The company has generated zero commercial revenue over the last ten quarters while R&D expenses escalated to $2.1M in 2025Q4.
| Metric | 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 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.04M | 1.08M | 467K | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | -100% | 87.83% | 132.33% | - | - | - | - | - |
| Cost of Goods Sold | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 50K | 9K | 4K | 5K |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.04M | 1.08M | 467K | -50K | -9K | -4K | -5K |
| Gross Margin % | - | - | - | - | - | - | - | 100% | 100% | 100% | - | - | - | - |
| Gross Profit Growth % | - | - | - | - | - | - | -100% | 87.83% | 132.33% | 1034% | -455.56% | -125% | 20% | - |
| Operating Expenses | 8.51M | 6.28M | 7.49M | 17.65M | 32.88M | 30.21M | 22.38M | 12.75M | 13.45M | 17.35M | 10.82M | 9.13M | 14.56M | 3.13M |
| OpEx % of Revenue | - | - | - | - | - | - | - | 625.76% | 1239.54% | 3714.99% | - | - | - | - |
| Selling, General & Admin | 3.64M | 3.3M | 3.92M | 4.66M | 5.66M | 4.13M | 4.2M | 4.44M | 3.8M | 3.08M | 3.2M | 2.47M | 7.35M | 689K |
| SG&A % of Revenue | - | - | - | - | - | - | - | 217.86% | 350.14% | 659.1% | - | - | - | - |
| Research & Development | 4.87M | 2.98M | 3.57M | 12.99M | 27.22M | 26.08M | 18.18M | 8.31M | 9.65M | 14.27M | 7.63M | 6.66M | 7.21M | 2.44M |
| R&D % of Revenue | - | - | - | - | - | - | - | 407.9% | 889.4% | 3055.89% | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -8.51M | -6.28M | -7.49M | -17.65M | -32.88M | -30.21M | -22.38M | -10.71M | -12.36M | -16.88M | -10.88M | -9.14M | -14.56M | -3.14M |
| Operating Margin % | - | - | - | - | - | - | - | -525.76% | -1139.54% | -3614.99% | - | - | - | - |
| Operating Income Growth % | -35.55% | 16.2% | 57.55% | 46.32% | -8.84% | -35.01% | -108.83% | 13.34% | 26.76% | -55.24% | -18.96% | 37.22% | -364.2% | - |
| EBITDA | -8.51M | -6.2M | -7.46M | -17.62M | -32.84M | -30.17M | -22.34M | -10.33M | -12.13M | -16.71M | -10.82M | -9.13M | -14.56M | -3.13M |
| EBITDA Margin % | - | - | - | - | - | - | - | -506.77% | -1117.51% | -3578.8% | - | - | - | - |
| EBITDA Growth % | -37.37% | 16.97% | 57.65% | 46.36% | -8.84% | -35.05% | -116.31% | 14.82% | 27.45% | -54.39% | -18.53% | 37.26% | -364.81% | - |
| D&A (Non-Cash Add-back) | 0 | 83K | 31K | 35K | 42K | 39K | 35K | 387K | 239K | 169K | 50K | 9K | 4K | 5K |
| EBIT | -8.51M | -6.28M | -7.49M | -17.65M | -32.88M | -30.21M | -22.38M | -10.71M | -12.36M | -16.88M | -10.88M | -9.14M | -14.56M | -3.14M |
| Net Interest Income | 914K | 488K | 364K | 82K | 519K | 1.16M | 1.88M | 917K | 153K | 315K | 0 | 0 | -34K | 6 |
| Interest Income | 914K | 503K | 375K | 297K | 562K | 1.19M | 1.92M | 959K | 65K | 35K | 253K | 40K | 0 | 6 |
| Interest Expense | 0 | 15K | 11K | 215K | 43K | 31K | 33K | 42K | 49K | 67K | 0 | 0 | 34K | 0 |
| Other Income/Expense | -1.8M | -1.24M | 580K | -215K | 414K | 1.44M | 1.92M | 934K | 65K | 35K | 253K | 40K | -2.92M | -6K |
| Pretax Income | -10.31M | -7.52M | -6.91M | -17.87M | -32.47M | -28.77M | -20.46M | -9.78M | -12.3M | -16.85M | -10.62M | -9.1M | -17.48M | -3.14M |
| Pretax Margin % | - | - | - | - | - | - | - | -479.93% | -1133.55% | -3607.49% | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 75K | 0 | 106K | 0 | 1K | 1K | 6K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -0.77% | 0% | -0.63% | 0% | -0.01% | -0.01% | -0.19% |
| Net Income | -10.31M | -7.52M | -6.91M | -17.87M | -32.47M | -28.77M | -20.46M | -9.86M | -12.3M | -16.95M | -10.62M | -9.1M | -17.48M | -3.15M |
| Net Margin % | - | - | - | - | - | - | - | -483.61% | -1133.55% | -3630.19% | - | - | - | - |
| Net Income Growth % | -37.14% | -8.75% | 61.31% | 44.97% | -12.85% | -40.61% | -107.6% | 19.86% | 27.45% | -59.6% | -16.69% | 47.94% | -455.26% | - |
| Net Income (Continuing) | -10.31M | -7.52M | -6.91M | -17.87M | -32.47M | -28.77M | -20.46M | -9.86M | -12.3M | -16.95M | -10.62M | -9.1M | -17.48M | -3.15M |
| Discontinued Operations | 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 |
| EPS (Diluted) | -2.39 | -8.08 | -29.95 | -11.08 | -19.48 | -19.46 | -13.17 | -8.15 | -14.77 | -22.36 | -14.35 | -13.23 | -24.57 | -9.32 |
| EPS Growth % | 70.42% | 73.02% | -170.31% | 43.12% | -0.1% | -47.76% | -61.6% | 44.82% | 33.94% | -55.82% | -8.47% | 46.15% | -163.63% | - |
| EPS (Basic) | -2.39 | -8.08 | -30.05 | -11.08 | -19.48 | -19.46 | -13.17 | -8.15 | -14.77 | -22.36 | -14.35 | -13.23 | -24.57 | -9.32 |
| Diluted Shares Outstanding | 4.31M | 930.82K | 230.79K | 1.68M | 1.64M | 1.42M | 1.41M | 1.21M | 832.49K | 758.31K | 740.03K | 688.25K | 711.66K | 337.96K |
| Basic Shares Outstanding | 4.31M | 930.82K | 230K | 1.68M | 1.64M | 1.42M | 1.41M | 1.21M | 832.49K | 758.31K | 740.03K | 688.25K | 711.66K | 337.96K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Imminent liquidity and insolvency risk
As evidenced by the company's financial statements over the last ten quarters, Galmed Pharmaceuticals has generated zero revenue, confirming its status as a pre-commercial entity entirely dependent on external capital infusions rather than organic sales growth to sustain its ongoing clinical development and operational overhead requirements.
The lack of top-line growth highlights the company's total reliance on milestone-based licensing or equity financing. Investors should interpret this as a binary risk profile where the absence of recurring revenue necessitates constant capital market access to avoid operational cessation.
According to recent quarterly filings, the company's operating expenses have trended upward, with R&D costs reaching $2.1M in 2025Q4, reflecting the intensifying financial pressure of late-stage clinical trials that continue to outpace the firm's ability to manage its limited cash reserves effectively.
The rising R&D expenditure suggests that the ARMOR study is consuming resources at an accelerating rate. This cost structure leaves little room for error, as the firm lacks the revenue cushion to absorb potential trial delays or increased regulatory compliance costs.
Based on reported figures, Galmed consistently utilizes stock-based compensation, with $240.0K recorded in 2025Q4, which serves to preserve cash at the expense of shareholder equity, further complicating the valuation for investors already facing significant dilution risks from the company's ongoing need for external funding.
While SBC helps mitigate immediate cash outflows, it represents a persistent drag on per-share value. The reliance on equity-based incentives in a pre-revenue environment suggests management is prioritizing liquidity preservation over the dilution of existing shareholders.
As reported in financial statements, the company's net losses have remained consistently negative, with a $4.8M net loss in 2025Q4, creating a precarious situation where the current cash position of $3.98M appears insufficient to support the long-term capital requirements of its clinical pipeline.
The widening gap between operating losses and available liquidity suggests that the company may face a critical funding inflection point in the near term. Without a strategic partnership or non-dilutive capital, the current income statement trajectory implies a high probability of further shareholder dilution or insolvency.
Quick answers to the most common questions about buying GLMD stock.
For fiscal year 2025, Galmed Pharmaceuticals Ltd. (GLMD) reported total revenue of $0.0M.
Galmed Pharmaceuticals Ltd. (GLMD) reported a net loss of $10.3M for the fiscal year ending 2025.