Galectin Therapeutics Inc. · NASDAQ:GALT
Galectin Therapeutics — Investor Presentation (July 2026)
51 slides from Galectin Therapeutics's investor presentation, July 2026
Slide 1: Galectin Therapeutics Corporate Overview
Galectin Therapeutics Corporate Overview July 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains, in addition to historical information, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to future events or future financial performance and use words such as “may,” “
Slide 3: Investment Highlights
Investment Highlights Developing therapeutics to improve the lives of patients with chronic liver diseases and cancer Focused Pipeline MASH Cirrhosis Oncology (Combination Therapy) Belapectin is a novel, potent, galectin-3 Only company to exclusively focus on Encouraging clinical response in phase i
Slide 4: Highly Experienced Leadership Team
Highly Experienced Leadership Team JOEL LEWIS, Chief Executive Officer & President Executive with over 25 years of management experience in taxation, restructuring, acquisition, and private equity ventures. JESSICA KOPACZEWSKI, Senior Director, Clinical Operations Over 25 years diverse experience in
Slide 5: Laser-Focused Pipeline
Laser-Focused Pipeline Clinical Program Development Stage Drug Indication Discovery Preclinical Phase 1 Phase 2 Phase 3 Recent & Upcoming Milestones Fibrosis MASH Cirrhosis with NAVIGATE trial completed; Phase 3 Belapectin Portal Hypertension protocol submission in Q3 2026 Cancer Immunotherapy (Comb
Slide 6: Galectin-3 Inhibition a Therapeutic Target in Chronic Liver Disease
Galectin-3 Inhibition a Therapeutic Target in Chronic Liver Disease • Galectin-3 is upregulated in liver fibrosis, integrating injury-driven inflammation and scar formation across all major chronic liver diseases • Galectin-3 is increased in diseased liver, with levels tracking fibrosis severity, po
Slide 7: MASH Cirrhosis
MASH Cirrhosis Galectin Gj ‘Therapeutics
Slide 8: MASH Cirrhosis Represents a Significant Market Opportunity in the U.S. with No FDA-Approved Treatment
MASH Cirrhosis Represents a Significant Market Opportunity in the U.S. with No FDA-Approved Treatment Addressable market in the U.S. Metabolic dysfunction-associated steatohepatitis (MASH), 100M previously known as non-alcoholic steatohepatitis (NASH), Americans have fatty liver disease (most don’t
Slide 9: Belapectin’s Novel Mechanism Positions It to Address MASH Cirrhosis & Portal Hypertension
Belapectin’s Novel Mechanism Positions It to Address MASH Cirrhosis & Portal Hypertension United States Estimates1 $18B 1.7M 5M Patients with compensated Patients with compensated cirrhosis and Peak belapectin sales MASH cirrhosis in 2024 portal hypertension with no varices in 2024 in the U.S. 3rd P
Slide 10: When to Intervene in Cirrhosis
When to Intervene in Cirrhosis Compensated cirrhosis Decompensated cirrhosis No Portal Hypertension Portal Hypertension Varices, Varices Bleeding, ascites, No varices No varices small to large encephalopathy ≥6 ≥10 One year mortality 1-3% One year mortality ~50% There are no approved therapies to re
Slide 11: Phase 2b Study of Belapectin in Patients with MASH Cirrhosis: GT-026 Trial
Phase 2b Study of Belapectin in Patients with MASH Cirrhosis: GT-026 Trial Main inclusion criteria • MASH cirrhosis (biopsy) • Portal Hypertension: HVPG ≥ 6 mmHg Belapectin 8 mg/kg/LBM Q2W (n=54) • No cirrhosis complications (N=162 1:1:1) Randomize • No varices/varices (50:50) Screen Belapectin 2 mg
Slide 12: Belapectin Impact on HVPG and Varices Formation at One Year
Belapectin Impact on HVPG and Varices Formation at One Year1,* Subjects with no varices at baseline Varices formation in patients 15 20 18% 14 p=0.44 13 16 Percent New Varices Formation p=0.02 HVPG mean (mm Hg) 12 11.6 12 11 10.8 10.7 10.8 10 10.3 8 9 9.3 p=0.02 p=0.12 8 4 3% 7 0% Baseline 1 year Ba
Slide 13: NAVIGATE Trial Design
NAVIGATE Trial Design Trial Design1 Patient Population MASH cirrhosis based on Liver Forum recommended criteria for clinical trials Belapectin 2 mg/kg/LBM Q2W (n=119) (N=357 1:1:1) Randomize Diagnosis of Portal Hypertension as per Baveno VI criteria (via non-invasive markers) Screen Belapectin 4 mg/
Slide 14: NAVIGATE Study: Patient Population and Efficacy Endpoints
NAVIGATE Study: Patient Population and Efficacy Endpoints Key inclusion criteria Primary endpoint Composite secondary endpoint MASH cirrhosis Composite primary end point in ITT Hepatic decompensation events No varices on EGD population All-cause mortality CTP Scores <7 Incidence of varices in per pr
Slide 15: Key Populations for Assessment of Varices Outcome
Key Populations for Assessment of Varices Outcome ITT All randomized subjects minus two subjects who had varices at baseline; Per Protocol All subjects who completed 18 months of therapy and had an EGD at baseline and 18 months • Subjects were encouraged to complete the study even after development
Slide 16: NAVIGATE Trial: Baseline Demographics
NAVIGATE Trial: Baseline Demographics Baseline Demographics and Clinical Characteristics (N=355*) Placebo (n = 118) Belapectin 2 mg (n = 119) Belapectin 4 mg (n = 118) Mean (Standard Deviation) Mean (Standard Deviation) Mean (Standard Deviation) Age (years) 60.4 (8.50) 60.6 (8.82) 59.0 (9.14) Gender
Slide 17: NAVIGATE 18-Month Primary Analyses Result – ITT Population
NAVIGATE 18-Month Primary Analyses Result – ITT Population ITT Population 60 56 (47.5%) 51 Key points (43.2%) 50 45 Intent to Treat (ITT) -All randomized Number of subjects with new varices (37.8%) subjects 40 Primary endpoint composite strategy 29 30 (25.4%) i.e. new varices and/or intercurrent 26
Slide 18: NAVIGATE: Intercurrent Events Breakdown by Category
NAVIGATE: Intercurrent Events Breakdown by Category ITT Population 25.0% Key points No subject met intercurrent event 20.0% category for Trans-jugular 20 16.8% intrahepatic portosystemic 16 shunt(TIPS) or ≥12-month use of 15.0% 15 13.6% 12.7% non-selective beta-blocker NSBB Subject % 10.0% 9 5.9 5.9
Slide 19: NAVIGATE: Significantly Lower Incidence of Varices in Completers at 18 Months
NAVIGATE: Significantly Lower Incidence of Varices in Completers at 18 Months Per Protocol Population (Completed 18 month + EGD) Key points 25 21 NAVIGATE 18-month Primary Analyses (22.3%) Result; Per protocol population n=287 20 p=0.13 Completer/Per Protocol: All ITT p=0.04 Number of subjects subje
Slide 20: NAVIGATE: Incidence of New Varices by Size
NAVIGATE: Incidence of New Varices by Size at 18 months Per Protocol Population 30 Key points p=0.04 Placebo: n = 94 25 Number of Subjects with New Varices 21 Belapectin 2 mg: n = 97 (22.3%) 20 Varices grade definition • Large > 5 mm in diameter 13 • Small < 5 mm in diameter 15 (13.8%) 11 10 (11.3%)
Slide 21: Lowest Rates of Liver-Related Events and MACE Observed with the 2 mg Dose
Lowest Rates of Liver-Related Events and MACE Observed with the 2 mg Dose Per Protocol Belapectin Placebo 2 mg 4 mg (n = 94) (n = 97) (n = 96) n (%) n (%) n (%) Subjects with Composite Clinical Outcomes, n (%) 5 (5.3) 3 (3.1) 9 (9.4) Varices (Esophageal or Gastric) Requiring Treatment 3 (3.2) 3 ( 3.
Slide 22: Lack of Dose Response at Higher Doses of Belapectin Also Observed in NAVIGATE
Lack of Dose Response at Higher Doses of Belapectin in GT-026 were Also Observed in NAVIGATE Trial • Based on findings from preclinical and clinical trials to date, Belapectin likely demonstrates target-mediated drug disposition (TMDD) • Once Galectin-3 binding sites within macrophages are saturated
Slide 23: Safety Summary
Safety Summary Treatment-Emergent Treatment-Emergent Serious Adverse Events Adverse Events (TEAEs) Adverse Events (TESAEs) Discontinuation of the study due to Similar proportion of subjects reported Similar proportion of subjects reported Adverse Events was similar across 3 Treatment-Emergent Advers
Slide 24: NAVIGATE Key Biomarker Results
NAVIGATE Key Biomarker Results
Slide 25: NAVIGATE: Belapectin Treatment Associated with Decreased Liver Stiffness
NAVIGATE: Belapectin Treatment Associated with Decreased Liver Stiffness Per Protocol Liver Stiffness kPa Mean Change Percentage 15 10 Percentage Change from Baseline Baseline 5 Placebo 2 mg (n = 76) (n = 81) 1.7% Mean 22.6 24.6 0 Standard Deviation 10.31 13.97 -5 Median 22.4 21.8 -10 -8.4% -15 Plac
Slide 26: Significantly Less Progression of Liver Stiffness on Belapectin
Significantly Less Progression of Liver Stiffness on Belapectin Per Protocol p = 0.03 p = 0.09 17 17 18 (22.4%) (22.4%) 16 14 12 10 Number of Subjects (12.3%) 10 8 Placebo 2 mg (9.9%) 8 n = 76 n = 81 6 4 2 0 > 30% increase from baseline > 5 point kPa increase from baseline Placebo Placebo Belapectin
Slide 27: ELF Score Stratification Reveals Greater Variceal Benefit in Highest-Risk Patients
ELF Score Stratification Reveals Greater Variceal Benefit of Belapectin in Highest-Risk Patients Placebo 2 mg Per Protocol n = 76 n = 81 Incidence of Varices by Baseline ELF Categories 45% 40.9% 40% 35% Percent of Subjects with New Esophageal Varices 30% 25% 22.7% 20% 17.6% 18.0% 15% 9.4% 10% 4.8% 5
Slide 28: Concordant Fibrosis Biomarkers Support Belapectin's Effect on Stopping Disease Progression
Concordant Fibrosis Biomarkers Support Belapectin's Effect on Stopping Disease Progression Per Protocol 16% 14.3% 14% 12% 10.7% 10% Percent Increase 8.2% Placebo 2 mg 8% n = 56 n =73 6% 4.1% 4% 2% n=8 n=6 n=6 n=3 0% ≥ 30% Increase and Post-Baseline LSM > 25 kPa LSM Increase ≥ 30% kpa and ELF Increas
Slide 29: Belapectin Drives Meaningful Improvement in Portal Hypertension Risk Category
Belapectin Drives Meaningful Improvement in Portal Hypertension Risk Category Per Protocol Placebo (n = 76) Belapectin 2 mg (n = 81) 25.9% 34.2% 32.9% 33.3% 17.3% 15.8% 21.1% 24.7% 51.3% 56.8% 44.7% 42.0% Baseline 18Week 78 months Baseline Week 18 78 months No/low CSPH Probably CSPH CSPH CSPH LSM ≥
Slide 30: Belapectin Reduces Worsening in AGILE-4 Score Across Treated Patients
Belapectin Reduces Worsening in AGILE-4 Score Across Treated Patients Per Protocol Percentage of Subjects with ≥ 20% Increase in AGILE-4 Score 18% 16.9% 16% 14% 11.5% Baseline Percentage of Subjects 12% Placebo 2 mg 10% n = 71 n = 78 8% Mean 0.66 0.68 Standard Deviation 0.24 0.23 6% 4% 2% n = 12 n=9
Slide 31: Belapectin Treatment Associated with Meaningful Changes in YKL-40
YKL-40 is a circulating Belapectin Treatment Associated with Meaningful marker of inflammation, also part of NIS-4 Changes in YKL-40 Per Protocol ≥ 20% Change from Baseline 45% 40.4% 40% 35% 33.8% 33.8% Percentage of Subjects 30% 25% 23.1% 20% 15% Baseline 10% Placebo 2 mg (n = 52) (n = 65) 5% Mean
Slide 32: Trend Toward Reduced Pro-C3 with Belapectin
Pro-C3 is a marker Trend Toward Reduced Pro-C3 with Belapectin fibrosis or scar tissue build up Per Protocol 3 2 1 Mean Change from Baseline 0 Baseline -1 Placebo 2 mg -2 n = 79 n = 81 Mean 50.19 45.91 -3 Standard Deviation 38.45 31.58 -4 -5 -4.5 -6 -6.4 -7 Placebo Placebo Belapectin Belapectin2mg/k
Slide 33: Lower Rate of Pro-C4 Worsening with Belapectin Treatment
Pro-C4 is a marker of type-IV collagen build-up indicates Lower Rate of Pro-C4 Worsening with Belapectin increase in fibrosis and Treatment disease progression Per Protocol ≥ 20% Increase from Baseline in Pro-C4 14% 13.1% 12% 10% Percentage of Subjects Baseline 8% Placebo 2 mg n = 61 n = 73 6% Mean
Slide 34: Belapectin Reduces Fibrogenesis in Highest-Risk Patients
Belapectin Reduces Fibrogenesis in Highest-Risk Patients Change in Pro-C3/CTX-III ratio in Subjects with Percentage Change in Pro-C3:CTX Ratio baseline ELF≥ 11.3 P=0.004 0 45 40.4 -0.1 40 Mean Change from Baseline (SD) Percent Change from Baseline -0.2 35 -0.2 (3.64) -0.3 30 -0.4 25 -0.5 20 15.9 -0.
Slide 35: Fewer Subjects Worsening in LSM in High-Risk Patients
Fewer Subjects Worsening in LSM in High-Risk Patients Baseline ELF ≥ 11.3 25% 21.4% 21.4% 20% 17.6% Percentage of Subjects (n) 15% 11.8% Placebo 2 mg 10% n 14 17 5% 0% 30% Increase from Baseline in LSM 5 kPa Increase from Baseline in LSM Placebo Placebo 2Belapectin mg/kg LBM Belapectin 2 mg 35
Slide 36: NAVIGATE Phase 2b Trial Results Summary
NAVIGATE Phase 2b Trial Results Summary Belapectin reduced varices Belapectin 2 mg vs placebo reduced varices incidence by 43.2% (p=0.13) in the ITT population and incidence at 18 months by 48.9% (unadjusted p=0.04) in the PPP* In U.S. patients, results suggest synergistic benefit with GLP-1 therapy
Slide 37: Planned Phase 3 Trial in Patients with Compensated MASH Cirrhosis and Portal Hypertension
Planned Phase 3 Trial in Patients with Compensated MASH Cirrhosis and Portal Hypertension Primary endpoint Composite liver outcome, including prevention of large esophageal varices (>5 mm) - a clinically meaningful indicator of disease progression Clear regulatory path Central Endoscopy Review Metho
Slide 38: Key Takeaways
Key Takeaways Belapectin 2 mg significantly reduced the Favorable safety profile with adverse events, incidence of new esophageal varices at 18 01 months in patients with MASH cirrhosis 04 serious adverse events, and discontinuation rates comparable to placebo. and portal hypertension Biomarkers res
Slide 39: Thank you!
Thank you! Galectin ¢] herapeutics
Slide 40: Cancer Immunotherapy Program (Belapectin + checkpoint inhibitor)
Cancer Immunotherapy Program (Belapectin + checkpoint inhibitor) 40
Slide 41: Higher Galectin-3 Tumor Levels are Associated with Metastatic Melanoma Progression
Higher Galectin-3 Tumor Levels are Associated with Metastatic Melanoma Progression Number of patients with or without progressive disease in hi/lo Galectin-3 expression in metastatic melanoma progression free number of patients p=0.3 Time to progression **p<0.01, ***p<0.001. CR=complete response; HN
Slide 42: Reduced PD-1 Clearance Correlates with Better Survival in Patients with MM and HNSCC
Reduced PD-1 Clearance Correlates with Better Survival in Patients with MM and HNSCC Serum trough levels of pembrolizumab in patients Increased progression-free survival in patients with with disease control or progressive disease1 higher trough level of pembrolizum1,* Increased trough levels of bel
Slide 43: Belapectin in Combination with Pembrolizumab Showed Clinical Efficacy and Safety in Phase II
Belapectin in Combination with Pembrolizumab Showed Clinical Efficacy and Safety in Phase II Phase 1 (Investigator-Initiated) of belapectin + pembrolizumab (Keytruda®) • Objective response observed in 50% of MM (7/14) and 33% of Objective response to HNSCC (2/6) patients belapectin+pembrolizumab the
Slide 44: Appendix
Appendix Galectin 1TH
Slide 45: Belapectin for MASH Cirrhosis and Portal Hypertension
Belapectin for MASH Cirrhosis and Portal Hypertension Belapectin Preclinical Data: Multiple animal models of MASH (streptozotocin High-Fat Diet mice1) and cirrhosis (thioacetamide treated rats2) belapectin was associated with decreased: • Galectin-3 staining and galectin-3 expression in macrophages
Slide 46: Incidence of New Varices was Significantly Lower in Patients in the U.S.
Incidence of New Varices was Significantly Lower in Patients in the U.S. NAVIGATE 18-month; Per protocol population (n=287) Subjects with New Esophageal Varices in the U.S. vs Ex-U.S. 35.0 30.0 Subjects with New Esophageal Varices, % p=0.54 25.0 25.0 20.0 p=0.35 21.0 18.9 15.0 p=0.2 15.6 12.5 10.0 p
Slide 47: Use of GLP-1 and Statin was Higher in Patients in the U.S.
Use of GLP-1 and Statin was Higher in Patients in the U.S. Concomitant medication Use U.S. vs Ex- U.S.- Per Protocol Treatment Group Placebo Belapectin 2 mg Belapectin 4 mg Total (N=62) (N=60) (N=64) (N=186) Concomitant Use of GLP-1 n (%) 28 (45.2%) 22 (36.7%) 18 (28.1%) 68 (36.6%) U.S. Concomitant
Slide 48: Impact of Concomitant Use of GLP-1 and Statins
Impact of Concomitant Use of GLP-1 and Statins Placebo 2 mg 4 mg Total Yes 18 19 20 57 No 75 78 76 229 New Varices at 18 months ≥ 0.5pt ELF Increase ≥ 5 kPa LSM Increase 30% 50% 25% 20% 16.7% 38.9% 20% 15.8% 40% 13.3% 15% YES 10.0% 10% (n=57) 10% 30% 5.3% 25.0% 23.5% 5% 0.0% 0% 20% 0% Placebo 2mg 4m
Slide 49: Reference Guide: Biomarkers and Non-Invasive Scores in MASH Cirrhosis
Reference Guide: Biomarkers and Non-Invasive Scores in MASH Cirrhosis Biomarker Target Biological Process Non-invasive quantification of liver stiffness reflecting fibrosis severity; used for LSM by VCTE Measures fibrosis via transient elastography (ultrasound-based) diagnosis, prognosis, and treatm
Slide 50: Belapectin Consistently Reduced Pro-Inflammatory Markers at 18 months
Belapectin Consistently Reduced Pro-Inflammatory Markers at 18 months Pro-Inflammatory Anti-inflammatory TNF-alpha IL-1b IL-6 IL-10 15.00 12.09 5.00 1.20 1.03 4.00 3.69 3.94 4.00 1.00 3.50 10.00 0.80 0.61 3.00 Mean Change 3.00 Mean Change Mean Change Mean Change 5.00 0.60 2.50 0.87 2.00 0.91 0.40 2.
Slide 51: Inflammatory Biomarkers: Role and Function
Inflammatory Biomarkers: Role and Function Pathophysiologic Role in MASH / Expected Modulation with Gal-3 Biomarker Primary Cellular Source(s) Fibrosis Association Cirrhosis Inhibition Activates inflammasome, promotes Kupffer cells, macrophages, stellate ↑ Strongly correlated with ↓ Decrease — reduc
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