Here are 1-3 brief analogies for Galectin Therapeutics (GALT):

• Like an early-stage Moderna focused on fibrosis and cancer, with its lead drug, belapectin, in advanced clinical trials.
• Similar to an early-stage Vertex Pharmaceuticals, but developing a novel drug (belapectin) for liver fibrosis and cancer instead of cystic fibrosis.
• A clinical-stage Biogen or Amgen dedicated to developing a lead drug, belapectin, for liver fibrosis and cancer.

• belapectin (GR-MD-02): A galectin-3 inhibitor in Phase III clinical trials for liver fibrosis associated with fatty liver disease and non-alcoholic steatohepatitis cirrhosis, and for cancer, with further development for psoriasis, and lung and kidney fibrosis.
• GM-CT-01: A product candidate in pre-clinical development for the treatment of cardiac and vascular fibrosis.

As a clinical stage biopharmaceutical company focused on research and development of product candidates (belapectin, GM-CT-01) that are currently in various stages of clinical trials (Phase III) or pre-clinical development, Galectin Therapeutics (GALT) does not currently have major customers for commercialized products. The company is primarily engaged in developing therapies rather than selling them to end-users (individuals) or other companies for commercial distribution at this time.

Joel Lewis, Chief Executive Officer and President

Mr. Lewis has served as the CEO and President of Galectin Therapeutics since September 2020 and has been a member of its 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, Mr. Lewis was the Managing Director of Shareholder Services at Uline, Inc. Earlier, he held roles as a Tax and Accounting Manager for Century America LLC from 2001 to 2006 and a Tax Manager for Deloitte & Touche from 1998 to 2001. His expertise spans taxation, restructuring, acquisition, and private equity ventures. Mr. Lewis is a registered CPA in Illinois and holds a B.S. in Accountancy from the University of Illinois and a Masters in Taxation from DePaul University.

Jack Callicutt, Chief Financial Officer

Mr. Callicutt brings over 22 years of experience in public and private companies, including more than a decade in audit, tax, and SEC registrant roles with a major accounting firm, Deloitte. Prior to joining Galectin Therapeutics, he was the CFO for REACH Health, Inc., a telemedicine firm, where he completed a $4 million private placement. He also held CFO positions at private companies such as IVOX and Tikvah Therapeutics, and at Coratus Genetics, a publicly traded biopharmaceutical company. Mr. Callicutt is a Certified Public Accountant and earned a BBA in Accounting and Computer Science, cum laude, from Delta State University.

Khurram Jamil, M.D., Chief Medical Officer

Dr. Jamil has nearly two decades of experience leading drug development across various stages of clinical trials within the pharmaceutical industry. His research has primarily focused on areas of high unmet need, including Hepatology, critical care, and transplant. He began his industry career with Organon, working on late-phase trials for Sugammadex. Subsequently, he joined Ikaria in a translational science role, managing several molecules in early-phase development, and most recently served as Vice President of Hepatology at Mallinckrodt.

Sharisse Brutto, Director, Project Management

Ms. Brutto has over 15 years of project management experience, with nearly 10 years in the pharmaceutical industry, specializing in small biotechnology organizations. She previously led project management efforts for Cellectar BioSciences, Inc.

Seth Zuckerman, M.S., Senior Director of Biostatistics

Mr. Zuckerman has over 28 years of experience in the pharmaceutical industry. He has served as a Statistician for 23 years and has also worked in Clinical Data Management and Clinical Trial Management. Before joining Galectin Therapeutics, Mr. Zuckerman was the Senior Director of Biostatistics at Cytel Inc. for 13 years, where he led numerous international projects for pharmaceutical and biotechnology companies.

Key Risks to Galectin Therapeutics (GALT)

1. Clinical Trial Outcomes and Regulatory Approval for Belapectin: The most significant risk stems from the potential failure of belapectin's ongoing clinical trials or the inability to secure regulatory approvals. Galectin Therapeutics' lead product candidate, belapectin, is a galectin-3 inhibitor that was in a seamless Phase 2b/3 clinical trial for the treatment of liver fibrosis associated with fatty liver disease and non-alcoholic steatohepatitis (NASH) cirrhosis. The company has since terminated the seamless Phase 2b/3 study based on FDA feedback and plans to pursue the Phase 3 portion separately. The success or failure of these trials and subsequent regulatory hurdles, including ongoing discussions with the FDA to finalize trial design, are critical for the company's future. The company has acknowledged that the full analysis of trial data may not produce positive results, or it may fail to secure the necessary regulatory approvals. Given that belapectin is the primary near-term value driver, any setbacks in its clinical development or approval process would have a substantial negative impact.

2. Capital Access and Financial Instability: As a clinical-stage biopharmaceutical company that has incurred operating losses since its inception and generates no revenue, Galectin Therapeutics faces significant financial risk. The company continuously requires substantial capital to fund its expensive clinical trials and ongoing operations. While the company recently secured a new $10 million line of credit, extending its cash runway through at least March 2027, this is considered a short-term solution and does not address the long-term funding requirements for extensive drug development and potential commercialization. The ability to raise additional capital or form strategic partnerships is crucial for the continued development of belapectin and other pipeline candidates.

3. Manufacturing Scalability and Regulatory Compliance: There is a risk that Galectin Therapeutics may not be successful in scaling up the manufacturing of belapectin to commercial levels and meeting stringent Chemistry, Manufacturing, and Control (CMC) requirements. Belapectin is described as a complex carbohydrate drug, and regulatory requirements for this relatively new drug class are evolving, which could pose challenges in manufacturing and characterization in a timely and cost-effective manner.

Galectin Therapeutics (GALT) operates in several addressable markets for its main products and services.

For Belapectin (GR-MD-02):

• For liver fibrosis associated with fatty liver disease and non-alcoholic steatohepatitis (NASH) cirrhosis, the global liver fibrosis treatment market size was USD 18.32 billion in 2024 and is expected to exceed USD 52.26 billion by 2034. The U.S. liver fibrosis treatment market was valued at USD 4.87 billion in 2024 and is projected to reach approximately USD 14.18 billion by 2034. The global non-alcoholic steatohepatitis (NASH) market size is estimated to be USD 9.84 billion in 2025.
• For the treatment of cancer, the global cancer therapeutics market size is projected to reach USD 469.38 billion by 2034, growing from USD 212.58 billion in 2025. The U.S. cancer therapeutics and biotherapeutics market was valued at USD 55.72 billion in 2024 and is projected to reach approximately USD 128.91 billion by 2034.
• For psoriasis, the global psoriasis treatment market was estimated at USD 30.5 billion in 2025 and is expected to reach USD 68.4 billion in 2034. The U.S. psoriasis treatment market was valued at USD 10.4 billion in 2024.
• For lung fibrosis, the global idiopathic pulmonary fibrosis market size was valued at USD 4.54 billion in 2024 and is projected to reach USD 9.23 billion by 2033.
• For kidney fibrosis, the global kidney fibrosis treatment market size is projected to grow from USD 6.06 billion in 2025 to USD 8.84 billion in 2030.

For GM-CT-01:

• For cardiac fibrosis, the global myocardial fibrosis market size was valued at USD 866.01 million in 2024 and is projected to reach USD 1,756.48 million by 2035.
• Information specific to the addressable market for vascular fibrosis treatment was not found.

Here are 3-5 expected drivers of future revenue growth for Galectin Therapeutics (GALT) over the next 2-3 years:

1. Advancement and Regulatory Milestones for Belapectin in MASH Cirrhosis: The primary driver will be the continued clinical progression and regulatory feedback for belapectin (GR-MD-02) in the treatment of liver fibrosis associated with Metabolic Dysfunction-Associated Steatohepatitis (MASH) cirrhosis. Positive feedback from the FDA on the NAVIGATE trial data, anticipated by year-end 2025, and a defined pathway towards pivotal Phase 3 trials are crucial to de-risk the asset and establish a clear path to market.
2. Formation of Strategic Partnerships or Licensing Agreements: Given the substantial investment required for late-stage clinical trials and commercialization, securing strategic partnerships or licensing agreements for belapectin, particularly for the MASH cirrhosis indication, would provide significant non-dilutive capital and commercialization expertise. Such collaborations would be instrumental in maximizing the value of the program and accelerating its market entry.
3. Progress in Oncology Indications for Belapectin: The development of belapectin as a combination therapy in cancer, specifically for head and neck squamous cell carcinoma and metastatic melanoma, represents another potential revenue stream. Successful advancement through ongoing clinical trials and positive efficacy data in these oncology settings would expand belapectin's market potential beyond fibrotic diseases.
4. Development of an Oral Belapectin Formulation: The successful development and initial clinical progress of an oral formulation of belapectin could significantly enhance its commercial potential. An oral drug offers greater patient convenience and broader accessibility, which would be a key advantage in chronic indications like MASH cirrhosis, thereby expanding future revenue opportunities.

Share Issuance

• Kevin D. Freeman, a director, acquired 5,500 shares of common stock for $19,514 in December 2025.
• In January 2026, the CFO, Jack W. Callicutt, acquired 60,000 shares of common stock at no cost through the vesting of Restricted Stock Units.
• Shares outstanding were approximately 64.47 million as of December 2025.

Inbound Investments

• As of December 31, 2024, the company had $15.1 million in unrestricted cash and cash equivalents.
• Galectin Therapeutics secured an additional $5 million line of credit from its chairman in March 2025.
• The company announced another $10 million line of credit from its chairman around December 2025/January 2026.

Capital Expenditures

• Galectin Therapeutics' average capital expenditures over the last five years have been $0.
• The latest trailing twelve months (TTM) capital expenditures also stand at $0.
• The median capital expenditures for the company over the past five years were $0.