Galectin Therapeutics Inc. (NASDAQ: (GALT) stock declined by at last close whereas the GALT stock price gained by in the after-hours trading session. Galectin Therapeutics is dedicated to the development of innovative treatments to help people with severe liver disease and cancer live better lives.

GALT stock’ Financial Highlights

Galectin Therapeutics reported its financial results for the quarter ended September 30, 2021. Given below is the summary:

• The Company posted a net loss applicable to common stockholders of $8.6 million, or ($0.14) per share, for the three months ended September 30, 2021, relative to a net loss attributable to common stockholders of $6.0 million, or ($0.10) per share, for the three months ended September 30, 2020. The hike is mostly due to higher research and development expenses in 2021 as a result of the Company’s NAVIGATE trial.
• For the three months ending September 30, 2021, research and development expenses were $6.6 million, compared to $4.8 million for the same period in 2020. Costs associated with their NAVIGATE clinical study and other supportive activities accounted for the majority of the rise.
• General and administrative expenses generated were $1.6 million for the three months ended September 30, 2021, relative to $1.1 million for the same period in 2020.
• The Company had $36.6 million in cash and cash equivalents as of September 30, 2021.

Operational Updates

• The Board of Directors supports the development of a company-sponsored belapectin oncology program to supplement their ongoing NASH cirrhosis program.
• Key oncology experts have been brought in to advise on strategic planning and operational guidance for the development of belapectin as cancer immunotherapy.
• Hugh Huang, Ph.D., has been named Vice President, CMC Pharmaceutical Development, bolstering the management team.

Furthermore,

After March 31, 2023, the Company anticipates needing more capital to support operations but thinks it will be able to acquire further financing as necessary. Currently, they expect to need an additional $30-$35 million to cover costs of the NAVIGATE trial, as well as drug production and other scientific support operations, as well as general and administrative costs, in order to reach the scheduled interim analysis in the first quarter of 2024. Nevertheless, there is no guarantee that they will be effective in obtaining fresh financing or that, if available, that such financing will be on favorable terms to them.