Galectin Therapeutics (GALT) 10-Q 16 Aug 21 2021 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2021	Aug. 10, 2021
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Entity Registrant Name	GALECTIN THERAPEUTICS INC.
Entity Central Index Key	0001133416
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Trading Symbol	GALT
Entity Common Stock, Shares Outstanding		59,275,031
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Interactive Data Current	Yes
Entity Address, State or Province	GA
Title of 12(b) Security	Common Stock
Security Exchange Name	NASDAQ
Entity Incorporation, State or Country Code	NV
Entity File Number	001-31791
Entity Tax Identification Number	04-3562325
Entity Address, Address Line One	4960 Peachtree Industrial Blvd
Entity Address, Address Line Two	Suite 240
Entity Address, City or Town	Norcross
Entity Address, Postal Zip Code	30071
City Area Code	678
Local Phone Number	620-3186

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 31,598	$ 27,142
Prepaid expenses and other current assets	1,736	2,323
Total current assets	33,334	29,465
Other assets	71	135
Total assets	33,405	29,600
Current liabilities:
Accounts payable	924	1,292
Accrued expenses and other	5,065	4,042
Accrued dividends payable	65	65
Total current liabilities	6,054	5,399
Convertible note payable and accrued interest, net of debt discount – related party (Note 4)	9,643	0
Derivative liability (Note 4)	592	0
Other liabilities	0	8
Total liabilities	16,289	5,407
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, 2021 and December 31, 2020, respectively
Common stock, $0.001 par value; 100,000,000 shares authorized at June 30, 2021 and December 31, 2020, 59,275,031 and 57,077,055 issued and outstanding at June 30, 2021 and December 31, 2020, respectively	59	56
Additional paid-in capital	269,657	261,883
Retained deficit	(254,850)	(239,996)
Total stockholders' equity	15,393	22,470
Total liabilities, redeemable convertible preferred stock and stockholders' equity	33,405	29,600
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	$ 527	$ 527

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
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	59,275,031	57,077,055
Common stock, outstanding	59,275,031	57,077,055
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	$ 8,494,000
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	1,302,500	1,302,500
Convertible preferred stock, outstanding	1,302,500	1,302,500
Convertible preferred stock, liquidation value	$ 1,302,500

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Operating expenses:
Research and development	$ 6,450	$ 4,681	$ 11,349	$ 6,825
General and administrative	1,743	1,421	3,161	2,861
Total operating expenses	8,193	6,102	14,510	9,686
Total operating loss	(8,193)	(6,102)	(14,510)	(9,686)
Other income (expense):
Interest income	1	9	2	59
Interest expense	(85)	(21)	(107)	(43)
Change in fair value of derivative	(172)		(172)	0
Total other income (expense)	(256)	(12)	(277)	16
Net loss	(8,449)	(6,114)	(14,787)	(9,670)
Preferred stock dividends	(65)	(66)	(67)	(60)
Net loss applicable to common stockholders	$ (8,514)	$ (6,180)	$ (14,854)	$ (9,730)
Net loss per common share — basic and diluted	$ (0.15)	$ (0.11)	$ (0.26)	$ (0.17)
Weighted average common shares outstanding — basic and diluted	58,312	57,035	57,725	56,995

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (14,787)	$ (9,670)
Adjustments to reconcile net loss to net cash flows from operating activities:
Stock-based compensation expense	835	824
Amortization of right to use lease asset	20	17
Non-cash interest expense	107	43
Change in fair value of derivative	172	0
Changes in operating assets and liabilities:
Prepaid expenses and other assets	587	377
Accounts payable, accrued expenses and other liabilities	707	1,434
Net cash flows from operating activities	(12,359)	(6,975)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net proceeds from convertible note payable - related party	10,000	0
Net proceeds from issuance of common stock	6,815	263
Net cash flows from financing activities	16,815	263
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	4,456	(6,712)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	27,142	47,480
CASH AND CASH EQUIVALENTS, END OF PERIOD	31,598	40,768
NONCASH FINANCING ACTIVITIES:
Payment of preferred stock dividends in common stock	67	60
Fair value of derivative related to related party convertible note payable	420	0
Reclassification of accrued bonus to additional paid in capital	$ 60	$ 0

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Redeemable Convertible Preferred Stock and Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Series A 12% convertible preferred stock	Series C super dividend redeemable convertible preferred stock dividend	Series A 12% convertible preferred stock	Common Stock [Member]	Common Stock [Member]Series A 12% convertible preferred stock	Common Stock [Member]Series C super dividend redeemable convertible preferred stock dividend	Additional Paid-In Capital	Additional Paid-In CapitalSeries A 12% convertible preferred stock	Additional Paid-In CapitalSeries C super dividend redeemable convertible preferred stock dividend	Retained Deficit	Retained DeficitSeries A 12% convertible preferred stock	Retained DeficitSeries C super dividend redeemable convertible preferred stock dividend
Stockholders' Equity, Balance (in shares) at Dec. 31, 2019				1,327,500	56,894,642
Stockholders' Equity, Balance at Dec. 31, 2019	$ 43,872			$ 537	$ 56			$ 259,673			$ (216,394)
Temporary Equity, Balance (in shares) at Dec. 31, 2019			176
Temporary Equity, Balance at Dec. 31, 2019			$ 1,723
Convertible preferred stock dividend			$ (1)						$ 26	$ 34		$ (26)	$ (35)
Convertible preferred stock dividend (in shares)						13,275	17,600
Issuance of common stock	44							44
Issuance of common stock (in shares)					14,452
Issuance of common stock for exercise of warrants and options	219							219
Issuance of common stock for exercise of warrants and options (in shares)					84,624
Stock-based compensation on expense	824							824
Stock-based compensation on expense (in shares)					19,068
Net loss	(9,670)										(9,670)
Temporary Equity, Balance (in shares) at Jun. 30, 2020			176
Temporary Equity, Balance at Jun. 30, 2020			$ 1,723
Stockholders' Equity, Balance (in shares) at Jun. 30, 2020				1,327,500	57,043,661
Stockholders' Equity, Balance at Jun. 30, 2020	35,288			$ 537	$ 56			260,820			(226,125)
Stockholders' Equity, Balance (in shares) at Mar. 31, 2020				1,327,500	57,029,209
Stockholders' Equity, Balance at Mar. 31, 2020	41,030			$ 537	$ 56			260,382			(219,945)
Convertible preferred stock dividend		$ (40)	$ (26)									(40)	(26)
Issuance of common stock	44				$ 14,452			44
Stock-based compensation on expense	394							394
Net loss	(6,114)										(6,114)
Temporary Equity, Balance (in shares) at Jun. 30, 2020			176
Temporary Equity, Balance at Jun. 30, 2020			$ 1,723
Stockholders' Equity, Balance (in shares) at Jun. 30, 2020				1,327,500	57,043,661
Stockholders' Equity, Balance at Jun. 30, 2020	35,288			$ 537	$ 56			260,820			(226,125)
Stockholders' Equity, Balance (in shares) at Dec. 31, 2020				1,302,500	57,077,055
Stockholders' Equity, Balance at Dec. 31, 2020	22,470			$ 527	$ 56			261,883			(239,996)
Temporary Equity, Balance (in shares) at Dec. 31, 2020			176
Temporary Equity, Balance at Dec. 31, 2020			$ 1,723
Convertible preferred stock dividend									$ 28	$ 39		(28)	(39)
Convertible preferred stock dividend (in shares)						13,025	17,600
Issuance of common stock	3,864				$ 1			3,863
Issuance of common stock (in shares)					845,214
Issuance of common stock for exercise of warrants and options	2,951				$ 2			2,949
Issuance of common stock for exercise of warrants and options (in shares)					1,289,444
Stock-based compensation on expense	895							895
Stock-based compensation on expense (in shares)					32,693
Net loss	(14,787)										(14,787)
Temporary Equity, Balance (in shares) at Jun. 30, 2021			176
Temporary Equity, Balance at Jun. 30, 2021			$ 1,723
Stockholders' Equity, Balance (in shares) at Jun. 30, 2021				1,302,500	59,275,031
Stockholders' Equity, Balance at Jun. 30, 2021	15,393			$ 527	$ 59			269,657			(254,850)
Stockholders' Equity, Balance (in shares) at Mar. 31, 2021				1,302,500	57,186,655
Stockholders' Equity, Balance at Mar. 31, 2021	16,511			$ 527	$ 56			262,264			(246,336)
Convertible preferred stock dividend		$ (38)	$ (27)									$ (38)	$ (27)
Issuance of common stock	3,864				$ 1			3,863
Issuance of common stock (in shares)					845,214
Issuance of common stock for exercise of warrants and options	2,951				$ 2			2,949
Issuance of common stock for exercise of warrants and options (in shares)					1,243,162
Stock-based compensation on expense	581							581
Net loss	(8,449)										(8,449)
Temporary Equity, Balance (in shares) at Jun. 30, 2021			176
Temporary Equity, Balance at Jun. 30, 2021			$ 1,723
Stockholders' Equity, Balance (in shares) at Jun. 30, 2021				1,302,500	59,275,031
Stockholders' Equity, Balance at Jun. 30, 2021	$ 15,393			$ 527	$ 59			$ 269,657			$ (254,850)

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2021
Basis of Presentation	1. Basis of Presentation Galectin Therapeutics Inc. and subsidiaries (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 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 revenues. The Company anticipates that losses will continue for the foreseeable future. At June 30, 2021, the Company had $31,598,000 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 September 30, 2022. We will require more cash to fund our operations after September 30, 2022 and believe we will be able to obtain additional financing. The currently planned operations include costs related to our adaptively designed NAVIGATE Phase 2b/3 clinical trial. Currently, we expect to require an additional approximately $30-$35 million The Company was founded in July 2000, was incorporated in the State of Nevada in January 2001 under the name “Pro-Pharmaceuticals,

Accrued Expenses and Other

Accrued Expenses and Other	6 Months Ended
	Jun. 30, 2021
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 $ 94 $ 122 Accrued compensation 370 789 Lease liability 31 44 Accrued research and development costs and other 4,570 3,087 Total $ 5,065 $ 4,042 Research and development expenses, including personnel costs, allocated facility costs, lab supplies, outside services, contract laboratory costs related to manufacturing drug product, clinical trials and preclinical studies are charged to research and development expense as incurred. The Company accounts for nonrefundable advance payments for goods and services that will be used in future research and development activities as expense when the service has been performed or when the goods have been received. Our current NAVIGATE clinical trial is being supported by third-party contract research organizations, or CROs, and other vendors. We accrue expenses for clinical trial activities performed by CROs based upon the estimated amount of work completed on each trial. For clinical trial expenses and related expenses associated with the conduct of clinical trials, the significant factors used in estimating accruals include the number of patients enrolled, the number of active clinical sites, and the duration for which the patients have been enrolled in the trial. We monitor patient enrollment levels and related activities to the extent possible through internal reviews, review of contractual terms and correspondence with CROs. We base our estimates on the best information available at the time. We monitor patient enrollment levels and related activities to the extent possible through discussions with CRO personnel and based our estimates of clinical trial costs on the best information available at the time. However, additional information may become available to us which will allow us to make a more accurate estimate in future periods. In that event, we may be required to record adjustments to research and development expenses in future periods when the actual level of activity becomes more certain.

Line of Credit - Related Party

Line of Credit - Related Party	6 Months Ended
	Jun. 30, 2021
Line of Credit – Related Party	3. Line of Credit – Related Party The Company has a $10 million Line of Credit arrangement with Richard E. Uihlein, Chairman of Board of Directors and a shareholder pursuant to an agreement established in December, 2017 and amended in December, 2018 and January, 2019. Under the arrangement the Company may borrow up to $10 million from Mr. Uihlein on an unsecured basis and with any borrowings bearing interest at the Applicable Federal Rate for short terms loans published by the Internal Revenue Service (0.13% in June 2021). Borrowings may be made through December 31, 2021 with repayment due on December 31, 2022. 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. The 500,000 warrants that vested at closing were exercised in May 2019 for cash proceeds to the Company of $2.5 million. As of the date of this Quarterly Report, there have been no borrowings under 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)

Convertible Notes payable - Rel

Convertible Notes payable - Related Party	6 Months Ended
	Jun. 30, 2021
Debt Instruments [Abstract]
Convertible Note Payable – Related Party	4. Convertible Note Payable – Related Party On April 16, 2021, the Company and Richard E. Uihlein entered into a debt financing arrangement whereby Mr. Uihlein loaned $10,000,000 to Company. In consideration for the loan, the Company issued a convertible promissory note (the “Note”) in the principal amount of ten million dollars. The Note has a maturity date of April 16, 2025, is prepayable at the option of the Company in whole or in part at any time, and is convertible into the Company’s common stock at a conversion price equal to $5.00 per share at the option of the noteholder. The Note bears interest at the rate of two percent (2%) per annum, compounded annually. For the period ended June 30, 2021, approximately $41,000 of interest expense was accrued and included with the principal in the financial statements. The Note also includes a contingent interest component that requires the Company to pay additional interest at a rate of two and one-half percent The Company’s contractual cash obligations related to the outstanding convertible note payable is a repayment of the $10,000,000 plus accrued interest on April 16, 2025, unless converted at the option of the noteholder.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2021
Stock-Based Compensation	5. Stock-Based Compensation Following is the stock-based compensation expense related to common stock options, restricted common stock, common stock warrants and deferred stock units: Three Months Ended Six Months Ended 2021 2020 2021 2020 in thousands Research and development $ 89 $ 83 $ 156 $ 240 General and administrative 492 311 679 584 Total stock-based compensation expense $ 581 $ 394 $ 835 $ 824 The following table summarizes the stock option activity in the Company’s equity incentive plans, including non-plan Shares Weighted Average Outstanding, December 31, 2020 3,987,575 $ 4.29 Granted 2,065,000 2.20 Exercised (252,500 ) 2.19 Options forfeited/cancelled (880,350 ) 5.52 Outstanding, June 30, 2021 4,919,725 $ 3.30 As of June 30, 2021, there was $3,532,185 of unrecognized compensation related to 2,413,751 unvested options, which is expected to be recognized over a weighted–average period of approximately 2.15 years. The weighted-average grant date fair value for options granted during the six months ended June 30, 2021 was $1.63. The Company granted 2,065,000 stock options during the six months ended June 30, 2021. During the six months ended June 30, 2021, 252,500 stock options were exercised on a net basis resulting in the issuance of 109,201 shares of common stock. The fair value of all other options granted is determined using the Black-Scholes option-pricing model. The following weighted average assumptions were used: Six Six 2021 2020 Risk-free interest rate 0.57 % 1.55 % Expected life of the options 6 years 6 years Expected volatility of the underlying stock 91 % 100 % Expected dividend rate 0 % 0 % In January 2020, two directors elected to take restricted stock grants in lieu of cash retainers for 2020. A total of 32,693 shares of restricted stock valued at approximately $93,500 was amortized to expense on a straight-line basis until January 9, 2021 when the stock vested in full. In March 2021, one director elected to take a restricted stock grant in lieu of cash retainers for 2021. A total of 16,588 shares of restricted stock valued at approximately $35,000 is being amortized to expense on a straight-line basis until December 31, 2021 when the stock vests in full. In September 2020, the Company entered into an employment agreement with its new Chief Executive Officer whereby 20% of his base salary and performance bonuses will be paid in cash, and 80% will be paid in the form of deferred stock units (“ DSUs

Common Stock Warrants

Common Stock Warrants	6 Months Ended
	Jun. 30, 2021
Common Stock Warrants	6. Common Stock Warrants The following table summarizes the common stock warrant activity from December 31, 2020 through June 30, 2021: Shares Weighted Average Outstanding, December 31, 2020 12,538,204 $ 4.22 Granted — — Exercised (1,180,240 ) 2.50 Forfeited/cancelled — — Outstanding, June 30, 2021 11,357,964 $ 4.40 The weighted average expiration of the warrants outstanding as of June 30, 2021 is 3.2 years.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2021
Fair Value of Financial Instruments	7. 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 December 31, 2020. Assets and liabilities measured and recorded at fair value on a recurring basis at the end of June 30, 2021 were as follows: Level 1 Level 2 Level 3 Total Derivative Liability – Contingent Interest $ 592,000 $ 592,000 The derivative liability – contingent interest was valued using a Monte Carlo Geometric Brownian Stock Path Model. The key assumptions used in the model at inception, and at June 30, 2021 are as follows: Inception June 30, 2021 Stock Price $ 2.19 $ 3.20 Conversion Price of conversion feature $ 5.00 $ 5.00 Term 4 years 3.8 years Risk Free Interest Rate 0.59 % 0.67 % Credit Adjusted Discount Rate 7.60 % 7.11 % Volatility 88 % 91 % Dividend Rate 0 % 0 The roll forward of the derivative liability – contingent interest is as follows: Balance – December 31, 2020 $ — Issuance of convertible note payable – related party 420,000 Fair Value Adjustment 172,000 Balance – June 30, 2021 $ 592,000

Loss Per Share

Loss Per Share	6 Months Ended
	Jun. 30, 2021
Loss Per Share	8. 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, 2021 June 30, 2020 Warrants to purchase shares of common stock 11,357,964 12,538,204 Options to purchase shares of common stock 4,919,725 3,737,575 Shares of common stock issuable upon conversion of convertible note payable 2,049,428 — Shares of common stock issuable upon conversion of preferred stock 510,424 514,602 18,837,541 16,790,381

Common Stock

Common Stock	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Common Stock	9. Common Stock 2020 At Market Issuance of Common Stock On May 11, 2020, the Company entered into an At Market Issuance Sales Agreement (the “2020 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 $40.0 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 2020 At Market Agreement. During the six months ended June 30, 2021, the Company issued 845,214 shares of common stock under the 2020 At Market Agreement for net proceeds of $3,864,000. For the six months ended June 30, 2021 and 2020, the Company issued a total of 30,625 and 30,875 shares of common stock, respectively, for dividends on Series A and Series C Preferred Stock.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
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. Clinical Trial and Research Commitments The Company has entered into agreements with contractors for research and development activities to further its product candidates. The contracts generally may be canceled at any time by providing thirty days’ notice.

Leases

Leases	6 Months Ended
	Jun. 30, 2021
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, 2021 in thousands: 2021 24 2022 8 Total 32 Less imputed interest 1 Present value of lease liability $ 31

Galectin Sciences LLC

Galectin Sciences LLC	6 Months Ended
	Jun. 30, 2021
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, 2021
Accrued Expenses	Accrued expenses consist of the following: June 30, December 31, (in thousands) Legal and accounting fees $ 94 $ 122 Accrued compensation 370 789 Lease liability 31 44 Accrued research and development costs and other 4,570 3,087 Total $ 5,065 $ 4,042

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2021
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, restricted common stock, common stock warrants and deferred stock units: Three Months Ended Six Months Ended 2021 2020 2021 2020 in thousands Research and development $ 89 $ 83 $ 156 $ 240 General and administrative 492 311 679 584 Total stock-based compensation expense $ 581 $ 394 $ 835 $ 824
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, 2020 3,987,575 $ 4.29 Granted 2,065,000 2.20 Exercised (252,500 ) 2.19 Options forfeited/cancelled (880,350 ) 5.52 Outstanding, June 30, 2021 4,919,725 $ 3.30
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: Six Six 2021 2020 Risk-free interest rate 0.57 % 1.55 % Expected life of the options 6 years 6 years Expected volatility of the underlying stock 91 % 100 % Expected dividend rate 0 % 0 %

Common Stock Warrants (Tables)

Common Stock Warrants (Tables)	6 Months Ended
	Jun. 30, 2021
Text Block [Abstract]
Common Stock Warrant Activity	The following table summarizes the common stock warrant activity from December 31, 2020 through June 30, 2021: Shares Weighted Average Outstanding, December 31, 2020 12,538,204 $ 4.22 Granted — — Exercised (1,180,240 ) 2.50 Forfeited/cancelled — — Outstanding, June 30, 2021 11,357,964 $ 4.40 The weighted average expiration of the warrants outstanding as of June 30, 2021 is 3.2 years.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Summary of assets and liabilities that are measured at fair value on a recurring basis	Assets and liabilities measured and recorded at fair value on a recurring basis at the end of June 30, 2021 were as follows: Level 1 Level 2 Level 3 Total Derivative Liability – Contingent Interest $ 592,000 $ 592,000
Summary of derivative liability	The derivative liability – contingent interest was valued using a Monte Carlo Geometric Brownian Stock Path Model. The key assumptions used in the model at inception, and at June 30, 2021 are as follows: Inception June 30, 2021 Stock Price $ 2.19 $ 3.20 Conversion Price of conversion feature $ 5.00 $ 5.00 Term 4 years 3.8 years Risk Free Interest Rate 0.59 % 0.67 % Credit Adjusted Discount Rate 7.60 % 7.11 % Volatility 88 % 91 % Dividend Rate 0 % 0
Summary of roll forward of the derivative liability as follows;	The roll forward of the derivative liability – contingent interest is as follows: Balance – December 31, 2020 $ — Issuance of convertible note payable – related party 420,000 Fair Value Adjustment 172,000 Balance – June 30, 2021 $ 592,000

Loss Per Share (Tables)

Loss Per Share (Tables)	6 Months Ended
	Jun. 30, 2021
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, 2021 June 30, 2020 Warrants to purchase shares of common stock 11,357,964 12,538,204 Options to purchase shares of common stock 4,919,725 3,737,575 Shares of common stock issuable upon conversion of convertible note payable 2,049,428 — Shares of common stock issuable upon conversion of preferred stock 510,424 514,602 18,837,541 16,790,381

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2021
Maturity of operating lease	Maturity of operating lease as of June 30, 2021 in thousands: 2021 24 2022 8 Total 32 Less imputed interest 1 Present value of lease liability $ 31

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Basis of Presentation [Line Items]
Unrestricted cash and cash equivalents	$ 31,598	$ 27,142	$ 40,768	$ 47,480
Maximum
Basis of Presentation [Line Items]
Currently estimated costs of trail and general overhead	35,000
Minimum
Basis of Presentation [Line Items]
Currently estimated costs of trail and general overhead	$ 30,000

Accrued Expenses and Other (Det

Accrued Expenses and Other (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Schedule of Accrued Liabilities [Line Items]
Legal and accounting fees	$ 94	$ 122
Accrued compensation	370	789
Lease liability	31	44
Accrued research and development costs and other	4,570	3,087
Total	$ 5,065	$ 4,042

Line of Credit - Related Party

Line of Credit - Related Party - Additional Information (Detail) - USD ($)	May 19, 2019	Jun. 30, 2021	Jun. 30, 2020	Apr. 16, 2021	Jan. 31, 2019
Line of Credit Facility [Line Items]
Short term borrowing interest rate				2.00%
Number of securities called by warrant		500,000
Warrant value		$ 696,000
Expected life		6 years	6 years
Expected Volatility		91.00%	100.00%
Expected dividend		0.00%	0.00%
Risk free interest rate		0.57%	1.55%
Amortization of interest expense		$ 43,000	$ 43,000
Proceeds from warrants exercised	$ 2,500,000
Unsecured Line Of Credit | Director
Line of Credit Facility [Line Items]
Line of credit facility					$ 10,000,000
Short term borrowing interest rate		0.13%
Number of securities called by warrant		1,000,000
Exercise price of warrant		$ 5
Line of credit current		$ 0
Line of Credit Facility Current Borrowing Capacity		$ 10,000,000
Warrant
Line of Credit Facility [Line Items]
Expected life		7 years
Expected Volatility		98.00%
Expected dividend		0.00%
Risk free interest rate		2.05%

Convertible Notes payable - R_2

Convertible Notes payable - Related Party - Additional Information (Detail) - USD ($)	Apr. 16, 2025	Jun. 30, 2021	Apr. 16, 2021	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020
Debt Instrument [Line Items]
Debt Instrument, Maturity Date			Apr. 16, 2025
Debt Instrument, Convertible, Conversion Price			$ 5
Debt Instrument, Interest Rate, Stated Percentage			2.00%
Debt Instrument, Increase, Accrued Interest					$ 41,000
Fair value of the contingent interest derivative liability		$ 592,000	$ 420,000
Fair Value Adjustment of Warrants				$ 172,000	$ 172,000	$ 0
Amortization of Debt Issuance Costs				420,000
Interest Expense				22,000,000
Subsequent Event [Member]
Debt Instrument [Line Items]
Repayments of Debt	$ 10,000,000
Other Expense [Member]
Debt Instrument [Line Items]
Fair Value Adjustment of Warrants				$ 172,000
Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		10.00%		10.00%	10.00%
Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		2.50%		2.50%	2.50%
Mr.Uihlein [Member] | Promissory Note [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount			10,000,000
Debt Conversion, Converted Instrument, Amount			$ 10,000,000

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, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 581	$ 394	$ 835	$ 824
Research and development
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	89	83	156	240
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 492	$ 311	$ 679	$ 584

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($)	1 Months Ended	6 Months Ended		12 Months Ended
	Jan. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant-date fair values of options granted		$ 1.63
Unvested option		2,413,751
Unrecognized compensation cost		$ 3,532,185
Unrecognized compensation cost, recognition period		2 years 1 month 24 days
Number of shares issued upon stock options exercised		252,500
Number of options granted		2,065,000
Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued upon stock options exercised		109,201
Restricted stock awards granted		32,693	19,068
Chief Executive Officer [Member] | Deferred Bonus [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost		$ 0
Description of Outstanding Shares of Deferred Stock Units Issued to Chief Executive Officer Terms		The Company shall issue the shares underlying the outstanding whole number of DSUs credited to Mr. Lewis as follows: twenty five percent shall be issued on March 1, 2023, twenty five percent shall be issued on September 1, 2023 and fifty percent shall be issued on March 1, 2024
Stock Based Compensation Expense		$ 200,000		$ 60,000
Common stock reserved for future issuance		73,946		27,027
Common Stock Weighted average Grant Date fair Value		$ 2.70		$ 2.22
Reclassification of accrued compensation to additional paid in capital		$ 60,000
Chief Executive Officer [Member] | Deferred Profit Sharing [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of base salary paid in cash		20.00%
Percentage of base salary paid in deferred stock units		80.00%
Restricted Stock | Non Employees Seven Board Of Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock awards granted	32,693	16,588
Amortized expense	$ 93,500	$ 35,000

Summary of Stock Option Activit

Summary of Stock Option Activity (Detail)	6 Months Ended
	Jun. 30, 2021$ / sharesshares
Shares
Beginning Balance | shares	3,987,575
Granted | shares	2,065,000
Exercised | shares	(252,500)
Forfeited/Cancelled | shares	(880,350)
Ending Balance | shares	4,919,725
Weighted Average Exercise Price
Beginning Balance | $ / shares	$ 4.29
Granted | $ / shares	2.20
Exercised | $ / shares	2.19
Forfeited/Cancelled | $ / shares	5.52
Ending Balance | $ / shares	$ 3.30

Weighted Average Assumptions Us

Weighted Average Assumptions Used to Determine Fair Value of Options Granted (Detail)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	0.57%	1.55%
Expected life of the options	6 years	6 years
Expected volatility of the underlying stock	91.00%	100.00%
Expected dividend rate	0.00%	0.00%

Common Stock Warrant Activity (

Common Stock Warrant Activity (Detail) - Warrant [Member]	6 Months Ended
	Jun. 30, 2021$ / sharesshares
Shares
Beginning Balance | shares	12,538,204
Granted | shares
Exercised | shares	(1,180,240)
Forfeited/cancelled | shares
Ending Balance | shares	11,357,964
Weighted Average Exercise Price
Outstanding, December 31, 2020 | $ / shares	$ 4.22
Granted | $ / shares
Exercised | $ / shares	2.50
Forfeited/cancelled | $ / shares
Outstanding, June 30, 2021 | $ / shares	$ 4.40

Common Stock Warrants (Parenthe

Common Stock Warrants (Parenthetical) (Detail)	Jun. 30, 2021
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Warrants outstanding	3 years 2 months 12 days

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Summary of Assets and Liabilities that are Measured at Fair Value on a Recurring Basis (Detail) - Fair Value, Recurring [Member]	Jun. 30, 2021USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability – Contingent Interest	$ 592,000
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability – Contingent Interest	$ 592,000

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Summary of Derivative Liability (Detail)	Jun. 30, 2021yr	Jan. 01, 2021yr
Stock Price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Liability, Measurement Input	3.20	2.19
Conversion Price of conversion feature
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Liability, Measurement Input	5	5
Term
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Liability, Measurement Input	3.8	4
Risk Free Interest Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Liability, Measurement Input	0.67	0.59
Credit Adjusted Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Liability, Measurement Input	7.11	7.60
Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Liability, Measurement Input	91	0.88
Dividend Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Liability, Measurement Input	0	0

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Summary of Roll Forward of the Derivative Liability (Detail)	6 Months Ended
	Jun. 30, 2021USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Balance – December 31, 2020	$ 0
Issuance of convertible note payable – related party	420,000
Fair Value Adjustment	172,000
Balance – June 30, 2021	$ 592,000

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, 2021	Jun. 30, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive shares not included in calculation	18,837,541	16,790,381
Warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive shares not included in calculation	11,357,964	12,538,204
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive shares not included in calculation	4,919,725	3,737,575
Convertible Notes Payable
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive shares not included in calculation	2,049,428	0
Contingently Issuable Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive shares not included in calculation	510,424	514,602

Common Stock - Additional Infor

Common Stock - Additional Information (Detail) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	May 11, 2020
2020 At Market Agreement
Aggregate offering price			$ 40
Commission to sales agent as a percentage of gross proceeds			3.00%
Other Agreements
Common stock issued for dividend	30,625	30,875

Leases - Maturity of operating

Leases - Maturity of operating lease (Detail) $ in Thousands	Jun. 30, 2021USD ($)
Leases [Abstract]
2021	$ 24
2022	8
Total	32
Less imputed interest	1
Present value of lease liability	$ 31
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Present value of lease liability

Leases - Additional Information

Leases - Additional Information (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Jan. 01, 2019
Lessee, Operating Lease, Term of Contract				38 months
Lease Deposits				$ 6,000
Lease liability	$ 31,000		$ 44,000
Discount rate	11.04%
Other assets
Right-of-Use Asset	$ 28,000
Accrued And Other Liabilities Current
Lease liability	31,000
General and administrative
Lease cost	$ 22,000	$ 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
	Jan. 31, 2014	Jun. 30, 2021	Dec. 31, 2014	Jun. 30, 2021	Dec. 31, 2014
Investments in and Advances to Affiliates [Line Items]
Equity method investment in Galectin Sciences LLC	$ 400,000
Subsequent capital contribution		$ 73,000	$ 2,529,000
Equity Method Investment, Ownership Percentage	50.00%
Proceeds from Sale of Equity Method Investments					$ 400,000
SBH Sciences, Inc
Investments in and Advances to Affiliates [Line Items]
Subsequent capital contribution				$ 158,000
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
Ownership Percentage				84.00%