Galera receives FDA CRL for avasopasem, cuts workforce 70%, Q2 net loss $20.7M

Galera Therapeutics, Inc.

FDA issued Complete Response Letter for avasopasem NDA; additional clinical trial required for resubmission.
Company reduced workforce by ~70% to extend cash runway into Q2 2024.
Q2 net loss $(20.7)M, $(0.48) per share; R&D $7.6M, G&A $9.2M.
Cash, equivalents and investments $38.8M as of June 30, 2023.
Orphan drug designation for rucosopasem in pancreatic cancer; GRECO trials enrollment ongoing.

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.99

Galera Therapeutics, Inc. reported the second quarter ended June 30, 2023 results: net income a net loss of $(20.7) million, or $(0.48) per share, EPS $(0.48) per share.

Period: the second quarter ended June 30, 2023
Net income: a net loss of $(20.7) million, or $(0.48) per share
EPS: $(0.48) per share
Result: reported results

Exact text from the filing

Galera Therapeutics, Inc. (Nasdaq: GRTX), a clinical-stage biopharmaceutical company focused on developing and commercializing a pipeline of novel, proprietary therapeutics that have the potential to transform radiotherapy in cancer, today announced financial results for the second quarter ended June 30, 2023, and provided recent corporate updates.

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Galera Therapeutics, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-211441

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