Galectin Therapeutics (GALT) 10-Q 9 Aug 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Aug. 06, 2019
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Entity Registrant Name	GALECTIN THERAPEUTICS INC
Entity Central Index Key	0001133416
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Trading Symbol	GALT
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		56,631,304
Entity Interactive Data Current	Yes
Entity Small Business	true
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Address, State or Province	GA
Title of 12(b) Security	Common Stock
Security Exchange Name	NASDAQ

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 52,043	$ 8,253
Prepaid expenses and other current assets	652	579
Total current assets	52,695	8,832
Other	317	174
Total assets	53,012	9,006
Current liabilities:
Accounts payable	396	297
Accrued expenses and other	857	1,512
Accrued dividends payable	66	299
Total current liabilities	1,319	2,108
Other liabilities	72	0
Total liabilities	1,391	2,108
Commitments and contingencies (Note 10)
Stockholders' equity:
Undesignated stock, $0.01 par value; 20,000,000 shares authorized, 20,000,000 designated at June 30, 2019 and December 31, 2018, respectively	0	0
Common stock, $0.001 par value; 100,000,000 shares authorized at June 30, 2019 and December 31, 2018, 56,591,278 and 41,190,905 issued and outstanding at June 30, 2019 and December 31, 2018, respectively	56	41
Additional paid-in capital	257,678	194,130
Retained deficit	(208,373)	(196,215)
Total stockholders' equity	49,898	5,175
Total liabilities, redeemable convertible preferred stock and stockholders' equity	53,012	9,006
Series C super dividend redeemable 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	537	537
Series B-1 12% convertible preferred stock
Stockholders' equity:
Convertible preferred stock, value	0	1,761
Series B-2 12% convertible preferred stock
Stockholders' equity:
Convertible preferred stock, value	0	3,697
Series B-3 8% convertible preferred stock
Stockholders' equity:
Convertible preferred stock, value	$ 0	$ 1,224

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
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	20,000,000
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, issued	56,591,278	41,190,905
Common stock, outstanding	56,591,278	41,190,905
Series C super dividend redeemable 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	$ 8,758,000
Convertible preferred stock, liquidation value	$ 1,760,000
Series A 12% convertible preferred stock
Convertible preferred stock, shares authorized	1,742,500	1,742,500
Convertible preferred stock, issued	1,327,500	1,327,500
Convertible preferred stock, outstanding	1,327,500	1,327,500
Convertible preferred stock, liquidation value	$ 1,327,500
Series B-1 12% convertible preferred stock
Convertible preferred stock, shares authorized	900,000	900,000
Convertible preferred stock, issued	0	900,000
Convertible preferred stock, outstanding	0	900,000
Series B-2 12% convertible preferred stock
Convertible preferred stock, shares authorized	2,100,000	2,100,000
Convertible preferred stock, issued	0	2,100,000
Convertible preferred stock, outstanding	0	2,100,000
Series B-3 8% convertible preferred stock
Convertible preferred stock, shares authorized	2,508,000	2,508,000
Convertible preferred stock, issued	0	2,508,000
Convertible preferred stock, outstanding	0	2,508,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Operating expenses:
Research and development	$ 1,522	$ 1,476	$ 2,168	$ 3,774
General and administrative	1,498	2,283	3,219	4,163
Total operating expenses	3,020	3,759	5,387	7,937
Total operating loss	(3,020)	(3,759)	(5,387)	(7,937)
Other income (expense):
Interest income	43	4	57	8
Interest expense	(21)	(85)	(43)	(169)
Total other income (expense)	22	(81)	14	(161)
Net loss	(2,998)	(3,840)	(5,373)	(8,098)
Preferred stock dividends	(67)	(268)	(163)	(553)
Warrant modification (Note 9)	0	0	(6,622)	0
Net loss applicable to common stockholders	$ (3,065)	$ (4,108)	$ (12,158)	$ (8,651)
Net loss per common share — basic and diluted	$ (0.06)	$ (0.11)	$ (0.26)	$ (0.23)
Weighted average common shares outstanding — basic and diluted	50,301	38,227	47,653	37,755

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (5,373)	$ (8,098)
Adjustments to reconcile net loss to net cash flows from operating activities:
Payment of preferred stock dividends	(396)	0
Stock-based compensation expense	855	2,630
Amortization of right to use lease asset	18	0
Issuance of common stock for services	0	10
Non-cash interest expense	43	169
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(277)	226
Accounts payable and accrued expenses	(484)	(1,532)
Net cash from operating activities	(5,614)	(6,595)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net proceeds from issuance of common stock and warrants	49,404	14,039
Net cash flows from financing activities	49,404	14,039
NET INCREASE IN CASH AND CASH EQUIVALENTS	43,790	7,444
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	8,253	3,053
CASH AND CASH EQUIVALENTS, END OF PERIOD	52,043	10,497
NONCASH FINANCING ACTIVITIES:
Payment of preferred stock dividends in common stock	$ 0	$ 554

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Warrants	Series A 12% convertible preferred stock	Series B-1 12% convertible preferred stock	Series B-2 12% convertible preferred stock	Series B-3 8% convertible preferred stock	Series C super dividend redeemable convertible preferred stock	Series A 12% convertible preferred stock	Series A 12% convertible preferred stockSeries A Convertible Preferred Stock [Member]	Series B-1 12% convertible preferred stock	Series B-1 12% convertible preferred stockSeries B Convertible Preferred Stock [Member]	Series B-2 12% convertible preferred stock	Series B-2 12% convertible preferred stockSeries B Convertible Preferred Stock [Member]	Series B-3 8% convertible preferred stock	Series B-3 8% convertible preferred stockSeries B Convertible Preferred Stock [Member]	Common Stock	Common StockWarrants	Common StockSeries A 12% convertible preferred stock	Common StockSeries B-1 12% convertible preferred stock	Common StockSeries B-2 12% convertible preferred stock	Common StockSeries B-3 8% convertible preferred stock	Common StockSeries C super dividend redeemable convertible preferred stock	Common StockSeries B Convertible Preferred Stock [Member]	Common StockSeries A Convertible Preferred Stock [Member]	Additional Paid-In Capital	Additional Paid-In CapitalWarrants	Additional Paid-In CapitalSeries A 12% convertible preferred stock	Additional Paid-In CapitalSeries B-1 12% convertible preferred stock	Additional Paid-In CapitalSeries B-2 12% convertible preferred stock	Additional Paid-In CapitalSeries B-3 8% convertible preferred stock	Additional Paid-In CapitalSeries C super dividend redeemable convertible preferred stock	Additional Paid-In CapitalSeries B Convertible Preferred Stock [Member]	Additional Paid-In CapitalSeries A Convertible Preferred Stock [Member]	Retained Deficit	Retained DeficitSeries A 12% convertible preferred stock	Retained DeficitSeries B-1 12% convertible preferred stock	Retained DeficitSeries B-2 12% convertible preferred stock	Retained DeficitSeries B-3 8% convertible preferred stock	Retained DeficitSeries C super dividend redeemable convertible preferred stock
Stockholders' Equity (Deficit), Balance (in shares) at Dec. 31, 2017								1,377,500		900,000		2,100,000		2,508,000		35,789,388
Stockholders' Equity (Deficit), Balance at Dec. 31, 2017	$ (530)							$ 557		$ 1,761		$ 3,697		$ 1,224		$ 36									$ 173,363									$ (181,168)
Temporary Equity, Balance (in shares) at Dec. 31, 2017							176
Temporary Equity, Balance at Dec. 31, 2017							$ 1,723
Convertible preferred stock dividend																											$ 66	$ 101	$ 237	$ 94	$ 56				$ (66)	$ (101)	$ (237)	$ (94)	$ (56)
Convertible preferred stock dividend (in shares)																		13,775	18,879	44,051	17,478	11,899
Issuance of common stock	5,242															$ 1									5,241
Issuance of common stock (in shares)																618,614
Issuance of common stock for exercise of warrants and options		$ 8,797															$ 4									$ 8,793
Issuance of common stock for exercise of warrants and options ( in shares)																	4,107,187
Issuance of common stock from Series A conversion									$ (10)																								$ 10
Issuance of common stock from Series A conversion (in shares)									(25,000)															4,257
Conversion of Series B Convertible Preferred to common									$ (10)																								10
Conversion of Series B Convertible Preferred to common (in shares)									(25,000)															4,257
Net loss	(8,098)																																	(8,098)
Temporary Equity, Balance (in shares) at Jun. 30, 2018							176
Temporary Equity, Balance at Jun. 30, 2018							$ 1,723
Issuance of common stock for services	10																								11
Issuance of common stock for services (in shares)																2,655
Stock-based compensation expense	2,630																								2,630
Stockholders' Equity (Deficit), Balance (in shares) at Jun. 30, 2018								1,352,500		900,000		2,100,000		2,508,000		40,628,183
Stockholders' Equity (Deficit), Balance at Jun. 30, 2018	8,052							$ 547		$ 1,761		$ 3,697		$ 1,224		$ 41									190,602									(189,820)
Stockholders' Equity (Deficit), Balance (in shares) at Mar. 31, 2018								1,377,500		900,000		2,100,000		2,508,000		37,645,971
Stockholders' Equity (Deficit), Balance at Mar. 31, 2018	925							$ 557		$ 1,761		$ 3,697		$ 1,224		$ 38									179,359									(185,711)
Convertible preferred stock dividend			$ (42)				$ (26)																					$ 47	$ 110	$ 44					(42)	(47)	(110)	(44)	(26)
Convertible preferred stock dividend (in shares)																			7,421	17,315	6,870
Issuance of common stock	5,242															$ 1									5,241
Issuance of common stock (in shares)																618,614
Issuance of common stock for exercise of warrants and options		4,346															$ 2									4,344
Issuance of common stock for exercise of warrants and options ( in shares)																	2,326,709
Issuance of common stock from Series A conversion									$ (10)																								10
Issuance of common stock from Series A conversion (in shares)									(25,000)															4,257
Conversion of Series B Convertible Preferred to common									$ (10)																								$ 10
Conversion of Series B Convertible Preferred to common (in shares)									(25,000)															4,257
Net loss	(3,840)																																	(3,840)
Temporary Equity, Balance (in shares) at Jun. 30, 2018							176
Temporary Equity, Balance at Jun. 30, 2018							$ 1,723
Issuance of common stock for services	4																								4
Issuance of common stock for services (in shares)																1,026
Stock-based compensation expense	1,443																								1,443
Stockholders' Equity (Deficit), Balance (in shares) at Jun. 30, 2018								1,352,500		900,000		2,100,000		2,508,000		40,628,183
Stockholders' Equity (Deficit), Balance at Jun. 30, 2018	8,052							$ 547		$ 1,761		$ 3,697		$ 1,224		$ 41									190,602									(189,820)
Stockholders' Equity (Deficit), Balance (in shares) at Dec. 31, 2018								1,327,500		900,000		2,100,000		2,508,000		41,190,905
Stockholders' Equity (Deficit), Balance at Dec. 31, 2018	5,175							$ 537		$ 1,761		$ 3,697		$ 1,224		$ 41									194,130
Temporary Equity, Balance (in shares) at Dec. 31, 2018							176
Temporary Equity, Balance at Dec. 31, 2018							$ 1,723
Convertible preferred stock dividend	(53)		(80)	$ (6)	$ (15)	$ (9)	$ (53)																											(196,215)	(80)	$ (6)	$ (15)	$ (9)	(53)
Issuance of common stock	$ 46,754															$ 10									46,744
Issuance of common stock (in shares)																10,883,394
Issuance of common stock for exercise of warrants and options		2,650															$ 1									2,649
Issuance of common stock for exercise of warrants and options ( in shares)	142,543																727,633
Issuance of common stock from Series A conversion											$ (1,761)		$ (3,697)		$ (1,224)								$ 4									$ 6,678
Issuance of common stock from Series A conversion (in shares)											(900,000)		(2,100,000)		(2,508,000)								3,789,346
Conversion of Series B Convertible Preferred to common											$ (1,761)		$ (3,697)		$ (1,224)								$ 4									$ 6,678
Conversion of Series B Convertible Preferred to common (in shares)											(900,000)		(2,100,000)		(2,508,000)								3,789,346
Warrant modification (Note 9)																									6,622									(6,622)
Net loss	$ (5,373)																																	(5,373)
Temporary Equity, Balance (in shares) at Jun. 30, 2019							176
Temporary Equity, Balance at Jun. 30, 2019							$ 1,723
Issuance of common stock for services	0
Stock-based compensation expense	855																								855
Stockholders' Equity (Deficit), Balance (in shares) at Jun. 30, 2019								1,327,500		0		0		0		56,591,278
Stockholders' Equity (Deficit), Balance at Jun. 30, 2019	49,898							$ 537		$ 0		$ 0		$ 0		$ 56									257,678									(208,373)
Stockholders' Equity (Deficit), Balance (in shares) at Mar. 31, 2019								1,327,500								45,594,411
Stockholders' Equity (Deficit), Balance at Mar. 31, 2019	5,119							$ 537								$ 45									209,845									(205,308)
Convertible preferred stock dividend			$ (40)				$ (27)																												$ (40)				$ (27)
Issuance of common stock	44,889															$ 10									44,879
Issuance of common stock (in shares)																10,488,161
Issuance of common stock for exercise of warrants and options		$ 2,512															$ 1									$ 2,511
Issuance of common stock for exercise of warrants and options ( in shares)																	508,706
Net loss	(2,998)																																	(2,998)
Temporary Equity, Balance (in shares) at Jun. 30, 2019							176
Temporary Equity, Balance at Jun. 30, 2019							$ 1,723
Stock-based compensation expense	443																								443
Stockholders' Equity (Deficit), Balance (in shares) at Jun. 30, 2019								1,327,500		0		0		0		56,591,278
Stockholders' Equity (Deficit), Balance at Jun. 30, 2019	$ 49,898							$ 537		$ 0		$ 0		$ 0		$ 56									$ 257,678									$ (208,373)

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2019
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 June 30, 2019, the Company had $52 million of unrestricted cash and cash equivalents available to fund future operations. The Company believes there is sufficient cash, including availability of the line of credit (see Note 3), to fund currently planned operations at least through December 31, 2020. We expect that we will require more cash to fund our operations after December 31, 2020 and believe we will be able to obtain additional financing. The currently planned operations include estimated costs related to a planned Phase 3 clinical trial through December 31, 2020. While the costs of the trial and general overhead during the Phase 3 trial are expected to be approximately $100 million, the costs and timing of such trial is not yet completely finalized. These costs will require additional funding. There can be no assurance that we will be successful in obtaining financing to support our operations beyond December 31, 2020 or, if available, that any such financing will be on terms acceptable to us. Accordingly, based on the forecasts and estimates underlying our current operating plan, the financial statements do not currently include any adjustments that might be necessary if we are 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, Recently Adopted Accounting Standards The Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842), 2018-11, Leases (Topic 842): Targeted Improvements

Accrued Expenses and Other

Accrued Expenses and Other	6 Months Ended
	Jun. 30, 2019
Accrued Expenses and Other	2. Accrued Expenses and Other Accrued expenses consist of the following: June 30, December 31, (in thousands) Legal and accounting fees $ 106 $ 45 Accrued compensation 715 1,294 Lease liability 36 — Accrued research and development costs and other — 173 Total $ 857 $ 1,512

Line of Credit

Line of Credit	6 Months Ended
	Jun. 30, 2019
Line of Credit	3. Line of Credit On December 19, 2017, the Company entered into a $10 million Line of Credit arrangement with Richard E. Uihlein, a director and shareholder who had an approximate 7% ownership interest in the Company on a fully-diluted basis at December 31, 2017. Originally, borrowings may be made by the Company through December 31, 2018. Borrowings bear interest at the Applicable Federal Rate for short term loans published by the Internal Revenue Service (2.7% in January 2019). All borrowings and interest were originally due on December 31, 2019 but could be prepaid without penalty. In connection with the Line of Credit agreement, the Company issued to Mr. Uihlein warrants to purchase 1 million shares of the Company’s common stock for $5 per share. Half of the warrants vested at closing of the Line of Credit and the other half vest ratably with borrowings under the agreement. There have been no borrowings under the Line of Credit to date. On December 20, 2018, the Line of Credit arrangement was extended for one year for both borrowings and maturity. At the time of the conversion of the Series B Convertible Preferred stock into common stock (See Note 9), on January 11, 2019, the Line of Credit arrangement was extended for an additional two years for both borrowings and maturity. After the second amendment to the Line of Credit arrangement, borrowings may be made through December 31, 2021 with repayment due on December 31, 2022. There was no additional consideration or benefits provided to Mr. Uihlein for any of the extensions of the Line of Credit. The fair value of the 500,000 warrants vested at closing in December 2017 was $696,000 at the date of issuance based on the following assumptions: an expected life of 7 years, volatility of 98%, risk free interest rate of 2.05% and zero dividends. The fair value of the vested warrants was recorded in other current assets and other assets (non-current) The fair value of warrants that vest in the future based on borrowings will be computed when those borrowings occur and amortized over the remaining period through December 31, 2022 reflecting the second extension.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2019
Stock-Based Compensation	4. 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 Six Months Ended 2019 2018 2019 2018 Research and development $ 83 $ 627 $ 170 $ 1,161 General and administrative 360 816 685 1,469 Total stock-based compensation expense $ 443 $ 1,443 $ 855 $ 2,630 The following table summarizes the stock option activity in the Company’s equity incentive plans, including non-plan Shares Weighted Average Outstanding, December 31, 2018 2,713,979 $ 4.67 Granted 530,000 4.72 Exercised (142,543 ) 1.79 Options forfeited/cancelled (39,098 ) 2.09 Outstanding, June 30, 2019 3,062,338 $ 4.85 As of June 30, 2019, there was $1,301,000 of unrecognized compensation related to 468,750 unvested options, which is expected to be recognized over a weighted–average period of approximately 1.07 years. The weighted-average grant date fair value for options granted during the three months ended June 30, 2019 was $3.83. The Company granted 530,000 stock options during the three months ended March 31, 2019. The fair value of all options granted is determined using the Black-Scholes option-pricing model. The following weighted average assumptions were used: Six Six 2019 2018 Risk-free interest rate 2.68 % 2.47 % Expected life of the options 6 years 5.7 years Expected volatility of the underlying stock 104 % 104 % Expected dividend rate 0 % 0 %

Common Stock Warrants

Common Stock Warrants	6 Months Ended
	Jun. 30, 2019
Common Stock Warrants	5. Common Stock Warrants The following table summarizes the common stock warrant activity from December 31, 2018 through June 30, 2019: Shares Weighted Average Outstanding, December 31, 2018 10,647,026 $ 3.48 Granted 2,622,154 7.00 Exercised (585,090 ) 4.71 Forfeited/cancelled (143,411 ) 3.00 Outstanding, June 30, 2019 12,540,679 $ 4.22

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Text Block]	6. 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 June 30, 2019 or December 31, 2018.

Loss Per Share

Loss Per Share	6 Months Ended
	Jun. 30, 2019
Loss Per Share	7. 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: June 30, 2019 June 30, 2018 Warrants to purchase shares of common stock 12,540,679 10,815,336 Options to purchase shares of common stock 3,062,338 4,294,279 Shares of common stock issuable upon conversion of preferred stock 514,602 4,308,115 16,117,619 19,417,730

Common Stock

Common Stock	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	8. Common Stock 2017 At Market Issuance of Common Stock On May 19, 2017, the Company entered into an At Market Issuance Sales Agreement (the “2017 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 2017 At Market Agreement. During the three months ended March 31, 2019, the Company issued 395,233 shares of its common stock under the 2017 At Market Agreement for net proceeds of approximately $1,865,000. For the three months ended March 31, 2018, the Company has issued a total of 74,476 shares of common stock for dividends on Series A, Series B and Series C Preferred Stock. Rights Offering On May 23, 2019, the Company completed an offering of common stock and warrants to its shareholders of record as of April 29, 2019. In the offering, the Company received approximately $44.9 million for the issuance of 10,488,161 shares of common stock and warrants which may be exercised for 2,622,154 shares of common stock. The warrants may be exercised at $7.00 per share of common stock and expire on May 23, 2026. The warrants were valued at approximately $8.2 million as of the issuance, using the closing price of $4.01, a life of 7 years, a volatility of 101% and a risk-free interest rate of 2.33%. Based upon the Company’s analysis of the criteria contained in ASC Topic 815-40, paid-in

Preferred Stock Conversion into

Preferred Stock Conversion into Common Stock	6 Months Ended
	Jun. 30, 2019
Preferred Stock Conversion into Common Stock	9. Preferred Stock Conversion into Common Stock On January 11, 2019, 10X Fund L.P. (“10X Fund”), converted all of its Series B Convertible Preferred Stock into Common Stock of Galectin Therapeutics. Pursuant to the terms of the conversion, as of January 11, 2019, 10X Fund converted 5,508,000 shares of its Series B-1, B-2 B-3 In connection with the conversion of the Series B Preferred Stock, the Company extended by five years the exercise date of warrants for 3,579,642 shares of Common Stock issued by the Company in connection with sale of the Series B-1 B-2 The Company has accounted for the modified terms of the warrants pursuant to ASC 718, Stock Compensation, whereby the Company has recognized a charge for the change in fair value of the warrants immediately before and immediately after the modification. In January 2019, the Company recognized a one-time non-cash

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2019
Commitments and Contingencies	10. Commitments and Contingencies 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 significant pending legal proceedings.

Leases

Leases	6 Months Ended
	Jun. 30, 2019
Leases	11. Leases The Company has one operating lease for its office space which was amended effective January 1, 2019 for a term of 38 months with no residual value guarantees or material restrictive covenants. The amended lease provided for free rent for the first two months of the lease and continues the security deposit of $6,000. In addition to base rental payments included in the contractual obligations table above, the Company is responsible for our pro-rata six-month Maturity of operating lease as of June 30, 2019 in thousands: 2019 $ 23 2020 47 2021 48 2022 8 Total 126 Less imputed interest 18 Present value of lease liability $ 108 The discount rate used in calculating the present value of the lease payments was 11.04%

Galectin Sciences LLC

Galectin Sciences LLC	6 Months Ended
	Jun. 30, 2019
Galectin Sciences LLC	12. 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 and Other (Tab

Accrued Expenses and Other (Tables)	6 Months Ended
	Jun. 30, 2019
Accrued Expenses	Accrued expenses consist of the following: June 30, December 31, (in thousands) Legal and accounting fees $ 106 $ 45 Accrued compensation 715 1,294 Lease liability 36 — Accrued research and development costs and other — 173 Total $ 857 $ 1,512

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2019
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 Six Months Ended 2019 2018 2019 2018 Research and development $ 83 $ 627 $ 170 $ 1,161 General and administrative 360 816 685 1,469 Total stock-based compensation expense $ 443 $ 1,443 $ 855 $ 2,630
Weighted Average Assumptions Used to Determine Fair Value of Options Granted	The fair value of all options granted is determined using the Black-Scholes option-pricing model. The following weighted average assumptions were used: Six Six 2019 2018 Risk-free interest rate 2.68 % 2.47 % Expected life of the options 6 years 5.7 years Expected volatility of the underlying stock 104 % 104 % Expected dividend rate 0 % 0 %
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, 2018 2,713,979 $ 4.67 Granted 530,000 4.72 Exercised (142,543 ) 1.79 Options forfeited/cancelled (39,098 ) 2.09 Outstanding, June 30, 2019 3,062,338 $ 4.85

Common Stock Warrants (Tables)

Common Stock Warrants (Tables)	6 Months Ended
	Jun. 30, 2019
Text Block [Abstract]
Common Stock Warrant Activity	The following table summarizes the common stock warrant activity from December 31, 2018 through June 30, 2019: Shares Weighted Average Outstanding, December 31, 2018 10,647,026 $ 3.48 Granted 2,622,154 7.00 Exercised (585,090 ) 4.71 Forfeited/cancelled (143,411 ) 3.00 Outstanding, June 30, 2019 12,540,679 $ 4.22

Loss Per Share (Tables)

Loss Per Share (Tables)	6 Months Ended
	Jun. 30, 2019
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: June 30, 2019 June 30, 2018 Warrants to purchase shares of common stock 12,540,679 10,815,336 Options to purchase shares of common stock 3,062,338 4,294,279 Shares of common stock issuable upon conversion of preferred stock 514,602 4,308,115 16,117,619 19,417,730

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2019
Maturity of operating lease	Maturity of operating lease as of June 30, 2019 in thousands: 2019 $ 23 2020 47 2021 48 2022 8 Total 126 Less imputed interest 18 Present value of lease liability $ 108

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2017
Basis of Presentation [Line Items]
Unrestricted cash and cash equivalents	$ 52,043	$ 8,253	$ 10,497	$ 3,053
Expected costs of trail and general overhead	$ 100,000

Accrued Expenses and Other (Det

Accrued Expenses and Other (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Jun. 30, 2019
Schedule of Accrued Liabilities [Line Items]
Legal and accounting fees	$ 45	$ 106
Accrued compensation	1,294	715
Lease liability		36
Accrued research and development costs and other	173
Total	$ 1,512	$ 857

Line of Credit - Additional Inf

Line of Credit - Additional Information (Detail) - USD ($)	1 Months Ended	6 Months Ended
	May 31, 2019	Jun. 30, 2019	Jun. 30, 2018	May 23, 2019	Jan. 31, 2019	Jan. 01, 2019	Dec. 31, 2017	Dec. 19, 2017
Line of Credit Facility [Line Items]
Number of securities called by warrant	500,000	500,000				3,579,642
Warrant value		$ 696,000
Expected life		6 years	5 years 8 months 12 days
Expected Volatility		104.00%	104.00%
Expected dividend		0.00%	0.00%
Risk free interest rate		2.68%	2.47%
Amortization of interest expense		$ 43,000	$ 169,000
Issued of warrant	$ 2,500,000
Director And Shareholder [Member]
Line of Credit Facility [Line Items]
Minority interest							7.00%
Director | Director And Shareholder [Member]
Line of Credit Facility [Line Items]
Line of credit current		$ 0
Unsecured Line Of Credit | Director
Line of Credit Facility [Line Items]
Line of credit facility								$ 10,000,000
Short term borrowing interest rate					2.70%
Number of securities called by warrant		1,000,000
Exercise price of warrant		$ 5
Warrant
Line of Credit Facility [Line Items]
Exercise price of warrant				$ 7
Expected life		7 years
Expected Volatility		98.00%
Expected dividend		0.00%
Risk free interest rate		2.05%

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail)	3 Months Ended	6 Months Ended
	Jun. 30, 2019USD ($)$ / sharesshares	Jun. 30, 2019USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant-date fair values of options granted | $ / shares	$ 3.83
Unvested option	468,750	468,750
Unrecognized compensation cost | $	$ 1,301,000	$ 1,301,000
Unrecognized compensation cost, recognition period		1 year 25 days
Number of options granted	530,000	530,000

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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 443	$ 1,443	$ 855	$ 2,630
Research and development
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	83	627	170	1,161
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 360	$ 816	$ 685	$ 1,469

Summary of Stock Option Activit

Summary of Stock Option Activity (Detail) - $ / shares	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Shares
Beginning Balance | shares		2,713,979
Granted | shares	530,000	530,000
Forfeited/Cancelled | shares		(39,098)
Exercised | shares		(142,543)
Ending Balance | shares	3,062,338	3,062,338
Weighted Average Exercise Price
Beginning Balance | $ / shares		$ 4.67
Granted | $ / shares		4.72
Forfeited/Cancelled | $ / shares		2.09
Exercised | $ / shares		1.79
Ending Balance | $ / shares	$ 4.85	$ 4.85

Weighted Average Assumptions Us

Weighted Average Assumptions Used to Determine Fair Value of Options Granted (Detail)	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	2.68%	2.47%
Expected life of the options	6 years	5 years 8 months 12 days
Expected volatility of the underlying stock	104.00%	104.00%
Expected dividend rate	0.00%	0.00%

Common Stock Warrant Activity (

Common Stock Warrant Activity (Detail) - Warrant	6 Months Ended
	Jun. 30, 2019$ / sharesshares
Shares
Outstanding, December 31, 2018 | shares	10,647,026
Granted | shares	2,622,154
Exercised | shares	(585,090)
Forfeited/cancelled | shares	(143,411)
Outstanding, March 31, 2019 | shares	12,540,679
Weighted Average Exercise Price
Outstanding, December 31, 2018 | $ / shares	$ 3.48
Granted | $ / shares	7
Exercised | $ / shares	4.71
Forfeited/cancelled | $ / shares	3
Outstanding, March 31, 2019 | $ / shares	$ 4.22

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	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive shares not included in calculation	16,117,619	19,417,730
Warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive shares not included in calculation	12,540,679	10,815,336
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive shares not included in calculation	3,062,338	4,294,279
Contingently Issuable Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive shares not included in calculation	514,602	4,308,115

Common Stock - Additional Infor

Common Stock - Additional Information (Detail)	1 Months Ended	3 Months Ended			6 Months Ended
	May 23, 2019USD ($)yr$ / sharesshares	Jun. 30, 2019shares	Jun. 30, 2018shares	Mar. 31, 2018shares	Jun. 30, 2019USD ($)shares	Jun. 30, 2018USD ($)shares	May 31, 2019shares	Jan. 01, 2019shares	May 19, 2017USD ($)
Net proceeds from issuance of common stock | $					$ 49,404,000	$ 14,039,000
Exercise of warrants		500,000			500,000		500,000	3,579,642
Measurement Input, Expected Term [Member]
Fair value assumptions, Measurement Input | yr	7
Measurement Input, Price Volatility [Member]
Fair value assumptions, Measurement Input	101
Measurement Input, Risk Free Interest Rate [Member]
Fair value assumptions, Measurement Input	2.33
2017 At Market Agreement
Aggregate Offering Price | $									$ 30,000,000
Commissions as Percentage of Gross Offering Proceeds									3.00%
Shares of common stock issued					395,233
Net proceeds from issuance of common stock | $					$ 1,865,000
Issuance of common stock					395,233
Other Agreements | Series A, B and C Preferred Stock
Common stock issued for dividend				74,476
Common Stock [Member]
Shares of common stock issued	10,488,161	10,488,161	618,614		10,883,394	618,614
Net proceeds from issuance of common stock | $	$ 44,900,000
Issuance of common stock	10,488,161	10,488,161	618,614		10,883,394	618,614
Exercise of warrants	2,622,154
Warrant [Member]
Warrants expiration	May 23, 2026
Price per warrants class | $ / shares	$ 7
Value of warrants | $	$ 8,200,000
Closing price | $ / shares	$ 4.01

Preferred Stock Conversion in_2

Preferred Stock Conversion into Common Stock - Additional Information (Detail) $ in Thousands	Jan. 11, 2019shares	Jan. 31, 2019USD ($)shares	Jun. 30, 2019USD ($)shares	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)shares	Jun. 30, 2018USD ($)	May 31, 2019shares	Jan. 01, 2019shares
Number of shares called by warrants			500,000		500,000		500,000	3,579,642
Recognition of non cash charge related to extension of warrants | $		$ 6,622	$ 0	$ 0	$ 6,622	$ 0
Warrants Issued		3,579,642
Minimum Expected Life Range [Member] | Maximum [Member] | Before Modification of Terms of Warrants [Member]
Derivative Liability		1.33
Minimum Expected Life Range [Member] | Maximum [Member] | After Modification of Terms of Warrants [Member]
Derivative Liability		6.33
Minimum Expected Life Range [Member] | Minimum [Member] | Before Modification of Terms of Warrants [Member]
Derivative Liability		0.09
Minimum Expected Life Range [Member] | Minimum [Member] | After Modification of Terms of Warrants [Member]
Derivative Liability		5.09
Measurement Input, Volatility Rate [Member] | Before Modification of Terms of Warrants [Member]
Derivative Liability		98
Measurement Input, Volatility Rate [Member] | After Modification of Terms of Warrants [Member]
Derivative Liability		106
Measurement Input, Risk Free Interest Rate [Member] | Maximum [Member] | Before Modification of Terms of Warrants [Member]
Derivative Liability		2.59
Measurement Input, Risk Free Interest Rate [Member] | Maximum [Member] | After Modification of Terms of Warrants [Member]
Derivative Liability		2.6
Measurement Input, Risk Free Interest Rate [Member] | Minimum [Member] | Before Modification of Terms of Warrants [Member]
Derivative Liability		2.4
Measurement Input, Risk Free Interest Rate [Member] | Minimum [Member] | After Modification of Terms of Warrants [Member]
Derivative Liability		2.56
Measurement Input, Dividend Yield Rate [Member] | Before Modification of Terms of Warrants [Member]
Derivative Liability		0
Measurement Input, Dividend Yield Rate [Member] | After Modification of Terms of Warrants [Member]
Derivative Liability		0
Common Stock [Member] | 10X Fund L.P.[Member]
Common stocks issued upon conversion of Preferred Stock	3,789,346
Series B1 B2 and B3 Convertible Preferred Stock [Member] | 10X Fund L.P.[Member]
Convertible preferred shares	5,508,000

Leases - Maturity of operating

Leases - Maturity of operating lease (Details) $ in Thousands	Jun. 30, 2019USD ($)
Leases [Abstract]
2019	$ 23
2020	47
2021	48
2022	8
Total	126
Less imputed interest	18
Present value of lease liability	$ 108

Leases Additional Information (

Leases Additional Information (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2019	Jan. 01, 2019
Term of Contract		38 months
Lease Deposits		$ 6,000
Lease liability	$ 36,000
Discount rate	11.04%
Other assets
Right-of-Use Asset	$ 101,000
Accrued And Other Liabilities Current
Lease liability	36,000
Other liabilities
Non current lease liability	72,000
General and administrative
Lease cost	$ 22,000

Galectin Science LLC - Addition

Galectin Science LLC - Additional Information (Detail) - Galectin Sciences, LLC - USD ($)	1 Months Ended	3 Months Ended	6 Months Ended	12 Months Ended	54 Months Ended	57 Months Ended
	Jan. 31, 2014	Jun. 30, 2019	Jun. 30, 2019	Dec. 31, 2014	Jun. 30, 2019	Jun. 30, 2019
Investments in and Advances to Affiliates [Line Items]
Equity method investment in Galectin Sciences LLC	$ 400,000
Subsequent capital contribution		$ 79,000				$ 1,883,000
Equity Method Investment, Ownership Percentage	50.00%
Loss from equity method investment in Galectin Sciences, LLC				$ 400,000
SBH Sciences, Inc
Investments in and Advances to Affiliates [Line Items]
Subsequent capital contribution					$ 123,000
Ownership Percentage			81.40%
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