The company remains in a pre-revenue state, recording consistent quarterly operating losses that reached $4.1 million in 2026Q1 while maintaining R&D expenditures.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1K | 7K | 7K | 0 | 0 | 0 | 0 | 0 | 0 | 49K | 64K | 67K | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1K | -7K | -7K | 0 | 0 | 0 | 0 | 0 | 0 | -5.33M | -6.46M | -7.05M | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | - | - | - | - | - | - | 100% | 85.71% | 0% | - | - | - | - | - | - | 100% | 17.49% | 8.41% | - | - | - | - | - | - | - |
| Operating Expenses | 16.27M | 20.09M | 42.43M | 38.07M | 38.35M | 30.18M | 23.44M | 13.44M | 13.6M | 16.25M | 21.48M | 20.08M | 15.43M | 12.1M | 9.9M | 10.41M | 4.88M | 6.09M | 5.33M | 6.46M | 7.05M | 6.66M | 7.3M | 4.94M | 3.29M | 2.18M | 170K |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 6.23M | 5.79M | 5.86M | 5.94M | 6.62M | 6.36M | 5.47M | 5.97M | 7.13M | 4.53M | 6.16M | 6.96M | 7M | 6.42M | 5.37M | 6.86M | 3.82M | 4.98M | 3.55M | 4.4M | 4.03M | 3.62M | 4.26M | 2.99M | 1.8M | 1.29M | 70K |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Research & Development | 10.04M | 14.29M | 36.57M | 32.13M | 31.74M | 23.82M | 17.98M | 7.47M | 6.47M | 11.72M | 15.32M | 13.11M | 8.43M | 5.69M | 4.53M | 3.55M | 1.07M | 1.11M | 1.77M | 2.05M | 3.02M | 3.04M | 3.04M | 1.95M | 1.48M | 893.46K | 100K |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -16.27M | -20.09M | -42.43M | -38.07M | -38.35M | -30.18M | -23.44M | -13.44M | -13.6M | -16.25M | -21.48M | -20.08M | -15.43M | -12.1M | -9.9M | -10.41M | -4.88M | -6.09M | -5.33M | -6.46M | -7.05M | -6.66M | -7.3M | -4.94M | -3.29M | -2.18M | -170K |
| Operating Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | 52.67% | -11.45% | 0.73% | -27.08% | -28.73% | -74.46% | 1.21% | 16.28% | 24.37% | -6.98% | -30.13% | -27.48% | -22.27% | 4.9% | -113.17% | 19.86% | -14.4% | 17.49% | 8.41% | -5.91% | 8.89% | -47.91% | -50.22% | -50.65% | -1183.58% | - |
| EBITDA | -18.38M | -20.03M | -42.4M | -38.04M | -38.32M | -30.14M | -23.41M | -13.4M | -13.6M | -16.25M | -21.47M | -20.07M | -15.42M | -12.09M | -9.89M | -10.4M | -4.87M | -6.06M | -5.28M | -6.39M | -6.98M | -6.57M | -7.22M | -4.92M | -3.08M | -2.02M | -190K |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | 54.79% | 52.75% | -11.45% | 0.73% | -27.15% | -28.75% | -74.65% | 1.46% | 16.28% | 24.35% | -6.98% | -30.17% | -27.52% | -22.26% | 4.9% | -113.51% | 19.57% | -14.76% | 17.43% | 8.45% | -6.19% | 8.99% | -46.87% | -59.88% | -52.08% | -964.54% | - |
| D&A (Non-Cash Add-back) | 55K | 53K | 37K | 33K | 32K | 41K | 36K | 35K | 1K | 1K | 7K | 7K | 10K | 12K | 9K | 9K | 12K | 37K | 49K | 64K | 67K | 81K | 81K | 20.25K | 211.18K | 159.47K | -20K |
| EBIT | -19.7M | -23.51M | -41.51M | -38.27M | -37.74M | -30.04M | -23.38M | -13.21M | -13.56M | -16.23M | -21.48M | -20.03M | -15.79M | -12.09M | -9.68M | -10.91M | -5.63M | -7.46M | -3.15M | -9.08M | -1.34M | -6.86M | -7.18M | -4.87M | -3.26M | -2.18M | -170K |
| Net Interest Income | -7.45M | -7.2M | -5.2M | -2.56M | -981K | -486K | -21K | 144K | -298K | 12K | 0 | 0 | 42K | 0 | 0 | 0 | 0 | 0 | 0 | 452K | 2.13M | 0 | 0 | 65.05K | -391.16K | 0 | 0 |
| Interest Income | 127K | 126K | 338K | 230K | 52K | 3K | 66K | 231K | 38K | 24K | 45K | 52K | 42K | 16K | 24K | 18K | 6K | 3K | 30K | 102K | 281K | 111K | 124K | 68.92K | 24.26K | 24.92K | 0 |
| Interest Expense | 7.57M | 7.33M | 5.54M | 2.79M | 1.03M | 489K | 87K | 87K | 336K | 12K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 350K | 1.85M | 0 | 0 | 3.88K | 415.42K | 0 | 0 |
| Other Income/Expense | -9.99M | -10.75M | -4.61M | -2.99M | -424K | -348K | -21K | 144K | -298K | 12K | 45K | 52K | -358K | 16K | 224K | -506K | -746K | -1.37M | 2.17M | -2.98M | 3.85M | 111K | 124K | 65.05K | -391.16K | 0 | -20K |
| Pretax Income | -26.25M | -30.84M | -47.05M | -41.07M | -38.78M | -30.53M | -23.46M | -13.29M | -13.9M | -16.23M | -21.44M | -20.03M | -15.79M | -12.09M | -9.68M | -10.91M | -5.63M | -7.46M | -3.15M | -9.43M | -3.19M | -6.54M | -7.18M | -4.87M | -3.68M | -2.18M | -190K |
| Pretax Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.79M | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -81.95% | 0% |
| Net Income | -26.25M | -30.84M | -47.05M | -41.07M | -38.78M | -30.53M | -23.46M | -13.29M | -13.9M | -16.23M | -21.44M | -20.03M | -15.79M | -12.09M | -9.68M | -10.91M | -5.63M | -7.46M | -3.15M | -9.43M | -3.19M | -6.54M | -7.18M | -4.87M | -3.68M | -3.97M | -190K |
| Net Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | 41.91% | 34.46% | -14.56% | -5.91% | -27.02% | -30.1% | -76.51% | 4.36% | 14.38% | 24.26% | -7.04% | -26.85% | -30.61% | -24.94% | 11.36% | -93.91% | 24.56% | -136.81% | 66.6% | -195.43% | 51.21% | 8.86% | -47.34% | -32.48% | 7.35% | -1989.62% | - |
| Net Income (Continuing) | -26.25M | -30.84M | -47.05M | -41.07M | -38.78M | -30.53M | -23.46M | -13.29M | -13.9M | -16.23M | -21.44M | -20.03M | -15.79M | -12.09M | -9.68M | -10.91M | -5.63M | -7.46M | -3.15M | -9.43M | -3.19M | -6.54M | -7.18M | -4.87M | -3.68M | -3.97M | -190K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.40 | -0.48 | -0.76 | -0.74 | -0.65 | -0.52 | -0.41 | -0.39 | -0.35 | -0.46 | -0.73 | -0.83 | -0.72 | -0.72 | -0.64 | -0.91 | -0.60 | -0.93 | -0.40 | -1.45 | -0.67 | -1.44 | -1.67 | -1.37 | -1.35 | -1.75 | -0.09 |
| EPS Growth % | 43.47% | 36.84% | -2.7% | -13.85% | -25% | -26.83% | -5.13% | -11.43% | 23.91% | 36.99% | 12.05% | -15.28% | 0% | -12.5% | 29.67% | -51.67% | 35.48% | -132.5% | 72.41% | -116.42% | 53.47% | 13.77% | -21.9% | -1.48% | 22.86% | -1798.05% | - |
| EPS (Basic) | - | -0.48 | -0.76 | -0.74 | -0.65 | -0.52 | -0.41 | -0.39 | -0.35 | -0.46 | -0.73 | -0.83 | -0.72 | -0.72 | -0.64 | -0.91 | -0.60 | -0.93 | -0.40 | -1.45 | -0.67 | -1.44 | -1.67 | -1.37 | -1.35 | -1.75 | -0.09 |
| Diluted Shares Outstanding | 65.78M | 63.9M | 62.31M | 60.16M | 59.39M | 58.53M | 57.03M | 52.24M | 39.41M | 35.52M | 29.22M | 24.12M | 21.85M | 16.87M | 15.13M | 11.99M | 9.38M | 8.05M | 7.8M | 6.5M | 4.75M | 4.55M | 4.29M | 3.56M | 2.73M | 2.27M | 2.06M |
| Basic Shares Outstanding | 65.78M | 63.9M | 62.31M | 60.16M | 59.39M | 58.53M | 57.03M | 52.24M | 39.41M | 35.52M | 29.22M | 24.12M | 21.85M | 16.87M | 15.13M | 11.99M | 9.38M | 8.05M | 7.8M | 6.5M | 4.75M | 4.55M | 4.29M | 3.56M | 2.73M | 2.27M | 2.06M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Insufficient capital for trials
As reported in financial statements, GALT's R&D spending has fluctuated significantly, peaking at $11.1 million in 2024Q4 before declining to $2.2 million by 2026Q1, reflecting the episodic nature of clinical trial milestones and the high cost of executing the NAVIGATE Phase III study.
The variability in R&D expenditure suggests that the company's cost structure is highly sensitive to the timing of clinical site activities and CRO payments. Investors should monitor whether the recent reduction in R&D spending indicates a strategic slowdown or merely a temporary lull between major trial phases.
Based on GALT's reported figures, the company consistently records operating losses, with the most recent quarterly operating loss of $4.1 million highlighting the absence of revenue to offset the fixed overhead and clinical development costs required to maintain its single-asset pipeline.
The lack of operating leverage is expected for a clinical-stage entity, but the persistent negative operating margin underscores the company's total dependence on external financing. Without a commercial product, the income statement remains a reflection of cash consumption rather than operational efficiency.
According to recent SEC filings, GALT continues to utilize stock-based compensation, with $686,000 recorded in 2026Q1, which serves to preserve cash at the expense of shareholder dilution in an environment where the company lacks any meaningful revenue generation to support its valuation.
The reliance on equity-based incentives appears to be a necessary mechanism for talent retention in a capital-constrained environment. However, this practice warrants further investigation by shareholders, as it compounds the dilutive effect of the frequent capital raises required to fund ongoing clinical operations.
As indicated by the company's financial disclosures, the reported $17.7 million in cash and equivalents appears insufficient to sustain the current burn rate through the completion of the NAVIGATE trial, suggesting a high probability of imminent, dilutive financing events that could significantly impact equity value.
The market may be underestimating the risk of a liquidity crunch, as the current income statement does not account for the high probability of future capital raises. If the company fails to secure a strategic partnership, the reliance on equity markets may lead to further value destruction for existing shareholders.
Quick answers to the most common questions about buying GALT stock.
For fiscal year 2025, Galectin Therapeutics Inc. (GALT) reported total revenue of $0.0M.
Galectin Therapeutics Inc. (GALT) reported a net loss of $30.8M for the fiscal year ending 2025.