Galectin Therapeutics (GALT) Q2 2026 earnings summary

Executive summary

• Focused on developing therapies for fibrotic disease and cancer, with lead candidate belapectin targeting galectin-3 proteins for MASH cirrhosis and oncology indications.

• Achieved agreement with FDA on key elements of planned Phase 3 trial for belapectin in MASH cirrhosis and portal hypertension, with protocol submission expected in Q3 2026.

• Completed NAVIGATE Phase 2b/3 trial for belapectin in MASH cirrhosis; top-line results showed significant reduction in varices in key subgroups, though primary composite endpoint not met in ITT population.

• NAVIGATE trial data further validated, with new analyses presented at EASL and published in leading journals.

• Hosted advisory committee meeting with key opinion leaders at the inaugural SOLAR conference.

Financial highlights

• Net loss for Q2 2026 was $9.2 million, compared to $7.6 million in Q2 2025; six-month net loss was $14.2 million, improved from $17.2 million year-over-year.

• Operating expenses for six months ended June 30, 2026, were $8.1 million, down from $12.5 million in 2025, driven by lower R&D costs post-NAVIGATE trial.

• Cash and cash equivalents at June 30, 2026, were $13.3 million, with $10 million undrawn on a related party line of credit.

• Net cash used in operations for the six months was $6.3 million, a decrease from $14.3 million in the prior year period.

• General and administrative expenses increased to $1.8 million from $1.4 million year-over-year, mainly due to higher non-cash, stock-based compensation.

Outlook and guidance

• Sufficient cash and credit to fund planned operations and R&D activities through June 2027; substantial doubt remains about ability to continue as a going concern beyond that date without additional capital.

• Plans to file Phase 3 protocol for belapectin in Q3 2026 and pursue partnerships to support further development and commercialization.