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Galmed Pharmaceuticals Reports First Quarter 2022 Financial Results
TEL AVIV, Israel, May 17, 2022 /PRNewswire/ —Galmed Pharmaceuticals Ltd. (Nasdaq: GLMD) ("Galmed" or the "Company"), a clinical-stage biopharmaceutical
About this update from Galmed Pharmaceuticals Ltd.
[{"type":"text","content":"TEL AVIV, Israel, May 17, 2022 /PRNewswire/ —Galmed Pharmaceuticals Ltd. (Nasdaq: GLMD) (\"Galmed\" or the \"Company\"), a clinical-stage biopharmaceutical company for liver, metabolic, fibrosis and inflammatory diseases reports financial results for the three months ended March 31, 2022.\n \n \nRecent Developments\nAnnounced that Company's clinical development strategy will expand into new anti-fibrotic indications to maximize the potential of its lead compound, Aramchol while at the same time discontinuing the Open Label Part of the Armor Study having reached its objectives.Company evaluating its strategic alternatives and its structuring to best enhance shareholder value and achieve its goals.Financial Summary – First Quarter 2022 vs. First Quarter 2021:\nCash and cash equivalents, restricted cash and marketable debt securities totaled $28.9 million as of March 31, 2022, compared to $34.9 million at December 31, 2021.Net loss amounted to $6.1 million, or $0.24 per share, for the three months ended March 31, 2022, compared to a net loss of $8.9 million, or $0.38 per share, for the three months ended March 31, 2021.Research and development expenses amounted to approximately $4.8 million for the three months ended March 31, 2022, compared to approximately $7.4 million for the three months ended March 31, 2021. The decrease resulted primarily from a decrease in drug development expenses.General and administrative expenses amounted to approximately $1.3 million for the three months ended March 31, 2022, compared to approximately $1.8 million for the three months ended March 31, 2021. The decrease in general and administrative expenses for the three months ended March 31, 2021 resulted primarily from a decrease in salaries and benefits.Financial expense, net amounted to $0.05 million for the three months ended March 31, 2022, compared to financial income, net of $0.2 million for the three months ended March 31, 2021.About Galmed Pharmaceuticals Ltd.\nGalmed Pharmaceuticals Ltd. is a clinical stage drug development biopharmaceutical company for liver, metabolic and inflammatory diseases. Our lead compound, Aramchol™, a backbone drug candidate for the treatment of NASH and fibrosis is currently in a Phase 3 registrational study. We are also collaborating with the Hebrew University in the development of Amilo-5MER, a 5 amino acid synt...