Galecto, Inc. reports beneficial ownership by Ikarian-related investors of 335,710 shares of Common Stock. The filing states the shares are held by Ikarian Healthcare Master Fund, L.P. and certain separately managed accounts, representing 0.6% of the class based on 60,232,620 shares outstanding as of February 12, 2026.
The statement is a joint filing by Ikarian Capital, LLC and Neil Shahrestani that discloses shared voting and dispositive power over the 335,710 shares.
Positive
None.
Negative
None.
Insights
Ikarian-linked accounts hold a modest 0.6% stake in Galecto.
Ikarian Healthcare Master Fund and related managed accounts are reported as holding 335,710 shares with shared voting and dispositive power. The filing clarifies manager-control relationships and mutual disclaimers among the accounts and the Fund.
Ownership is below typical 5% activist thresholds; subsequent filings could disclose changes, but timing not specified in the excerpt.
The joint Schedule 13G/A emphasizes investment-adviser control and disclaimers.
The statement explains Ikarian Capital acts as investment manager and Mr. Shahrestani controls Ikarian Capital; the Fund and managed accounts disclaim cross-beneficial ownership. This aligns with standard disclosure practice for managed-investment relationships.
Filing signatures and reference to a Joint Filing Agreement are included.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)
Galecto, Inc.
(Name of Issuer)
Common Stock, $0.00001 par value per share
(Title of Class of Securities)
02/28/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP Number(s):
1
Names of Reporting Persons
Ikarian Capital, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
335,710.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
335,710.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
335,710.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.6 %
12
Type of Reporting Person (See Instructions)
IA
Comment for Type of Reporting Person:
(1) The figures in Items 6, 8, and 9 represent common stock, $0.00001 par value per share ("Common Stock") of Galecto, Inc. (the "Issuer") held by Ikarian Healthcare Master Fund, L.P., a Cayman Islands exempted limited partnership (the "Fund"), and certain separate managed accounts. See Item 2 for more information.
(2) The figure in Item 11 is based upon 60,232,620 shares of Common Stock outstanding as of February 12, 2026, as disclosed in the Issuer's Prospectus and current report on Form 8-K, each filed with the U.S. Securities and Exchange Commission (the "SEC") on February 11, 2026.
SCHEDULE 13G
CUSIP Number(s):
1
Names of Reporting Persons
Neil Shahrestani
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
335,710.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
335,710.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
335,710.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.6 %
12
Type of Reporting Person (See Instructions)
IN, HC
Comment for Type of Reporting Person:
(1) The figures in Items 6, 8, and 9 represent Common Stock held by the Fund and certain separate managed accounts. See Item 2 for more information.
(2) The figure in Item 11 is based upon 60,232,620 shares of Common Stock outstanding as of February 12, 2026, as disclosed in the Issuer's Prospectus and current report on Form 8-K, each filed with the SEC on February 11, 2026.
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Galecto, Inc.
(b)
Address of issuer's principal executive offices:
75 State Street, Suite 100, Boston, MA 02109
Item 2.
(a)
Name of person filing:
This statement is filed jointly by and on behalf of each of Ikarian Capital, LLC, a Delaware limited liability company ("Ikarian Capital"), and Neil Shahrestani (together referred herein as the "Reporting Persons"). The Fund, and certain separately managed accounts managed by Ikarian Capital (collectively, the "Managed Accounts"), are the record owners of the securities covered by this statement. Ikarian Capital is an investment adviser registered under the Investment Advisers Act of 1940, as amended, and serves as investment manager to the Fund and as sub-adviser to the Managed Accounts, and may be deemed to have beneficial ownership of the securities covered by this statement through the investment discretion it has over the Fund and the Managed Accounts. Ikarian Capital is ultimately controlled, indirectly, by Mr. Shahrestani. Accordingly, Mr. Shahrestani may be deemed to indirectly beneficially own securities beneficially owned by Ikarian Capital. The Fund disclaims beneficial ownership of the shares held by the Managed Accounts. The Managed Accounts disclaim beneficial ownership of the shares held by the Fund.
Each Reporting Person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) or 13(g) of the Act or any other purpose, the beneficial owner of any securities covered by this statement.
Each Reporting Person may be deemed to be a member of a group with respect to the issuer or securities of the issuer for the purpose of Section 13(d) or 13(g) of the Act. Each of the Reporting Persons declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purpose of Section 13(d) or 13(g) of the Act or any other purpose, (i) acting (or has agreed or is agreeing to act together with any other person) as a partnership, limited partnership, syndicate, or other group for the purpose of acquiring, holding, or disposing of securities of the issuer or otherwise with respect to the issuer or any securities of the issuer or (ii) a member of any group with respect to the issuer or any securities of the issuer.
(b)
Address or principal business office or, if none, residence:
The address of the principal business office of each of the Reporting Persons is c/o Ikarian Capital, LLC, 100 Crescent Court, Suite 1620, Dallas, Texas 75201.
(c)
Citizenship:
See Item 4 on the cover page(s) hereto
(d)
Title of class of securities:
Common Stock, $0.00001 par value per share
(e)
CUSIP No.:
36322Q107
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
See Item 9 on the cover pages(s) hereto.
(b)
Percent of class:
See Item 11 on the cover page(s) hereto.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
See Item 5 on the cover page(s) hereto.
(ii) Shared power to vote or to direct the vote:
See Item 6 on the cover page(s) hereto.
(iii) Sole power to dispose or to direct the disposition of:
See Item 7 on the cover page(s) hereto.
(iv) Shared power to dispose or to direct the disposition of:
See Item 8 on the cover page(s) hereto.
Item 5.
Ownership of 5 Percent or Less of a Class.
Ownership of 5 percent or less of a class
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
The information set forth in Item 2(a) is incorporated by reference herein.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Ikarian Capital, LLC
Signature:
/s/ Neil Shahrestani
Name/Title:
Neil Shahrestani, Sole Manager
Date:
03/06/2026
Neil Shahrestani
Signature:
/s/ Neil Shahrestani
Name/Title:
Neil Shahrestani
Date:
03/06/2026
Comments accompanying signature:
A Joint Filing Agreement is incorporated herein by reference to Exhibit 99.1 to the Schedule 13G filed on December 5, 2025 by the Reporting Persons with the SEC.
What stake does Ikarian Capital hold in Galecto (GLTO)?
Ikarian-related accounts report beneficial ownership of 335,710 shares, representing 0.6% of Galecto's Common Stock. This percentage is based on 60,232,620 shares outstanding as of February 12, 2026.
Who filed the Schedule 13G/A for GLTO?
The filing was made jointly by Ikarian Capital, LLC and Neil Shahrestani. It states Ikarian Capital serves as investment manager and Mr. Shahrestani indirectly controls Ikarian Capital.
Does the filing show voting or dispositive power over the shares?
The filing reports shared voting power and shared dispositive power over the 335,710 shares. Sole voting and dispositive power are reported as zero for the named reporting persons.
Are the Fund and managed accounts claiming beneficial ownership of each other's shares?
No. The document states the Fund disclaims ownership of shares held by the managed accounts, and the managed accounts disclaim ownership of shares held by the Fund, per the Exhibit and Item 2 disclosures.
What source was used to calculate the percentage ownership in the filing?
The 0.6% figure is calculated using 60,232,620 shares outstanding, as disclosed in Galecto's prospectus and Form 8-K filed with the SEC on February 11, 2026.
