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Here are 1-3 brief analogies for Galecto (GLTO):

• An early-stage Vertex Pharmaceuticals, but for fibrotic diseases and some cancers.
• A nascent Genentech, specializing in new drug classes for fibrosis and cancer.
• An early-stage Gilead Sciences, but aimed at pioneering treatments for fibrosis and cancer.

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• GB0139: An inhaled small molecule galectin-3 inhibitor developed for the treatment of severe pulmonary diseases like idiopathic pulmonary fibrosis (IPF).
• GB1211: An oral small molecule galectin-3 inhibitor being developed for oncology indications such as myelofibrosis and liver cancer.

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Galecto (GLTO) is a clinical-stage biotechnology company focused on developing novel treatments for severe diseases, including fibrosis and cancer. As such, it does not currently have commercialized products that it sells to traditional "major customers" in the way a company with approved products would.

Galecto's primary activities involve research and development of drug candidates, and its operations are primarily funded through equity financing from investors and, potentially, non-dilutive funding such as grants or collaboration agreements.

Therefore, Galecto does not primarily sell to other companies or to individuals at this stage.

While Galecto has entered into clinical collaboration agreements (e.g., with Roche), these are typically for joint research and development efforts, not direct product sales, meaning these collaborators are not customers purchasing a product from Galecto.

If Galecto successfully develops and commercializes a product in the future, its customers would typically be:

• Large Pharmaceutical Companies: For licensing or acquisition of drug candidates for further development and commercialization.
• Healthcare Systems and Providers: Such as hospitals, clinics, and pharmacies, which would purchase approved therapies for patient use.
• Payers: Including private and governmental insurance companies, which would cover the cost of approved therapies.

However, none of these represent current major customers for Galecto as it operates today.

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Hans T. Schambye, M.D., Ph.D. Chief Executive Officer, President, and Director

Dr. Schambye is a seasoned biotech entrepreneur with extensive experience in drug discovery and development. He is a Co-Founder of Galecto, Inc.. Previously, he served as Chief Executive Officer of ReceptIcon from 2006 to 2009 and as CEO of Gastrotech Pharma A/S from 2004 to 2006. Before joining Gastrotech, Dr. Schambye was Director of Biology and Pharmacology and Head of Portfolio Management at Maxygen, a US biotech company. He co-founded several biotech companies, including ProFound Pharma A/S, which was acquired by Maxygen in 2000. He holds an M.D. from Odense University and a Ph.D. in Medical Sciences from Copenhagen University.

Lori Firmani Interim Chief Financial Officer and Principal Accounting Officer

Ms. Firmani has over 25 years of experience in financial roles within the biotech sector. She was appointed Interim Chief Financial Officer in August 2024, having previously served as Vice President, Finance and Corporate Controller. Ms. Firmani served as Chief Financial Officer of Spring Bank Pharmaceuticals, Inc. from April 2020 until its acquisition in November 2020.

Matthew Kronmiller Executive Vice President of Strategy and Chief Business Officer

Mr. Kronmiller was appointed Executive Vice President of Strategy and Chief Business Officer in October 2024. Prior to joining Galecto, he served as the Chief Executive Officer of Bridge Medicines. He was also a Vice President at Bay City Capital, where he focused on financial analyses and investments in the biopharma, diagnostics, healthcare IT, and medical devices sectors. Before that, Mr. Kronmiller was an Investment Banking Analyst in the Healthcare group at Bank of America Merrill Lynch.

Garrett Winslow Senior Vice President, General Counsel and Corporate Secretary

Mr. Winslow brings over 15 years of experience working with public companies in the life sciences industry. Prior to Galecto, he served as General Counsel of Spring Bank Pharmaceuticals, a publicly listed clinical-stage biotechnology company. He was also a partner in the Corporate and Securities group at Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C., advising on securities law compliance, corporate governance, and transactional matters.

Ulf J. Nilsson, Ph.D. Co-Founder

Dr. Nilsson is a Co-Founder of Galecto, Inc..

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The key risks to Galecto (GLTO) are primarily associated with its status as a clinical-stage biotechnology company, including the inherent uncertainties of drug development and commercialization.

1. Dependence on Successful Clinical Trial Outcomes and Regulatory Approvals: As a clinical-stage biotechnology firm, Galecto's future is heavily reliant on its ability to successfully advance its product candidates through clinical trials and obtain necessary regulatory approvals. The failure of a clinical trial, such as the discontinuation of the GB0139 program for idiopathic pulmonary fibrosis following a Phase 2 trial failure, can lead to significant setbacks, workforce reductions, and a re-evaluation of strategic direction. There is no guarantee that clinical trials will yield positive results or that regulatory bodies will approve the company's therapies.
2. Consistent Financial Losses and Need for Future Capital: Galecto currently operates without revenue and has reported consistent financial losses, which is typical for biotechnology companies in the development stage. While the company has demonstrated strong liquidity, continued losses mean a reliance on existing cash reserves and the potential need for additional financing in the future. Such financing could lead to dilution for existing shareholders.
3. Uncertainty of Strategic Shift Execution: Galecto has recently undergone a significant strategic realignment, discontinuing the development of its GB0139 candidate and shifting its focus towards oncology and severe liver diseases with GB1211 and BRM-1420. The successful execution of this new strategic direction is uncertain and, if not achieved effectively, could negatively impact the company's business and future prospects.

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A clear emerging threat to Galecto (GLTO) is the advancement of novel oral anti-fibrotic therapies by competitors, particularly Pliant Therapeutics (symbol: PLRX) with its drug bexotegrast (PLN-74809). Pliant's bexotegrast, an oral integrin inhibitor, is currently in Phase 2b clinical trials for Idiopathic Pulmonary Fibrosis (IPF) and has reported promising clinical data. Given Galecto's recent shift in strategy to prioritize its oral galectin-3 inhibitor, GB1211, for fibrosis (including potentially IPF) and oncology, Pliant's drug represents a direct competitive threat. If successful, bexotegrast could establish itself as a leading oral treatment for fibrotic diseases, potentially capturing significant market share and limiting the commercial opportunity for Galecto's lead asset, GB1211, in a critical area of its pipeline focus.

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Galecto (GLTO) has several product candidates in its pipeline targeting various diseases. The addressable market sizes for its main products are as follows:

• GB0139 (Idiopathic Pulmonary Fibrosis - IPF):

  The global market for idiopathic pulmonary fibrosis is estimated to reach $8.7 billion by 2033, growing at a CAGR of 7.5% over the forecast period.

• GB2064 (Myelofibrosis):

  The global market for Myelofibrosis Therapeutics was estimated at US$952.2 million in 2024 and is projected to reach US$1.2 billion by 2030, growing at a CAGR of 3.5% from 2024 to 2030. In the seven major markets (7MM), which include the United States, EU4 (Germany, France, Italy, and Spain), the United Kingdom, and Japan, the myelofibrosis market size was approximately USD 2.2 billion in 2024. The United States alone represented nearly USD 1.7 billion of this market in 2024. The myelofibrosis market in the 7MM is projected to grow from USD 2.6 billion in 2025 to USD 5.6 billion by 2034.

• GB1211 (Cancer, Fibrosis, Non-Small Cell Lung Cancer, Melanoma, Head and Neck Squamous Cell Carcinoma, Decompensated Cirrhosis):

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• GB3226 (Acute Myeloid Leukemia - AML):

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

1. Successful Clinical Development and Commercialization of GB3226 for Acute Myeloid Leukemia (AML): Galecto's primary focus is the advancement of GB3226, a dual ENL-YEATS and FLT3 inhibitor for acute myeloid leukemia (AML), for which an Investigational New Drug (IND) application is planned for submission in Q1 2026 to initiate a Phase 1 trial. Successful clinical trials and subsequent regulatory approvals for this lead candidate are critical for generating future revenue.
2. Advancement and Potential Commercialization of GB1211 in Oncology and Liver Diseases: GB1211, an orally active galectin-3 inhibitor, is being evaluated for systemic fibrotic disorders, including liver cirrhosis, and in combination with a checkpoint inhibitor for various oncology indications, such as metastatic melanoma and head and neck squamous cell carcinoma in an ongoing Phase 2 investigator-initiated trial. Positive outcomes and progression in these clinical programs could lead to significant revenue streams.
3. Strategic Partnerships and Collaborations: Given that Galecto is a clinical-stage biopharmaceutical company with no recorded revenue until a forecasted modest amount in 2024, and consistent negative earnings, future success and revenue generation heavily rely on strategic partnerships or mergers. These collaborations are crucial for securing additional funding, leveraging development expertise, and facilitating the commercialization of their product candidates.
4. Advancement of GB0139 for Idiopathic Pulmonary Fibrosis (IPF) and other Fibrosing Lung Diseases: GB0139, an inhaled galectin-3 inhibitor, is currently in Phase II trials for IPF and other fibrosing lung diseases. Despite a strategic shift to focus on oncology and liver diseases, continued successful development of this program could contribute to future revenue growth.

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