Galecto Announces Closing of Public Offering and Full Exercise of the Underwriters’ Option to Purchase Additional Shares for Gross Proceeds of $316.3 Million

Rhea-AI Summary

Galecto (NASDAQ: GLTO) closed an underwritten public offering of 16,644,737 common shares at $19.00 per share, including full exercise of the underwriters’ option for 2,171,052 additional shares. Gross proceeds were approximately $316.3 million before underwriting discounts, commissions and offering expenses.

Jefferies, Leerink Partners, Evercore ISI and Guggenheim Securities acted as joint book-running managers. The offering was made from an effective shelf registration dated February 10, 2026, and final prospectus documents were filed with the SEC.

Positive

• Gross proceeds of $316.3 million
• Offering fully subscribed including 2,171,052 option shares
• Price per share set at $19.00

Negative

• Share issuance of 16,644,737 may dilute existing shareholders
• Net proceeds reduced by underwriting discounts, commissions and expenses

Key Figures

Shares offered: 16,644,737 shares Underwriters’ option: 2,171,052 shares Offering price: $19.00 per share +1 more

4 metrics

Shares offered 16,644,737 shares Total common shares in the underwritten public offering including option shares

Underwriters’ option 2,171,052 shares Additional common shares from the fully exercised underwriters’ option

Offering price $19.00 per share Public offering price for the common stock

Gross proceeds $316.3 million Aggregate gross proceeds before underwriting discounts and expenses

Market Reality Check

Price: $30.03 Vol: Volume 2,174,242 is 15.32...

high vol

$30.03 Last Close

Volume Volume 2,174,242 is 15.32x the 20-day average of 141,968, indicating unusually heavy trading ahead of this offering close. high

Technical Shares at $21.80 are trading above the 200-day MA of $10.71 and 43.12% below the 52-week high.

Peers on Argus

Peer performance is mixed, with QLGN up 7.72% and TOVX up 9.92%, while ENTO and ...

Peer performance is mixed, with QLGN up 7.72% and TOVX up 9.92%, while ENTO and BDRX are down more than 5%. With GLTO up 1.3% and no peers in the momentum scanner, trading appears stock-specific around the offering.

Previous Offering Reports

2 past events · Latest: Feb 10 (Negative)

Same Type Pattern 2 events

Date	Event	Sentiment	Move	Catalyst
Feb 10	Offering priced	Negative	-10.3%	Priced $275M common stock offering at $19.00 with underwriter option.
Feb 10	Offering proposed	Negative	-10.3%	Proposed common and Series C preferred stock offering for pipeline funding.

Pattern Detected

Recent equity offerings for GLTO have prompted consistently negative reactions, with an average -10.33% move on past offering announcements.

Recent Company History

In early February 2026, Galecto announced and priced an underwritten public offering of common stock and Series C non-voting convertible preferred stock, including a $275 million common-stock tranche at $19.00 per share. These equity financings, conducted off an automatic shelf registration, saw shares fall about 10.33% the next day. Today’s release confirms closing and full exercise of the underwriters’ option, extending that February financing sequence and building on the company’s broader capital-raising strategy highlighted in recent filings.

Historical Comparison

-10.3% avg move · In the past, GLTO’s equity offerings triggered an average -10.33% move. Today’s modest +1.3% pre-clo...

offering

-10.3%

Average Historical Move offering

In the past, GLTO’s equity offerings triggered an average -10.33% move. Today’s modest +1.3% pre-close gain contrasts with those prior dilutive reactions.

Financing has progressed from a proposed and then priced offering on February 10, 2026 to today’s closing with full option exercise under the automatic shelf.

Regulatory & Risk Context

Active S-3 Shelf

Shelf Active

Active S-3 Shelf Registration 2026-02-10

Galecto has an active automatic shelf registration on Form S-3ASR filed on February 10, 2026, effective through February 10, 2029. It allows issuance of common stock, preferred stock, debt securities, warrants and units via prospectus supplements. The company has already used this shelf for at least 2 offerings (recent 424B5 filings), enabling flexible, repeated access to capital markets for its hematologic cancer programs.

Market Pulse Summary

This announcement confirms closing of Galecto’s underwritten public offering, including full exercis...

Analysis

This announcement confirms closing of Galecto’s underwritten public offering, including full exercise of the underwriters’ option, for gross proceeds of $316.3 million at $19.00 per share. The deal expands the common share base while adding significant cash, following earlier February offering steps under an automatic S-3ASR shelf. Investors may track how this capital supports hematology programs, future shelf usage, and any additional equity or preferred issuances disclosed in subsequent filings.

Key Terms

underwritten public offering, shelf registration statement, prospectus supplement

3 terms

underwritten public offering financial

"announced the closing of its previously announced underwritten public offering of 16,644,737 shares"

An underwritten public offering is when a company sells new shares of its stock to the public with the help of a financial firm, called an underwriter. The underwriter agrees to buy all the shares upfront, reducing the company's risk, and then sells them to investors. This process helps companies raise money quickly and confidently from a wide range of buyers.

shelf registration statement regulatory

"An automatically effective shelf registration statement relating to these securities was filed"

A shelf registration statement is a document a company files with regulators that allows it to sell shares or bonds quickly when it’s a good time to raise money. It’s like having a pre-approved plan ready so the company can act fast without going through lengthy paperwork each time they want to sell, making fundraising more flexible.

prospectus supplement regulatory

"by means of a written prospectus, including a prospectus supplement, forming a part of an effective registration"

A prospectus supplement is an additional document provided alongside a company's main offering details, offering updated or extra information about a specific financial product being sold. It helps investors understand the latest terms, risks, and details of the investment, similar to how an update or revision clarifies or expands on original instructions, ensuring they have current and complete information before making a decision.

AI-generated analysis. Not financial advice.

BOSTON, Feb. 12, 2026 (GLOBE NEWSWIRE) -- Galecto, Inc. (NASDAQ: GLTO), a biopharmaceutical company focused on developing novel therapeutics to redefine the treatment paradigm for people living with blood cancers, today announced the closing of its previously announced underwritten public offering of 16,644,737 shares of its common stock, including the full exercise of the underwriters’ option to purchase up to 2,171,052 additional shares, at a public offering price of $19.00 per share. The aggregate gross proceeds to Galecto from the offering were approximately $316.3 million, before deducting underwriting discounts and commissions and offering expenses payable by Galecto.

Jefferies, Leerink Partners, Evercore ISI and Guggenheim Securities acted as joint book-running managers for the offering.

An automatically effective shelf registration statement relating to these securities was filed with the Securities and Exchange Commission (SEC) on February 10, 2026. This offering was made only by means of a written prospectus, including a prospectus supplement, forming a part of an effective registration statement. A copy of the final prospectus supplement and the accompanying prospectus relating to the offering have been filed with the SEC, are available on the SEC’s website at www.sec.gov and may be obtained from: Jefferies LLC (Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, New York 10022; telephone: 877-821-7388; or email: Prospectus_Department@Jefferies.com); Leerink Partners LLC (Attention: Syndicate Department, 53 State Street, 40th Floor, Boston, Massachusetts 02109; telephone: 800-808-7425 ext. 6105; or email: syndicate@leerink.com); Evercore Group L.L.C. (Attention: Equity Capital Markets, 55 East 52nd Street, 35th Floor, New York, New York 10055; telephone: 888-474-0200; or email: ecm.prospectus@evercore.com); or Guggenheim Securities, LLC (Attention: Equity Syndicate Department, 330 Madison Avenue, 8th Floor, New York, New York 10017; telephone: 212-518-9544; or email: GSEquityProspectusDelivery@guggenheimpartners.com).

This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

About Galecto, Inc.

Galecto, Inc. is a clinical-stage biotechnology company advancing a pipeline of antibody therapeutics to transform treatment of a broad spectrum of hematological cancers. Galecto’s pipeline includes a highly differentiated mutant calreticulin (mut-CALR)-driven myeloproliferative neoplasm portfolio targeting essential thrombocythemia and myelofibrosis. Galecto’s pipeline also includes GB3226, a first-in-class preclinical dual inhibitor of ENL-YEATS and FLT3 for the treatment of multiple genetic subsets of acute myeloid leukemia.

Media Contact:
Lia Dangelico
Deerfield Group
lia.dangelico@deerfieldgroup.com

Investor Contact:
Brian Ritchie
LifeSci Advisors
britchie@lifesciadvisors.com

FAQ

How many shares did Galecto (GLTO) sell in the February 12, 2026 offering?

Galecto sold 16,644,737 common shares in the offering, including the full option shares. According to the company, the underwriters fully exercised an option for 2,171,052 additional shares to complete the issuance at closing.

What was the offering price per share for Galecto (GLTO) on February 12, 2026?

The offering price was $19.00 per share for the common stock. According to the company, that price produced aggregate gross proceeds of about $316.3 million before fees and expenses.

How much gross cash did Galecto (GLTO) raise from the February 2026 offering?

Galecto raised approximately $316.3 million in gross proceeds from the completed offering. According to the company, that figure is before deducting underwriting discounts, commissions and offering expenses payable by Galecto.

Who managed Galecto's (GLTO) public offering closed February 12, 2026?

Jefferies, Leerink Partners, Evercore ISI and Guggenheim Securities acted as joint book-running managers. According to the company, these firms coordinated the underwritten public offering and prospectus distribution.

Was Galecto's (GLTO) underwriters' option fully exercised in the February 2026 deal?

Yes, the underwriters' option to purchase additional shares was fully exercised for 2,171,052 shares. According to the company, inclusion of those shares was part of the offering that closed on February 12, 2026.

Where can investors find the final prospectus for Galecto's (GLTO) February 2026 offering?

Investors can access the final prospectus and supplement via the SEC website or from the managing underwriters. According to the company, copies were filed with the SEC and are available through listed syndicate contacts.