Galecto, Inc. (NASDAQ: GLTO) shares are increasing significantly on the US charts today, rising 60.51% to $6.64 as of the most recent market check. The notable rise in GLTO stock price indicates a robust comeback after a short drop following the release of its financial results earlier this week.
Overview of Finances
Galecto reported $4.4 million in in-process research and development expenses for the fiscal year that ended on December 31, 2024, which were mostly related to the purchase of Bridge Medicines’ BRM-1420 program. There were no similar expenses during the previous year. Additionally, GLTO reported a lower net loss, totaling $21.4 million, or $18.53 per share, compared to $38.3 million, or $36.08 per share, the year before.
Strategic Assessment and Significant Acquisitions
Completing its strategy assessment, which confirmed the company’s commitment to researching cancer medicines, was one of Galecto’s main achievements in 2024. The acquisition of the global rights to GB3226, a novel therapeutic candidate for acute myeloid leukemia (AML), was another noteworthy achievement. This acquisition strengthens GLTO’s ability to develop novel medicines aimed at enhancing the prognosis of AML patients.
In preclinical research, GB3226 has demonstrated promising effectiveness against a variety of AML-driving mutations, including those linked to treatment resistance and relapse. With a dual mechanism targeting FLT3 inhibition and ENL-YEATS inhibition, GB3226 is poised to deliver both rapid therapeutic effects and sustained treatment responses.
Progress in Clinical Development
Galecto is still committed to accelerating GB3226’s clinical development while carrying out its work on ground-breaking treatments for liver and cancer. By acquiring the worldwide rights to Bridge Medicines’ BRM-1420 program—now GB3226—a unique dual ENL-YEATS and FLT3 inhibitor intended to treat many genetic subgroups of AML, the business further broadened its pipeline.
By assisting the Earle A. Chiles Research Institute at Providence Portland Medical Center in initiating a Phase 2 clinical study, Galecto strengthened its research efforts even further. The study evaluates GB1211 in combination with pembrolizumab (Keytruda) for the treatment of metastatic melanoma and head and neck squamous cell carcinoma.
Building Leadership
In order to strengthen its leadership team, Galecto (GLTO) added Dr. Amy Wechsler to its Board of Directors. As the company builds its pipeline of innovative treatments, Dr. Wechsler’s vast experience in the biotech industry should provide valuable strategic guidance.