Galecto (NASDAQ: GLTO) has reported its full-year 2024 financial results and highlighted strategic developments. The company completed a strategic review focusing on oncology and liver diseases, acquiring global rights to GB3226, a dual ENL-YEATS and FLT3 inhibitor for AML treatment, with IND submission planned for Q1 2026.
Financial highlights include:
- Cash position of $14.2 million as of December 31, 2024
- R&D expenses decreased to $6.4 million from $23.8 million in 2023
- G&A expenses reduced to $10.5 million from $12.7 million in 2023
- Net loss of $21.4 million ($18.53 per share) compared to $38.3 million in 2023
The company continues its Phase 2 trial of GB1211 in combination with pembrolizumab for melanoma and head and neck cancer treatment. Current cash is expected to fund operations into 2026.
https://www.stocktitan.net/news/GLTO/galecto-reports-full-year-2024-financial-aks0uzilitnq.html
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