Galmed Pharmaceuticals Reports Third Quarter 2020 Financial Results

About this update from Galmed Pharmaceuticals Ltd.

[{"type":"text","content":"- Conference Call and Webcast Today at 8:30 a.m. ET / 5:30 a.m. PT -\n\n\nTEL AVIV, Israel, Nov. 12, 2020 /PRNewswire/ -- Galmed Pharmaceuticals Ltd. (Nasdaq: GLMD) (\"Galmed\" or the \"Company\"), a clinical-stage biopharmaceutical company focused on the development of the liver targeted SCD1 modulator Aramchol™, an oral therapy for the treatment of nonalcoholic steatohepatitis, or NASH and fibrosis, reports financial results for the three and nine months ended September 30, 2020. The Company will host a conference call and webcast at 08:30 ET today.\n \n \nFinancial Summary – Third Quarter 2020 vs. Third Quarter 2019:\nCash and cash equivalents, restricted cash, short-term deposits and marketable debt securities totaled $58.7 million as of September 30, 2020, compared to $75.6 million at December 31, 2019. Net loss amounted to $6.9 million, or $0.32 per share, for the three months ended September 30, 2020, compared to a net loss of $4.5 million, or $0.21 per share, for the three months ended September 30, 2019. Research and development expenses amounted to approximately $6.5 million for the three months ended September 30, 2020, compared to approximately $4.1 million for the three months ended September 30, 2019. The increase resulted primarily from an increase in clinical trial expenses in connection with our ongoing ARMOR study. General and administrative expenses amounted to approximately $1.1 million for the three months ended September 30, 2020, compared to approximately $1.0 million for the three months ended September 30, 2019. The increase in general and administrative expenses for the three months ended September 30, 2020 resulted primarily from an increase in the cost of the Company's D&O insurance policy premium. Financial income, net amounted to $0.7 million for the three months ended September 30, 2020, compared to financial income, net of $0.5 million for the three months ended September 30, 2019. The increase primarily relates to realization of unrealized gains from prior periods. Conference Call & Webcast:\nThursday November 12, 2020, 8:30 AM Eastern Time.\nToll Free: 1-877-425-9470\nToll/International: 1-201-389-0878\nIsrael Toll Free: 1 809 406 247\nConference ID: 13711943\nWebcast: http://public.viavid.com/index.php?id=141982 \nReplay Dial-In Numbers\nToll Free: 1-844-512-2921\nToll/International: 1-412-317-...

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