Galecto Inc. Stock Price, News & Analysis

Galecto, Inc. (NASDAQ: GLTO) reported its Q2 2021 financial results, highlighting ongoing advancements in its fibrosis and cancer treatment pipelines. The company resumed recruitment for its GALACTIC-1 Phase 2b trial of GB0139, an inhaled galectin-3 inhibitor for idiopathic pulmonary fibrosis, after regulatory approval. Recent results indicated GB0139's efficacy in COVID-19 patients with compromised lung function. Financially, Galecto held $138 million in cash and equivalents, with R&D expenses increasing to $8.6 million due to clinical activities. The net loss for the quarter was $12.3 million, or $(0.49) per share.

Galecto, Inc. (NASDAQ: GLTO) has resumed recruitment for its Phase 2b GALACTIC-1 trial of GB0139, an inhaled treatment for Idiopathic Pulmonary Fibrosis (IPF). The revised protocol allows recruitment of patients not currently on nintedanib or pirfenidone. The trial will assess safety and efficacy over 52 weeks, with topline results expected by mid-2023. Previous studies showed GB0139 was well-tolerated and demonstrated significant effects on fibrosis biomarkers. The company aims to address the unmet medical need for IPF treatments, as 50% of patients in Europe and the US do not receive existing therapies.

Galecto, Inc. (NASDAQ: GLTO) announced positive preliminary results from a trial of its inhaled galectin-3 inhibitor, GB0139, in patients with COVID-19. The trial, involving 41 patients, demonstrated that GB0139 significantly reduced oxygen flow requirements and improved biomarkers related to lung and systemic inflammation, liver function, and coagulation. A 21% reduction in mortality was observed in the post-hoc analysis for moderate to severe cases. The company will redirect resources towards four ongoing Phase 2 trials focusing on fibrosis and cancer while exploring partnerships for further COVID-19 research.

Galecto, Inc. (GLTO) will host a KOL webinar on June 9, 2021, at 8am ET, focusing on the treatment landscape for myelofibrosis. The event will feature Dr. Srdan Verstovsek, who will discuss current treatments and opportunities for Galecto's GB2064, an oral LOXL2 inhibitor targeted at myelofibrosis. Galecto’s President will also provide updates on development status. As myelofibrosis treatments face limitations, GB2064 represents a potential advance. Registration details for the webinar can be found on their website.

Galecto, Inc. (NASDAQ: GLTO) has appointed Garrett Winslow as Senior Vice President and General Counsel. Winslow, with over 15 years of experience in the life sciences sector, will oversee legal, compliance, and enterprise risk management, reporting directly to CEO Hans Schambye. Previously, he was General Counsel at Spring Bank Pharmaceuticals and a partner at Mintz. His expertise is expected to strengthen Galecto's clinical development pipeline. The company is focused on developing novel therapies for fibrosis and cancer, with clinical programs advancing in 2021.

Galecto, Inc. (NASDAQ: GLTO) will host a key opinion leader event on June 9, 2021, to address the treatment landscape and unmet needs in myelofibrosis. The event will feature discussions on GB2064, a LOXL2 inhibitor entering phase 2 trials. Prior to this, executives will participate in investor conferences, including the Bank of America Securities Virtual Healthcare Conference on May 12 and Jefferies Virtual Healthcare Conference on June 3. Live webcasts of these events will be available on Galecto's website.

Galecto, Inc. (NASDAQ: GLTO) reported Q1 2021 financial results, highlighting a net loss of $13.3 million, or $(0.53) per share, compared to $5.7 million, or $(21.83) per share, in Q1 2020. The company is advancing its pipeline with plans for three Phase 2 clinical trials, namely MYLOX-1 for myelofibrosis, GALLANT-1 for non-small cell lung cancer, and GULLIVER-2 for liver cirrhosis. As of March 31, 2021, Galecto had $149 million in cash, expected to fund operations into 2024. R&D expenses rose to $10 million from $4.7 million due to increased clinical spending.

Galecto announced a publication in the Gastric Cancer journal highlighting the role of galectin-3 in gastric cancer progression. The study suggests that high levels of galectin-3 correlate with poor prognosis in patients. The preclinical research indicates that GB1107, a galectin-3 inhibitor, effectively inhibits tumor growth in mouse models. The company plans to initiate clinical studies for GB1211, another galectin-3 inhibitor, targeting Non-Small-Cell Lung Cancer and other cancer types.

Galecto, Inc. (GLTO) reported its 2020 operating and financial results, highlighting a successful IPO raising $160 million. Cash reserves stood at approximately $164 million, expected to fund operations into 2024. R&D expenses rose to $24.6 million, driven by the GALACTIC-1 study. The net loss decreased to $34.8 million, or $(7.62) per share, improving from $(161.82) in 2019. Galecto aims to initiate three Phase 2 trials in 2021 and continues to advance the GALACTIC-1 trial in Idiopathic Pulmonary Fibrosis (IPF) to address unmet treatment needs.