Galecto Inc. Stock Price, News & Analysis

On May 2, 2022, Galecto, a clinical stage biotechnology company (NASDAQ: GLTO), announced its participation in two upcoming healthcare conferences. Management will present at the BofA Securities 2022 Healthcare Conference on May 10 at 3:40 pm ET. An additional H.C. Wainwright Global Investment Conference will take place from May 23-26, featuring an on-demand presentation. Galecto is focused on developing treatments for cancer and fibrosis, with several ongoing clinical trials, including for idiopathic pulmonary fibrosis and myelofibrosis.

Galecto, Inc. (NASDAQ: GLTO) reported its financial results for Q1 2022, highlighting significant progress in clinical trials. The company completed enrollment in two Phase 2 trials—GALACTIC-1 for idiopathic pulmonary fibrosis (IPF) and GULLIVER-2 for liver cirrhosis. The total net loss increased to $16.9 million, or $(0.67) per share, from $13.3 million, or $(0.53) per share, year-over-year. As of March 31, 2022, Galecto had approximately $101.8 million in cash and equivalents, expected to fund operations into late 2024.

Galecto, Inc. (NASDAQ: GLTO) announced the completion of patient enrollment for its Phase 2b GALACTIC-1 trial of GB0139, an inhaled galectin-3 inhibitor for idiopathic pulmonary fibrosis (IPF). The trial, involving 141 patients at 100 centers globally, aims to assess the drug's safety and efficacy over 52 weeks. IPF affects around 100,000 people in the U.S., presenting a critical unmet medical need. Results are expected in mid-2023, with GB0139 targeting a significant gap in IPF treatment options.

Galecto, Inc. (NASDAQ: GLTO) has completed enrollment in Parts 2 and 3 of its GULLIVER-2 trial, evaluating GB1211 for liver cirrhosis. Part 1 revealed GB1211 was well-tolerated in patients with moderate hepatic impairment. Part 2 is a 12-week, placebo-controlled study monitoring safety and efficacy in 30 liver cirrhosis patients. Part 3 will assess pharmacokinetics in patients with severe impairment. Results are expected in Q4 2022, as GB1211 shows promise in treating a disease with limited options. Over 100 million worldwide suffer from liver cirrhosis.

Galecto, Inc. (NASDAQ: GLTO) reported its 2021 financial results, highlighting significant pipeline advancements and a robust cash position. The company advanced GB2064 and GB1211 into Phase 2 clinical trials, alongside its ongoing GALACTIC-1 trial for idiopathic pulmonary fibrosis. Galecto has approximately $109.2 million in cash, expected to sustain operations into 2H 2024. Operating expenses increased to $52.2 million, resulting in a net loss of $51.8 million or $(2.05) per share.

Galecto, Inc. (NASDAQ: GLTO), a biotechnology company focused on fibrosis and cancer treatments, announced participation in two upcoming conferences. The SVB Leerink Healthcare Conference is set for February 16, 2022, at 8:00 am ET, with a live webcast available. The Credit Suisse London Healthcare Conference will take place March 1-4, 2022, featuring one-on-one meetings. Galecto is developing innovative therapies, including a Phase 2b inhaled modulator for idiopathic pulmonary fibrosis.

Galecto, Inc. (NASDAQ: GLTO) announced positive results from the GALACTIC-1 trial, evaluating the safety and efficacy of GB0139, an inhaled galectin-3 inhibitor, in patients with severe lung disease related to COVID-19. The study achieved its primary endpoint with no treatment-related adverse events and a significant reduction in serum galectin-3 levels (p<0.01). Additionally, patients showed decreased oxygen requirements and a 21% reduction in mortality among high-risk groups. The company plans to amend the trial protocol to reduce the target patient population, aiming for topline results in mid-2023.

Galecto, Inc. (NASDAQ: GLTO) has appointed Dr. Stephanie Oestreich as the new Chief Business Officer to enhance its leadership team. Dr. Oestreich joins from Mnemo Therapeutics and has extensive experience in drug development and business transactions exceeding $2 billion. Galecto aims to advance its candidates through clinical trials, with expectations of four Phase 2 studies commencing in 2022. The company is focused on developing therapies for fibrosis and cancer, with various ongoing clinical programs in these areas.

Galecto, Inc. (NASDAQ: GLTO) has enrolled 10 out of 16 patients in its Phase 2a trial of the oral LOXL2 inhibitor GB2064 for myelofibrosis. The MYLOX-1 trial aims to assess safety and pharmacokinetics over nine months, with interim data expected in mid-2022 and topline results in 2H 2022. GB2064 has shown potent inhibition of LOXL2 in preclinical studies and completed Phase 1 trials in healthy volunteers without significant tolerability issues. The trial is positioned as a step forward in developing treatments for this serious bone marrow cancer, affecting blood cell production.