corporate bonds	$	11,720	$	—	$	(34	)	$	11,686
Total	$	11,720	$	—	$	(34	)	$	11,686

Stock-Based Compensation

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

10. STOCK-BASED COMPENSATION

Employee equity plan

In March 2020, the Company's Board of Directors and stockholders approved the 2020 Stock Option and Grant Plan (“2020 Plan”). Holders of stock options under the 2020 Plan shall be entitled to exercise the vested portion of the stock option during the term of the grant. If a qualified exit, as defined in the 2020 Plan, occurs before the stock option vests, then all of the holders' unvested options shall vest immediately.

In October 2020, the Company's Board of Directors and stockholders approved the 2020 Equity Incentive Plan (“2020 Equity Plan”). Following the adoption of the 2020 Equity Plan, no further options are available to be issued under the 2020 Plan. Stock-based awards granted under the 2020 Equity Plan generally vest over a four-year period and expire ten years from the grant date. Shares available for grant under the 2020 Equity Plan will cumulatively increase by 5 percent of the number of shares of common stock issued and outstanding on January 1st each year until 2030. At March 31, 2024, the Company had 2,486,741 shares available for future grant under the 2020 Equity Plan.

The following table sets forth the activity for the Company’s stock options during the three months ended March 31, 2024:


	Number of Options			Weighted- average exercise price per share		Weighted- average remaining contractual term (in years)		Aggregate intrinsic value
Outstanding at December 31, 2023		6,886,889		$	4.58		6.7	$	—
Granted		—			—		—		—
Cancelled		(891,925	)		4.38		—		—
Outstanding at March 31, 2024		5,994,964		$	4.60		6.9	$	—
Vested and expected to vest at March 31, 2024		5,710,318		$	4.57		7.0	$	—
Vested and exercisable at March 31, 2024		4,435,373		$	5.07		6.5	$	—

The weighted-average grant date fair value of all stock-based awards granted for the three months ended March 31, 2024 was $0.71. The intrinsic value at March 31, 2024 and December 31, 2023 was based on the closing price of the Company’s common stock on these dates of $0.78 and $0.72 per share, respectively.

In November 2022, the Company's Board of Directors approved the 2022 Inducement Plan (the “Inducement Plan”), which allows for the grant of equity awards to be made to a new employee where the equity award is a material inducement to an employee entering into employment with the Company. The Inducement Plan was adopted by the Company's Board of Directors without stockholder approval pursuant to Nasdaq Listing Rule 5635(c)(4). A total of 250,000 shares of the Company's common stock have been reserved for issuance under the Inducement Plan. As of March 31, 2024, no shares have been issued under the Inducement Plan.

Restricted stock units

In January 2024, the Company granted 855,000 restricted stock units, or RSUs, to its employees under the 2020 Equity Plan. The weighted average grant date fair value of the time-based RSUs was $0.71 for the three months ended March 31, 2024.The RSUs vest 33% after one-year from the grant date and 17% every six-months thereafter. For the three months ended March 31, 2024, the Company recognized approximately $47,000 expense related to the RSUs.

The following table sets forth the activity for the Company’s RSUs during the three months ended March 31, 2024:


	Restricted Stock Units			Weighted- average grant date fair value
Total nonvested units at December 31, 2023		—		$	—
Granted		855,000			0.71
Cancelled		(35,000	)		0.71
Total nonvested units at March 31, 2024		820,000		$	0.71

Stock-based compensation

The grant date fair value of stock-based awards vested during the three months ended March 31, 2024 and 2023 was $1.3 million and $2.2 million, respectively. Total unrecognized compensation expense related to unvested options granted under the Company’s stock-based compensation plan was $4.1 million at March 31, 2024, which is expected to be recognized over a weighted average period of 1.6 years. The Company recorded stock-based compensation expense related to the issuance of stock as follows (in thousands):


	Three Months Ended March 31,
	2024		2023
Research and development	$	629	$	684
General and administrative		730		750
Total stock-based compensation	$	1,359	$	1,434

The Company uses a Black-Scholes option pricing model to determine fair value of its stock options. The Black-Scholes option pricing model includes various assumptions, including the fair value of common shares, expected life of stock options, the expected volatility based on the historical volatility of a publicly traded set of peer companies and the expected risk-free interest rate based on the implied yield on a U.S. Treasury security.

The fair values of the options granted were estimated using the following assumptions:


	Three Months Ended
	March 31,
	2024			2023
Risk-free interest rate		3.9	%		3.8	%
Expected term (in years)		5.9			6.1
Expected volatility		94.6	%		90.7	%
Expected dividend yield		—			—

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Summary of Assets Measured at Fair Value

A summary of the assets that are measured at fair value as of March 31, 2024 and December 31, 2023 is as follows (in thousands):


	Fair Value Measurement at March 31, 2024
Assets:	Carrying Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Money market funds(1)	$	11,481	$	11,481	$	—	$	—
Debt securities		6,080		—		6,080		—
Total	$	17,561	$	11,481	$	6,080	$	—

	Fair Value Measurement at December 31, 2023
Assets:	Carrying Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Money market funds(1)	$	13,610		13,610		—		—
Debt securities		11,686		—		11,686		—
Total	$	25,296	$	13,610	$	11,686	$	—

(1)

Money market funds with maturities of 90 days or less at the date of purchase are included within cash and cash equivalents in the accompanying condensed consolidated balance sheets and are recognized at fair value.

Prepaid Expenses and Other Current Assets

3 Months Ended

Mar. 31, 2024

Prepaid Expense and Other Assets, Current [Abstract]

Prepaid Expenses and Other Current Assets

6. PREPAID EXPENSES AND OTHER CURRENT ASSETS

Prepaid expenses and other current assets consist of the following (in thousands):


	March 31,		December 31,
	2024		2023
Research and development tax credit receivable	$	1,420	$	1,438
Contract research and development costs		944		1,046
Prepaid insurance costs		534		774
Value-added tax refund receivable		283		280
Other		189		85
Total prepaid expenses and other current assets	$	3,370	$	3,623

Stock-Based Compensation - Summary of Stock-based Compensation Expenses Related to Issuance of Stock (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	$ 1,359	$ 1,434
Research and Development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	629	684
General and Administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	$ 730	$ 750

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Leases - Quantitative Information Regarding Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Lease Cost
Operating lease cost (in thousands)	$ 96	$ 137
Operating cash flows paid for amounts included in the measurement of lease liabilities (in thousands)	$ 92	$ 148

Restructuring Activities - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended	12 Months Ended
	Sep. 30, 2023	Mar. 31, 2024	Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]
Employees retention bonus payable	$ 1,200,000
Retention accrual recognized		$ 500,000	$ 400,000
Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring plan, eliminated workforce	70.00%
Restructuring costs			3,400,000
Impairment charge related to leased facility			$ 29,000

Schedule of Basic and Diluted Net Loss Per Share

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Net Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Basic and diluted net loss per share is calculated as follows (in thousands except share and per share amounts):


	Three Months Ended March 31,
	2024			2023
Net loss	$	(5,477	)	$	(12,994	)
Weighted-average number of shares used in computing net loss per common share, basic and diluted		27,112,697			25,672,902
Net loss per common share, basic and diluted	$	(0.20	)	$	(0.51	)

Schedule of Antidilutive Securities Excluded from Calculation of Diluted Net Loss Per Share

The following outstanding potentially dilutive securities have been excluded from the calculation of diluted net loss per share, as their effect is anti-dilutive:


	Three Months Ended March 31,
	2024		2023
Stock options to purchase common stock		5,994,964		7,550,469
Restricted stock units		820,000		—

Prepaid Expenses and Other Current Assets (Tables)

3 Months Ended

Mar. 31, 2024

Prepaid Expense and Other Assets, Current [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following (in thousands):


	March 31,		December 31,
	2024		2023
Research and development tax credit receivable	$	1,420	$	1,438
Contract research and development costs		944		1,046
Prepaid insurance costs		534		774
Value-added tax refund receivable		283		280
Other		189		85
Total prepaid expenses and other current assets	$	3,370	$	3,623

Investments (Tables)

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Summary of Available-for-Sale Investments

A summary of the Company’s available-for-sale investments as of March 31, 2024 and December 31, 2023 consisted of the following (in thousands):


	At March 31, 2024
	Amortized		Gross Unrealized		Gross Unrealized			Fair
Marketable securities:	Cost		Gains		Losses			Value
Corporate bonds	$	6,081	$	—	$	(1	)	$	6,080
Total	$	6,081	$	—	$	(1	)	$	6,080

	At December 31, 2023
	Amortized		Gross Unrealized		Gross Unrealized			Fair
Marketable securities:	Cost		Gains		Losses			Value
Corporate bonds	$	11,720	$	—	$	(34	)	$	11,686
Total	$	11,720	$	—	$	(34	)	$	11,686

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Summary of Significant Accounting Policies

Leases

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Leases

7. LEASES

The Company has the following operating leases:


Location	Primary Use	Lease Expiration Date	Renewal Option
Copenhagen, Denmark	Corporate headquarters	January 2025	None
London, United Kingdom	Office Space	February 2024	None

The Company has no finance leases and has elected to apply the short-term lease exception to all leases of one year or less. Rent expense for the three months ended March 31, 2024 and 2023 was $0.1 million during both periods.

Quantitative information regarding the Company’s leases for the three months ended March 31, 2024 and 2023 was as follows:


	Three Months Ended March 31,
Lease Cost	2024		2023
Operating lease cost (in thousands)	$	96	$	137
Other Information
Operating cash flows paid for amounts included in the measurement of lease liabilities (in thousands)	$	92	$	148
Operating lease liabilities arising from obtaining right-of-use assets (in thousands)	$	—	$	—

As of March 31, 2024 and December 31, 2023, the weighted average remaining lease term for operating leases was 0.8 years and 0.9 years, respectively.

As of March 31, 2024 and December 31, 2023, the weighted average discount rate for operating leases was 8% for both periods.

Operating lease liabilities at March 31, 2024 are as follows (in thousands):


	Operating
Future Lease Payments	Leases
2024 (excluding the period ended March 31, 2024)	$	145
2025		16
2026		—
2027		—
2028		—
Total lease payments		161
Less: imputed interest		(6	)
Total lease liabilities	$	155

Stock-Based Compensation - Summary of Stock Options Activity (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Number of Options, Outstanding	6,886,889
Number of Options, Granted	0
Number of Options, Cancelled	(891,925)
Number of Options, Outstanding	5,994,964	6,886,889
Number of Options, Vested and expected to vest	5,710,318
Number of Options, Vested and exercisable	4,435,373
Weighted average exercise price per share, Outstanding	$ 4.58
Weighted average exercise price per share, Granted	0
Weighted average exercise price per share, Cancelled	4.38
Weighted average exercise price per share, Outstanding	4.6	$ 4.58
Weighted average exercise price per share, Vested and expected	4.57
Weighted average exercise price per share, Vested and exercisable	$ 5.07
Weighted average remaining contractual term (in years), Outstanding	6 years 10 months 24 days	6 years 8 months 12 days
Weighted average remaining contractual term (in years), Vested and expected to vest	7 years
Weighted average remaining contractual term (in years), Vested and exercisable	6 years 6 months
Aggregate intrinsic value, Granted	$ 0
Aggregate intrinsic value, Cancelled	0
Aggregate intrinsic value, Outstanding	0
Aggregate intrinsic value, Vested and expected to vest	$ 0

Property and Equipment, Net - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 5,000	$ 18,000

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accompanying interim condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”).

The accompanying interim condensed consolidated financial statements as of March 31, 2024 and for the three months ended March 31, 2024 and 2023, and related interim information contained within the notes to the interim condensed consolidated financial statements, are unaudited. In management’s opinion, the unaudited interim condensed consolidated financial statements have been prepared on the same basis as the Company’s audited consolidated financial statements and include all adjustments (including normal recurring adjustments) necessary for the fair presentation of the Company’s financial position as of March 31, 2024, results of operations, statement of stockholders’ equity for the three months ended March 31, 2024 and 2023 and its cash flows for the three months ended March 31, 2024 and 2023. All intercompany balances and transactions have been eliminated. These unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and accompanying notes contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as filed with the Securities and Exchange Commission (“SEC”) on March 8, 2024 ("2023 Consolidated Financial Statements"). The results for the three months ended March 31, 2024 are not necessarily indicative of the results expected for the full fiscal year or any interim period.

For the three months ended March 31, 2024, there have been no material changes to the significant accounting policies as disclosed in Note 2 to the 2023 Consolidated Financial Statements.

Recently issued accounting standards

The Company periodically reviews new accounting standards that are issued and has not identified any new standards that it believes merit further discussion or would have a significant impact on its financial statements.

Fair Value Measurements

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

5. FAIR VALUE MEASUREMENTS

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value are performed in a manner to maximize the use of observable inputs and minimize the use of unobservable inputs.

The Company classified its money market funds within Level 1 because their fair values are based on their quoted market prices. The Company classified its debt securities within Level 2 because their fair values are determined using alternative pricing sources or models that utilized market observable inputs.

A summary of the assets that are measured at fair value as of March 31, 2024 and December 31, 2023 is as follows (in thousands):


	Fair Value Measurement at March 31, 2024
Assets:	Carrying Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Money market funds(1)	$	11,481	$	11,481	$	—	$	—
Debt securities		6,080		—		6,080		—
Total	$	17,561	$	11,481	$	6,080	$	—

	Fair Value Measurement at December 31, 2023
Assets:	Carrying Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Money market funds(1)	$	13,610		13,610		—		—
Debt securities		11,686		—		11,686		—
Total	$	25,296	$	13,610	$	11,686	$	—

(1)

Schedule of Accrued Expenses and Other Current Liabilities

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net loss	$ (5,477,000)	$ (12,994,000)
Adjustment to reconcile net loss to net cash used in operating activities:
Depreciation	5,000	18,000
Stock-based compensation	1,359,000	1,434,000
Amortization of premiums and discounts on marketable securities	(12,000)	(154,000)
Amortization of right of use lease asset	93,000	121,000
Accretion of lease liability	4,000	16,000
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	252,000	(194,000)
Other assets, noncurrent	(582,000)	(212,000)
Accounts payable	(37,000)	200,000
Accrued expenses and other current liabilities	(1,449,000)	2,779,000
Operating lease liabilities	(92,000)	(148,000)
Net cash used in operating activities	(5,936,000)	(9,134,000)
Cash flows from investing activities:
Purchases of marketable securities		(12,751,000)
Proceeds from sale of marketable securities	5,650,000	14,125,000
Net cash provided by investing activities	5,650,000	1,374,000
Cash flows from financing activities:
Proceeds from issuance of common stock, net of issuance costs		23,000
Net cash provided by financing activities		23,000
Net decrease in cash and cash equivalents	(286,000)	(7,737,000)
Effect of exchange rate changes on cash and cash equivalents	(88,000)	19,000
Cash and cash equivalents, beginning of period	21,465,000	32,786,000
Cash and cash equivalents, end of period	$ 21,091,000	$ 25,068,000

Accrued Expenses And Other Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2024

Payables and Accruals [Abstract]

Accrued expenses and other current liabilities consist of the following (in thousands):


	March 31,		December 31,
	2024		2023
Employee compensation costs	$	1,166	$	987
Restructuring costs		485		1,734
Contract research and development costs		420		685
Operating lease liabilities, current		155		183
Other liabilities		427		539
Total accrued expenses and other current liabilities	$	2,653	$	4,128

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Stock Options Activity

The following table sets forth the activity for the Company’s stock options during the three months ended March 31, 2024:


	Number of Options			Weighted- average exercise price per share		Weighted- average remaining contractual term (in years)		Aggregate intrinsic value
Outstanding at December 31, 2023		6,886,889		$	4.58		6.7	$	—
Granted		—			—		—		—
Cancelled		(891,925	)		4.38		—		—
Outstanding at March 31, 2024		5,994,964		$	4.60		6.9	$	—
Vested and expected to vest at March 31, 2024		5,710,318		$	4.57		7.0	$	—
Vested and exercisable at March 31, 2024		4,435,373		$	5.07		6.5	$	—

Summary of Stock-based Compensation Expense

The Company recorded stock-based compensation expense related to the issuance of stock as follows (in thousands):


	Three Months Ended March 31,
	2024		2023
Research and development	$	629	$	684
General and administrative		730		750
Total stock-based compensation	$	1,359	$	1,434

Summary of Fair Value Assumptions of Options Granted

The fair values of the options granted were estimated using the following assumptions:


	Three Months Ended
	March 31,
	2024			2023
Risk-free interest rate		3.9	%		3.8	%
Expected term (in years)		5.9			6.1
Expected volatility		94.6	%		90.7	%
Expected dividend yield		—			—

Schedule of Activity for RSUs

The following table sets forth the activity for the Company’s RSUs during the three months ended March 31, 2024:


	Restricted Stock Units			Weighted- average grant date fair value
Total nonvested units at December 31, 2023		—		$	—
Granted		855,000			0.71
Cancelled		(35,000	)		0.71
Total nonvested units at March 31, 2024		820,000		$	0.71

Leases - Summary of Operating Leases (Details)	3 Months Ended
Leases - Summary of Operating Leases (Details)	Mar. 31, 2024
Copenhagen, Denmark
Operating Leased Assets [Line Items]
Operating lease, expiration date	Jan. 31, 2025
Operating lease,renewal option	None
London,United Kingdom
Operating Leased Assets [Line Items]
Operating lease, expiration date	Feb. 29, 2024
Operating lease,renewal option	None

Leases - Summary of Operating Lease Liabilities (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Future Lease Payments
2024 (excluding the period ended March 31, 2024)	$ 145
2025	16
Total lease payments	161
Less: imputed interest	(6)
Total lease liabilities	$ 155

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Beginning balance at Dec. 31, 2022	$ 61,753		$ 279,733	$ (217,736)	$ (244)
Beginning balance (in shares) at Dec. 31, 2022		25,652,392
Stock-based compensation expense	1,434		1,434
Issuance of common stock; net of issuance costs	23		23
Issuance of common stock; net of issuance costs (in shares)		21,082
Other comprehensive gain (loss), net	117				117
Net loss	(12,994)			(12,994)
Ending balance at Mar. 31, 2023	50,333		281,190	(230,730)	(127)
Ending balance (in shares) at Mar. 31, 2023		25,673,474
Beginning balance at Dec. 31, 2023	32,331		288,036	(256,085)	380
Beginning balance (in shares) at Dec. 31, 2023		27,112,697
Stock-based compensation expense	1,359		1,359
Other comprehensive gain (loss), net	(54)				(54)
Net loss	(5,477)			(5,477)
Ending balance at Mar. 31, 2024	$ 28,159		$ 289,395	$ (261,562)	$ 326
Ending balance (in shares) at Mar. 31, 2024		27,112,697

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

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Amount after tax and reclassification adjustments of other comprehensive income (loss).

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Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.

+ References + Details

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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Investments - Summary of Available-for-Sale Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Schedule of Available for Sale Securities [Line Items]
Debt Securities, Available-for-sale, Type [Extensible List]	us-gaap:CorporateDebtSecuritiesMember	us-gaap:CorporateDebtSecuritiesMember
Investments - Current
Schedule of Available for Sale Securities [Line Items]
Amortized Cost	$ 6,081	$ 11,720
Gross Unrealized Losses	(1)	(34)
Fair Value	$ 6,080	$ 11,686

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Restructuring and Related Activities [Abstract]

Restructuring Activities

3 Months Ended

Mar. 31, 2024

Restructuring Activities

11. RESTRUCTURING ACTIVITIES

In September 2023, the Company’s Board of Directors approved a restructuring plan (the “Restructuring Plan”) to reduce the Company’s operating costs and better align its workforce with the needs of its business. The Restructuring Plan eliminated approximately 70% of the Company’s workforce.

Employees affected by the Restructuring Plan obtained involuntary termination benefits pursuant to a one-time benefit arrangement. For employees who were notified of their termination in September 2023 and have no requirements to provide future service, the Company recognized the liability for the termination benefits in full at fair value at the time of termination. For employees who are required to render services beyond a minimum retention period to receive their one-time termination benefits, the Company recognized the termination benefits ratably over their future service periods. The service periods began in October 2023 and ended in December 2023. The Company recorded employee termination benefit charges during the year ended December 31, 2023 of $3.4 million and has included them as operating expenses in the Condensed Consolidated Statements of Operations and Comprehensive Loss.

Restructuring costs pertaining to the Restructuring Plan consist of the following (in thousands):


	Three Months Ended March 31, 2024
Balance at December 31, 2022	$	—
Restructuring expenses incurred		3,448
Payments		(1,593	)
Non-cash charges		(121	)
Balance at December 31, 2023		1,734
Payments		(1,249	)
Balance at March 31, 2024	$	485

The Company incurred an impairment charge related to a leased facility of $29,000 during the year ended December 31, 2023 resulting from the Restructuring Plan.

In September 2023, the Board of Directors approved arrangements designed to provide that the Company will have the continued dedication and commitment of its remaining employees, including executives, determined to be key to the Company’s planned go-forward operations. The Board of Directors approved, and management implemented, a retention program for employees remaining with the Company which includes cash retention bonuses totaling $1.2 million for certain retained employees, provided that they remain within the Company through various requisite service periods. As a result, these cash retention bonuses are being accrued over the requisite service period. With respect to the CEO of the Company, he is only entitled to a cash bonus upon the achievement of certain corporate and strategic milestones for the Company. During the period ended March 31, 2024, the Company's retention accrual was $0.5 million. During the year ended December 31, 2023, the Company's retention accrual was $0.4 million.

Stock-Based Compensation - Schedule of Activity for RSUs (Details) - Restricted Stock Units	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested shares at the beginning of the period \| shares	0
Restricted stock units, Granted \| shares	855,000
Restricted stock units, Cancelled \| shares	(35,000)
Non vested shares at the end of the period \| shares	820,000
Weighted-averagegrant date fair value
Weighted average grant-date fair value per share, Non vested shares at the beginning of the period \| $ / shares	$ 0
Weighted average grant-date fair value per Share, Granted \| $ / shares	0.71
Weighted average grant-date fair value per Share, Cancelled \| $ / shares	0.71
Weighted average grant-date fair value per share, Nonvested shares at the end of the period \| $ / shares	$ 0.71

Property and Equipment, Net

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

4. PROPERTY AND EQUIPMENT, NET

Property and equipment as of March 31, 2024 consisted of the following (in thousands):


	March 31,			December 31,
	2024			2023
Equipment	$	107		$	107
Less: accumulated depreciation		(34	)		(29	)
Equipment, net	$	73		$	78

Depreciation expense for the three months ended March 31, 2024 and 2023 was $5,000 and $18,000, respectively.

Leases (Tables)

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Summary of Operating Leases

The Company has the following operating leases:


Location	Primary Use	Lease Expiration Date	Renewal Option
Copenhagen, Denmark	Corporate headquarters	January 2025	None
London, United Kingdom	Office Space	February 2024	None

Quantitative Information Regarding Leases

Quantitative information regarding the Company’s leases for the three months ended March 31, 2024 and 2023 was as follows:


	Three Months Ended March 31,
Lease Cost	2024		2023
Operating lease cost (in thousands)	$	96	$	137
Other Information
Operating cash flows paid for amounts included in the measurement of lease liabilities (in thousands)	$	92	$	148
Operating lease liabilities arising from obtaining right-of-use assets (in thousands)	$	—	$	—

Summary of Operating Lease Liabilities

Operating lease liabilities at March 31, 2024 are as follows (in thousands):


	Operating
Future Lease Payments	Leases
2024 (excluding the period ended March 31, 2024)	$	145
2025		16
2026		—
2027		—
2028		—
Total lease payments		161
Less: imputed interest		(6	)
Total lease liabilities	$	155

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2024	Apr. 24, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-39655
Entity Registrant Name	GALECTO, INC.
Entity Central Index Key	0001800315
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	37-1957007
Entity Address, Address Line One	75 State Street
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02109
City Area Code	+45
Local Phone Number	70 70 52 10
Title of 12(b) Security	Common Stock, par value $0.00001 per share
Trading Symbol	GLTO
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		27,112,697

Net Loss Per Share - Schedule of Antidilutive Securities Excluded from Calculation of Diluted Net Loss Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Stock Options to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	5,994,964	7,550,469
Restricted Stock Units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	820,000

Net Loss Per Share - Schedule of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Net loss	$ (5,477)	$ (12,994)
Weighted-average number of shares used in computing net loss per common share, basic	27,112,697	25,672,902
Weighted-average number of shares used in computing net loss per common share, diluted	27,112,697	25,672,902
Net loss per common share, basic	$ (0.2)	$ (0.51)
Net loss per common share, diluted	$ (0.2)	$ (0.51)

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.