Galectin Therapeutics, Inc. (GALT) stock prices were down by a marginal 1.43% as of the market closing on July 8th, 2021, bringing it down to USD$2.76. Subsequent premarket fluctuations have seen the stock skyrocket by 47.10%, bringing it up to USD$4.06.
Positive Topline Data
July 9th, 2021 saw the company report positive topline data from its Phase 1b Clinical Trial Extension of Belapectin in conjunction with KEYTRUDA in the treatment of advanced metastatic melanoma, as well as head and neck cancer. The combination immunotherapy showed a cancer control rate of 56% in melanoma patients and 40% in head and neck cancer.
Details of the Study
The melanoma patients enrolled in the study had exceptionally severe prognoses, with four out of nine patients reporting choroidal primary tumors and six out of nine having liver metastasis. The study found no toxicities that were deemed even possibly related to Belapectin. As per the findings from the Phase 1 study, the frequency and intensity of toxicities recorded with the combination were less than the expected toxicity with KEYTRUDA alone.
Net Loss Reports
The quarter ended March 31st, 2021 saw the company report USD$6.3 million in net loss applicable to common stockholders, representing a net loss of USD$0.11 per share. This is up from the USD$3.6 million in net loss reported in the same time period of the prior year, representing a net loss of USD$0.06 per share. The year-over-year difference was largely driven by increases in R&D expenses related to GALT’s NAVIGATE trial.
R&D and G&A Expenses
In accordance with costs associated with the NAVIGATE trial, research and development costs were up to USD$4.9 million for the 2021 quarter, up from the USD$2.1 million reported for the quarter ended March 31st, 2020. General and administrative costs for the quarter were reported at USD$1.4 million, the same as for the prior year quarter.
Solid Liquidity Position
The company reported USD$20.8 million in cash and cash equivalents as of March 31st, 2021, indicating a solid liquidity position. This was further consolidated by the receiving of USD$10 million in proceeds on April 16th, 2021 from an unsecured convertible promissory note from the Chairman of its Board of Directors.
Future Outlook for GALT
Armed with the massive success and promise of its clinical trial, GALT is poised to capitalize on the opportunities afforded to it in light of this recent development. The company is keen to leverage its stellar liquidity position in order to usher in sustained and significant growth over the long term.
