GALECTIN THERAPEUTICS INC reported a material weakness in internal control
Internal control reported effective→Material weakness in internal control
While the material weakness did not result in any misstatement in our consolidated financial statements, we cannot assure you that additional material weaknesses will not arise in the future or that we will be able to remediate the identified material weakness in a timely manner. If we are unable to remediate this material weakness, or if we identify additional material weaknesses in our internal control over financial reporting, we may not be able to accurately or timely report our financial condition or results…
Evidence
Current state
material_weakness
Current state label
Material weakness in internal control
Direction
newly reported
Prior filed
2025-03-31
Prior form
10-K
Prior state
effective
Prior state label
Internal control reported effective
Remediation stated
Yes
Severity
high
Source
Item 9A internal control conclusion, compared with the prior filing
Why
The company's conclusion on internal control over financial reporting changed: a material weakness was newly reported, or a previously reported one no longer appears.
Substantial doubt about ability to continue as a going concern→Risk-factor language only
There can be no assurance that we will be able to secure the necessary financing, reach agreement with the FDA on trial design, or successfully execute a Phase 3 clinical trial even if we determine to pursue one. We have from time to time faced substantial doubt about our ability to continue as a going concern. In 2025, we experienced net losses of $29.7 million, had no revenue from operations, and used $23.9 million in cash to fund our operations. Although management believes that we have sufficient cash to cover operating expenses requiring cash for a period of 12 months from the date of…
Evidence
Blank check
No
Comparable
Yes
Current state
risk_factor_only
Current state label
Risk-factor language only
Direction
eased
Located in
risk factors / forward-looking statements only
Prior filed
2025-03-31
Prior form
10-K
Prior state
substantial_doubt
Prior state label
Substantial doubt about ability to continue as a going concern
Source
ASC 205-40 going-concern note comparison
Why
Disclosure about the company's ability to continue as a going concern changed compared with its previous report.