Galecto Plans Offering of Common Stock and 1:1000 Convertible Preferred Shares
Galecto intends an underwritten offering of its common stock and Series C non-voting convertible preferred shares convertible into 1,000 common shares, with a 30-day underwriter option to purchase additional shares. Proceeds will fund preclinical studies, clinical trials, manufacturing and R&D for its hematological cancer antibody programs.
1. Offering Terms
Galecto has commenced an underwritten public offering of common stock and Series C non-voting convertible preferred shares. Series C preferred shares are convertible into 1,000 common shares at the holder’s election, subject to beneficial ownership limits, and underwriters have a 30-day option to purchase additional common shares.
2. Planned Use of Proceeds
Net proceeds from the offering, together with existing cash and cash equivalents, are earmarked for advancing preclinical studies, clinical trials and manufacturing to support Galecto’s antibody pipeline targeting hematological cancers, as well as for broader R&D initiatives, working capital and general corporate purposes.
3. Underwriting and Conditions
Jefferies, Leerink Partners, Evercore ISI and Guggenheim Securities are joint book-running managers for the offering. The issuance is subject to market and closing conditions, with no assurance on timing, size or terms, and follows an effective shelf registration filed on February 10, 2026.