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Galectin Therapeutics Inc.(GALT), a biotechnology company specia lizing in the development of therapies for fibrotic diseases, has released its unaudited condensed consolidated financial statements for the second quarter and first half of 2023. The financial data reveals a net loss of $20.6 million for the first six months of the year, coupled with a revenue of $0.1 million for the second quarter. The company's financial position, liabilities, and equity are outlined in the following sections.
Net Loss of $20.6 Million in First Half of 2023
Galectin Therapeutics Inc. faced a net loss of $20.6 million for the first half of 2023, reflecting the company's operating expenses and other financial obligations. The net loss for the comparable period in 2022 was $19.5 million. Operating expenses, including research and development as well as general and administrative costs, contributed to the company's financial performance.
Revenue Stands at $0.1 Million for Q2 2023
The financial statements show that Galectin Therapeutics Inc. generated revenue of $0.1 million for the second quarter of 2023. This figure represents the company's income from its ongoing operations during this period.
Condensed Consolidated Balance Sheets
The company's total assets amounted to $20.1 million as of June 30, 2023, a decrease from $21.3 million as of December 31, 2022. Current assets, including cash and cash equivalents, stood at $19.5 million, down from $20.6 million at the end of 2022. Other assets amounted to $0.6 million.
Condensed Consolidated Statements of Operations
Galectin Therapeutics Inc. reported operating expenses of $9.0 million for the three months ended June 30, 2023, compared to $9.7 million for the same period in 2022. The operating loss for Q2 2023 was $9.0 million, reflecting ongoing research and development efforts as well as general administrative costs.
Condensed Consolidated Statements of Cash Flows
Net cash from operating activities for the first half of 2023 was -$20.6 million, indicating the company's use of funds in its day-to-day operations. Financing activities contributed $20.0 million in net proceeds from a convertible line of credit – related party, while noncash financing activities included the payment of preferred stock dividends in common stock and the issuance of common stock purchase warrants.
Condensed Consolidated Statements of Changes in Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit)
The company's stockholders' equity (deficit) was -$52.9 million as of June 30, 2023, reflecting the cumulative impact of stock issuances, stock-based compensation, and accumulated deficits.
These financial results provide insights into Galectin Therapeutics Inc.'s financial performance and position for the first half of 2023, highlighting its efforts to develop therapies for fibrotic diseases amid the complex landscape of biotechnology research and development.