Detailed financial statements for Galectin Therapeutics Inc. (GALT): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Galectin Therapeutics Inc. is a biopharmaceutical company in the clinical development phase, dedicated to discovering and advancing new therapies for a spectrum of illnesses, including fibrotic disorders and various cancers. The company's flagship therapeutic agent is belapectin (GR-MD-02), an inhibitor of galectin-3, which is a complex polysaccharide polymer.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $3.68, GALT has negative trailing earnings (P/E not meaningful) and an ROE of 24.44%. Market capitalisation stands at $242M.
Balance sheet quality for GALT: current ratio of 2.4, net debt of $116.0M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cost of Revenue | $7000 | $1000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Profit | -$7000 | -$1000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Research & Development | $15.3M | $11.7M | $6.5M | $7.5M | $18.0M | $23.8M | $31.7M | $32.1M | $36.6M | $14.3M |
| Selling, General & Admin | $6.2M | $4.5M | $7.1M | $6.0M | $5.5M | $6.4M | $6.6M | $5.9M | $5.9M | $5.8M |
| Operating Expenses | $21.5M | $16.2M | $13.6M | $13.4M | $23.4M | $30.2M | $38.4M | $38.1M | $42.4M | $20.1M |
| Operating Income | -$21.5M | -$16.2M | -$13.6M | -$13.4M | -$23.4M | -$30.2M | -$38.4M | -$38.1M | -$42.4M | -$20.1M |
| EBITDA | -$21.5M | -$16.2M | -$13.6M | -$13.2M | -$23.3M | -$30.0M | -$37.7M | -$38.2M | -$41.5M | -$23.5M |
| Interest Expense | 0 | $12000 | $336000 | $87000 | $87000 | $489000 | $1.0M | $2.8M | $5.5M | $7.3M |
| Pre-tax Income | -$21.4M | -$16.2M | -$13.9M | -$13.3M | -$23.5M | -$30.5M | -$38.8M | -$41.1M | -$47.0M | -$30.8M |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$21.4M | -$16.2M | -$13.9M | -$13.3M | -$23.5M | -$30.5M | -$38.8M | -$41.1M | -$47.0M | -$30.8M |
| EPS | $-0.73 | $-0.46 | $-0.35 | $-0.39 | $-0.41 | $-0.52 | $-0.65 | $-0.74 | $-0.76 | $-0.48 |
| EPS (Diluted) | $-0.73 | $-0.46 | $-0.35 | $-0.39 | $-0.41 | $-0.52 | $-0.65 | $-0.74 | $-0.76 | $-0.48 |
| Shares Outstanding (Diluted) | $29.2M | $35.5M | $39.4M | $52.2M | $57.0M | $58.5M | $59.4M | $60.2M | $62.3M | $63.9M |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $15.4M | $3.1M | $8.3M | $47.5M | $27.1M | $39.6M | $18.6M | $25.7M | $15.1M | $17.7M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $15.8M | $3.8M | $8.8M | $48.2M | $29.5M | $41.8M | $20.6M | $27.7M | $17.3M | $19.4M |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $53000 | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | $1000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $15.8M | $4.2M | $9.0M | $48.5M | $29.6M | $41.8M | $21.3M | $28.2M | $17.5M | $19.5M |
| Accounts Payable | $910000 | $608000 | $297000 | $1.7M | $1.3M | $1.8M | $3.9M | $6.4M | $5.7M | $3.2M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $21.1M | 0 |
| Total Current Liabilities | $3.8M | $3.0M | $2.1M | $2.8M | $5.4M | $9.0M | $13.0M | $15.7M | $35.4M | $8.0M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | $29.0M | $39.8M | $71.7M | $85.1M | $133.7M |
| Total Liabilities | $3.8M | $3.0M | $2.1M | $2.9M | $5.4M | $39.2M | $53.5M | $88.4M | $120.6M | $145.7M |
| Retained Earnings | -$163.7M | -$181.2M | -$196.2M | -$216.4M | -$240.0M | -$270.7M | -$309.6M | -$354.4M | -$401.6M | -$432.5M |
| Total Equity | $12.0M | $1.2M | $6.9M | $45.6M | $24.2M | $2.6M | -$32.2M | -$60.2M | -$103.1M | -$126.2M |
| Total Debt | 0 | 0 | 0 | $39000 | $44000 | $29.1M | $39.9M | $71.8M | $106.2M | $133.8M |
| Net Debt | -$15.4M | -$3.1M | -$8.3M | -$47.4M | -$27.1M | -$10.6M | $21.3M | $46.1M | $91.1M | $116.0M |
| Working Capital | $12.0M | $851000 | $6.7M | $45.4M | $24.1M | $32.8M | $7.5M | $12.0M | -$18.2M | $11.4M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$21.4M | -$16.2M | -$13.9M | -$13.3M | -$23.5M | -$30.5M | -$38.8M | -$41.1M | -$47.0M | -$30.8M |
| Depreciation & Amortization | $7000 | $1000 | 0 | $35000 | $36000 | $41000 | $32000 | $33000 | $37000 | $53000 |
| Stock-based Compensation | $2.5M | $1.1M | $4.4M | $1.7M | $1.8M | $2.1M | $2.9M | $2.3M | $2.4M | $1.7M |
| Change in Working Capital | $2.5M | -$804000 | -$1.1M | $641000 | $942000 | $3.8M | $5.0M | $4.7M | $2.3M | $609000 |
| Operating Cash Flow | -$16.4M | -$15.9M | -$10.2M | -$10.8M | -$20.6M | -$24.3M | -$31.1M | -$33.0M | -$41.8M | -$23.9M |
| Capital Expenditure | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | -$741000 | -$1.2M | -$915000 | -$394000 | -$137000 | -$171000 | 0 | 0 | -$91000 | 0 |
| Free Cash Flow | -$16.4M | -$15.9M | -$10.2M | -$10.8M | -$20.6M | -$24.3M | -$31.1M | -$33.0M | -$41.8M | -$23.9M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income Growth (YoY) | +24.3% | +14.4% | +4.4% | -76.5% | -30.1% | -27.0% | -5.9% | -14.6% | +34.5% | |
| EPS Growth (YoY) | +37.0% | +23.9% | -11.4% | -5.1% | -26.8% | -25.0% | -13.8% | -2.7% | +36.8% | |
| Shares Change (YoY) | +21.6% | +11.0% | +32.5% | +9.2% | +2.6% | +1.5% | +1.3% | +3.6% | +2.6% | |
| FCF Growth (YoY) | +3.2% | +35.9% | -6.6% | -89.9% | -18.0% | -27.8% | -6.1% | -26.7% | +42.8% | |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.56 | $-0.45 | $-0.26 | $-0.21 | $-0.36 | $-0.42 | $-0.52 | $-0.55 | $-0.67 | $-0.37 |
| Dividends Per Share | $0.03 | $0.03 | $0.02 | $0.01 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $29.2M | $35.5M | $39.4M | $52.2M | $57.0M | $58.5M | $59.4M | $60.2M | $62.3M | $63.9M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | 24.44% |
| Return on Invested Capital | -174.29% |
| Return on Assets | -157.87% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | -1.06 |
| Current Ratio | 2.42 |
| Piotroski F-Score | 3 |
| Altman Z-Score | -32.60 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -1.34 | -7.26 | -9.80 | -7.33 | -5.46 | -3.98 | -1.74 | -2.24 | -1.70 | -8.67 |
| P/B | 2.38 | 99.45 | 19.60 | 3.28 | 5.28 | 46.31 | -2.08 | -1.66 | -0.78 | -2.11 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Related companies: ALT · AURA · DMAC · DRTS · DSGN · ENGN · IMAB
Explore sector: Healthcare · Biotechnology
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