GALT
Galectin Therapeutics Inc.Galectin Therapeutics Inc., a clinical stage biopharmaceutical company, engages in the research and development of therapies for fibrotic, cancer, and other diseases. The company's lead product candidate is belapectin (GR-MD-02) galectin-3 inhibitor, a galactoarabino-rhamnogalacturonan polysaccharide polymer that is in Phase III clinical trial for the treatment of liver fibrosis associated with fatty liver disease and non-alcoholic steatohepatitis cirrhosis, as well as for the treatment of cance
2-Year Price History
Quarterly Financials & Projections
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Est | 2027-Q4 | 0.0 | 0.0 | -- | 0.0 | -- | 0.0 | -0.0 | 14.1 | -- | -- | -- | -- | -- |
| Est | 2027-Q3 | 0.0 | 0.0 | -- | 0.0 | -- | 0.0 | -0.0 | 14.1 | -- | -- | -- | -- | -- |
| Est | 2027-Q2 | 0.0 | 0.0 | -- | 0.0 | -- | 0.0 | -0.0 | 14.1 | -- | -- | -- | -- | -- |
| Est | 2027-Q1 | 0.0 | 0.0 | -- | 0.0 | -- | 0.0 | -0.0 | 14.1 | -- | -- | -- | -- | -- |
| Est | 2026-Q4 | 0.0 | 0.0 | -- | 0.0 | -- | 0.0 | -0.0 | 14.1 | -- | -- | -- | -- | -- |
| Est | 2026-Q3 | 0.0 | 0.0 | -- | 0.0 | -- | 0.0 | -0.0 | 14.1 | -- | -- | -- | -- | -- |
| Est | 2026-Q2 | 0.0 | 0.0 | -- | 0.0 | -- | 0.0 | -0.0 | 14.1 | -- | -- | -- | -- | -- |
| Est | 2026-Q1 | 0.0 | 0.0 | -- | 0.0 | -- | 0.0 | -0.0 | 14.1 | -- | -- | -- | -- | -- |
| Act | 2026-Q1 | 0.0 | -4.1 | -4.1 | -5.1 | -3.9 | -3.9 | -0.0 | 14.1 | 135.7 | 65.8 | -12.0% | -2.0x | -- |
| Act | 2025-Q4 | 0.0 | -3.5 | -3.4 | -5.5 | -6.0 | -6.0 | -0.0 | 17.7 | 133.8 | 63.9 | -10.1% | -1.8x | -- |
| Act | 2025-Q3 | 0.0 | -6.4 | -4.2 | -8.2 | -3.5 | -3.5 | -0.0 | 11.5 | 122.3 | 64.2 | -13.7% | -3.5x | -- |
| Act | 2025-Q2 | 0.0 | -5.7 | -4.6 | -7.5 | -6.6 | -6.6 | -0.0 | 13.8 | 120.5 | 63.5 | -15.3% | -3.1x | -- |
| Act | 2025-Q1 | 0.0 | -7.9 | -7.9 | -9.6 | -7.7 | -7.7 | -0.0 | 7.4 | 108.0 | 63.2 | -29.3% | -4.5x | -- |
| Act | 2024-Q4 | 0.0 | -10.2 | -12.4 | -12.0 | -12.8 | -12.8 | -0.0 | 15.1 | 106.3 | 62.7 | -46.8% | -5.9x | -- |
| Act | 2024-Q3 | 0.0 | -9.7 | -9.1 | -11.2 | -8.5 | -8.5 | -0.0 | 27.1 | 104.6 | 62.3 | -34.7% | -6.5x | -- |
| Act | 2024-Q2 | 0.0 | -11.1 | -11.3 | -12.4 | -8.3 | -8.3 | -0.0 | 25.6 | 93.5 | 62.2 | -48.3% | -8.7x | -- |
| Act | 2024-Q1 | 0.0 | -10.4 | -9.7 | -11.5 | -12.1 | -12.1 | -0.0 | 23.6 | 82.5 | 62.0 | -46.8% | -9.9x | -- |
| Act | 2023-Q4 | 0.0 | -9.1 | -9.6 | -10.0 | -4.7 | -4.7 | -0.0 | 25.7 | 71.8 | 60.2 | -53.3% | -10.8x | -- |
| Act | 2023-Q3 | 0.0 | -9.6 | -9.2 | -10.4 | -7.6 | -7.6 | -0.0 | 20.4 | 61.2 | 59.7 | -59.6% | -11.5x | -- |
| Act | 2023-Q2 | 0.0 | -8.5 | -9.0 | -9.1 | -9.8 | -9.8 | -0.0 | 18.0 | 60.4 | 59.6 | -59.6% | -13.0x | -- |
| Act | 2023-Q1 | 0.0 | -11.0 | -10.3 | -11.5 | -10.8 | -10.8 | -0.0 | 17.8 | 50.0 | 59.5 | -82.7% | -24.0x | -- |
| Act | 2022-Q4 | 0.0 | -10.3 | -10.6 | -10.6 | -7.2 | -7.2 | -0.0 | 18.6 | 39.9 | 59.4 | -106.7% | -33.5x | -- |
| Act | 2022-Q3 | 0.0 | -8.3 | -8.1 | -8.6 | -8.4 | -8.4 | -0.0 | 15.8 | 29.9 | 59.4 | -108.8% | -30.9x | -- |
| Act | 2022-Q2 | 0.0 | -9.4 | -9.7 | -9.6 | -7.4 | -7.4 | -0.0 | 24.2 | 29.6 | 59.4 | -130.5% | -41.0x | -- |
| Act | 2022-Q1 | 0.0 | -9.7 | -9.9 | -9.9 | -8.0 | -8.0 | -0.0 | 31.6 | 29.3 | 59.4 | -135.7% | -42.7x | -- |
Multiples vs the company's own history — cheap or rich relative to itself? Historical fiscal years, then TTM, then forward projections (E). Forward rows hold today's price against projected earnings, so the multiple compresses if the company grows into it.
| Year | Price | Rev Gr | EBITDA % | EBITDA | EV/EBITDA | EV/FCF | P/E | P/S |
|---|---|---|---|---|---|---|---|---|
| 2022 | 1.13 | — | — | -38 | n/m | n/m | n/m | — |
| 2023 | 1.66 | — | — | -38 | n/m | n/m | n/m | — |
| 2024 | 1.29 | — | — | -41 | n/m | n/m | n/m | — |
| 2025 | 4.16 | — | — | -23 | n/m | n/m | n/m | — |
| TTM | 2.52 | — | — | -20 | 0.0× | 0.0× | 0.0× | — |
| 2026E | 2.52 | — | — | 0 | — | — | — | — |
| 2027E | 2.52 | — | — | 0 | — | — | — | — |
EBITDA in reporting-currency $M. Historical multiples use year-end market cap (split-adjusted price history); TTM & forward years use today's.
AI Analysis
LLM Evaluations
GALT is a deeply speculative pre-revenue biotech with a single clinical-stage asset (belapectin) that failed its primary ITT endpoint in the NAVIGATE trial. While per-protocol subgroup analyses showed promising efficacy (49-68% reduction in new varices), the regulatory path is highly uncertain — FDA has not confirmed surrogate endpoint acceptance for a pivotal trial. The balance sheet is catastrophic: $138M in liabilities (mostly convertible debt from Chairman Uihlein) against $11.5M cash and zero revenue. The company is functionally insolvent without continued insider support, and the 49.87M potential shares from convertible notes represent massive dilution (nearly equal to the current 64M shares outstanding). Even if belapectin works, shareholders face a tortuous path of continued dilution, regulatory uncertainty, and years before any possible revenue. The $200M market cap prices in meaningful probability of success that is not supported by the clinical or financial evidence. Net insider selling and 10.5% short interest confirm institutional skepticism.
Valuation & Metrics
Market Stats
TTM Financial Snapshot
DCF Fair Value Estimate
Forward Outlook & Risk
Short Interest
Options
| Strike | Call Bid/Ask | Call OI | Put Bid/Ask | Put OI |
|---|---|---|---|---|
| $2.50 | --/$0.65 | 672 | $0.25/$0.90 | 138 |
| $5.00 | --/$0.15 | 10,566 | $2.00/$3.20 | 23 |
| $7.50 | --/$0.25 | 714 | $4.40/$5.60 | 0 |
| $10.00 | --/$0.05 | 241 | $6.50/$8.40 | 0 |
| $12.50 | --/$0.20 | 1,912 | $9.00/$10.90 | 0 |
Forward Projections & Estimates
Employees
Cash Runway
Institutional Ownership
Headline & net flow
In Q1 2026 so far (quarter still filing), institutions are net buyers — bought 8.4% of float, sold 1.2%. 1 filer moved >1% of shares (1 buying, 0 selling).
Ownership composition
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $5.5M | $2.79 | +$5.5M | +$5.5M | — | $4.04T |
| MARSHALL WACE, LLP | $3.4M | $3.46 | +$1.7M | +$3.4M | +0.6% | $92.71B |
| ADVISOR GROUP HOLDINGS, INC. | $3.1M | $1.90 | +$90K | −$281K | -0.3% | $67.63B |
| BlackRock, Inc.Passive | $2.2M | $2.71 | +$7K | −$1.7M | -0.2% | $5.69T |
| MILLENNIUM MANAGEMENT LLC | $2.2M | $2.82 | +$1.6M | +$2.2M | -0.5% | $127.40B |
| Wealthspire Advisors, LLC | $2.0M | $2.66 | +$334K | +$902K | -0.3% | $12.72B |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $1.7M | $2.29 | +$41K | −$670K | +2.3% | $1.61T |
| SUSQUEHANNA INTERNATIONAL GROUP, LLPMM | $1.6M | $2.81 | +$750K | +$1.5M | -0.6% | $77.14B |
| TWO SIGMA INVESTMENTS, LP | $1.3M | $2.79 | +$1.3M | +$1.3M | -0.9% | $117.03B |
| COMMONWEALTH EQUITY SERVICES, LLC | $1.0M | $2.10 | +$92K | +$306K | -0.3% | $71.14B |
| VANGUARD FIDUCIARY TRUST COPassive | $849K | $2.79 | +$849K | +$849K | — | $395.83B |
| CITADEL ADVISORS LLC | $810K | $2.32 | +$611K | +$810K | -0.4% | $138.22B |
| LPL Financial LLC | $745K | $1.82 | −$162K | +$206K | -0.2% | $372.65B |
| Vivaldi Capital Management, LLC | $721K | $2.73 | +$152K | +$566K | +0.0% | $723M |
| STATE STREET CORPPassive | $721K | $2.54 | +$45K | −$61K | -0.2% | $2.89T |
| Geneos Wealth Management Inc. | $672K | $1.26 | −$7K | −$509K | -0.6% | $4.30B |
| Sovran Advisors, LLC | $585K | $2.10 | +$89K | +$132K | -0.6% | $1.25B |
| JANE STREET GROUP, LLCMM | $544K | $2.49 | −$12K | +$544K | -0.1% | $92.10B |
| RETIREMENT GUYS FORMULA LLC | $522K | $2.06 | +$7K | +$88K | -0.2% | $216M |
| GOLDMAN SACHS GROUP INC | $515K | $3.81 | −$342K | +$486K | -0.2% | $760.93B |
Trading behavior
▸ Compare to holder-profile behavior (across all their stocks)
Biggest decreases this quarter
New buyers this quarter
Top-5 holders · 42.7%
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
Analyst Coverage
| Quarter | Revenue | EBITDA | Net Inc | EPS | EPS Range | # Analysts |
|---|---|---|---|---|---|---|
| 2025 Q3 | 0M | 0M | -7M | $-0.11 | $-0.11 – $-0.11 | 1 |
| 2025 Q4 | 36M | 0M | -7M | $-0.10 | $-0.10 – $-0.10 | 1 |
| 2026 Q1 | 0M | 0M | -4M | $-0.06 | $-0.06 – $-0.06 | 1 |
| 2026 Q2 | 0M | 0M | -6M | $-0.09 | $-0.09 – $-0.09 | 1 |
| 2026 Q3 | 0M | 0M | -7M | $-0.10 | $-0.10 – $-0.10 | 1 |
| 2026 Q4 | 0M | 0M | -7M | $-0.10 | $-0.10 – $-0.10 | 1 |
Corporate
Executive Compensation (2022-2024)
Insider Trading (last 12mo)
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-02-06 | BUY | ELDRED KARY | director | 300 | $2.70 | $810 | $177K |
| 2026-01-06 | SELL | CALLICUTT JACK W | officer: Chief Financial Officer | 20,354 | $3.67 | $75K | $28K |
| 2026-01-06 | SELL | Jamil Khurram | officer: Chief Medical Officer | 21,446 | $3.65 | $78K | $0 |
| 2026-01-06 | SELL | LEWIS JOEL | director, officer: President and CEO | 37,698 | $3.58 | $135K | $2.98M |
| 2026-01-05 | SELL | CALLICUTT JACK W | officer: Chief Financial Officer | 25,732 | $3.90 | $100K | $109K |
| 2026-01-05 | SELL | Jamil Khurram | officer: Chief Medical Officer | 25,499 | $3.90 | $99K | $84K |
| 2026-01-05 | SELL | LEWIS JOEL | director, officer: President and CEO | 27,731 | $3.91 | $108K | $3.40M |
| 2026-01-02 | SELL | CALLICUTT JACK W | officer: Chief Financial Officer | 13,914 | $4.20 | $58K | $225K |
| 2026-01-02 | SELL | Jamil Khurram | officer: Chief Medical Officer | 13,055 | $4.20 | $55K | $197K |
| 2026-01-02 | SELL | LEWIS JOEL | director, officer: President and CEO | 18,571 | $4.20 | $78K | $3.77M |
| 2025-12-31 | SELL | Jamil Khurram | officer: Chief Medical Officer | 8,125 | $4.07 | $33K | $0 |
| 2025-12-23 | BUY | ELDRED KARY | director | 700 | $3.73 | $3K | $244K |
| 2025-12-23 | BUY | FREEMAN KEVIN D | director | 5,500 | $3.55 | $20K | $196K |
| 2025-12-17 | SELL | Jamil Khurram | officer: Chief Medical Officer | 8,500 | $7.04 | $60K | $0 |
| 2025-12-17 | SELL | LEWIS JOEL | director, officer: President and CEO | 7,829 | $7.06 | $55K | $5.87M |
| 2025-12-17 | SELL | Shlevin Harold H. | director | 24,499 | $7.04 | $172K | $46K |
| 2025-12-16 | SELL | 10X Fund, L.P. | 10 percent owner | 30,681 | $6.66 | $204K | $37.39M |
| 2025-12-15 | SELL | Shlevin Harold H. | director | 8,417 | $6.30 | $53K | $71K |
| 2025-12-12 | SELL | Shlevin Harold H. | director | 19,793 | $6.27 | $124K | $70K |
| 2025-12-09 | SELL | Shlevin Harold H. | director | 16,790 | $6.27 | $105K | $70K |
Order Flow (FINRA, ~3w lag)
Filing Risk Analysis
Filing Risk Scores
GALECTIN THERAPEUTICS INC.: A Related-Party Debt Trap with 82% Potential Dilution
Counter-Thesis
Counter-Thesis & Recent News
In November 2025, Galectin presented compelling Phase 2b/3 NAVIGATE trial results at AASLD, showing that its lead candidate, belapectin (2 mg/kg), significantly reduced the incidence of new esophageal varices in patients with MASH cirrhosis. Specifically, a per-protocol analysis revealed a 68% reduction in new varices in U.S. patients and a 49% reduction overall. In March 2026, the company announced a virtual KOL event to further discuss the clinical path forward for MASH cirrhosis treatment (Sources: Stock Titan, MarketBeat, GuruFocus).
The core of the short thesis rests on the NAVIGATE trial's failure to meet its primary intent-to-treat (ITT) endpoint, which creates significant regulatory uncertainty. Skeptics argue the company is 'data mining' by focusing on per-protocol subgroups. Furthermore, GALT remains a pre-revenue clinical-stage firm with a persistent net loss ($47.2M in 2024) and a balance sheet burdened by over $122M in debt and convertible notes (Sources: Seeking Alpha, TipRanks).
Financial instability is a primary concern, with the current cash runway only extending through mid-2026, largely supported by insider-provided debt. The reliance on an unsecured convertible line of credit from Chairman Richard Uihlein introduces significant dilution risk for common shareholders. Additionally, the FDA has not yet confirmed acceptance of the company's proposed surrogate endpoints for a pivotal trial (Sources: FirstWord Pharma, Seeking Alpha).
GALT faces intense competition in the crowded MASH (formerly NASH) space from larger pharmaceutical companies. While GALT targets the specific niche of compensated cirrhosis and portal hypertension, the broader market includes competitors like Akero and Madrigal (Rezdiffra), which could capture patient share or investment capital if GALT's regulatory path remains murky (Sources: TipRanks, Public.com).
Sentiment among trial investigators is notably positive; the NAVIGATE trial was oversubscribed, suggesting high clinical interest and confidence in the drug's safety profile (no serious drug-related AEs). While retail sentiment is polarized, institutional confidence is reflected in recent position increases by funds like Marshall Wace and Vanguard, who increased their allocations in late 2025 despite the primary endpoint miss (Sources: Nasdaq, Public.com).