On August 28, 2025 Galmed Pharmaceuticals Ltd. (Nasdaq: GLMD) ("Galmed" or the "Company"), a clinical-stage biopharmaceutical company for cardiometabolic diseases and GI oncological indications, reported financial results for the three and six months ended June 30, 2025 and recent developments (Press release, Galmed Pharmaceuticals, AUG 28, 2025, View Source [SID1234655548]).
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Recent Business Updates
In August 2025, Galmed announced that it has adopted a digital asset management strategy as part of a new treasury investment policy and capital allocation initiative to enhance capital efficiency and drive shareholder value. Accordingly, the Company established a Crypto Committee of the Board, which is evaluating and, if appropriate, will oversee the implementation of any crypto investing related activities, including a potential allocation of up to 50% of the Company’s cash reserves to be used for the purchase of digital assets, which is currently about $10 million, to be deployed in execution of active digital asset management strategy which may include covered call options, staking, lending, and yield-generating protocols. To pursue the new strategy, Galmed is in the process of engaging Tectona Ltd. (TASE:TECT), a specialized crypto treasury management service provider, to advise and implement digital asset strategy by Galmed.
Also in August 2025, Galmed entered into a termination agreement of a previously announced binding term sheet that was entered into with Entomus s.r.o. for an exclusive license to develop and commercialize a Self-Emulsifying Drug Delivery System (SEDDS) formulation. Following additional due diligence and discussions between the parties, the Company has decided to modify and de-risk the structure of its participation so that the Company will not lead the project. Instead, a new UK-based company has been established by Allen Baharaff, the Galmed CEO, for the development and commercialization of the SEDDS formulation in which it is contemplated that Galmed will acquire up to 20% of its share capital through an investment of up to $2 million, subject to execution of definitive documentation and approval of Galmed’s board of directors.
Financial Summary – Second Quarter 2025 vs. Second Quarter 2024
Cash and cash equivalents, short term deposits, restricted cash and marketable debt securities totaled approximately $20.7 million as of June 30, 2025, compared to approximately $15.4 million at December 31, 2024. As of June 30, 2025, the Company raised $7.6 million during 2025, mostly through its ATM facility.
Net loss amounted to approximately $2.5 million, or $0.63 per share, for the three months ended June 30, 2025, compared to a net loss of approximately $1.1 million, or $2.16 per share, for the three months ended June 30, 2024.
Research and development expenses amounted to approximately $1.1 million for the three months ended June 30, 2025, compared to approximately $0.5 million for the three months ended June 30, 2024. The increase resulted primarily from clinical and pre-clinical studies expenses.
General and administrative expenses amounted to approximately $1.1 million for the three months ended June 30, 2025, compared to approximately $0.7 million for the three months ended June 30, 2024. The increase resulted primarily from an increase in salaries and benefit expenses.
Financial income, net amounted to approximately $0.2 million for the three months ended June 30, 2025, compared to financial income of $0.1 million for the three months ended June 30, 2024.