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Galecto Inc. (NASDAQ:GLTO) stock spiked on Tuesday, with a session volume of 61.11 million, compared to the average volume of 984,320, as per data from Benzinga Pro.
However, there is no news to justify this extraordinary rally, suggesting speculative trading.
As of June 30, 2025, cash and cash equivalents were approximately $10.2 million.
The company anticipates that its cash and cash equivalents will be sufficient to fund operating expenses and capital requirements through 2026, including the submission of an investigational new drug application for GB3226 to the FDA.
However, the company will require substantial additional capital to finance its operations, including future clinical development of its GB3226 and GB1211 programs.
In 2024, Galecto concluded the strategic review process. The company has decided to focus on cancer and liver disease, leveraging its existing clinical-stage asset GB1211, which has shown positive results in non-small cell lung cancer (NSCLC) and decompensated cirrhosis clinical studies. Galecto further announced that it has bolstered its pipeline by acquiring the global rights to BRM-1420, a novel, first-in-class asset developed by Bridge Medicines, a company co-founded by Takeda Pharmaceutical Co Ltd. (NYSE:TAK).
Price Action: GLTO stock is up 662.51% to $28.38 as of the last check on Tuesday.
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