Galectin Therapeutics (GALT) Q1 2026 earnings summary

Executive summary

• Focused on developing galectin-3 inhibitors for fibrotic diseases and cancer, with lead candidate belapectin targeting MASH cirrhosis and head and neck cancer; advanced program with ongoing analyses of NAVIGATE trial data in MASH cirrhosis and portal hypertension.

• NAVIGATE Phase 2b/3 trial for belapectin in MASH cirrhosis completed; top-line results presented in December 2024, showing significant reduction in varices in key subgroups.

• Preparing for key data presentations at EASL and an in-person FDA Type-C meeting in Q2 2026.

• Focused on engaging potential partners and leading experts to determine the optimal development path.

• No product revenue; operations funded by equity, debt, and related-party credit lines.

Financial highlights

• Net loss for Q1 2026 was $5.0 million, a 48% improvement from $9.6 million in Q1 2025; net loss applicable to common stockholders was $5.1 million ($0.08 per share), improved from $9.6 million ($0.15 per share) year-over-year.

• Research and development expenses decreased 66% year-over-year to $2.2 million due to completion of the NAVIGATE trial.

• General and administrative expenses increased 31% to $1.8 million, mainly from higher stock-based compensation.

• Cash and cash equivalents at March 31, 2026 were $14.1 million, with $10 million available under a line of credit.

• Net cash used in operations for Q1 2026 was $3.9 million, down from $7.7 million in Q1 2025.

Outlook and guidance

• Sufficient cash and available credit to fund planned operations and R&D through May 2027.

• Additional capital will be required beyond May 2027; future funding may come from debt, equity, or strategic transactions.

• Awaiting FDA Type C meeting in Q2 2026 to discuss NAVIGATE trial results and next steps; upcoming presentations of additional NAVIGATE biomarker analyses at EASL in May 2026.

• Continued focus on partnership opportunities to advance additional clinical programs.