Here are 1-2 brief analogies for Galectin Therapeutics (GALT):

• An early-stage Regeneron, but focused on novel carbohydrate-based therapies for cancer and fibrosis.
• Like a pre-commercial Alnylam Pharmaceuticals, specializing in galectin-targeting drugs for cancer and other serious diseases.

• Belapectin (GR-MD-02): An investigational drug candidate designed to inhibit galectin-3, a protein implicated in fibrosis, inflammation, and cancer.
• Treatment for NASH Cirrhosis: Belapectin is currently in clinical trials for the treatment of nonalcoholic steatohepatitis (NASH) cirrhosis, often in combination with immunotherapy.
• Treatment for Advanced Melanoma: Belapectin is also being investigated in clinical trials for advanced melanoma, typically in combination with checkpoint inhibitors.
• Treatment for Head and Neck Squamous Cell Carcinoma (HNSCC): Belapectin is further being evaluated in clinical trials for head and neck squamous cell carcinoma, also in combination with checkpoint inhibitors.

Galectin Therapeutics (GALT) is a clinical-stage biotechnology company focused on the development of therapies for diseases involving galectin proteins. Its lead compound, belapectin, is currently in clinical trials and has not yet been commercialized.

Due to its stage of development, Galectin Therapeutics does not currently have commercialized products or major customers purchasing its products. Its revenue is primarily derived from financing activities, grants, and collaborations, rather than product sales.

However, if belapectin successfully completes clinical trials and receives regulatory approval, the company's commercialization strategy would likely involve selling primarily to other companies within the pharmaceutical industry. In this scenario, the company would effectively 'sell' its commercial rights, licensed products, or manufactured drugs primarily to other companies, rather than directly to individuals. These potential future "customer companies" could include:

• Large Pharmaceutical Companies: These companies would potentially license belapectin for manufacturing, global marketing, and distribution. Examples of such companies (not specific partners, but illustrative of the type of company GALT might partner with) include AbbVie (NYSE: ABBV), Pfizer (NYSE: PFE), or Merck (NYSE: MRK).
• Pharmaceutical Wholesalers and Distributors: If GALT were to commercialize independently or in specific regions, it would sell its approved drug to wholesalers (e.g., AmerisourceBergen (NYSE: ABC), Cardinal Health (NYSE: CAH), McKesson (NYSE: MCK)) who then distribute to pharmacies and hospitals.

As there are no current commercialized products or established commercial partnerships for product sales, no specific customer companies can be definitively named at this time.

Joel Lewis, Chief Executive Officer and President

Mr. Lewis has been the CEO and President of Galectin Therapeutics since September 2020 and a member of the Board of Directors since 2017. He is a financial executive with over 25 years of experience, beginning his career in public accounting in 1992. From 2007 through 2019, he served as the Managing Director of Shareholder Services at Uline, Inc. Prior to Uline, Inc., he was a Tax and Accounting Manager for Century America LLC (2001-2006) and a Tax Manager for Deloitte & Touche (1998-2001). Mr. Lewis possesses expertise in taxation, restructuring, acquisition, and private equity ventures.

Jack W. Callicutt, Chief Financial Officer

Mr. Callicutt became the CFO of Galectin Therapeutics in 2013 and has over 32 years of public and private company experience, including more than a decade of audit, tax, and SEC registrant experience with a major accounting firm. Before joining Galectin, he was the chief financial officer for REACH Health, Inc., a telemedicine firm, where he completed a $4 million private placement. He also served as chief financial officer of Vystar Corporation, a public medical device company.

Khurram Jamil, M.D., Chief Medical Officer

Dr. Jamil was appointed Chief Medical Officer in August 2024, having previously served as Vice President Clinical Development and Medical Director since March 2024. He has nearly two decades of experience leading drug development across various stages of clinical trials in the pharmaceutical industry, with a primary focus on areas of high unmet need including Hepatology, critical care, and transplant. His career includes roles at Organon, Ikaria, and most recently as Vice President of Hepatology at Mallinckrodt.

Sharisse Brutto, Director, Project Management

Ms. Brutto brings over 15 years of project management experience to Galectin Therapeutics, with nearly 10 of those years in the pharmaceutical industry, specializing in small biotechnology organizations. She most recently led the project management efforts for Cellectar BioSciences, Inc.

Andrew Volosov, Ph. D., Senior Director, Clinical Pharmacology and Preclinical Research & Development

Dr. Volosov has over two decades of experience in clinical pharmacology, drug metabolism and pharmacokinetics, and bioanalysis. He has worked with various drug modalities across a diverse array of therapeutic areas.

The key risks to Galectin Therapeutics (GALT) are primarily centered around the success of its lead drug candidate, belapectin, its financial stability, and the competitive landscape of the biotechnology industry.

1. Clinical Trial Outcomes and Regulatory Approval: Galectin Therapeutics is a clinical-stage biotechnology company whose future largely depends on the successful development and regulatory approval of its primary drug candidate, belapectin. The success of belapectin in ongoing trials and its eventual approval are not guaranteed. For instance, the NAVIGATE clinical trial observed an inverse dose response, where a lower dose appeared more effective, a phenomenon regulatory agencies typically scrutinize closely. A negative or unclear outcome from clinical trials, particularly for a company with a limited pipeline, could be devastating to the stock price. The company explicitly states that trial endpoints required by the FDA may not be achieved, and it may not be successful in developing effective treatments or obtaining the necessary approvals for belapectin or any other drugs in development.
2. Financial Viability and Need for Additional Capital: Galectin Therapeutics has consistently incurred operating losses since its inception and continues to operate at a net loss. While the company secured a $10 million line of credit in July 2025 and believes it has sufficient cash to fund operations through June 2026, management has expressed "substantial doubt about the company's ability to continue as a going concern." Beyond mid-2026, the company will require additional financing, and there is a high likelihood of future shareholder dilution through the issuance of new shares. There is no assurance that Galectin will be successful in securing new financing or forming partnerships, which could severely impact its ability to further develop its drugs.
3. Intense Competition: As a small-cap, clinical-stage company with no approved products, Galectin Therapeutics faces significant competition from larger, better-funded companies with more extensive pipelines in the liver disease sector. Competitors like Intercept and Madrigal are also developing treatments for MASH and related conditions. Although belapectin has a "first-in-class" mechanism, its competitive standing ultimately relies on achieving strong clinical trial results and securing regulatory approval.

Galectin Therapeutics (GALT) primarily focuses on therapies for chronic liver disease and cancer, with its lead drug candidate, belapectin (formerly GR-MD-02), being developed for multiple indications. The main products and their addressable markets are:

• MASH Cirrhosis (Metabolic Dysfunction-Associated Steatohepatitis Cirrhosis) with portal hypertension and prevention of esophageal varices:

  • The addressable market in the U.S. for patients affected by MASH cirrhosis and clinically significant portal hypertension is approximately 5 million adults.
  • Analysts project a $3–5 billion market opportunity for belapectin specifically in MASH cirrhosis globally.
  • In a broader context, the global nonalcoholic steatohepatitis (NASH) market, which includes MASH, is estimated to reach $57.5 billion by 2033. Other estimates for the global NASH market vary, with one projecting it to grow from USD 9980.53 million in 2024 to USD 314068.7 million by 2033, and another expecting it to increase from USD 7.75 billion in 2024 to USD 92.5 billion by 2034. North America held a significant share of the global NASH treatment market, at 79% in 2024.

• Primary Sclerosing Cholangitis (PSC):

  • The global market for Primary Sclerosing Cholangitis (PSC) is projected to reach USD 363.9 million by 2035, growing from an estimated USD 174.9 million in 2025. Another forecast estimates the global market to reach approximately US$314.26 million by 2033.
  • The total market size of PSC in the 7MM (which includes the U.S., EU4 countries, the UK, and Japan) was approximately USD 76 million in 2023, with the U.S. alone accounting for approximately USD 43.8 million. North America is anticipated to hold 42% of the market share in 2025.

1. Positive Clinical Trial Outcomes for Belapectin: The success of belapectin, particularly in the ongoing NAVIGATE trial for MASH cirrhosis, is the primary driver of potential future revenue. Top-line results from this trial were anticipated in December 2024. Encouraging data has already been presented, showing a lower incidence of liver stiffness progression and varices in patients treated with belapectin. Positive results are critical for advancing the drug towards regulatory approval and eventual market entry.
2. Regulatory Approval and Commercialization of Belapectin: Following positive clinical trial results, obtaining regulatory approvals from agencies like the U.S. Food and Drug Administration (FDA) for belapectin in MASH cirrhosis would be a significant revenue driver. This approval would allow the company or a potential partner to market and sell the drug.
3. Strategic Partnerships and Licensing Agreements: As a clinical-stage company, Galectin Therapeutics is actively exploring strategic partnership opportunities. A collaboration with a larger pharmaceutical company could provide substantial upfront payments, milestone payments based on developmental and regulatory achievements, and future royalties from product sales, thereby driving significant revenue growth.
4. Expansion of Belapectin's Therapeutic Indications: While currently focused on MASH cirrhosis, belapectin targets galectin-3, a protein involved in various fibrotic diseases and cancer. Successful development and approval for additional indications beyond MASH cirrhosis would broaden the market potential and diversify future revenue streams.

Share Repurchases

There is no readily available information indicating that Galectin Therapeutics (GALT) has engaged in share repurchase programs or authorized future share repurchases within the last 3-5 years.

Share Issuance

• As of May 7, 2025, Galectin Therapeutics had 63,291,585 shares of common stock outstanding.
• As of November 2025, the company's number of shares outstanding was 63,447,000.

Inbound Investments

• In March 2025, Galectin Therapeutics secured a new supplemental line of credit agreement for an additional $5 million in borrowings from Richard E. Uihlein, the company's chairman.
• In July 2025, the company entered into a new $10 million unsecured line of credit facility with Richard E. Uihlein.
• The aggregate borrowings under several lines of credit provided by Mr. Uihlein total $81 million, with their terms extended to September 30, 2026.

Outbound Investments

There is no information available indicating that Galectin Therapeutics (GALT) made any significant strategic investments in other companies within the last 3-5 years.

Capital Expenditures

• Research and development expenses were $3.3 million for the quarter ended June 30, 2025, a decrease from $9.8 million for the same period in 2024, primarily due to the conclusion of the NAVIGATE clinical trial in the first quarter of 2025.
• Expenditures for research and development were $31.7 million in 2022 and $23.8 million in 2021.
• The primary focus of these expenditures is drug research and development for fibrotic diseases, cancer, and other conditions, with a lead product candidate, belapectin, aimed at MASH (formerly NASH) cirrhosis.