Galecto Reports Third Quarter 2024 Financial Results
GLTO 11.01.2024
Drug:BRM-1420-001 BRM-1420
Drug:GB1211-001 GB1211
Diseases:acute myeloid leukemia (AML)
Diseases:metastatic melanoma
Diseases:head and neck squamous cell carcinoma
About Gravity Analytica
- Completed strategic review to focus on oncology and severe liver diseases
- Announced acquisition of global rights to BRM-1420, a dual ENL-YEATS and FLT3 inhibitor for multiple genetic subsets of AML from Bridge Medicines
- Appointed Dr.
“The third quarter was a pivotal period for
Corporate Highlights
- Entered into an Asset Purchase Agreement with Bridge Medicines and acquired global rights to Bridge Medicines’ BRM-1420 program, a novel dual ENL-YEATS and FLT3 inhibitor for multiple genetic subsets of AML. BRM-1420 is a potent and selective inhibitor designed to disrupt key oncogenic pathway signaling. Preclinical data demonstrated BRM-1420’s superior activity to both FLT3 and menin inhibitors in primary AML patient samples across multiple genotypes.
Galecto plans to submit an investigational new drug application (IND) for BRM-1420 in the US in late 2025 or early 2026 and initiate clinical studies in patients with AML thereafter. Matthew Kronmiller , Bridge Medicine’s Chief Executive Officer, joined Galecto’s management team as the Executive Vice President of Strategy and Chief Business Officer.- Appointed Dr.
Amy Wechsler to the Board of Directors.Dr. Wechsler brings extensive biotech leadership experience, successfully guiding companies through critical growth stages. - Continued enrollment in the ongoing Phase 2 IIT of GB1211 in combination with pembrolizumab (Keytruda®) in metastatic melanoma and head and neck squamous cell carcinoma.
Third Quarter 2024 Financial ResultsCash, cash equivalents, and investments as of
Research and development expenses were
General and administrative expenses were
Net loss attributable to common stockholders for the three months ended
About
Forward-Looking StatementsCertain statements in this press release are forward-looking statements that involve a number of risks and uncertainties. Such forward-looking statements include statements about Galecto’s preclinical and clinical development plans for its product candidates and pipeline, including BRM-1420 and GB1211; BRM-1420's potential to address challenging genetic subsets of AML; and that the Company anticipates that its cash, cash equivalents, and investments will be sufficient to fund operating expenses and capital requirements for at least the next twelve months. The words “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “target” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. For such statements,
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| Investors/US | Media/EU |
| +1 617 430 7577 | +41 78 680 0538 |
| 2024 | 2023 | ||||
| (unaudited) | |||||
| Cash and cash equivalents | $ | 19,678 | $ | 21,465 | |
| Marketable securities | — | 11,686 | |||
| Prepaid expenses and other current assets | 1,500 | 3,623 | |||
| Operating lease right-of-use assets | 32 | 247 | |||
| Other assets, noncurrent | 2,166 | 1,206 | |||
| Total assets | $ | 23,376 | $ | 38,227 | |
| Current liabilities | $ | 2,441 | $ | 5,830 | |
| Operating lease liabilities, noncurrent | — | 66 | |||
| Total liabilities | 2,441 | 5,896 | |||
| Total stockholders’ equity | 20,935 | 32,331 | |||
| Total liabilities and stockholders' equity | $ | 23,376 | $ | 38,227 | |
| Three Months Ended | Nine Months Ended | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Operating expenses: | |||||||||||||||
| Research and development | $ | 1,093 | $ | 2,551 | $ | 5,390 | $ | 21,002 | |||||||
| General and administrative | 2,747 | 3,304 | 8,800 | 9,504 | |||||||||||
| Restructuring costs | — | 2,728 | 968 | 2,728 | |||||||||||
| Total operating expenses | 3,840 | 8,583 | 15,158 | 33,234 | |||||||||||
| Loss from operations | (3,840 | ) | (8,583 | ) | (15,158 | ) | (33,234 | ) | |||||||
| Total other income (loss), net | (36 | ) | 447 | 509 | 1,360 | ||||||||||
| Loss before income tax expense | (3,876 | ) | (8,136 | ) | (14,649 | ) | (31,874 | ) | |||||||
| Income tax expense | 7 | - | 49 | - | |||||||||||
| Net loss | $ | (3,883 | ) | $ | (8,136 | ) | $ | (14,698 | ) | $ | (31,874 | ) | |||
| Net loss per common share, basic and diluted | $ | (3.39 | ) | $ | (7.50 | ) | $ | (13.30 | ) | $ | (30.20 | ) | |||
| Weighted-average number of shares used in computing net loss per common share, basic and diluted | 1,144,978 | 1,084,191 | 1,104,849 | 1,055,580 | |||||||||||
| Other comprehensive gain, net of tax | 468 | 183 | 285 | 290 | |||||||||||
| Total comprehensive loss | $ | (3,415 | ) | $ | (7,953 | ) | $ | (14,413 | ) | $ | (31,584 | ) | |||
Source: Galecto, Inc.