Galmed Pharmaceu Financials
This page shows Galmed Pharmaceu (GLMD) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 14 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Galmed’s R&D-led funding cycle combines recurring operating losses with continued reliance on external capital.
In FY2025, operating cash flow was-$6.3M , smaller in magnitude than the net loss of-$10.3M ; the gap indicates non-cash or working-capital effects softened the cash impact, not that operations generated cash. From FY2023 to FY2025, R&D increased from$3.6M to$4.9M while operating cash use remained broadly similar, tying higher development spending to a still externally funded operating model.
The balance sheet is concentrated in short-term assets: in FY2025, current assets equal total assets at
External financing supplied
Financial Health Signals
Galmed Pharmaceu does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Galmed Pharmaceu passes 1 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).
Galmed Pharmaceu reported a net loss of $10.3M while operations used $6.3M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Galmed Pharmaceu reported -$10.3M in net income in fiscal year 2025. This represents a decrease of 37.1% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Galmed Pharmaceu held $4.0M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Galmed Pharmaceu's ROE was -65.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 19.3 percentage points from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Capital Allocation
Galmed Pharmaceu invested $4.9M in research and development in fiscal year 2025. This represents an increase of 63.6% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
GLMD Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | N/A | N/A | N/A | N/A | $0 | $0-100.0% | $2.0M+87.8% | $1.1M+132.3% | $467K | $0 | $0 | N/A | N/A |
| R&D Expenses | $4.9M+63.6% | $3.0M-16.5% | $3.6M-72.5% | $13.0M-52.3% | $27.2M+4.4% | $26.1M+43.5% | $18.2M+118.7% | $8.3M-13.9% | $9.7M-32.4% | $14.3M+87.1% | $7.6M+14.5% | $6.7M | N/A | $2.4M |
| SG&A Expenses | $3.6M+10.2% | $3.3M-15.9% | $3.9M-15.7% | $4.7M-17.8% | $5.7M+37.1% | $4.1M-1.6% | $4.2M-5.5% | $4.4M+16.9% | $3.8M+23.4% | $3.1M-5.2% | $3.2M+31.0% | $2.5M | N/A | $694K |
| Operating Income | N/A | N/A | N/A | N/A | N/A | -$30.2M-35.0% | -$22.4M-108.8% | -$10.7M+13.3% | -$12.4M | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $0 | N/A | N/A | N/A | N/A | $0 | $0-100.0% | $75K | $0-100.0% | $106K | $0-100.0% | $1K0.0% | $1K-83.3% | $6K |
| Net Income | -$10.3M-37.1% | -$7.5M-8.8% | -$6.9M+61.3% | -$17.9M+45.0% | -$32.5M-12.8% | -$28.8M-40.6% | -$20.5M-107.6% | -$9.9M+19.9% | -$12.3M+27.5% | -$17.0M-59.6% | -$10.6M-16.7% | -$9.1M | N/A | -$3.1M |
| EPS (Diluted) | $2.39 | $8.08 | $30.00 | $127.80+545.5% | $19.80 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, Interest Expense.
GLMD Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $18.6M+0.7% | $18.5M+11.3% | $16.6M+0.4% | $16.6M-54.8% | $36.6M-30.1% | $52.4M-32.1% | $77.1M-14.9% | $90.6M+361.2% | $19.6M+19.4% | $16.4M-32.2% | $24.3M-26.3% | $32.9M+19734.3% | $166K | N/A |
| Current Assets | $18.6M+15.5% | $16.1M+21.8% | $13.2M-10.1% | $14.7M-59.2% | $36.1M-30.4% | $51.8M-32.2% | $76.4M-15.5% | $90.4M+372.0% | $19.2M+21.7% | $15.7M-32.7% | $23.4M-27.3% | $32.2M+20913.7% | $153K | N/A |
| Cash & Equivalents | $4.0M-14.3% | $4.7M+62.6% | $2.9M+41.9% | $2.0M-30.1% | $2.9M-58.5% | $6.9M-56.4% | $15.9M-34.1% | $24.2M+85.5% | $13.0M+320.4% | $3.1M-25.5% | $4.2M-82.5% | $23.7M+17225.5% | $137K-80.9% | $718K |
| Total Liabilities | $2.8M+30.9% | $2.2M-21.0% | $2.8M-12.4% | $3.1M-48.6% | $6.1M-25.8% | $8.2M+12.9% | $7.3M+169.3% | $2.7M-29.7% | $3.8M-28.4% | $5.4M+97.8% | $2.7M+79.1% | $1.5M-28.3% | $2.1M | N/A |
| Current Liabilities | $2.8M+30.9% | $2.2M-21.0% | $2.8M-11.1% | $3.1M-47.4% | $5.9M-26.6% | $8.0M+15.5% | $6.9M+156.2% | $2.7M-29.7% | $3.8M-16.0% | $4.6M+80.2% | $2.5M+127.3% | $1.1M-33.8% | $1.7M | N/A |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $0-100.0% | $796K+349.7% | $177K-55.8% | $400K-6.5% | $428K | N/A |
| Total Equity | $15.8M-3.3% | $16.3M+17.6% | $13.9M+3.4% | $13.4M-56.0% | $30.5M-30.9% | $44.2M-36.8% | $69.9M-20.5% | $87.9M+456.5% | $15.8M+42.6% | $11.1M-48.6% | $21.5M-31.4% | $31.4M+1709.8% | -$2.0M+1.4% | -$2.0M |
| Retained Earnings | -$210.8M-5.1% | -$200.5M-3.9% | -$193.0M-3.7% | -$186.0M-10.6% | -$168.2M-23.9% | -$135.7M-26.9% | -$106.9M-23.7% | -$86.5M-12.9% | -$76.6M-19.1% | -$64.3M-35.8% | -$47.4M-28.9% | -$36.7M-32.9% | -$27.6M | N/A |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill.
GLMD Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$6.3M-7.4% | -$5.9M+4.2% | -$6.1M+66.8% | -$18.5M+43.8% | -$32.9M-25.1% | -$26.3M-76.0% | -$14.9M-65.5% | -$9.0M+25.2% | -$12.1M+0.5% | -$12.1M-43.1% | -$8.5M+8.3% | -$9.2M | N/A | -$3.1M |
| Capital Expenditures | N/A | N/A | N/A | $4K-63.6% | $11K-75.0% | $44K+266.7% | $12K-86.7% | $90K+650.0% | $12K-29.4% | $17K-89.3% | $159K-79.4% | $770K+5823.1% | $13K-59.4% | $32K |
| Free Cash Flow | N/A | N/A | N/A | -$18.5M+43.8% | -$32.9M-25.0% | -$26.3M-76.1% | -$14.9M-64.0% | -$9.1M+24.6% | -$12.1M+0.6% | -$12.1M-40.7% | -$8.6M+13.8% | -$10.0M | N/A | -$3.1M |
| Investing Cash Flow | -$3.4M-203.8% | -$1.1M-238.9% | $800K-95.4% | $17.6M+53.2% | $11.5M-30.7% | $16.5M+147.6% | $6.7M+111.1% | -$60.0M-1031.3% | $6.4M+1.7% | $6.3M+157.1% | -$11.1M | N/A | N/A | N/A |
| Financing Cash Flow | $9.0M+2.7% | $8.8M+42.1% | $6.2M+8735.7% | $70K-99.6% | $17.4M+2161.5% | $768K+437.1% | $143K-99.8% | $80.2M+415.7% | $15.5M+228.4% | $4.7M | $0 | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
GLMD Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -525.8% | -1139.5% | N/A | N/A | N/A | N/A | N/A |
| Net Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -483.6% | -1133.5% | -3630.2% | N/A | N/A | N/A | N/A |
| Return on Equity | -65.3%-19.3pp | -46.0%+3.8pp | -49.8%+83.3pp | -133.1%-26.6pp | -106.5%-41.3pp | -65.2%-35.9pp | -29.3%-18.1pp | -11.2%+66.7pp | -77.9%+75.2pp | -153.1%-103.8pp | -49.3%-20.3pp | -29.0% | N/A | N/A |
| Return on Assets | -55.3%-14.7pp | -40.6%+0.9pp | -41.6%+66.3pp | -107.9%-19.2pp | -88.7%-33.8pp | -54.9%-28.4pp | -26.5%-15.6pp | -10.9%+51.7pp | -62.6%+40.4pp | -103.1%-59.3pp | -43.8%-16.1pp | -27.7% | N/A | N/A |
| Current Ratio | 6.55-0.9x | 7.42+2.6x | 4.81+0.1x | 4.76-1.4x | 6.13-0.3x | 6.47-4.6x | 11.02-22.4x | 33.41+28.4x | 4.98+1.5x | 3.44-5.8x | 9.20-19.6x | 28.76+28.7x | 0.09 | N/A |
| Debt-to-Equity | 0.180.0x | 0.13-0.1x | 0.200.0x | 0.230.0x | 0.200.0x | 0.19+0.1x | 0.10+0.1x | 0.030.0x | 0.00-0.1x | 0.07+0.1x | 0.010.0x | 0.01 | N/A | N/A |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -447.1% | -1113.3% | -2600.9% | N/A | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Gross Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
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Where Galmed Pharmaceu Ranks
Frequently Asked Questions
Is Galmed Pharmaceu profitable?
No, Galmed Pharmaceu (GLMD) reported a net income of -$10.3M in fiscal year 2025.
What is Galmed Pharmaceu's return on equity (ROE)?
Galmed Pharmaceu (GLMD) has a return on equity of -65.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Galmed Pharmaceu's operating cash flow?
Galmed Pharmaceu (GLMD) recorded an outflow of $6.3M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Galmed Pharmaceu's total assets?
Galmed Pharmaceu (GLMD) had $18.6M in total assets as of fiscal year 2025, including both current and long-term assets.
How much does Galmed Pharmaceu spend on research and development?
Galmed Pharmaceu (GLMD) invested $4.9M in research and development during fiscal year 2025.
What is Galmed Pharmaceu's current ratio?
Galmed Pharmaceu (GLMD) had a current ratio of 6.55 as of fiscal year 2025, which is generally considered healthy.
What is Galmed Pharmaceu's debt-to-equity ratio?
Galmed Pharmaceu (GLMD) had a debt-to-equity ratio of 0.18 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Galmed Pharmaceu's return on assets (ROA)?
Galmed Pharmaceu (GLMD) had a return on assets of -55.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
How does Galmed Pharmaceu's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Galmed Pharmaceu (GLMD) held $11.0M in cash, cash equivalents and investments, and reported an operating cash outflow of $6.3M over that year. Dividing the one by the other, the reported balance equals about 21 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Galmed Pharmaceu's Piotroski F-Score?
Galmed Pharmaceu (GLMD) has a Piotroski F-Score of 1 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Galmed Pharmaceu's earnings high quality?
Galmed Pharmaceu (GLMD) reported a net loss of $10.3M while operations used $6.3M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.