Galmed Pharmaceuticals Reports Third Quarter 2025 Financial Results and Provides Business Update
MWN-AI** Summary
Galmed Pharmaceuticals Ltd. (Nasdaq: GLMD) released its financial results for the third quarter of 2025 and provided a business update. As of September 30, 2025, the company reported approximately $19.2 million in cash and short-term deposits, up from $15.4 million at the end of 2024. The net loss for Q3 2025 was about $2.0 million, or $0.33 per share, a slight increase compared to a net loss of $1.9 million, or $2.31 per share, in Q3 2024. This rise in losses was attributed mainly to increased research and development costs, which reached $1.1 million in the recent quarter, reflecting the company's ongoing clinical and pre-clinical studies.
In contrast, general and administrative expenses decreased to $1.0 million, down from $1.3 million last year, largely due to reduced salaries and benefits expenses. Financial income for the quarter was approximately $0.2 million, compared to $0.1 million in the previous year.
On the business front, Galmed announced significant developments, including promising results from a joint study with Virginia Commonwealth University, examining the effects of Aramchol on drug resistance in gastrointestinal cancers. Results indicated that a combination of Aramchol, Stivarga®, and Metformin effectively killed tumor cells both in-vivo and in-vitro. The company also reported top-line results from its Phase 1 AM-001 study on Aramchol Meglumine.
Furthermore, throughout 2025, Galmed raised around $9.3 million through its equity line and ATM facilities, underscoring its commitment to advancing its pipeline—primarily focused on liver disease but expanding into oncological and cardiometabolic indications. The company's proactive approach positions it for potential breakthroughs in addressing unmet medical needs.
MWN-AI** Analysis
Galmed Pharmaceuticals Ltd. (Nasdaq: GLMD) reported its third-quarter 2025 financial results, revealing a net loss of approximately $2.0 million, which is relatively stable compared to a net loss of about $1.9 million in the same period last year. These figures, combined with an increase in cash and cash equivalents to approximately $19.2 million from $15.4 million at the start of 2025, suggest that Galmed may be managing its finances prudently despite its developmental challenges.
The increase in research and development (R&D) expenses indicates that Galmed is actively pursuing its clinical trials and innovations. Their recent announcements regarding promising results from collaborations, such as the joint research on Aramchol's effectiveness against GI cancers, signal a focus on advancing their key product lines beyond liver disease indications. This strategy could position Galmed competitively in the growing oncology market.
Analysts should be cautiously optimistic about Galmed's future prospects. While the cash position allows for continued R&D, the rising costs and ongoing net losses raise flags regarding sustainable operations. However, the successful fundraising of approximately $9.3 million via equity lines reflects investor confidence in their growth trajectory and the commercial viability of Aramchol.
For investors, Galmed could represent a high-risk, high-reward scenario. The pivot towards oncology and its innovative product pipeline might offer long-term growth opportunities. Nevertheless, careful consideration should be given to regulatory uncertainties and the company’s ability to achieve favorable market conditions for Aramchol.
In summary, while Galmed Pharmaceuticals holds potential given its strategic advancements and cash reserves, adopting a cautious investment approach is advisable, keeping in mind the inherent risks typical in biopharmaceutical ventures.
**MWN-AI Summary and Analysis is based on asking OpenAI to summarize and analyze this news release.
PR Newswire
TEL AVIV, Israel, Nov. 26, 2025 /PRNewswire/ —Galmed Pharmaceuticals Ltd. (Nasdaq: GLMD) ("Galmed" or the "Company"), a clinical-stage biopharmaceutical company focused on liver, cardiometabolic, and gastrointestinal oncology indications, reports financial results for the three and nine months ended September 30, 2025 and recent developments.
Financial Summary – Third Quarter 2025 vs. Third Quarter 2024
- Cash and cash equivalents, short term deposits, restricted cash and marketable debt securities totaled approximately $19.2 million as of September 30, 2025, compared to approximately $15.4 million at December 31, 2024.
- Net loss amounted to approximately $2.0 million, or $0.33 per share, for the three months ended September 30, 2025, compared to a net loss of approximately $1.9 million, or $2.31 per share, for the three months ended September 30, 2024.
- Research and development expenses amounted to approximately $1.1 million for the three months ended September 30, 2025, compared to approximately $0.7 million for the three months ended September 30, 2024. The increase resulted primarily from clinical and pre-clinical studies expenses.
- General and administrative expenses amounted to approximately $1.0 million for the three months ended September 30, 2025, compared to approximately $1.3 million for the three months ended September 30, 2024. The decrease resulted primarily from decrease in salaries and benefit expenses.
- Financial income, net amounted to approximately $0.2 million for the three months ended September 30, 2025, compared to financial income of $0.1 million for the three months ended September 30, 2024.
Recent Business Updates
- On November 17, 2025, Galmed announced top-line results from its joint research with Virginia Commonwealth University (VCU) evaluating Aramchol's effect on overcoming drug resistance in gastrointestinal (GI) cancers, which showed that a 3-drug combination of Aramchol, Stivarga® and Metformin significantly enhanced gastrointestinal tumor cells, killing in-vivo and in-vitro
- On November 18, 2025, Galmed announced meaningful top-line results from its AM-001 Study, a Phase 1 bioavailability study of Aramchol Meglumine
- During 2025, Galmed raised approximately $9.3 million through its equity line and ATM facilities.
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. 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 European Medicines Authority, 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; the security, political and economic instability in the Middle East that could harm our business, including due to the current security situation in Israel, risks relating to our digital asset management strategy, including the highly volatile nature of the price of cryptocurrencies and other digital assets, the risk that our share price may be highly correlated to the price of the cryptocurrencies and other digital assets that we may hold, risks related to increased competition in the industries in which we do and will operate, risks relating to significant legal, commercial, regulatory and technical uncertainty regarding cryptocurrencies and other digital assets generally, risks relating to the treatment of crypto assets for U.S. and foreign tax purposes and those risks and uncertainties identified in Exhibit 99.2 to our Report of Foreign Private Issuer on Form 6-K filed with the Securities and Exchange Commission ("SEC") on August 25, 2025. 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 ended December 31, 2024, filed with the SEC on April 2, 2025 in 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.
GALMED PHARMACEUTICALS LTD. | ||||||||
Consolidated Balance Sheets | ||||||||
U.S. Dollars in thousands, except share data and per share data | ||||||||
As of September 30, 2025 | As of December 31, 2024 | |||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 3,314 | 4,652 | |||||
Short-term deposit | 7,560 | 3,496 | ||||||
Restricted Cash | 124 | 121 | ||||||
Marketable debt securities | 8,177 | 7,183 | ||||||
Other receivables | 549 | 672 | ||||||
Total current assets | 19,724 | 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 | $ | 21,584 | $ | 18,500 | ||||
Liabilities and stockholders' equity | ||||||||
Current liabilities | ||||||||
Trade payables | $ | 1,674 | $ | 1,308 | ||||
Other payables | 798 | 865 | ||||||
Total current liabilities | 2,472 | 2,173 | ||||||
Stockholders' equity | ||||||||
Ordinary shares par value NIS 1.80 per share; Authorized 50,000,000; Issued and | ||||||||
outstanding: 5,479,231 shares as of September 30, 2025 and 1,664,884 shares as of December 31, | ||||||||
2024 | 2,786 | 742 | ||||||
Additional paid-in capital | 222,602 | 216,470 | ||||||
Accumulated other comprehensive loss | (316) | (416) | ||||||
Accumulated deficit | (205,960) | (200,469) | ||||||
Total stockholders' equity | 19,112 | 16,327 | ||||||
Total liabilities and stockholders' equity | $ | 21,584 | $ | 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 September 30, | Nine months ended September 30, | |||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||
Research and development expenses | 1,086 | 738 | 2,778 | 1,907 | ||||||||||
General and administrative expenses | 1,009 | 1,273 | 2,690 | 2,727 | ||||||||||
Total operating expenses | 2,095 | 2,011 | 5,468 | 4,634 | ||||||||||
Financial income, net | (203) | (97) | (503) | (326) | ||||||||||
Impairment of Associate | - | - | 526 | - | ||||||||||
Net loss | $ | 1,892 | $ | 1,914 | $ | 5,491 | $ | 4,308 | ||||||
Basic and diluted net loss per share | $ | 0.33 | $ | 2.31 | $ | 1.47 | $ | 6.11 | ||||||
Weighted-average number of shares outstanding used | ||||||||||||||
in computing basic and diluted net loss per share | 5,460,476 | 829,500 | 3,743,362 | 705,427 |
GALMED PHARMACEUTICALS LTD. | ||||||
Consolidated Statements of Cash Flows (Unaudited) | ||||||
U.S. Dollars in thousands | ||||||
Nine months ended September 30, | ||||||
2025 | 2024 | |||||
Cash flow from operating activities | ||||||
Net loss | (5,491) | (4,308) | ||||
Adjustments required to reconcile net loss to net cash used in operating activities | ||||||
Depreciation and amortization | - | 83 | ||||
Stock-based compensation expense | 306 | 415 | ||||
Amortization of premium on marketable debt securities | 21 | - | ||||
Derivative expenses | 32 | - | ||||
Impairment of Associate | 526 | - | ||||
Interest income from short-term deposits | (164) | 36 | ||||
Interest income from loan to associate | (10) | - | ||||
Loss from realization of marketable debt securities | (9) | 3 | ||||
Finance expenses | (3) | 1 | ||||
- | ||||||
Changes in operating assets and liabilities: | ||||||
Decrease in other accounts receivable | 123 | 54 | ||||
Increase (decrease) in trade payables | 366 | (537) | ||||
Increase (decrease) in other accounts payable | (67) | 342 | ||||
Net cash used in operating activities | (4,370) | (3,911) | ||||
Cash flow from investing activities | ||||||
Purchase of available for sale securities | (1,689) | (3,329) | ||||
Withdrawal from (investment in) short term deposits | (3,900) | 1,500 | ||||
Sale of available-for-sale securities | 786 | 4,267 | ||||
Net cash provided by (used in) investing activities | (4,803) | 2,438 | ||||
Cash flow from financing activities | ||||||
Issuance of ordinary shares in relation to ATM (**) | 7,664 | 3,938 | ||||
Issuance of ordinary shares in relation to SEPA (*) | 174 | 4,400 | ||||
Net cash provided by financing activities | 7,838 | 8,338 | ||||
Increase (decrease) in cash and cash equivalents and restricted cash | (1,335) | 6,865 | ||||
Cash and cash equivalents and restricted cash at the beginning of the period | 4,773 | 2,978 | ||||
Cash and cash equivalents and restricted cash at the end of the period | 3,438 | 9,843 | ||||
Supplemental disclosure of cash flow information: | ||||||
Cash received from interest | 618 | 324 |
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SOURCE Galmed Pharmaceuticals Ltd.
FAQ**
How does the recent partnership with Virginia Commonwealth University enhance the potential of Aramchol in overcoming drug resistance in gastrointestinal cancers for Galmed Pharmaceuticals Ltd. GLMD?
What are the implications of the increased research and development expenses for Galmed Pharmaceuticals Ltd. GLMD's future pipeline and expected therapeutic advancements?
Given Galmed Pharmaceuticals Ltd. GLMD's reported net loss, what strategies are being considered to achieve financial stability and improve profitability moving forward?
How does the completion of the AM-001 Study impact Galmed Pharmaceuticals Ltd. GLMD's position within the competitive landscape of biopharmaceuticals focusing on oncological indications?
**MWN-AI FAQ is based on asking OpenAI questions about Galmed Pharmaceuticals Ltd. (NASDAQ: GLMD).
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