Belapectin trial cuts varices risk by up to 68%; cash runway to April 2027
Galectin Therapeutics reported a 2025 net loss of $31 million and ended the year with $17.7 million cash plus a $10 million credit line, extending runway to April 2027. NAVIGATE Phase 2b/3 data showed a 49.3% varices incidence reduction per protocol and 68.1% reduction in U.S. patients treated with belapectin 2 mg/kg versus placebo.
1. NAVIGATE Trial Efficacy Results
The NAVIGATE Phase 2b/3 study evaluated belapectin at 2 mg/kg versus placebo over 18 months in patients with MASH cirrhosis. In the intent-to-treat population (n=355), belapectin achieved a 43.2% lower varices incidence, while per-protocol analysis (n=287) showed a 49.3% reduction. U.S. patients in the per-protocol group (n=186) experienced a 68.1% decrease (p=0.02). Safety was comparable across arms with no drug-related serious adverse events.
2. Financial Position and Runway
As of December 31, 2025, the company held $17.7 million in unrestricted cash and secured an additional $10 million line of credit from the chairman, ensuring funding through April 2027. R&D expenses declined to $14.3 million from $36.6 million in 2024, reflecting trial completion phases, while G&A expenses remained flat at $5.8 million. Net loss narrowed to $31.0 million, or $0.48 per share.
3. Corporate Developments and Upcoming Milestones
Dr. Henry Brem joined the board to bolster clinical development expertise. Multiple NAVIGATE abstracts, including an oral presentation on fibrosis biomarkers and a poster on portal hypertension risk reduction, were accepted for the EASL Congress in May 2026. An FDA meeting is scheduled for Q2 2026 to align on next steps for belapectin’s regulatory path.