Galectin Therapeutics Q3 net loss $14M; cash $20.4M; Chairman exercises warrants for $10M

GALECTIN THERAPEUTICS INC

2023-Q3 EPS reported -$0.58

Net loss $14.0M ($0.24/sh) vs $8.6M ($0.14/sh) YoY; includes $3.6M non-cash deemed dividend from warrant modification.
Cash and equivalents $20.4M at Sept 30; additional $30M available under chairman's credit line.
Chairman Uihlein exercised 2.2M warrants at $4.49/sh for $10M gross proceeds; Dr. Benjamin Carson nominated to board.
R&D expenses $7.7M (up from $6.6M) on hiring and belapectin activities; G&A $1.4M (down from $1.5M).
Interim analysis for NAVIGATE belapectin trial on track for Q4 2023; company believes funded through Dec 2024.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

GALECTIN THERAPEUTICS INC reported the three months ended September 30, 2023 results: net income net loss applicable to common stockholders of $14.0 million, or ($0.24) per share, EPS ($0.24) per share.

Period: the three months ended September 30, 2023
Net income: net loss applicable to common stockholders of $14.0 million, or ($0.24) per share
EPS: ($0.24) per share
Result: reported results

Exact text from the filing

For the three months ended September 30, 2023, the Company reported a net loss applicable to common stockholders of $14.0 million, or ($0.24) per share, compared to a net loss applicable to common stockholders of $8.6 million, or ($0.14) per share for the three months ended September 30, 2022.

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Source: SEC EDGAR

accession 0001140361-23-052731

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