Galectin Shares Slip on Wider Second-Quarter Loss

Dow Jones08-14

Shares of Galectin Therapeutics fell after the company reported a wider second-quarter loss.

The stock was recently trading 8% lower, at $3.25, extending its nearly 20% year-to-date decline.

The company before Friday's opening bell posted a net loss of $9.18 million, or 14 cents a share. That compares with a loss of $7.58 million, or 12 cents a share, in the same quarter last year.

Total operating expenses fell 14% to $3.98 million. Interest expenses rose, though, and the company took a $3.16 million hit tied to changes in the fair value of its derivatives.

As of June 30, Galectin had $13.2 million in cash and cash equivalents, as well as $10 million remaining available under a line of credit. The company expects these holdings to fund operations and research and development activities through June 2027.

Chief Executive Joel Lewis said Galectin had "a very productive second quarter," reaching an agreement with the Food and Drug Administration regarding an upcoming late-stage trial.

"We are working diligently and expect to submit the registrational Phase 3 protocol in the third quarter," he added.

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