Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | May 08, 2017 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | GALT | |
Entity Registrant Name | GALECTIN THERAPEUTICS INC | |
Entity Central Index Key | 1,133,416 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 34,670,684 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 13,644 | $ 15,362 |
Prepaid expenses and other current assets | 353 | 432 |
Total current assets | 13,997 | 26,400 |
Intangible assets, net | 1 | |
Total assets | 13,997 | 15,795 |
Current liabilities: | ||
Accounts payable | 1,346 | 910 |
Accrued expenses | 3,016 | 2,802 |
Accrued dividends payable | 68 | |
Total current liabilities | 4,362 | 3,780 |
Total liabilities | 4,362 | 3,780 |
Commitments and contingencies (Note 8) | ||
Stockholders' equity: | ||
Undesignated stock, $0.01 par value; 20,000,000 shares authorized, 20,000,000 and 14,001,000 designated at March 31, 2017 and December 31, 2016, respectively | 0 | 0 |
Common stock, $0.001 par value; 50,000,000 shares authorized at March 31, 2017 and December 31, 2016, 34,670,684 and 32,912,942 issued and outstanding at March 31, 2017 and December 31, 2016, respectively | 35 | 33 |
Additional paid-in capital | 169,548 | 166,721 |
Retained deficit | (168,910) | (163,701) |
Total stockholders' equity | 7,912 | 10,292 |
Total liabilities, redeemable convertible preferred stock and stockholders' equity | 13,997 | 15,795 |
Series C super dividend convertible preferred stock | ||
Current liabilities: | ||
Convertible preferred stock, value | 1,723 | 1,723 |
Series A 12% convertible preferred stock | ||
Stockholders' equity: | ||
Convertible preferred stock, value | 557 | 557 |
Series B-1 12% convertible preferred stock | ||
Stockholders' equity: | ||
Convertible preferred stock, value | 1,761 | 1,761 |
Series B-2 12% convertible preferred stock | ||
Stockholders' equity: | ||
Convertible preferred stock, value | 3,697 | 3,697 |
Series B-3 8% convertible preferred stock | ||
Stockholders' equity: | ||
Convertible preferred stock, value | $ 1,224 | $ 1,224 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Undesignated stock, par value | $ 0.01 | $ 0.01 |
Undesignated stock, shares authorized | 20,000,000 | 20,000,000 |
Undesignated stock, shares designated | 20,000,000 | 14,001,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, issued | 34,670,684 | 32,912,942 |
Common stock, outstanding | 34,670,684 | 32,912,942 |
Series C super dividend convertible preferred stock | ||
Convertible preferred stock, shares authorized | 1,000 | 1,000 |
Convertible preferred stock, shares issued | 176 | 176 |
Convertible preferred stock, shares outstanding | 176 | 176 |
Convertible preferred stock, redemption value | $ 6,408,000 | |
Convertible preferred stock, liquidation value | $ 1,760,000 | |
Series A 12% convertible preferred stock | ||
Convertible preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Convertible preferred stock, issued | 1,377,500 | 1,377,500 |
Convertible preferred stock, outstanding | 1,377,500 | 1,377,500 |
Convertible preferred stock, liquidation value | $ 1,377,500 | |
Series B-1 12% convertible preferred stock | ||
Convertible preferred stock, shares authorized | 900,000 | 900,000 |
Convertible preferred stock, issued | 900,000 | 900,000 |
Convertible preferred stock, outstanding | 900,000 | 900,000 |
Convertible preferred stock, liquidation value | $ 1,800,000 | |
Series B-2 12% convertible preferred stock | ||
Convertible preferred stock, shares authorized | 2,100,000 | 2,100,000 |
Convertible preferred stock, issued | 2,100,000 | 2,100,000 |
Convertible preferred stock, outstanding | 2,100,000 | 2,100,000 |
Convertible preferred stock, liquidation value | $ 4,200,000 | |
Series B-3 8% convertible preferred stock | ||
Convertible preferred stock, shares authorized | 6,000,000 | 6,000,000 |
Convertible preferred stock, issued | 2,508,000 | 2,508,000 |
Convertible preferred stock, outstanding | 2,508,000 | 2,508,000 |
Convertible preferred stock, liquidation value | $ 2,508,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Operating expenses: | ||
Research and development | $ 3,772 | $ 4,377 |
General and administrative | 1,174 | 2,437 |
Total operating expenses | 4,946 | 6,814 |
Total operating loss | (4,946) | (6,814) |
Other income (expense): | ||
Interest income | 9 | 14 |
Total other income (expense) | 9 | 14 |
Net loss | (4,937) | (6,800) |
Preferred stock dividends | (272) | (153) |
Preferred stock accretion | (57) | |
Net loss applicable to common stockholders | $ (5,209) | $ (7,010) |
Net loss per common share - basic and diluted | $ (0.15) | $ (0.24) |
Weighted average common shares outstanding - basic and diluted | 33,928 | 28,827 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (4,937) | $ (6,800) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 1 | 1 |
Stock-based compensation expense | 330 | 1,223 |
Issuance of common stock for services | 14 | |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other assets | 79 | 129 |
Accounts payable and accrued expenses | 650 | 1,957 |
Net cash used in operating activities | (3,863) | (3,490) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net proceeds from issuance of common stock and warrants | 2,145 | |
Net cash provided by financing activities | 2,145 | |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (1,718) | (3,490) |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 15,362 | 25,846 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 13,644 | 22,356 |
NONCASH FINANCING ACTIVITIES: | ||
Payment of preferred stock dividends in common stock | $ 339 | $ 220 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2017 | |
Basis of Presentation | 1. Basis of Presentation Galectin Therapeutics Inc. (the “Company”) is a clinical stage biopharmaceutical company that is applying its leadership in galectin science and drug development to create new therapies for fibrotic disease, skin diseases and cancer. These candidates are based on the Company’s targeting of galectin proteins which are key mediators of biologic and pathologic function. These compounds also may have application for drugs to treat other diseases and chronic health conditions. The unaudited condensed consolidated financial statements as reported in this Quarterly Report on Form 10-Q 10-K The Company has operated at a loss since its inception and has had no significant revenues. The Company anticipates that losses will continue for the foreseeable future. At March 31, 2017, the Company had $13.6 million of unrestricted cash and cash equivalents available to fund future operations. The Company believes that with the cash on hand at March 31, 2017, there is sufficient cash to fund currently planned operations through December 31, 2017. The Company’s ability to fund operations after its current cash resources are exhausted depends on its ability to obtain additional financing or achieve profitable operations, as to which no assurances can be given. Accordingly, based on the forecasts and estimates underlying the Company’s current operating plan, the financial statements do not currently include any adjustments that might be necessary if the Company is unable to continue as a going concern. The Company was founded in July 2000, was incorporated in the State of Nevada in January 2001 under the name “Pro-Pharmaceuticals, |
Accrued Expenses
Accrued Expenses | 3 Months Ended |
Mar. 31, 2017 | |
Accrued Expenses | 2. Accrued Expenses Accrued expenses consist of the following: March 31, December 31, (in thousands) Legal and accounting fees $ 50 $ 14 Accrued compensation 173 614 Accrued research and development costs and other 2,793 2,174 Total $ 3,016 $ 2,802 |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2017 | |
Stock-Based Compensation | 3. Stock-Based Compensation Following is the stock-based compensation expense related to common stock options, common stock, restricted common stock and common stock warrants: Three Months Ended 2017 2016 Research and development $ 166 $ 254 General and administrative 164 969 Total stock-based compensation expense $ 330 $ 1,223 The following table summarizes the stock option activity in the Company’s equity incentive plans, including non-plan Shares Weighted Average Outstanding, December 31, 2016 4,656,888 $ 4.30 Granted — — Exercised — — Options forfeited/cancelled — — Outstanding, March 31, 2017 4,656,888 $ 4.30 As of March 31, 2017, there was $864,000 of unrecognized compensation related to 1,234,797 unvested options, which is expected to be recognized over a weighted–average period of approximately 0.9 years. The weighted-average grant date fair value for options granted during the three months ended March 31, 2016 was $1.05. The Company granted 277,500 stock options during the three months ended March 31, 2016, of which 69,375 options vested upon grant with the remaining 208,125 options vesting over 3 years. Approximately $73,000 of non-cash, The fair value of all other options granted is determined using the Black-Scholes option-pricing model. The following weighted average assumptions were used: Three Three 2017 2016 Risk-free interest rate — 1.7 % Expected life of the options — 6.0 years Expected volatility of the underlying stock — 94 % Expected dividend rate — 0 % The following table summarizes the restricted stock grant activity in the Company’s equity incentive plans from December 31, 2016 through March 31, 2017: Shares Outstanding, December 31, 2016 754,605 Granted — Exercised — Options forfeited/cancelled — Outstanding, March 31, 2017 754,605 On March 12, 2015, the Company granted 81,352 shares of restricted stock to non-employee non-cash non-cash |
Common Stock Warrants
Common Stock Warrants | 3 Months Ended |
Mar. 31, 2017 | |
Common Stock Warrants | 4. Common Stock Warrants The following table summarizes the common stock warrant activity from December 31, 2016 through March 31, 2017: Shares Weighted Average Outstanding, December 31, 2016 13,488,296 $ 3.44 Granted 77,881 5.00 Exercised — — Forfeited/cancelled (1,317,161 ) 5.63 Outstanding, March 31, 2017 12,249,016 $ 3.22 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value of Financial Instruments | 5. Fair Value of Financial Instruments The Company has certain financial assets and liabilities recorded at fair value. Fair values determined by Level 1 inputs utilize observable data such as quoted prices in active markets. Fair values determined by Level 2 inputs utilize data points other than quoted prices in active markets that are observable either directly or indirectly. Fair values determined by Level 3 inputs utilize unobservable data points in which there is little or no market data, which require the reporting entity to develop its own assumptions. The carrying amounts reflected in the consolidated balance sheets for cash equivalents, accounts payable and accrued expenses approximate their carrying value due to their short-term nature. There were no level 2 or level 3 assets or liabilities at March 31, 2017 or December 31, 2016. |
Loss Per Share
Loss Per Share | 3 Months Ended |
Mar. 31, 2017 | |
Loss Per Share | 6. Loss Per Share Basic net loss per common share is computed by dividing the net loss available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted net loss per common share is computed by dividing the net loss available to common stockholders by the weighted average number of common shares and other potential common shares then outstanding. Potential common shares consist of common shares issuable upon the assumed exercise of in-the-money Dilutive shares which could exist pursuant to the exercise of outstanding stock instruments and which were not included in the calculation because their affect would have been anti-dilutive are as follows: March 31, 2017 March 31, 2016 Warrants to purchase shares of common stock 12,249,016 8,908,586 Options to purchase shares of common stock 4,656,888 3,601,305 Shares of common stock issuable upon conversion of preferred stock 4,312,282 2,522,936 21,218,186 15,032,827 |
Common Stock
Common Stock | 3 Months Ended |
Mar. 31, 2017 | |
Common Stock | 7. Common Stock 2014 At Market Issuance of Common Stock On March 30, 2014, the Company entered into an At Market Issuance Sales Agreement (the “2014 At Market Agreement”) with a sales agent under which the Company may issue and sell shares of its common stock having an aggregate offering price of up to $30.0 million from time to time through the sales agent. Sales of the Company’s common stock through the sales agent, if any, will be made by any method that is deemed an “at the market” offering as defined by the U.S. Securities and Exchange Commission. The Company will pay to the sales agent a commission rate equal to 3.0% of the gross proceeds from the sale of any shares of common stock sold through the sales agent under the 2014 At Market Agreement. In three months ended March 31, 2017, the Company issued 1,496,797 shares of common stock for net proceeds of approximately $1,945,000 under the 2014 At Market Agreement. 2017 Private Placement On February 28, 2017, the Company closed a transaction with five individual investors through a private placement of common stock and warrants. In total, the Company issued 102,368 shares of common stock for proceeds of $200,000. The Company also issued, to the five investors, warrants to purchase 76,776 shares of common stock at $5.00 per share. The warrants have an expiration date of February 28, 2024. The exercise price of each warrant is adjustable in the event of a stock split or stock combination, capital reorganization, merger or similar event. The warrants were valued at approximately $101,000 as of the issuance, using the closing price of $1.86, a life of 7 years, a volatility of 97% and a risk free interest rate of 1.92%. Based upon the Company’s analysis of the criteria contained in ASC Topic 815-40, paid-in |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2017 | |
Commitments and Contingencies | 8. Commitments and Contingencies Shareholder Class Actions and Derivative Lawsuits On August 1 and 25, 2014, persons claiming to be Galectin shareholders filed putative shareholder derivative complaints in the Nevada District Court, seeking recovery on behalf of the Company against certain of the Company’s directors and officers. On September 10, 2014, the Nevada District Court entered an order consolidating the two cases, relieving the defendants of any obligation to respond to the initial complaints, and providing that defendants may respond to a consolidated complaint to be filed by the plaintiffs. On January 5, 2015, the Nevada District Court granted Defendants’ motion to transfer the consolidated putative derivative litigation to the United States District Court for the Northern District of Georgia (hereinafter referred to as the “Georgia Federal Derivative Action.”). The plaintiffs filed a consolidated complaint on February 27, 2015. On April 6, 2015, the Company and defendants filed motions to dismiss the consolidated complaint. Rather than respond to those motions, the plaintiffs sought and obtained leave to file an amended complaint. Plaintiffs filed their amended complaint (the “Complaint”) on May 26, 2015. The Complaint alleges that certain of the Company’s directors and officers (the “Derivative Action Individual Defendants”) breached their fiduciary duties to the Company’s shareholders by causing or permitting the Company to make allegedly false and misleading public statements concerning the Company’s financial and business prospects. The Complaint also alleges that the Derivative Action Individual Defendants violated the federal securities laws by allegedly making false or misleading statements of material fact in the Company’s proxy filings, committed waste of corporate assets, were unjustly enriched, and that certain defendants breached their fiduciary duties through allegedly improper sales of Galectin stock. In addition, the Complaint alleges that the Derivative Action Individual Defendants and one of the Company’s shareholders aided and abetted the alleged breaches of fiduciary duties. The Complaint seeks unspecified monetary damages on behalf of the Company, corporate governance reforms, disgorgement of profits, benefits and compensation by the defendants, costs, and attorneys’ and experts’ fees. The Company and defendants filed motions to dismiss the Complaint on July 8, 2015. On December 30, 2015, the United States District Court for the Northern District of Georgia dismissed the Georgia Federal Derivative Action with prejudice and entered a final judgment in favor of the defendants. Plaintiffs filed a notice of appeal seeking review of the dismissal order and final judgment. On July 7, 2016, the United States Court of Appeals for the Eleventh Circuit dismissed the appeal as the Plaintiffs failed to timely file their appeal brief. In September 2016, the Board received a demand letter from one of the plaintiffs in the Georgia Federal Derivative Action. The demand letter, among other things, requests that the Board investigate the conduct alleged in the Complaint and implement certain remedial measures purportedly designed to address the alleged conduct. It is expected that the Board will consider the demand letter in due course and in light of the related pending shareholder litigation described herein. On August 29, 2014, another alleged Galectin shareholder filed a putative shareholder derivative complaint in state court in Las Vegas, Nevada, seeking recovery on behalf of the Company against the same Galectin directors and officers who are named as defendants in the derivative litigation pending in the Georgia Federal Derivative Action. The plaintiff in the Nevada action subsequently filed first and second amended complaints. The second amended complaint alleges claims for breach of fiduciary duties, unjust enrichment, and waste of corporate assets, based on allegations that are substantially similar to those asserted in the Georgia Federal Derivative Action (except that the Nevada action does not allege violations of the federal securities laws and does not assert any claim against the Galectin shareholder named as a defendant in the Georgia Federal Derivative Action), and seeks unspecified monetary damages on behalf of the Company, corporate governance reforms, disgorgement of profits, benefits and compensation by the defendants, costs, and attorneys’ and experts’ fees. The Company and defendants filed motions to dismiss the second amended complaint on April 22, 2015. On April 29, 2015, the plaintiffs in the Georgia Federal Derivative Action (the “Intervenor Plaintiffs”) filed a motion to intervene in the Nevada action which, among other things, raised questions regarding the Nevada plaintiff’s standing. Thereafter, the Nevada plaintiff filed a motion to join additional plaintiffs. At a hearing held on June 11, 2015, the Nevada court: (i) granted the Intervenor Plaintiffs’ motion to intervene; (ii) directed the Intervenor Plaintiffs to file a complaint in intervention; (iii) directed the Nevada plaintiff to file a motion for leave to file a further amended complaint to add additional plaintiffs; (iv) stated that the defendants’ motions to dismiss the second amended complaint were denied “at this point;” (v) ordered the Nevada action stayed until December 11 , 2015; and (vi) directed the parties to submit a status report on December 11, 2015, updating the court on the progress and status of the Georgia Federal Derivative Action. On July 9, 2015, pursuant to the Nevada State Court’s instruction, the Intervenor Plaintiffs filed a complaint-in-intervention Estimating an amount or range of possible losses resulting from litigation proceedings is inherently difficult and requires an extensive degree of judgment, particularly where the matters involve indeterminate claims for monetary damages, are in the early stages of the proceedings, and are subject to appeal. In addition, because most legal proceedings are resolved over extended periods of time, potential losses are subject to change due to, among other things, new developments, changes in legal strategy, the outcome of intermediate procedural and substantive rulings and other parties’ settlement posture and their evaluation of the strength or weakness of their case against us. For these reasons, we are currently unable to predict the ultimate timing or outcome of, or reasonably estimate the possible losses or a range of possible losses resulting from, the matters described above. Based on information currently available, the Company does not believe that any reasonably possible losses arising from currently pending legal matters will be material to the Company’s results of operations or financial condition. However, in light of the inherent uncertainties involved in such matters, an adverse outcome in one or more of these matters could materially and adversely affect the Company’s financial condition, results of operations or cash flows in any particular reporting period. Other Legal Proceedings The Company records accruals for such contingencies to the extent that the Company concludes that their occurrence is probable and the related damages are estimable. There are no other pending legal proceedings except as noted above. |
Galectin Sciences LLC
Galectin Sciences LLC | 3 Months Ended |
Mar. 31, 2017 | |
Galectin Sciences LLC | 9. Galectin Sciences LLC In January 2014, we created Galectin Sciences, LLC (the “LLC” or “Investee”), a collaborative joint venture co-owned galectin-3 in-process non-controlling |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Accrued Expenses | Accrued expenses consist of the following: March 31, December 31, (in thousands) Legal and accounting fees $ 50 $ 14 Accrued compensation 173 614 Accrued research and development costs and other 2,793 2,174 Total $ 3,016 $ 2,802 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Stock-Based Compensation Expense Related to Common Stock Options, Restricted Common Stock and Common Stock Warrants | Following is the stock-based compensation expense related to common stock options, common stock, restricted common stock and common stock warrants: Three Months Ended 2017 2016 Research and development $ 166 $ 254 General and administrative 164 969 Total stock-based compensation expense $ 330 $ 1,223 |
Summary of Stock Option Activity | The following table summarizes the stock option activity in the Company’s equity incentive plans, including non-plan Shares Weighted Average Outstanding, December 31, 2016 4,656,888 $ 4.30 Granted — — Exercised — — Options forfeited/cancelled — — Outstanding, March 31, 2017 4,656,888 $ 4.30 |
Weighted Average Assumptions Used to Determine Fair Value of Options Granted | The fair value of all other options granted is determined using the Black-Scholes option-pricing model. The following weighted average assumptions were used: Three Three 2017 2016 Risk-free interest rate — 1.7 % Expected life of the options — 6.0 years Expected volatility of the underlying stock — 94 % Expected dividend rate — 0 % |
Summary of Restricted Stock Grant Activity | The following table summarizes the restricted stock grant activity in the Company’s equity incentive plans from December 31, 2016 through March 31, 2017: Shares Outstanding, December 31, 2016 754,605 Granted — Exercised — Options forfeited/cancelled — Outstanding, March 31, 2017 754,605 |
Common Stock Warrants (Tables)
Common Stock Warrants (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Common Stock Warrant Activity | The following table summarizes the common stock warrant activity from December 31, 2016 through March 31, 2017: Shares Weighted Average Outstanding, December 31, 2016 13,488,296 $ 3.44 Granted 77,881 5.00 Exercised — — Forfeited/cancelled (1,317,161 ) 5.63 Outstanding, March 31, 2017 12,249,016 $ 3.22 |
Loss Per Share (Tables)
Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Dilutive Shares Which Could Exist Pursuant to Exercise of Outstanding Stock Instruments and Which were not Included in Calculation | Dilutive shares which could exist pursuant to the exercise of outstanding stock instruments and which were not included in the calculation because their affect would have been anti-dilutive are as follows: March 31, 2017 March 31, 2016 Warrants to purchase shares of common stock 12,249,016 8,908,586 Options to purchase shares of common stock 4,656,888 3,601,305 Shares of common stock issuable upon conversion of preferred stock 4,312,282 2,522,936 21,218,186 15,032,827 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Basis of Presentation [Line Items] | ||||
Unrestricted cash and cash equivalents | $ 13,644 | $ 15,362 | $ 22,356 | $ 25,846 |
Accrued Expenses (Detail)
Accrued Expenses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Schedule of Accrued Liabilities [Line Items] | ||
Legal and accounting fees | $ 50 | $ 14 |
Accrued compensation | 173 | 614 |
Accrued research and development costs and other | 2,793 | 2,174 |
Total | $ 3,016 | $ 2,802 |
Stock-Based Compensation Expens
Stock-Based Compensation Expense Related to Common Stock Options, Restricted Common Stock and Common Stock Warrants (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock-based compensation expense | $ 330 | $ 1,223 |
Research and development | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock-based compensation expense | 166 | 254 |
General and administrative | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock-based compensation expense | $ 164 | $ 969 |
Summary of Stock Option Activit
Summary of Stock Option Activity (Detail) - $ / shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Shares | ||
Beginning Balance | 4,656,888 | |
Granted | 0 | 277,500 |
Exercised | 0 | |
Options forfeited/cancelled | 0 | |
Ending Balance | 4,656,888 | |
Weighted Average Exercise Price | ||
Beginning Balance | $ 4.30 | |
Granted | 0 | |
Exercised | 0 | |
Options forfeited/cancelled | 0 | |
Ending Balance | $ 4.30 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) | Mar. 12, 2015USD ($)Directorshares | Mar. 31, 2017USD ($)shares | Mar. 31, 2016USD ($)$ / sharesshares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation cost | $ | $ 864,000 | ||
Unvested option | 1,234,797 | 208,125 | |
Unrecognized compensation cost, recognition period | 10 months 24 days | ||
Weighted-average grant-date fair values of options granted | $ / shares | $ 1.05 | ||
Number of options granted | 0 | 277,500 | |
Number of options vested | 69,375 | ||
Stock-based compensation expense | $ | $ 330,000 | $ 1,223,000 | |
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock awards granted | 81,352 | 0 | |
Restricted Stock | Non Employees Seven Board Of Directors | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock awards granted | 77,784 | ||
Number of non-employee directors | Director | 7 | ||
Non-cash stock-based compensation expense to be recognized | $ | $ 280,000 | ||
Share based compensation, cliff vest in full date | Dec. 15, 2016 | ||
Restricted Stock | Non Employees Two Board Of Directors | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock awards granted | 3,568 | ||
Number of non-employee directors | Director | 2 | ||
Non-cash stock-based compensation expense to be recognized | $ | $ 12,845 | ||
Share based compensation, cliff vest in full date | May 21, 2016 | ||
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options vesting period | 3 years | ||
Stock-based compensation expense | $ | $ 73,000 |
Weighted Average Assumptions Us
Weighted Average Assumptions Used to Determine Fair Value of Options Granted (Detail) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate | 0.00% | 1.70% |
Expected life of the options | 6 years | |
Expected volatility of the underlying stock | 0.00% | 94.00% |
Expected dividend rate | 0.00% | 0.00% |
Summary of Restricted Stock Gra
Summary of Restricted Stock Grant Activity (Detail) - Restricted Stock - shares | Mar. 12, 2015 | Mar. 31, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Beginning Balance | 754,605 | |
Granted | 81,352 | 0 |
Exercised | 0 | |
Options forfeited/cancelled | 0 | |
Ending Balance | 754,605 |
Common Stock Warrant Activity (
Common Stock Warrant Activity (Detail) - Warrant | 3 Months Ended |
Mar. 31, 2017$ / sharesshares | |
Shares | |
Beginning Balance | shares | 13,488,296 |
Granted | shares | 77,881 |
Exercised | shares | 0 |
Forfeited/cancelled | shares | (1,317,161) |
Ending Balance | shares | 12,249,016 |
Weighted Average Exercise Price | |
Outstanding, December 31, 2016 | $ / shares | $ 3.44 |
Granted | $ / shares | 5 |
Exercised | $ / shares | 0 |
Forfeited/cancelled | $ / shares | 5.63 |
Outstanding, March 31, 2017 | $ / shares | $ 3.22 |
Dilutive Shares Which Could Exi
Dilutive Shares Which Could Exist Pursuant to Exercise of Outstanding Stock Instruments and Which were not Included in Calculation (Detail) - shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Dilutive shares not included in calculation | 21,218,186 | 15,032,827 |
Warrant | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Dilutive shares not included in calculation | 12,249,016 | 8,908,586 |
Stock Options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Dilutive shares not included in calculation | 4,656,888 | 3,601,305 |
Contingently Issuable Shares | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Dilutive shares not included in calculation | 4,312,282 | 2,522,936 |
Common Stock - Additional Infor
Common Stock - Additional Information (Detail) - USD ($) | Feb. 28, 2017 | Mar. 31, 2017 | Mar. 30, 2014 |
Class of Stock [Line Items] | |||
Net proceeds from issuance of common stock | $ 2,145,000 | ||
Private Placement 2017 | |||
Class of Stock [Line Items] | |||
Shares of common stock issued | 102,368 | ||
Proceeds from sale of common stock | $ 200,000 | ||
Warrants issued | 76,776 | ||
Issuance of warrants, price per share | $ 5 | ||
Issuance of warrants, value | $ 101,000 | ||
Issuance of warrants, closing price | $ 1.86 | ||
Fair value assumptions, term of warrants | 7 years | ||
Warrants, volatility rate | 97.00% | ||
Warrants , risk free interest rate | 1.92% | ||
Warrants expiration date | Feb. 28, 2024 | ||
2014 At Market Agreement | |||
Class of Stock [Line Items] | |||
Aggregate offering price | $ 30,000,000 | ||
Commission to sales agent as a percentage of gross proceeds | 3.00% | ||
Shares of common stock issued | 1,496,797 | ||
Net proceeds from issuance of common stock | $ 1,945,000 |
Galectin Science LLC - Addition
Galectin Science LLC - Additional Information (Detail) - Galectin Sciences, LLC - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Jan. 31, 2014 | Mar. 31, 2017 | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | |
Investments in and Advances to Affiliates [Line Items] | |||||
Equity method investment in Galectin Sciences LLC | $ 400,000 | ||||
Subsequent capital contribution | $ 45,000 | $ 73,000 | $ 659,000 | $ 687,000 | |
Equity Method Investment, Ownership Percentage | 50.00% | 80.70% | |||
SBH Sciences, Inc | |||||
Investments in and Advances to Affiliates [Line Items] | |||||
Subsequent capital contribution | $ 50,000 | ||||
Ownership Percentage | 80.70% | ||||
SBH Sciences, Inc | In Process Research and Development | |||||
Investments in and Advances to Affiliates [Line Items] | |||||
Estimated fair value of the IPR&D Contributed by SBH | $ 400,000 |