Full Press Release Details
TEL AVIV, Israel,Aug. 28, 2025/PRNewswire/ -- Galmed Pharmaceuticals Ltd. (Nasdaq:GLMD) ("Galmed" or the "Company"), a clinical-stage biopharmaceutical company for cardiometabolic diseases and GI oncological indications, reports financial results for the three and six months endedJune 30, 2025and recent developments.
Recent Business Updates
Financial Summary – Second Quarter 2025 vs. Second Quarter 2024
About Galmed Pharmaceuticals Ltd.
We are a biopharmaceutical company focused on the development of Aramchol. We have focused almost exclusively on developing Aramchol for the treatment of liver disease and we are currently seeking to advance the development of Aramchol for oncological indications outside of NASH and fibrosis. In addition, as part of our growth strategy, we are actively pursuing opportunities to expand and diversify our product pipeline specifically targeting cardiometabolic indications and other innovative product candidates that align with our core expertise in drug development.
Forward-Looking Statements:
Forward-looking statements relate to anticipated or expected events, activities, trends or results as of the date they are made. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties that could cause our actual results to differ materially from any future results expressed or implied by the forward-looking statements. Forward-looking statements may include, but are not limited to, statements relating to our product development efforts, business, financial condition, results of operations, strategies or prospects, and our plans to implement adigital assetmanagement strategy and prospects of ourdigital assetmanagement strategy, as well as statements, other than historical facts, that address activities, events or developments that we intend, expect, project, believes or anticipate will or may occur in the future. Many factors could cause our actual activities or results to differ materially from the activities and results anticipated in forward-looking statements, including, but not limited to, the development and approval of the use of Aramchol or any other product candidate for indications outside of non-alcoholic steatohepatitis, or NASH, also known as metabolic dysfunction-associated steatohepatitis, or MASH, and fibrosis or in combination therapy; the timing and cost of any pre-clinical or clinical trials of Aramchol or any other product candidate we develop; completion and receiving favorable results of any pre-clinical or clinical trial; regulatory action with respect to Aramchol or any other product candidate by the U.S. Food and Drug Administration, or the FDA, or the European Medicines Authority, or EMA, including but not limited to acceptance of an application for marketing authorization, review and approval of such application, and, if approved, the scope of the approved indication and labeling; the commercial launch and future sales of Aramchol and any future product candidates; our ability to comply with all applicable post-market regulatory requirements for Aramchol, or any other product candidate in the countries in which we seek to market the product; our ability to achieve favorable pricing for Aramchol, or any other product candidate; third-party payor reimbursement for Aramchol, or any other product candidate; our estimates regarding anticipated capital requirements and our needs for additional financing; market adoption of Aramchol or any other product candidate by physicians and patients; the timing, cost or other aspects of the commercial launch of Aramchol or any other product candidate; our ability to obtain and maintain adequate protection of our intellectual property; the possibility that we may face third-party claims of intellectual property infringement; our ability to manufacture our product candidates in commercial quantities, at an adequate quality or at an acceptable cost; our ability to establish adequate sales, marketing and distribution channels; intense competition in our industry, with competitors having substantially greater financial, technological, research and development, regulatory and clinical, manufacturing, marketing and sales, distribution and personnel resources than we do; our expectations regarding licensing, acquisitions and strategic operations; current or future unfavorable economic and market conditions and adverse developments with respect to financial institutions and associated liquidity risk; our ability to maintain the listing of our ordinary shares on The Nasdaq Capital Market; and security, political and economic instability in theMiddle Eastthat could harm our business, including due to the current security situation inIsrael. We believe these forward-looking statements are reasonable; however, these statements are only current predictions and are subject to known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from those anticipated by the forward-looking statements. We discuss many of these risks in our Annual Report on Form 20-F for the year endedDecember 31, 2024filed with the SEC onApril 2, 2025in greater detail under the heading "Risk Factors." Given these uncertainties, you should not rely upon forward-looking statements as predictions of future events. All forward-looking statements attributable to us or persons acting on our behalf speak only as of the date hereof and are expressly qualified in their entirety by the cautionary statements included in this report. We undertake no obligations to update or revise forward-looking statements to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. In evaluating forward-looking statements, you should consider these risks and uncertainties. express an opinion or any other form of assurance with respect thereto. This preliminary financial information is not a comprehensive statement of the company's financial results for this period.
SOURCE Galmed Pharmaceuticals Ltd.
| GALMED PHARMACEUTICALS LTD. | ||||||||
| Consolidated Balance Sheets | ||||||||
| U.S. Dollars in thousands, except share data and per share data | ||||||||
| As of | As ofDecember 31, | |||||||
| June 30, 2025 | 2024 | |||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 4,964 | $ | 4,652 | ||||
| Short-term deposit | 7,464 | 3,496 | ||||||
| Restricted Cash | 123 | 121 | ||||||
| Marketable debt securities | 8,100 | 7,183 | ||||||
| Other receivables | 433 | 672 | ||||||
| Total current assets | 21,084 | 16,124 | ||||||
| Investment in associate at fair value | 1,593 | 2,119 | ||||||
| Loan to associate | 267 | 257 | ||||||
| Total non-current assets | 1,860 | 2,376 | ||||||
| Total assets | $ | 22,944 | $ | 18,500 | ||||
| Liabilities and stockholders' equity | ||||||||
| Current liabilities | ||||||||
| Trade payables | $ | 1,369 | $ | 1,308 | ||||
| Other payables | 1,052 | 865 | ||||||
| Total current liabilities | 2,421 | 2,173 | ||||||
| Stockholders' equity | ||||||||
| Ordinary shares par value NIS 1.80 per share; Authorized50,000,000; Issued and outstanding: 5,303,050 shares as of June30, 2025 and 1,664,884 shares as of December 31, 2024 | 2,690 | 742 | ||||||
| Additional paid-in capital | 222,304 | 216,470 | ||||||
| Accumulated other comprehensive loss | (403) | (416) | ||||||
| Accumulated deficit | (204,068) | (200,469) | ||||||
| Total stockholders' equity | 20,523 | 16,327 | ||||||
| Total liabilities and stockholders' equity | $ | 22,944 | $ | 18,500 |
| GALMED PHARMACEUTICALS LTD. | ||||||||||||||||
| Consolidated Statements of Operations (Unaudited) | ||||||||||||||||
| U.S. Dollars in thousands, except share data and per share data | ||||||||||||||||
| Three months ended June 30, | Six months ended June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Research and development expenses | 1,058 | 534 | 1,692 | 1,169 | ||||||||||||
| General and administrative expenses | 1,051 | 688 | 1,681 | 1,454 | ||||||||||||
| Total operating expenses | 2,109 | 1,222 | 3,373 | 2,623 | ||||||||||||
| Financial income, net | (140) | (103) | (300) | (229) | ||||||||||||
| Impairment of Associate | 526 | - | 526 | - | ||||||||||||
| Net loss | $ | 2,495 | $ | 1,119 | $ | 3,599 | $ | 2,394 | ||||||||
| Basic and diluted net loss per share | $ | 0.63 | $ | 1.65 | $ | 1.25 | $ | 3.72 | ||||||||
| Weighted-average number of sharesoutstanding used in computing basicand diluted net loss per share | 3,948,190 | (*)677,861 | 2,866,600 | (*)643,167 |
| GALMED PHARMACEUTICALS LTD. | ||||||||
| Consolidated Statements of Cash Flows (Unaudited) | ||||||||
| U.S. Dollars in thousands | ||||||||
| Six months ended June 30, | ||||||||
| 2025 | 2024 | |||||||
| Cash flow from operating activities | ||||||||
| Net loss | $ | (3,599) | $ | (2,394) | ||||
| Adjustments required to reconcile net loss to net cash usedin operating activities | ||||||||
| Depreciation and amortization | - | 83 | ||||||
| Stock-based compensation expense | 201 | 283 | ||||||
| Amortization of premium on marketable debt securities | 16 | - | ||||||
| Restricted deposit | (2) | |||||||
| Derivative expenses | 32 | - | ||||||
| Impairment of Associate | 526 | - | ||||||
| Interest income from short-term deposits | (68) | (18) | ||||||
| Interest income from loan to associate | (10) | - | ||||||
| Loss (gain) from realization of marketable debt securities | (19) | 8 | ||||||
| Finance expenses | 1 | 1 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Decrease in other accounts receivable | 239 | 345 | ||||||
| Increase (decrease) in trade payables | 61 | (676) | ||||||
| Increase (decrease) in other accounts payable | 187 | (479) | ||||||
| Net cash used in operating activities | (2,435) | (2,847) | ||||||
| Cash flow from investing activities | ||||||||
| Purchase of available for sale securities | (1,686) | (1,507) | ||||||
| Withdrawal from (investment in) short term deposits | (3,900) | 225 | ||||||
| Sale of available-for-sale securities | 786 | 3,106 | ||||||
| Net cash provided by (used in) investing activities | (4,800) | 1,824 | ||||||
| Cash flow from financing activities | ||||||||
| Issuance of ordinary shares in relation to ATM (**) | 7,474 | - | ||||||
| Issuance of ordinary shares in relation to SEPA (*) | 75 | - | ||||||
| Net cash provided by financing activities | 7,549 | |||||||
| Increase (decrease) in cash and cash equivalents andrestricted cash | 314 | (1,023) | ||||||
| Cash and cash equivalents and restricted cash at thebeginning of the period | 4,773 | 2,978 | ||||||
| Cash and cash equivalents and restricted cash at the end ofthe period | $ | 5,087 | $ | 1,955 | ||||
| Supplemental disclosure of cash flow information: | ||||||||
| Cash received from interest | $ | 376 | $ | 218 |