Galectin's NAVIGATE Trial Shows Promising Results for Belapectin

Introduction to Galectin Therapeutics Inc.

Galectin Therapeutics Inc. (NASDAQ: GALT), known in Korea as 갈렉틴 테라퓨틱스, is a Norcross, Georgia-based biopharmaceutical company founded in 2000. The firm specializes in carbohydrate-based compounds that inhibit galectin proteins, which are involved in fibrosis and cancer. Its lead candidate, belapectin, targets metabolic dysfunction-associated steatohepatitis (MASH) cirrhosis and portal hypertension, addressing an area with limited treatment options.

Corporate Structure and Leadership

Galectin Therapeutics is a public company with 11–50 employees. The senior leadership team includes Joel Lewis (President & CEO), Khurram Jamil (Chief Medical Officer), Jack Callicutt (Chief Financial Officer), and Jessica Kopaczewski (Senior Director, Clinical Operations). The company collaborates with external academic investigators to expand its pipeline across fibrotic and oncologic indications.

Developments and News

December 20, 2024: Galectin announced top-line results from the NAVIGATE Phase 2b/3 clinical trial (NCT04365868). In the pre-specified per-protocol population (n=290), belapectin 2 mg/kg achieved a 48.9% reduction in new esophageal varices at 18 months (p<0.05) compared with placebo. Liver stiffness assessments supported the clinical findings, and adverse event rates were comparable across treatment and placebo groups.
May 10, 2025: Trial data were presented at the European Association for the Study of the Liver (EASL) 2025 Congress in Amsterdam.
May 15, 2025: The company reported financial results for the quarter ended March 31, 2025, and provided a business update. Additional strategic and operational details were disclosed in a Form 8-K filing on the same date.
June 10, 2025: Galectin hosted a virtual key opinion leader (KOL) event to discuss the development path for belapectin in MASH cirrhosis and portal hypertension.
June 16, 2025: A Form 8-K current report was filed, covering material developments since the prior quarterly disclosure.

Financial and Strategic Analysis

As of June 20, 2025, GALT shares traded on the NASDAQ at $2.0591, down 37.41% on the day, with a volume of 2,055,965 shares. Key metrics from Yahoo Finance include:

Market Capitalization (intraday): $151.3 million
Enterprise Value: $197.1 million
Beta (5-year monthly): 0.55
Trailing Twelve-Month Net Loss: $45.3 million
Total Cash (most recent quarter): $7.4 million
Levered Free Cash Flow (TTM): –$26.2 million

The company has no approved products and relies on partnerships or licensing agreements to fund late-stage development. Its strategy centers on advancing belapectin toward regulatory submission.

Market Position and Industry Context

Galectin operates in the biotech sector focused on liver fibrosis and oncology, where significant medical needs remain. Competitors in the NASH/MASH space include larger pharmaceutical firms developing metabolic and anti-fibrotic therapies. With no marketed therapies specifically for MASH cirrhosis, belapectin could address a market need if ongoing trials confirm its efficacy. Ownership is divided among individual investors (54%), insiders (20%), and institutions (including hedge funds at 9.4%), reflecting a diverse shareholder base without a controlling stake.

tl;dr

Belapectin’s Phase 2b/3 NAVIGATE trial indicated a 48.9% reduction in new varices at 18 months in the per-protocol population (December 20, 2024). Data were presented at EASL on May 10, and the company hosted a KOL event on June 10. Long-term (36-month) results and additional analyses are anticipated in the first quarter of fiscal 2025. GALT shares traded at $2.06 on June 20, carrying a $151 million market cap and under $8 million in cash, indicating the need for partnerships or financing to support ongoing trials.