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Galmed Pharmaceuticals Reports First Quarter 2023 Financial Results and Recent Developments
TEL AVIV, Israel, June 1, 2023 /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, June 1, 2023 /PRNewswire/ -- Galmed Pharmaceuticals Ltd. (NASDAQ: GLMD) (\"Galmed\" or the \"Company\"), a clinical-stage biopharmaceutical company for liver and fibro-inflammatory diseases reports financial results for the three months ended March 31, 2023 and recent developments\nRecent Developments\nInitiated a new clinical program to evaluate its lead compound, Aramchol meglumine for the treatment of Primary Sclerosing Cholangitis (PSC), a rare disease for which there is no approved treatment;Phase 2 proof of concept PSC study to be conducted in collaboration with the Stravitz–Sanyal Institute for Liver Disease and Metabolic Health Virginia Commonwealth University;Formed a strategic partnership with Onkai, Inc., leading an investment round of $6 million in Onkai, an AI-powered digital platform that facilitates health equity in underserved communities across the US, Enabling faster and diverse enrollment to clinical trials;The Company is discontinuing its evaluation of strategic alternatives; andNasdaq notified the Company that it regained compliance with the Nasdaq minimum bid price rule.Financial Summary – First Quarter 2023 vs. First Quarter 2022:\nCash and cash equivalents, short term deposit, restricted cash and marketable debt securities totaled $12.2 million as of March 31, 2023, compared to $13.8 million at December 31, 2022.Net loss amounted to $1.8 million, or $1.09 per share, for the three months ended March 31, 2023, compared to a net loss of $6.1 million, or $3.67 per share, for the three months ended March 31, 2022.Research and development expenses amounted to approximately $1.1 million for the three months ended March 31, 2023, compared to approximately $4.8 million for the three months ended March 31, 2022. The decrease resulted primarily from a decrease in clinical trial expenses.General and administrative expenses amounted to approximately $0.9 million for the three months ended March 31, 2023, compared to approximately $1.3 million for the three months ended March 31, 2022. The decrease resulted primarily from a decrease in share based compensation and professional services expenses.Financial income, net amounted to approximately $0.2 million for the three months ended March 31, 2023, compared to financial expense of $0.05 million for the three months ended March 31, 2022.About Galmed Phar...