In addition to the sale, Firmani acquired 726 shares through the vesting of RSUs, which were settled in common stock. Furthermore, she was granted stock options for 5,000 shares, which will vest over the coming years. These transactions reflect routine adjustments related to stock compensation and vesting schedules. InvestingPro data shows the company maintains strong liquidity with a current ratio of 8.68 and holds more cash than debt on its balance sheet. Get access to 8 more key InvestingPro Tips and comprehensive financial metrics to better evaluate GLTO's position. InvestingPro data shows the company maintains strong liquidity with a current ratio of 8.68 and holds more cash than debt on its balance sheet. Get access to 8 more key InvestingPro Tips and comprehensive financial metrics to better evaluate GLTO's position.
In addition to the sale, Firmani acquired 726 shares through the vesting of RSUs, which were settled in common stock. Furthermore, she was granted stock options for 5,000 shares, which will vest over the coming years. These transactions reflect routine adjustments related to stock compensation and vesting schedules.
In other recent news, Galecto has made significant strides in its strategic focus on oncology and liver diseases. The biotech company has acquired global rights to BRM-1420, a novel therapy developed by Bridge Medicine, which targets multiple genetic subsets of acute myeloid leukemia (AML). The acquisition, which is expected to meet the needs of approximately 30% of all AML patients who are currently underserved by existing therapies, has led Oppenheimer to increase its price target for Galecto from $9 to $10.
Galecto also executed a 1-for-25 reverse stock split, reducing its outstanding common shares from approximately 27.1 million to around 1.1 million, aligning with the company's efforts to adjust its capital structure. Furthermore, the company appointed Dr. Amy Wechsler to its Board of Directors, a move that is expected to provide valuable industry knowledge and leadership skills to the company's growth and development strategies.
In terms of financial performance, Galecto reported Q1 2024 operating expenses of $5.7 million and a cash balance of $27.2 million. According to Oppenheimer, the company's quarterly operating expenses are likely to be in the range of approximately $2.5 to $3.0 million, extending the company's cash runway into 2026. These recent developments underscore Galecto's commitment to its strategic focus and financial stability.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.