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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2011	Mar. 29, 2012	Jun. 30, 2011
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2011
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	FY
Trading Symbol	GALT
Entity Registrant Name	GALECTIN THERAPEUTICS INC
Entity Central Index Key	0001133416
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		15,599,863
Entity Public Float			$ 73,700,000

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2011	Dec. 31, 2010
Current assets:
Cash and cash equivalents	$ 6,397	$ 5,891
Grant receivable		234
Prepaid expenses and other current assets	104	70
Total current assets	6,501	6,195
Property and equipment, net	6	7
Restricted cash	69	59
Intangible assets, net	36	39
Total assets	6,612	6,300
Current liabilities:
Accounts payable	384	125
Accrued expenses	1,551	537
Accrued dividends payable	80	48
Deferred revenue	200	200
Warrant liabilities		861
Total current liabilities	2,215	1,771
Other long-term liabilities		12
Total liabilities	2,215	1,783
Commitments and contingencies (Note 11)
Stockholders' deficit:
Undesignated stock, $0.01 par value; 20,000,000 shares authorized at December 31, 2011 and 2010, 8,001,000 shares designated at December 31, 2011 and 2010
Series A 12% convertible preferred stock; 5,000,000 shares authorized, 1,562,500 and 1,592,500 issued and outstanding at December 31, 2011 and 2010, respectively	632	644
Common stock, $0.001 par value; 50,000,000 shares authorized at December 31, 2011 and 2010, 12,919,538 and 10,651,535 issued and outstanding at December 31, 2011 and 2010, respectively	13	11
Additional paid-in capital	66,367	54,075
Deficit accumulated during the development stage	(69,137)	(56,424)
Total stockholders' deficit	(2,125)	(1,694)
Total liabilities, redeemable convertible preferred stock and stockholders' deficit	6,612	6,300
Series B-1 12% Redeemable Convertible Preferred Stock
Stockholders' deficit:
Convertible preferred stock, value	1,681	1,664
Series B-2 12% redeemable convertible preferred stock
Stockholders' deficit:
Convertible preferred stock, value	2,687	2,474
Series C super dividend convertible preferred stock
Stockholders' deficit:
Convertible preferred stock, value	$ 2,154	$ 2,073

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Dec. 31, 2011	Dec. 31, 2010
Undesignated stock, par value	$ 0.01	$ 0.01
Undesignated stock, shares authorized	20,000,000	20,000,000
Undesignated stock, designated	8,001,000	8,001,000
Convertible preferred stock, shares authorized	5,000,000	5,000,000
Convertible preferred stock, issued	1,562,500	1,592,500
Convertible preferred stock, outstanding	1,562,500	1,592,500
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	50,000,000	50,000,000
Common stock, issued	12,919,538	10,651,535
Common stock, outstanding	12,919,538	10,651,535
Series B-1 12% Redeemable 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, redemption value	$ 1,800,000
Convertible preferred stock, liquidation value	$ 1,800,000
Series B-2 12% redeemable 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, redemption value	$ 4,200,000
Convertible preferred stock, liquidation value	$ 4,200,000
Series C super dividend convertible preferred stock
Convertible preferred stock, shares authorized	1,000	1,000
Convertible preferred stock, issued	220	212
Convertible preferred stock, outstanding	220	212
Convertible preferred stock, redemption value	$ 4,303,000
Convertible preferred stock, liquidation value	$ 2,233,000

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended		138 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2011
Operating expenses:
Research and development	$ 3,552	$ 1,066	$ 23,083
General and administrative	6,857	3,817	41,664
Total operating expenses	10,409	4,883	64,747
Total operating loss	(10,409)	(4,883)	(64,747)
Other income (expense):
Interest income	18	6	794
Interest expense			(4,451)
Change in fair value of convertible debt instrument			(3,426)
Change in fair value of warrant liabilities	(524)	(1,241)	9,022
Other income		489	491
Total other income (expense)	(506)	(746)	2,430
Net loss	(10,915)	(5,629)	(62,317)
Preferred stock dividends	(1,568)	(902)	(3,259)
Preferred stock accretion	(230)	(2,178)	(3,815)
Net loss applicable to common stockholders	$ (12,713)	$ (8,709)	$ (69,391)
Basic and diluted net loss per share	$ (1.06)	$ (0.93)
Shares used in computing basic and diluted net loss per share	11,986	9,384

CONSOLIDATED STATEMENT OF CHANGES IN REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' DEFICIT - USD ($) $ in Thousands	Total	Series A 12% Convertible Preferred Stock	Series B-2 12% redeemable convertible preferred stock	Series C super dividend convertible preferred stock	Series B Preferred Stock	Series B-1 12% Redeemable Convertible Preferred Stock	Series B-1 12% Redeemable Convertible Preferred Stock Series B Preferred Stock	Series B-2 12% redeemable convertible preferred stock	Series B-2 12% redeemable convertible preferred stock Series B-2 12% redeemable convertible preferred stock	Series B-2 12% redeemable convertible preferred stock Series B Preferred Stock	Series C super dividend convertible preferred stock	Series C super dividend convertible preferred stock Series C super dividend convertible preferred stock	Series A 12% Convertible Preferred Stock	Series A 12% Convertible Preferred Stock Series A 12% Convertible Preferred Stock	Common Stock	Common Stock Series A 12% Convertible Preferred Stock	Common Stock Series B-1 12% Redeemable Convertible Preferred Stock	Common Stock Series B-2 12% redeemable convertible preferred stock	Common Stock Series C super dividend convertible preferred stock	Additional Paid-In Capital	Additional Paid-In Capital Series A 12% Convertible Preferred Stock	Additional Paid-In Capital Series B-1 12% Redeemable Convertible Preferred Stock	Additional Paid-In Capital Series B-2 12% redeemable convertible preferred stock	Additional Paid-In Capital Series C super dividend convertible preferred stock	Deficit Accumulated During the Development Stage	Deficit Accumulated During the Development Stage Series A 12% Convertible Preferred Stock	Deficit Accumulated During the Development Stage Series B-1 12% Redeemable Convertible Preferred Stock	Deficit Accumulated During the Development Stage Series B-2 12% redeemable convertible preferred stock	Deficit Accumulated During the Development Stage Series C super dividend convertible preferred stock	Deficit Accumulated During the Development Stage Series B Preferred Stock
Beneficial conversion feature			$ 388						$ (388)														$ 388
Beginning Balance (in shares) at Dec. 31, 2009						900,000		1,330,000					1,642,500		8,623,687
Beginning Balance at Dec. 31, 2009	$ (4,467)					$ 1,270		$ 644					$ 664		$ 9					$ 42,575					$ (47,715)
Stock-based compensation expense	1,942																			1,942
Accretion of redeemable convertible preferred stock					$ (1,730)		$ 394			$ 1,336																				$ (1,730)
Accretion of beneficial conversion feature for Series B-2	(448)							$ 448																	(448)
Issuance of redeemable convertible preferred stock (in shares)									770,000			212
Issuance of redeemable convertible preferred stock			$ 1,029						$ 434			$ 2,073											1,029
Convertible preferred stock dividend (in shares)																32,681	76,096	160,725
Convertible preferred stock dividend		$ 4																			$ 196	$ 228	482			$ (192)	$ (228)	$ (482)
Issuance of restricted common stock (in shares)															16,667
Issuance of common stock upon exercise of warrants (in shares)															1,636,011
Issuance of common stock upon exercise of warrants	7,089														$ 2					7,087
Issuance of common stock upon exercise of options (in shares)															97,334
Issuance of common stock upon exercise of options	128																			128
Stock issued in conversion of convertible securities (in shares)														(50,000)		8,334
Stock issued in conversion of convertible securities														$ (20)							20
Net loss	(5,629)																								(5,629)
Ending Balance (in shares) at Dec. 31, 2010						900,000		2,100,000			212		1,592,500		10,651,535
Ending Balance at Dec. 31, 2010	(1,694)					$ 1,664		$ 2,474			$ 2,073		$ 644		$ 11					54,075					(56,424)
Stock-based compensation expense	3,245																			3,245
Accretion of redeemable convertible preferred stock					$ (176)		$ 17			$ 159																				$ (176)
Accretion of beneficial conversion feature for Series B-2	(54)							$ 54																	(54)
Issuance of redeemable convertible preferred stock (in shares)												13
Issuance of redeemable convertible preferred stock												$ 130
Convertible preferred stock dividend (in shares)																30,321	59,588	139,037	17,066
Convertible preferred stock dividend		$ 1		$ (33)																	180	$ 378	$ 881	$ 97		$ (179)	$ (378)	$ (881)	$ (130)
Issuance of restricted common stock (in shares)															20,834
Issuance of common stock upon exercise of warrants (in shares)															1,771,383
Issuance of common stock upon exercise of warrants	7,218														$ 2					7,216
Issuance of common stock upon exercise of options (in shares)															216,440
Issuance of common stock upon exercise of options	234																			234
Stock issued in conversion of convertible securities (in shares)												(5)		(30,000)		5,000			8,334
Stock issued in conversion of convertible securities				$ 49								$ (49)		$ (12)							$ 12			$ 49
Net loss	(10,915)																								(10,915)
Ending Balance (in shares) at Dec. 31, 2011						900,000		2,100,000			220		1,562,500		12,919,538
Ending Balance at Dec. 31, 2011	$ (2,125)					$ 1,681		$ 2,687			$ 2,154		$ 632		$ 13					$ 66,367					$ (69,137)

CONSOLIDATED STATEMENT OF CHANGES IN REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' DEFICIT (Parenthetical) - USD ($) $ in Thousands	12 Months Ended	138 Months Ended
	Dec. 31, 2010	Dec. 31, 2011
Issuance of stock, issuance costs		$ 17
Series B-2 12% redeemable convertible preferred stock
Issuance of stock, issuance costs	$ 77
Series C super dividend convertible preferred stock
Issuance of stock, issuance costs	$ 47
Issuance During Period 1st \| Series A 12% Convertible Preferred Stock \| Private Placement
Issuance of stock, Date		Feb. 04, 2008
Issuance of stock, issuance costs		$ 52
Issuance During Period 2nd \| Cash
Issuance of stock, issuance costs		49
Issuance During Period 2nd \| Series B-1 12% Redeemable Convertible Preferred Stock
Issuance of stock, issuance costs		300
Issuance During Period 3rd \| Private Placement
Issuance of stock, issuance costs		212
Issuance During Period 3rd \| Series B-2 12% redeemable convertible preferred stock
Issuance of stock, issuance costs		188
Issuance During Period 4th \| Series C super dividend convertible preferred stock
Issuance of stock, issuance costs		47
Issuance During Period 5th \| Private Placement
Issuance of stock, issuance costs		18
Issuance During Period 8th \| Private Placement
Issuance of stock, issuance costs		128
Issuance During Period 9th \| Private Placement
Issuance of stock, issuance costs		559
Issuance During Period 10th \| Private Placement
Issuance of stock, issuance costs		466
Issuance During Period 11th \| Private Placement
Issuance of stock, issuance costs		$ 485
Issuance During Period 12th \| Cash
Issuance of stock, Date		Feb. 25, 2008
Issuance of stock, issuance costs		$ 369

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended		138 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (10,915)	$ (5,629)	$ (62,317)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	9	12	546
Stock-based compensation expense	3,245	1,942	9,582
Non-cash interest expense			4,279
Change in fair value of convertible debt instrument			3,426
Change in fair value of warrant liabilities	524	1,241	(9,022)
Write off of intangible assets		15	351
Changes in operating assets and liabilities:
Grant receivable	234	(234)
Prepaid expenses and other current assets	(34)	(17)	(101)
Accounts payable and accrued expenses	1,273	(140)	2,203
Other long-term liabilities	(12)	(292)
Net cash used in operating activities	(5,676)	(3,102)	(51,053)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(5)		(426)
Change in restricted cash	(10)		(69)
Increase in patents costs and other assets			(404)
Net cash used in investing activities	(15)		(899)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net proceeds from issuance of convertible debt instruments			10,621
Repayment of convertible debt instruments			(1,641)
Net proceeds from exercise of common stock warrants and options	6,067	5,206	11,293
Proceeds from shareholder advances			9
Net cash provided by financing activities	6,197	8,742	58,349
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	506	5,640	6,397
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	5,891	251
CASH AND CASH EQUIVALENTS, END OF PERIOD	6,397	5,891	6,397
SUPPLEMENTAL DISCLOSURE-Cash paid for interest			114
NONCASH FINANCING ACTIVITIES:
Issuance of equity warrants in connection with equity offerings		1,028	5,037
Conversion of accrued expenses into common stock			303
Cashless exercise of stock options	341		439
Conversion and redemptions of convertible notes and accrued interest into common stock			12,243
Conversion of extension costs related to convertible notes into common stock			171
Payment of preferred stock dividends in common stock	1,536	902	3,179
Issuance of warrants to induce conversion of notes payable			503
Issuance of stock to acquire Pro-Pharmaceuticals-NV			107
Common Stock
CASH FLOWS FROM FINANCING ACTIVITIES:
Net proceeds from issuance of stock and warrants			28,690
Series A 12% Convertible Preferred Stock
CASH FLOWS FROM FINANCING ACTIVITIES:
Net proceeds from issuance of stock and warrants			1,691
Series B-1 12% Redeemable Convertible Preferred Stock
CASH FLOWS FROM FINANCING ACTIVITIES:
Net proceeds from issuance of stock and warrants			1,548
Series B-2 12% redeemable convertible preferred stock
CASH FLOWS FROM FINANCING ACTIVITIES:
Net proceeds from issuance of stock and warrants		1,463	3,935
Series C super dividend convertible preferred stock
CASH FLOWS FROM FINANCING ACTIVITIES:
Net proceeds from issuance of stock and warrants	$ 130	$ 2,073	$ 2,203

Nature of Business and Basis of Presentation

12 Months Ended

Dec. 31, 2011

Nature of Business and Basis of Presentation

1.	Nature of Business and Basis of Presentation

Galectin Therapeutics Inc. (the “Company”) is a development-stage 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.

On March 23, 2012, the Company effected a one-for-six reverse stock split. All common share and per share amounts in these financial statements have been adjusted to reflect the effect of the reverse split. On March 28, 2012, the Company sold 2,666,722 shares of common stock and related $5.63 warrants to purchase 1,333,361 shares of common stock for gross proceeds of $12.0 million (net proceeds of approximately $10.5 million). See Note 13, Subsequent Events, for further discussion of the transaction.

At December 31, 2011, the Company had $6,397,000 of unrestricted cash and cash equivalents available to fund future operations. The Company believes that with the cash and cash equivalents on hand at December 31, 2011 and the subsequent $10.5 million, net, received on March 28, 2012, there is sufficient cash to fund operations through 2013. The Company is actively seeking to raise additional capital. If the Company is unsuccessful in raising additional capital or is unsuccessful in bringing its products to market before the end of 2013, the Company may be required to cease operations or seek bankruptcy protection.

As shown in the consolidated financial statements, the Company incurred cumulative net losses applicable to common stockholders of $69.4 million for the cumulative period from inception (July 10, 2000) through December 31, 2011. The Company’s net losses have resulted principally from costs associated with (i) research and development expenses, including clinical trial costs, (ii) general and administrative activities and (iii) the Company’s financing transactions including interest, dividend payments, and the costs related to fair value accounting for the Company’s convertible debt instruments. As a result of planned expenditures for future research, discovery, development and commercialization activities and potential legal cost to protect its intellectual property, the Company expects to incur additional losses and use additional cash in its operations for the foreseeable future. Through December 31, 2011, the Company had raised a net total of $58.3 million in capital through sale and issuance of common stock, common stock purchase warrants, convertible preferred stock and debt securities in public and private offerings. From inception (July 10, 2000) through December 31, 2011, the Company used cash of $51.1 million in its operations.

The Company was founded in July 2000, was incorporated in the State of Nevada in January 2001 under the name “Pro-Pharmaceuticals, Inc.,” and changed its name to “Galectin Therapeutics Inc.” on May 26, 2011. On March 23, 2012, the Company began trading on The NASDAQ Capital Market under the symbol GALT. Prior to March 23, 2012, the Company was traded on the Over-the Counter Bulletin Board (“OTCBB”) under the symbol GALT.OB (previously PRWP.OB) from January 21, 2009 to March 22, 2012 after the Company was delisted from the NYSE Alternext US (“Exchange”), formerly the American Stock Exchange, due to non-compliance with the Exchange minimum shareholders’ equity requirements on January 9, 2009.

The Company is subject to a number of risks similar to those of other development-stage companies, including dependence on key individuals, uncertainty of product development and generation of revenues, dependence on outside sources of capital, risks associated with clinical trials of products, dependence on third-party collaborators for research operations, need for regulatory approval of products, risks associated with protection of intellectual property, and competition with larger, better-capitalized companies. Successful completion of the Company’s development program and, ultimately, the attainment of profitable operations is dependent upon future events, including obtaining adequate financing to fulfill its development activities and achieving a level of revenues adequate to support the Company’s cost structure. There are no assurances that the Company will be able to obtain additional financing on favorable terms, or at all or successfully market its products.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2011

Summary of Significant Accounting Policies

2.	Summary of Significant Accounting Policies

The accompanying consolidated financial statements reflect the application of certain accounting policies, as described in this note and elsewhere in the accompanying notes to the consolidated financial statements.

Basis of Consolidation. The consolidated financial statements include the accounts of the Company, Galectin Therapeutics Security Corp., its wholly-owned subsidiary, which was incorporated in Delaware on December 23, 2003, and Medi-Pharmaceuticals, Inc., its wholly-owned subsidiary, which was incorporated in Nevada on August 17, 2010. Galectin Therapeutics Security Corp. holds the cash and cash equivalents that are not required to fund current operating needs. Medi-Pharmaceuticals, Inc. was formed for the development of technology in cardiovascular treatments. All intercompany transactions have been eliminated.

Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue, expenses and disclosure of contingent assets and liabilities. Management’s estimates and judgments include assumptions used in stock option and warrant liability valuations, useful lives of property and equipment and intangible assets, accrued liabilities, deferred income taxes and various other assumptions that are believed to be reasonable under the circumstances. Actual results could differ from those estimates.

Cash and Cash Equivalents. The Company considers all highly-liquid investments with original maturities of 90 days or less at the time of acquisition to be cash equivalents.

Prepaid Expenses and Other Current Assets. Deposits and other assets consist principally of prepaid insurance and prepaid rent on the Company’s leased executive office space.

Property and Equipment. Property and equipment, including leasehold improvements, are stated at cost, net of accumulated depreciation, and are depreciated using the straight-line method over the estimated useful lives of the related assets of generally three years for computers and office equipment, five years for furniture and fixtures and the shorter of the useful life or life of the lease for leasehold improvements.

Restricted Cash. Restricted cash consists of security deposits principally for a real estate lease.

Intangible Assets. Intangible assets include patent costs, consisting primarily of related legal fees, which are capitalized and amortized over an estimated useful life of five years from issuance. Amortization expense in 2011 and 2010 was $3,000 and $2,000, respectively. Gross intangible assets at December 31, 2011 and 2010 totaled $78,000 each year, and accumulated amortization at December 31, 2011 and 2010 totaled $42,000 and $39,000, respectively. The Company recorded an impairment charge related to capitalized patent costs of $15,000 in 2010, which is included in general and administrative expense in the consolidated statements of operations, when it was determined that the underlying intellectual property would have no future benefit to the Company.

Long-Lived Assets. The Company reviews all long-lived assets for impairment whenever events or circumstances indicate the carrying amount of such assets may not be recoverable. Recoverability of assets to be held or used is measured by comparison of the carrying value of the asset to the future undiscounted net cash flows expected to be generated by the asset. If such asset is considered to be impaired, the impairment recognized is measured by the amount by which the carrying value of the asset exceeds the discounted future cash flows expected to be generated by the asset.

Warrants. The Company has issued common stock warrants in connection with the execution of certain equity and debt financings. Certain warrants are accounted for as derivative liabilities at fair value. Such warrants do not meet the accounting criteria that a contract should not be considered a derivative instrument if it is (1) indexed to its own stock and (2) classified in stockholders’ equity. Changes in fair value of derivative liabilities are recorded in the consolidated statement of operations under the caption “Change in fair value of warrant liabilities.” Warrants that are not considered derivative liabilities are accounted for at fair value at the date of issuance in additional paid-in capital. The fair value of warrants was determined using the Black-Scholes option-pricing model. There were no warrant liabilities as of December 31, 2011.

Revenue Recognition. The Company records revenue provided that there is persuasive evidence that an arrangement exists, the price is fixed and determinable, services were rendered and collectability is reasonably assured.

Research and Development Expenses. Costs associated with research and development are expensed as incurred. Research and development expenses include, among other costs, salaries and other personnel-related costs, and costs incurred by outside laboratories and other accredited facilities in connection with clinical trials and preclinical studies.

Income Taxes. The Company accounts for income taxes in accordance with the accounting rules that requires an asset and liability approach to accounting for income taxes based upon the future expected values of the related assets and liabilities. Deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and for tax loss and credit carry forwards, and are measured using the expected tax rates estimated to be in effect when such basis differences reverse. Valuation allowances are established, if necessary, to reduce the deferred tax asset to the amount that will, more likely than not, be realized.

Comprehensive Income (Loss). Comprehensive income (loss) is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. The Company does not have any items of comprehensive income (loss) other than net losses as reported.

Fair Value of Financial Instruments. The Company’s financial instruments consist of cash equivalents, accounts payable and accrued expenses. The estimated fair value of these financial instruments approximates their carrying value due to their short-term nature. Additionally, certain common stock warrants were recorded as liabilities at fair value. Fair value is based on the assumptions market participants would use when pricing an asset or liability.

Concentration of Credit Risk. Financial instruments that subject the Company to credit risk consist of cash and cash equivalents and certificates of deposit. The Company maintains cash and cash equivalents and certificates of deposit with well-capitalized financial institutions. At times, those amounts may exceed federally insured limits. The Company has no significant concentrations of credit risk.

Stock-Based Compensation. Stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense over the service period, which generally represents the vesting period. For awards that have performance based vesting conditions the Company recognizes the expense over the estimated period that the awards are expected to be earned. The Company uses the Black-Scholes option-pricing model to calculate the grant date fair value of stock options. For options that only vest upon the achievement of market conditions, the Company values the options using a Monte Carlo model to calculate the grant date fair value of the stock options. The expense related to options that vest based on market conditions is not reversed should those options not ultimately vest. The expense recognized over the service period is required to include an estimate of the awards that will be forfeited.

Recent Accounting Pronouncements

In May 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2011-04, Fair Value Measurement (Topic 820), Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS. The amendment results in a consistent definition of fair value and ensures the fair value measurement and disclosure requirements are similar between GAAP and International Financial Reporting Standards (“IFRS”). This amendment changes certain fair value measurement principles and enhances the disclosure requirements particularly for Level 3 fair value measurements. This amendment will be effective for the Company on January 1, 2012. Based on current operations, the adoption is not expected to have a material effect on the Company’s consolidated financial position or results of operations.

In June 2011, the FASB issued ASU 2011-05, Presentation of Comprehensive Income, which amends the guidance in ASC 220, Comprehensive Income, by eliminating the option to present components of other comprehensive income (“OCI”) in the statements of stockholders’ equity. Instead, the new guidance now requires entities to present all nonowner changes in stockholders’ equity either as a single continuous statement of comprehensive income or as two separate but consecutive statements. The components of OCI have not changed, nor has the guidance on when OCI items are reclassified to net income; however, the amendments require entities to present all reclassification adjustments from OCI to net income on the face of the statement of comprehensive income. The amendments in the ASU are effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2011. The amended guidance must be applied retrospectively and early adoption is permitted. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements.

Agreement with PROCAPS S.A. and Research Grants

12 Months Ended

Dec. 31, 2011

Agreement with PROCAPS S.A. and Research Grants

3.	Agreement with PROCAPS S.A. and Research Grants

Agreement with PROCAPS S.A.

On March 25, 2010, the Company granted PROCAPS S.A. (“PROCAPS”) (in the form of a definitive term sheet) exclusive rights to market and sell GM-CT-01 (formerly DAVANAT^®) to treat cancer in Colombia, South America. PROCAPS is an international, privately held pharmaceutical company based in Barranquilla, Colombia. In October 2010, the Company received a payment of $200,000 and shipped GM-CT-01 to PROCAPS to be used by PROCAPS to qualify its vial filling process and to replicate the Company’s stability study. The Company recorded the $200,000 payment from PROCAPS as deferred revenue on the consolidated balance sheets as of December 31, 2011 and December 31, 2010 and will recognize the revenue when the remaining deliverables of the collaboration agreement have been completed.

On October 18, 2011, the Company entered into a Collaboration, Supply, Marketing and Distribution Agreement (the “Agreement”) with PROCAPS. The Agreement grants PROCAPS first negotiation rights to enter into similar agreements in other Central and South American countries. The Company is the sole manufacturer and supplier of GM-CT-01 to PROCAPS. The Agreement obligates PROCAPS to procure regulatory approvals necessary for the marketing and sale of GM-CT-01 naming the Company as the owner of such approvals to the extent permitted by law, or alternatively hold the approvals for the Company’s benefit. PROCAPS must pay the Company a stated fee for each dose it purchases and royalties at an incremental rate determined by annual net sales of GM-CT-01. The Company retains all intellectual property rights to GM-CT-01 and related products and PROCAPS may not produce, modify, reverse engineer, or otherwise interfere with the GM-CT-01 compound. PROCAPS may not manufacture or sell products that compete with GM-CT-01 during the term of the Agreement and for five years thereafter.

Qualifying Therapeutic Discovery Project

In October 2010, the Company was notified that it was awarded $489,000 total in two federal grants under the Qualifying Therapeutic Discovery Project (“QTDP”) Program for its DAVANAT anti-cancer compound and for its GR/GM-Series of anti-fibrotic, cirrhosis compounds for work performed during 2010 and 2009. The Company recognized this grant in other income in the statement of operations for the year ended December 31, 2010. The Company received $255,000 of the grant in 2010 and the remaining $234,000 was received in 2011 and is included in grants receivable on the consolidated balance sheet at December 31, 2010.

Property and Equipment

12 Months Ended

Dec. 31, 2011

Property and Equipment

4.	Property and Equipment

Property and equipment consists of the following at December 31:


	2011			2010
	(in thousands)
Leasehold improvements	$	15		$	15
Computer and office equipment		199			194
Furniture and fixtures		107			107

Total		321			316
Less accumulated depreciation		(315	)		(309	)

Property and equipment—net	$	6		$	7

Depreciation expense for the years ended December 31, 2011 and 2010 was $6,000 and $10,000, respectively.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

+ References + Details

Accrued Expenses

12 Months Ended

Dec. 31, 2011

Accrued Expenses

5.	Accrued Expenses

Accrued expenses consist of the following at December 31:


	2011		2010
	(in thousands)
Legal and accounting fees	$	69	$	94
Accrued compensation		385		87
Severance agreement (Note 11)		1,000		293
Other		97		63

Total	$	1,551	$	537

Stockholders' Deficit

12 Months Ended

Dec. 31, 2011

Stockholders' Deficit

6.	Stockholders’ Deficit

At December 31, 2011, the Company had 50,000,000 shares of common stock and 20,000,000 undesignated shares authorized. As of December 31, 2011, 5,000,000 shares have been designated for Series A 12% Convertible Preferred Stock, 900,000 shares have been designated for Series B-1 Convertible Preferred Stock, 2,100,000 shares have been designated for Series B-2 Convertible Preferred Stock, 1,000 shares have been designated for Series C Super Dividend Convertible Preferred Stock and 11,999,000 remain undesignated.

The Company has raised capital through a number of debt and equity financing transactions. The following provides a description of the Company’s equity financings and certain warrants issued in connection with such equity financings.

2001 Private Placement

During 2001, the Company sold a total of 114,884 shares of common stock for proceeds of $2,221,000, net of $17,000 of issuance costs through a private placement of securities. In connection with this issuance, the Company issued 56,534 and 58,350 warrants to purchase common stock at $39.00 and $30.00 per share, respectively. The Company valued the warrants at $886,000, based on a fair market value of the Company’s common stock of $13.68 per share. These warrants expired unexercised in 2005.

In August 2001, the Company offered warrants to holders of its outstanding convertible notes as an inducement to convert prior to the maturity of the notes. Holders representing $1,126,000 of the outstanding principal and accrued interest chose to convert at a conversion price of $12.00 per share and received 99,705 common shares and 93,801 warrants. These warrants have an exercise price of $39.00 per share and were immediately exercisable. The Company valued the warrants at $503,000 based on a fair market value of the Company’s common stock of $13.68 per share. The value of the warrants has been recorded as a debt conversion expense. These warrants expired unexercised in 2005.

In 2002, the Company issued 18,334 warrants to the agents in connection with the 2001 offering. The warrants were exercisable immediately at an exercise price of $21.00 per share and have a 10 year life. The Company valued these warrants at $236,000 based on a deemed fair value of the Company’s common stock of $21.00 per share and recorded such value as interest expense in the statement of operations for the year ended December 31, 2002.

Public Offering

On December 13, 2001, the Company commenced a public offering of common stock, at a price to the public of $21.00 per share. The Company concluded the offering on June 30, 2002. During 2002, the Company sold 31,000 shares of common stock in this offering for proceeds of $602,000, net of $49,000 of issuance costs.

2002 Private Placement

In September 2002, the Company began a private placement (the “2002 Private Placement”) of up to 1,666,667 shares of common stock at $6.00 per share. As of December 31, 2002, the Company had sold 537,227 shares for proceeds of $2,861,000, net of issuance costs of $212,000 and stock subscription receivable of $150,000, which related to shares purchased but for which payment had not been received as of December 31, 2002. This offering was closed on January 14, 2003, although subsequent to year end the Company sold an additional 181,334 shares for additional proceeds of $1,070,000, net of $18,000 of offering costs.

The Company compensated a registered investment adviser with respect to shares purchased by its clients. As of December 31, 2002, the adviser was entitled to receive 28,917 shares of common stock. The Company also agreed to compensate a finder registered under applicable law, and such finder’s agents, for identifying qualified investors. As of December 31, 2002, one of the finder’s agents was entitled to receive 125 shares of common stock. On January 14, 2003, the Company closed the 2002 Private Placement, at which point the Company agreed to issue the adviser an additional 417 shares, and the finder and its other agent an aggregate of 1,625 additional shares and $3,000 in cash in connection with the shares sold subsequent to December 31, 2002 and through the closing date.

Shares placed by such registered adviser, finder and finder’s agent were accounted for as offering costs and valued at $6.00 per share, consistent with the price paid for the shares placed in the offering. Such offering costs were netted against the proceeds of the 2002 Private Placement. Since none of the 29,042 shares had been issued as of December 31, 2002, the Company recorded the obligation to issue such shares as offering costs payable. The additional 2,042 shares issued in January 2003 were also valued at $6.00 per share and included in the $18,000 offering costs recorded at the closing. These shares were subsequently issued in 2003.

During 2002, the Company also agreed to issue 350 shares of common stock to an employee for finding investors in connection with the 2002 Private Placement. None of the shares had been issued as of December 31, 2002. These shares were subsequently issued in 2003. Accordingly, the Company recorded the obligation to general and administrative expenses in the statement of operations in the amount of $6,000. On January 14, 2003, the Company closed the 2002 Private Placement, at which point the Company agreed to issue such employee an additional 1,167 shares in connection with shares sold subsequent to December 31, 2002 and through the closing date. The Company recorded an additional obligation of $27,000 to general and administrative expenses in 2003 representing the fair value of the additional 1,167 shares.

2002 Related Party Transaction

The Company agreed to issue 4,226 shares of common stock as payment for 2002 scientific advisory services. These shares were issued in 2003.

May 2003 Private Placement

In May 2003, the Company began a private placement of up to 416,667 shares of common stock at $12.00 per share. As of the closing on July 15, 2003, the Company had sold 399,917 shares of common stock for proceeds of $4,671,000, net of issuance costs of $128,000. In connection with this offering the Company issued 18,269 common stock warrants (exercisable at $32.40 per share) to its placement agents. The Company valued the warrants at $261,000 using the Black-Scholes pricing model and recorded the warrant value as offering costs with a corresponding increase to additional paid-in capital. These warrants expired unexercised in 2006.

October 2003 “PIPE” Transaction

On October 2, 2003 the Company closed a private offering, structured as a Private Investment, Public Equity (“PIPE”), exempt from registration under Section 4(2) of the Securities Act of 1933, in which it sold to institutional investors 219,096 of the 238,096 offered shares of common stock at $21.00 per share for proceeds of $4,041,000, net of issuance costs of $559,000. In connection with this offering, the Company issued 109,549 warrants with an initial exercise price of $31.74 per share to the investors and 10,955 warrants with an initial exercise price of $41.16 per share to its placement agent. The exercise price of the warrants was subject to adjustment pursuant to anti-dilution and other provisions. The investor warrants and placement agent Warrants were valued at $2,531,000 and $191,000, respectively, using the relative fair value, and allocated to additional paid-in-capital. The Company used the Black-Scholes pricing model to value these warrants. The warrants were originally accounted for as freestanding derivative instruments. The investor warrants expired unexercised in 2008 and the placement agent warrants expired unexercised in 2007.

April 2004 “PIPE” Transaction

On April 7, 2004, the Company closed a private equity offering, structured as a “PIPE” in which it sold to certain institutional investors 206,019 shares of common stock at $21.60 per share for proceeds of $3,983,000, net of cash issuance costs of $466,000. In connection with this offering, the Company issued 103,010 warrants to investors and 10,301 warrants to a placement agent with an initial exercise price of $31.80 per share. The exercise price of the warrants was subject to adjustment pursuant to anti-dilution and other provisions. The investor warrants and the placement agent warrants were valued at $1,931,000 and $154,000, respectively, using the relative fair value, and allocated to additional paid-in-capital. The Company used the Black-Scholes pricing model to value these warrants. The warrants were originally accounted for as freestanding derivative instruments. The investor warrants expired unexercised in 2009 and the placement agent warrants expired unexercised in 2007.

August 2004 “PIPE” Transaction

On August 12, 2004, the Company closed a private offering, structured as a “PIPE” in which it sold to certain institutional investors 333,334 shares of common stock at $18.00 per share for proceeds of $5,515,000, net of cash issuance costs of $485,000. In connection with this offering the Company issued 333,334 warrants to the investors and 16,667 warrants to the placement agent with an exercise price of $25.20 per share. The exercise price of the warrants was subject to adjustment solely as a result of stock splits, recapitalizations and similar events. The investor warrants and placement agent warrants were valued at $4,786,000 and $239,000, respectively, and allocated to additional paid-in-capital. The Company used the Black-Scholes pricing model to value these warrants. The warrants were originally accounted for as freestanding derivative instruments. These warrants expired unexercised in 2009.

February 25, 2008 Offering

On February 25, 2008, the Company closed an offering in which it sold to investors (i) an aggregate of 1,250,000 shares of the Company’s common stock at $3.00 per share, (ii) warrants, which expire on August 25, 2013, to purchase an aggregate of 1,250,000 share of the Company’s common stock at an exercise price of $4.20 per share, and (iii) warrants, which expired on December 26, 2008, to purchase an aggregate of 500,000 shares of the Company’s common stock at an exercise price of $3.78 per share. In addition, the Company issued to a placement agent warrants, which expire on August 25, 2013, to purchase 34,375 shares of the Company’s common stock at an exercise price of $4.20. The warrants are exercisable beginning on August 25, 2008. The warrants provide for cashless exercise if at any time during the term of the warrants if there is no effective registration statement for the issuance or resale of the underlying warrant shares. 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 Company received proceeds of $3,381,000, net of cash transaction costs of $369,000. In addition the Company incurred $56,000 of costs for warrants issued to a placement agent. Proceeds of $1,044,000 were allocated to common stock and $2,281,000 were allocated to investor warrants using the Black-Scholes method with a fair market value of the Company’s common stock of $2.40 and the following assumptions as of February 25, 2008: for the 5 year warrants exercisable at $4.20, a risk-free interest rate of 2.94% and volatility of 95% and for the 4 month warrants exercisable at $3.78, a risk-free interest rate of 2.13% and volatility of 95%. The warrants were determined to have the characteristics of derivative liabilities and were originally accounted for as liabilities prior to the Company increasing the authorized number of shares. Changes in fair value were recognized as either a gain or loss in the consolidated statement of operations. In the second quarter of 2008 the warrants were reclassified to equity. Through May 21, 2008, these warrants were marked to market resulting in a reduction in warrant liabilities in the balance sheet and an offsetting credit to change in fair value of warrant liabilities in the statement of operations in the amount of $356,000. The remaining fair value of $2,160,000 was credited to additional paid-in capital in the balance sheet. On December 26, 2008 the 500,000 warrants exercisable at $3.78 expired unexercised. If the Company pays a stock dividend or makes a distribution or combines shares of its common stock, then the number of shares issuable upon exercise of this warrant shall be proportionately adjusted such that the aggregate exercise price of this warrant remains unchanged. On July 2, 2008, the Company issued 50,000 warrants to Cork Investments in exchange for $20,000. The warrants are exercisable for common stock at $6.00 per share for a period of three years. The $20,000 was credited to additional paid in capital.

Series A 12% Convertible Preferred Stock — February 4, 2008 Private Placement

On February 4, 2008, the Company closed a private placement begun in October 2007 of its Series A 12% Convertible Preferred Stock (“Series A”) and related warrants. In this transaction, the Company sold units of securities at $6.00 per unit, each unit comprised of (i) one share of Series A Preferred, (ii) a warrant to purchase one share of common stock for $9.00, and (iii) a warrant to purchase one share of common stock for $12.00. Each share of the Series A is entitled to dividends at the rate of 12% per annum payable at the Company’s option in cash or shares of common stock valued at the higher of $6.00 per share or 100% of the value weighted average price of the Company’s share price for the 20 consecutive trading days prior to the applicable dividend payment date. Dividends are payable semi-annually on March 30 and September 30. The dividend paid on the initial dividend payment date is calculated from the date the Company deposited each subscription advance. During 2011 and 2010, the Company recorded dividends of $179,000 and $192,000, respectively, and issued 30,321 and 32,681 shares of common stock, respectively, for dividend payments.

The shares of Series A are entitled to vote as a class with the Company’s common stock and each share of Series A is convertible at any time to one-sixth of a share of common stock, subject to adjustment in the event of a stock dividend, stock split or combination, reclassification or similar event. The Company has the right to require conversion if the closing price of the common stock exceeds $18.00 for 15 consecutive trading days and a registration statement covering the resale of the shares of common stock issuable upon conversion of the Series A is then in effect. Each warrant is exercisable solely for cash beginning August 3, 2008 and expired on February 4, 2012. The exercise price of each warrant is adjustable in the event of a stock split or stock combination, capital reorganization, merger or similar event.

As of December 31, 2007, the Company had received subscription advances of $1,667,500 for Series A. In 2008, the Company received additional subscription advances of $75,000 resulting in total gross proceeds of $1,742,500. On February 4, 2008 the Company closed the private placement. The Company incurred $52,000 of cash transaction costs resulting in net cash proceeds of $1,691,000. In addition, the Company incurred $3,000 of costs for 1,400 warrants exercisable at $9.00 issued to placement agents. Proceeds of $984,000 were allocated to investor warrants using the Black-Scholes method with the following assumptions as of February 4, 2008: risk free interest rate 2.51%, volatility 95%, fair market value of the company’s common stock on February 4, 2008, and the share price on the closing date of the transaction of $3.54. The warrants were originally accounted for as freestanding derivative instruments in the consolidated balance sheet formerly under the caption “Warrant Liabilities”. These warrants were originally classified as a liability because the February 2006 warrants contain an anti-dilution provision in the event of a subsequent dilutive issuance and the potential number of shares issuable exceeded the Company’s authorized shares. Changes in fair value were recognized as either a gain or loss in the consolidated statement of operations under the caption “Change in fair value of warrant liabilities”. In the second quarter of 2008, the warrants were reclassified to equity as a result of an amendment to the Company’s articles of incorporation approved at the May 21, 2008 annual meeting of shareholders increasing the Company’s authorized common. Through May 21, 2008, these warrants were marked to market resulting in a reduction in warrant liabilities in the balance sheet and an offsetting credit to change in fair value of warrant liabilities in the statement of operations in the amount of $100,000. The remaining fair value of $502,000 was credited to additional paid-in capital in the balance sheet.

Series B Redeemable Convertible Preferred Stock

On February 12, 2009, the Company entered into a securities purchase agreement (the “10X Agreement”) pursuant to which it agreed to issue and sell to 10X Fund LP, at two or more closings, up to: (i) 3,000,000 shares its Series B convertible preferred stock (“Series B redeemable convertible preferred stock” or “Series B”) with an aggregate stated value of $6.0 million and convertible into 2,000,000 shares of common stock at December 31, 2011 and (ii) warrants to purchase 6,000,000 shares of common stock.

Through a series of closings from February 2009 through May 2010, the Company issued and sold, pursuant to the 10X Agreement, a total of (i) 900,000 shares of Series B-1 convertible preferred stock (“Series B-1 redeemable convertible preferred stock” or “Series B-1”) and related common stock warrants for 1,800,000 shares of common stock and (ii) 2,100,000 shares of Series B-2 convertible preferred stock (“Series B-2 redeemable convertible preferred stock” or “Series B-2”) and related warrants for 4,200,000 shares of common stock. During 2010, the Company received total net cash proceeds of $1,463,000 from the issuance of 770,000 shares of Series B-2 and related warrants. During 2009, the Company received total net cash proceeds of $1,548,000 from the issuance of 900,000 shares of Series B-1 and related warrants and $2,472,000 from the issuance of 1,330,000 shares of Series B-2 and related warrants.

The Series B closings were as follows:

On February 12, 2009, the Company issued and sold, pursuant to the 10X Agreement: (i) 900,000 shares of Series B-1 convertible preferred stock (“Series B-1 redeemable convertible preferred stock” or “Series B-1”) convertible into 600,000 shares of common stock; (ii) Class A-1 warrants exercisable to purchase 300,000 shares of common stock; (iii) Class A-2 warrants exercisable to purchase 300,000 shares of common stock; and (iv) Class B warrants exercisable to purchase 1,200,000 shares of common stock. Net proceeds from the closing were $1,548,000.

On May 13, 2009, the Company issued and sold, pursuant to the 10X Agreement: (i) 450,000 shares of Series B-2 convertible preferred stock (“Series B-2 redeemable convertible preferred stock” or “Series B-2”) convertible into 300,000 shares of common stock; (ii) Class A-1 warrants exercisable to purchase 150,000 shares of common stock; (iii) Class A-2 warrants exercisable to purchase 150,000 shares of common stock; and (iv) Class B warrants exercisable to purchase 600,000 shares of common stock. Net proceeds from the closing were $801,000.

On June 30, 2009, the Company issued and sold, pursuant to the 10X Agreement: (i) 250,000 shares of Series B-2 convertible into 166,666 shares of common stock; (ii) Class A-1 warrants exercisable to purchase 83,333 shares of common stock; (iii) Class A-2 warrants exercisable to purchase 83,333 shares of common stock; and (iv) Class B warrants exercisable to purchase 333,333 shares of common stock. Net proceeds from the closing were $473,000.

On August 12, 2009, the Company issued and sold, pursuant to the 10X Agreement: (i) 150,000 shares of Series B-2 convertible into 100,000 shares of common stock; (ii) Class A-1 warrants exercisable to purchase 50,000 shares of common stock; (iii) Class A-2 warrants exercisable to purchase 50,000 shares of common stock; and (iv) Class B warrants exercisable to purchase 200,000 shares of common stock. Net proceeds from the closing were $287,000.

On September 30, 2009, the Company issued and sold, pursuant to the 10X Agreement: (i) 162,500 shares of Series B-2 convertible into 108,333 shares of common stock; (ii) Class A-1 warrants exercisable to purchase 54,166 shares of common stock; (iii) Class A-2 warrants exercisable to purchase 54,166 shares of common stock; and (iv) Class B warrants exercisable to purchase 216,666 shares of common stock. Net proceeds from the closing were $305,000.

On November 4, 2009, the Company issued and sold, pursuant to the 10X Agreement: (i) 155,000 shares of Series B-2 convertible into 103,333 shares of common stock; (ii) Class A-1 warrants exercisable to purchase 51,666 shares of common stock; (iii) Class A-2 warrants exercisable to purchase 51,666 shares of common stock; and (iv) Class B warrants exercisable to purchase 206,666 shares of common stock. Net proceeds from the closing were $296,000.

On December 8, 2009, the Company issued and sold, pursuant to the 10X Agreement: (i) 162,500 shares of Series B-2 convertible into 108,333 shares of common stock; (ii) Class A-1 warrants exercisable to purchase 54,167 shares of common stock; (iii) Class A-2 warrants exercisable to purchase 54,167 shares of common stock; and (iv) Class B warrants exercisable to purchase 216,667 shares of common stock. Net proceeds from the closing were $310,000.

On January 29, 2010, the Company issued and sold, pursuant to the 10X Agreement: (i) 162,500 shares of Series B-2 convertible into 108,334 shares of common stock; (ii) Class A-1 warrants exercisable to purchase 54,167 shares of common stock; (iii) Class A-2 warrants exercisable to purchase 54,167 shares of common stock; and (iv) Class B warrants exercisable to purchase 216,667 shares of common stock. Net proceeds from the closing were $308,000.

On March 8, 2010, the Company issued and sold, pursuant to the 10X Agreement: (i) 167,500 shares of Series B-2 convertible into 111,667 shares of common stock; (ii) Class A-1 warrants exercisable to purchase 55,834 shares of common stock; (iii) Class A-2 warrants exercisable to purchase 55,834 shares of common stock; and (iv) Class B warrants exercisable to purchase 223,334 shares of common stock. Net proceeds from the closing were $322,000.

On April 30, 2010, the Company issued and sold, pursuant to the 10X Agreement: (i) 155,000 shares of Series B-2 convertible into 103,334 shares of common stock; (ii) Class A-1 warrants exercisable to purchase 51,667 shares of common stock; (iii) Class A-2 warrants exercisable to purchase 51,667 shares of common stock; and (iv) Class B warrants exercisable to purchase 206,667 shares of common stock. Net proceeds from the closing were $297,000.

On May 10, 2010, the Company issued and sold, pursuant to the 10X Agreement: (i) 285,000 shares of Series B-2 convertible into 190,000 shares of common stock; (ii) Class A-1 warrants exercisable to purchase 95,000 shares of common stock; (iii) Class A-2 warrants exercisable to purchase 95,000 shares of common stock; and (iv) Class B warrants exercisable to purchase 380,000 shares of common stock. Net proceeds from the closing were $536,000.

The terms of the Series B are as follows:

Dividends. Holders of the Series B will be entitled to receive cumulative dividends at the rate of 12% per share per annum (compounding monthly) payable quarterly which may, at the Company’s option, be paid in cash or common stock. Pursuant to an agreement with the holder of all shares of Series B, on January 26, 2011, the Company amended and restated the Certificate of Designation of Preferences, Rights and Limitations for the Series B-1 and Series B-2, to provide that dividends are payable in cash or shares of Common Stock valued at 100% of the volume weighted average price of the Common Stock for the 20 consecutive trading days prior to the dividend payment date on and after September 30, 2011. If the Company does not pay any dividend on the Series B, dividends will accrue at the rate of 15% per annum (compounding monthly).

Conversion Rights. Each share of Series B is convertible into four-sixths (approximately 0.667) shares of common stock at the conversion price of $3.00 per share at the option of (i) the holder, at any time and (ii) the Company, at any time after February 12, 2010 (and upon 10 days notice) if the common stock is quoted at or above $9.00 for 15 consecutive trading days and an effective registration statement regarding the underlying shares of common stock is in effect (subject to certain monthly volume limits). Pursuant to an agreement with the holder of all shares of Series B, on January 26, 2011, the Company amended and restated the Certificate of Designation of Preferences, Rights and Limitations for the Series B-1 and Series B-2, to remove the Company’s right to compel conversion of the Series B Preferred Stock to shares of its Common Stock

Redemption Rights. Pursuant to an agreement with the holder of all shares of Series B, on January 26, 2011, the Company amended and restated the Certificate of Designation of Preferences, Rights and Limitations for the Series B-1 and Series B-2, to provide that, upon notice of not less than 30 trading days, a holder of Series B may require the Company to redeem, in whole or in part at any time on or after the earlier of (a) February 12, 2019 or (b) the date of issuance of a promissory note to David Platt (see Note 11) in connection with the achievement of certain milestones under his separation agreement.

The redemption price will be equal to the sum of the stated value of the Series B, plus all accrued but unpaid dividends thereon, as of the redemption date. If the Company fails to pay the redemption price in cash on the redemption date, then the holders of the Series B requesting redemption may, at their sole option, automatically convert their shares of Series B into a promissory note bearing interest at the rate of 15% per year and secured by a lien on all of the Company’s assets. So long as any shares of the Series B remain outstanding, the Company is also subject to restrictions limiting, among other things, amendments to the Company’s organizational documents; the purchase or redemption of the Company’s capital stock; mergers, consolidations, liquidations and dissolutions; sales of assets; dividends and other restricted payments; investments and acquisitions; joint ventures, licensing agreements, exclusive marketing and other distribution agreements; issuances of securities; incurrence of indebtedness; incurrence of liens and other encumbrances and issuances of any common stock equivalents.

Voting Rights. Except as noted below, the holder of each share of Series B shall be entitled to the number of votes equal to the number of shares of Common Stock into which such share of Series B would be convertible, and shall otherwise have voting rights and powers equal to the voting rights and powers of the Common Stock. With respect to the election of directors, the holders of the Series B shall vote together as a separate class to elect two (2) members of the Board of Directors (the “Series B Directors”), and the Company shall take all reasonably necessary or desirable actions within its control (including, without limitation, calling special meetings of the Board of Directors, nominating such persons designated by the holders of the Series B as directors on the applicable proxy statements and recommending their election) to permit the holders of the Series B to appoint two additional (2) members of the Board of Directors (the “Series B Nominees”), who shall be subject to election by all shares of voting stock of the Company voting together as a single group, until such time as all authorized shares of Series B have has been issued and sold, after which the number of Series B Nominees shall be three (3), and shall remain three (3) until there are no longer any shares of Series B outstanding. The holders of Series B shall vote together with the holders of Common Stock and other voting capital stock of the Company to elect all other members of the Board of Directors.

Other Restrictions. So long as any shares of the Series B remain outstanding, the Company may not, without the approval of the holders of a majority of the shares of Series B outstanding, among other things, (i) change the size of the Company’s Board of Directors; (ii) amend or repeal the Company’s Articles of Incorporation or Bylaws or file any articles of amendment designating the preferences, limitations and relative rights of any series of preferred stock; (iii) create or increase the authorized amount of any additional class or series of shares of stock that is equal to or senior to Series B; (iv) increase or decrease the authorized number of shares of the Series B; (v) purchase, redeem or otherwise acquire for value any shares of any class of capital stock; (vi) merge or consolidate the Company into or with any other corporation or sell, assign, lease, pledge, encumber or otherwise dispose of all or substantially all of the Company’s assets or those of any subsidiary; (vii) voluntarily or involuntarily liquidate, dissolve or wind up the Company or the Company’s business; (viii) pay or declare dividends on any capital stock other than the Preferred Stock, unless the Series B share ratably in such dividend and all accrued dividends payable with respect to the Series B have been paid prior to the payment or declaration of such dividend; (ix) acquire an equitable interest in, or the assets or business of any other entity in any form of transaction; (x) create or commit us to enter into a joint venture, licensing agreement or exclusive marketing or other distribution agreement with respect to the Company’s products, other than in the ordinary course of business; (xi) permit the Company or any subsidiary to sell or issue any security of such subsidiary to any person or entity other than the Company; (xii) enter into, create, incur, assume or guarantee any indebtedness for borrowed money of any kind (other than indebtedness existing on the initial closing date and approved by Series B shareholders); (xiii) enter into, create, incur or assume any liens of any kind (other than certain permitted liens); (xiv) issue any common stock equivalents; (xv) increase the number of shares of the Company’s common stock that may be issued pursuant to options, warrants or rights to employees, directors, officers, consultants or advisors above 250,000.

Warrants. Each Class A-1 warrant, Class A-2 warrant and Class B warrant is exercisable at $3.00 per share of common stock at any time on or after the date of issuance until the fifth anniversary of the respective issue date. The Company may, upon 30 days notice and so long as an effective registration statement regarding the underlying shares of common stock is in effect, issue a termination notice with respect to (i) each Class A-1 warrant on any trading day on which the market value of the common stock for each of the 15 previous trading days exceeded $7.50 per share and (ii) each Class A-2 warrant on any trading day on which the market value of the common stock for each of the 15 previous trading days exceeded $10.50 per share.

The fair value of the warrants issued in connection with the Series B-1 was $1,296,000 at the date of issuance based on the following assumptions: an expected life of 5 years, volatility of 118%, risk free interest rate of 1.79% and zero dividends. The Company allocated the gross proceeds based on the relative fair value of the Series B-1 and the related warrants, resulting in $1,105,000 of the proceeds being allocated to additional paid-in capital. The Company analyzed the Series B-1, post-allocation of the gross proceeds, and determined that there was no beneficial conversion feature at the date of issuance. The issuance costs of the Series B-1 and the amounts allocated to warrants were recorded as a reduction to the carrying value of the Series B-1 when issued, and are accreted to the redemption value of the Series B-1 through the earliest redemption date. Due to the redemption feature, the Company has presented the Series B-1 outside of permanent equity, in the mezzanine of the consolidated balance sheet at December 31, 2011 and 2010.

The fair value of the warrants issued during the year ended December 31, 2010 in connection with the Series B-2 was $4,148,000 at the dates of issuance based on the following assumptions: an expected life of 5 years, volatility of 126% to 129%, risk free interest rates of 2.27% to 2.43% and zero dividends. The fair value of the warrants issued during the year ended December 31, 2009 in connection with the Series B-2 was $5,333,000 at the dates of issuance based on the following assumptions: an expected life of 5 years, volatility of 124% to 127%, risk free interest rates of 1.98% to 2.70% and zero dividends. The Company allocated the gross proceeds based on the relative fair value of the Series B-2 and the related warrants, resulting in $1,028,000 and $1,732,000 of the proceeds being allocated to additional paid-in capital for the years ended December 31, 2010 and 2009, respectively. The issuance costs of the Series B-2 and the amounts allocated to warrants were recorded as a reduction to the carrying value of the Series B-2 when issued, and are accreted to the redemption value of the Series B-2 through the earliest redemption dates. Due to the redemption feature, the Company has presented the Series B-2 outside of permanent equity, in the mezzanine of the consolidated balance sheet at December 31, 2011 and 2010.

The Company analyzed the Series B-2, post-allocation of the gross proceeds, and determined that there was a beneficial conversion feature at the dates of issuance. Because the closing price of the common stock on the closing date was greater than the effective conversion price, $388,000 and $628,000 of the proceeds (limited to the allocation of the proceeds) during the years ended December 31, 2010 and 2009, respectively, were allocated to an embedded beneficial conversion feature of the Series B-2. The amount allocated to the beneficial conversion feature was recorded as a discount to the Series B-2 is being accreted, with such accretion being charged through the earliest redemption dates.

Series C 6% Super Dividend Convertible Preferred Stock

On December 29, 2010, the Company designated and authorized the sale and issuance of up to 1,000 shares of Series C Super Dividend Convertible Preferred Stock (“Series C”) with a par value of $0.01 and a stated value equal to $10,000 (the “Stated Value”).

On December 30, 2010, the Company sold and issued 212 shares of Series C at a price of $10,000 per share for gross proceeds of $2,120,000. The Company incurred $47,000 of cash transaction costs resulting in net cash proceeds of $2,073,000. In addition, the Company issued 500 warrants exercisable at $7.20 to a placement agent which had a de minimis value.

The terms of the Series C are as follows:

Conversion Rights. Each holder of Series C may convert all, but not less than all, of his Series C shares plus accrued and unpaid dividends into Common Stock at the price of $6.00 per share of Common Stock (“Conversion Price”), such that approximately 1,667 shares of Common Stock will be issued per each converted share of Series C (accrued and unpaid dividends will be issued as additional shares). At December 31, 2011, the 220 shares of Series C were convertible into a total of 366,676 shares of Common Stock.

Subject to the continuing obligation to pay post conversion dividends, the Company may convert all, but not less than all, of the Series C (plus all accrued and unpaid dividends) into Common Stock, at the Conversion Price, upon such time that the closing price of the Common Stock is no less than $18.00 per share for 15 consecutive trading days.

Dividends. Holders of Series C shall be entitled to receive cumulative non-compounding dividends at the rate per share of Series C equal to the greater of (i) 6% per annum of the Stated Value (also defined as the “Floor”) or (ii) 2.5% of net sales until the total dividends paid is equal to the initial investment and 1.25% of net sales thereafter. The maximum amount each Series C shareholder will receive in dividend payments is equal to $100,000 (the “Maximum Payout”). For purposes of this dividend calculation, net sales shall mean gross revenues actually received by the Company, from the sale or licensing of the product DAVANAT^® (GM-CT-01), less chargebacks, returns, expenses attributable to product recalls, duties, customs, sales tax, freight, insurance, shipping expenses, allowances and other customary deductions.

The dividend shall be payable in arrears semi annually on March 31 and September 30, beginning with the first such date after the original issue date; provided, however, that all dividends and all other distributions shall cease, and no further dividends or other distributions shall be paid, in respect of each share of Series C from and after such time that the Maximum Payout has been paid in respect of such share of Series C. Such dividends shall be payable at the Company’s option either in cash or in duly authorized, fully paid and non-assessable shares of Common Stock valued at the higher of (i) $3.00 per share or (ii) the average of the Common Stock trading price for the ten (10) consecutive trading days ending on the trading day that is immediately prior to the dividend payment date.

Series C Post Conversion Dividend Right. In the event that any share of Series C is converted into Common Stock before the Maximum Payout is paid in respect of such converted share of Series C, then the holder shall have the right to continue to receive dividends in respect of such converted share of Series C equal to the remaining payout (the “Series C Preferred Stock Post Conversion Dividend Right”) which shall be equal to the Maximum Payout less the cumulative dividends received through the conversion date. One share of Series C Preferred Stock Post Conversion Dividend Right shall be issued for each such converted share of Series C. The holder of each Series C Preferred Stock Post Conversion Dividend Right shall receive the remaining payout on an equal basis and in conjunction with the then outstanding shares of Series C and all the other then outstanding Series C Post Conversion Dividend Rights, in the same manner and subject to the same terms and conditions as applicable to the payment of dividends on each share of Series C, except that for purposes of calculating the dividend the Floor shall not apply. The Series C Preferred Stock Post Conversion Dividend Right shall have no stated value, liquidation preference or right to any dividends or distributions other than the remaining payout. The Series C Preferred Stock Post Conversion Right is subject to redemption in the same manner as outstanding Series C shares.

At the date of issuance, the Series C have an embedded dividend right to continue to receive dividend payments after conversion to common stock (the Series C Post Conversion Dividend Right) which requires bifurcation. The value of this post conversion dividend right on the date of issuance was determined to be de minimis due to the fact that the payment of a dividend stream other than the 6% dividend and conversion of Series C prior to the Company achieving sales of GM-CT-01 was deemed improbable at that time. Upon a conversion of the Series C, the Company will be required to record a liability and the related expense during the period of conversion. The Company will continue to evaluate and assess the Series C Post Conversion Dividend Right for each reporting period.

In July 2011, 5 shares of Series C were converted into 8,334 shares of common stock and 5 Series C Post Conversion Dividend Rights (Dividend Rights) were issued. Per the terms of the Series C, these Dividend Rights shall continue to participate in dividends, however the Floor shall not apply. At December 31, 2011, these Dividend Rights were determined to have a de minimis value, as the payment of a dividend is considered improbable at this time.

Liquidation Rights. In the event of any liquidation, dissolution or winding up of the Company, either voluntarily or involuntarily, the holders of Series C will receive $10,000 per share plus accrued and unpaid dividends, payable prior and in preference to any distributions to the holders of Common Stock but after and subordinate to the Series A 12% Convertible Preferred Stock (“Series A”), Series B-1 and Series B-2, subject to the Maximum Payout.

Redemption. Upon a sale of the Company, the Company shall redeem all of the then outstanding shares of Series C and Series C Preferred Stock Post Conversion Rights within thirty (30) days after the transaction constituting the sale of the Company is closed and such closing is fully funded. The price to redeem a share of Series C and each redeemed Series C Preferred Stock Post Conversion Redemption Right shall be equal to (i) (A) the applicable return on investment (“ROI”) percentage, multiplied by (B) $10,000, minus (ii) the cumulative dividends received through the redemption date. The redemption price shall be payable at our option either in cash or in shares of common stock valued at the higher of (i) $3.00 per share or (ii) the average market price for the ten consecutive trading days ending immediately prior to the date of redemption. The ROI Percentage shall mean the percentage that applies as of the redemption date, as follows:


ROI Percentage

200%		before the second anniversary of the date of issuance;
250%		on or after the second anniversary of the date of issuance, but before the third anniversary of the date of issuance;
300%		on or after the third anniversary of the date of issuance, but before the fourth anniversary of the date of issuance;
350%		on or after the fourth anniversary of the date of issuance, but before the fifth anniversary of the date of issuance;
400%		on or after the fifth anniversary of the date of issuance, but before the sixth anniversary of the date of issuance;
450%		on or after the sixth anniversary of the date of issuance, but before the seventh anniversary of the date of issuance;
500%		on or after the seventh anniversary of the date of issuance, but before the eighth anniversary of the date of issuance; and
550%		on or after the eighth anniversary of the date of issuance, but before the ninth anniversary of the date of issuance.

Due to the redemption feature, the Company has presented the Series C outside of permanent equity, in the mezzanine of the consolidated balance sheets at December 31, 2011 and 2010.

Voting Rights. The Series C shares have no voting rights.

- Definition

The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 12
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 4
-Section 08
-Paragraph d

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 43
-Chapter 1
-Section B
-Paragraph 7, 11A
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 129
-Paragraph 2, 3, 4, 5, 6, 7, 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Article 4

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29, 30, 31
-Article 5

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187085-122770

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 13: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 505
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-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 17: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 18: http://www.xbrl.org/2003/role/presentationRef
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Reference 19: http://www.xbrl.org/2003/role/presentationRef
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-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

Reference 20: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-SubTopic 10
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-Paragraph 2
-Subparagraph (SAB TOPIC 4.E)
-URI http://asc.fasb.org/extlink&oid=6228006&loc=d3e74512-122707

Reference 21: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 22: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.29-31)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 23: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Subparagraph (SAB TOPIC 4.C)
-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187143-122770

+ Details

Warrants and Warrant Liabilities

12 Months Ended

Dec. 31, 2011

Warrants and Warrant Liabilities

7.	Warrants and Warrant Liabilities

Warrants

Warrant activity is summarized as follows:


Outstanding at January 1, 2010	8,398,383
Issued	1,845,334
Cancelled	(21,834	)
Exercised	(1,636,011	)

Outstanding at December 31, 2010	8,585,872

Issued	—
Cancelled	(141,084	)
Exercised	(1,771,383	)

Outstanding at December 31, 2011	6,673,405

The following table summarizes information with regard to outstanding warrants issued in connection with equity and debt financings and consultants as of December 31, 2011.


Issued in Connection With	Number Issued		Exercise Price		Exercisable Date		Expiration Date
2001 Placement Agents		18,334	$	21.00		February 1, 2002		February 1, 2012
February 4, 2008 Series A Transaction
$1.50 Investor Warrants		290,417	$	9.00		August 3, 2008		February 4, 2012
$2.00 Investor Warrants		290,417	$	12.00		August 3, 2008		February 4, 2012
$1.50 Placement Agent Warrants		1,400	$	9.00		August 3, 2008		February 4, 2012
February 25, 2008 Common Stock Transaction
$0.70 Investor Warrants		710,834	$	4.20		August 25, 2008		August 25, 2013
February 12, 2009 Series B-1 Transaction
$0.50 Investor Warrants—Class A-2		300,000	$	3.00		February 12, 2009		February 12, 2014
$0.50 Investor Warrants—Class B		1,200,000	$	3.00		February 12, 2009		February 12, 2014
May 13, 2009 Series B-2 Transaction
$0.50 Investor Warrants—Class A-2		150,000	$	3.00		May 13, 2009		May 13, 2014
$0.50 Investor Warrants—Class B		600,000	$	3.00		May 13, 2009		May 13, 2014
June 30, 2009 Series B-2 Transaction
$0.50 Investor Warrants—Class A-2		83,333	$	3.00		June 30, 2009		June 30, 2014
$0.50 Investor Warrants—Class B		333,333	$	3.00		June 30, 2009		June 30, 2014
April 15, 2009 Consultant Warrants		55,001	$	3.00		April 15, 2009		April 15, 2013
May 1, 2009 Consultant Warrants		74,000	$	3.00		May 1, 2009		May 1, 2014
June 30, 2009 Consultant Warrants		40,000	$	3.00		June 30, 2009		June 30, 2014
July 26, 2009 Consultant Warrants		16,667	$	3.00		July 26, 2009		July 26, 2014
August 12, 2009 Series B-2 Transaction
$0.50 Investor Warrants—Class A-2		50,000	$	3.00		August 12, 2009		August 12, 2014
$0.50 Investor Warrants—Class B		200,000	$	3.00		August 12, 2009		August 12, 2014
September 30, 2009 Series B-2 Transaction
$0.50 Investor Warrants—Class A-2		54,166	$	3.00		September 30, 2009		September 30, 2014
$0.50 Investor Warrants—Class B		216,666	$	3.00		September 30, 2009		September 30, 2014
November 4, 2009 Series B-2 Transaction
$0.50 Investor Warrants—Class A-2		51,666	$	3.00		November 4, 2009		November 4, 2014
$0.50 Investor Warrants—Class B		206,666	$	3.00		November 4, 2009		November 4, 2014
December 8, 2009 Series B-2 Transaction
$0.50 Investor Warrants—Class A-2		54,167	$	3.00		December 8, 2009		December 8, 2014
$0.50 Investor Warrants—Class B		216,667	$	3.00		December 8, 2009		December 8, 2014
January 29, 2010 Series B-2 Transaction
$0.50 Investor Warrants—Class A-2		54,167	$	3.00		January 29, 2010		January 29, 2015
$0.50 Investor Warrants—Class B		216,667	$	3.00		January 29, 2010		January 29, 2015
March 8, 2010 Series B-2 Transaction
$0.50 Investor Warrants—Class A-2		55,834	$	3.00		March 8, 2010		March 8, 2015
$0.50 Investor Warrants—Class B		223,334	$	3.00		March 8, 2010		March 8, 2015
April 30, 2010 Series B-2 Transaction
$0.50 Investor Warrants—Class A-2		51,667	$	3.00		April 30, 2010		April 30, 2015
$0.50 Investor Warrants—Class B		206,667	$	3.00		April 30, 2010		April 30, 2015
May 10, 2010 Series B-2 Transaction
$0.50 Investor Warrants—Class A-2		95,000	$	3.00		May 10, 2010		May 10, 2015
$0.50 Investor Warrants—Class B		380,000	$	3.00		May 10, 2010		May 10, 2015
May 25, 2010 Consultant Warrants		35.001	$	4.50		May 25, 2010		May 25, 2014
May 25, 2010 Consultant Warrants		7,500	$	15.00		May 25, 2010		May 25, 2014
June 15, 2010 Consultant Warrants		100,000	$	4.26		June 15, 2010		June 15, 2015
December 9, 2010 Consultant Warrants		33,334	$	3.90		December 9, 2010		December 9, 2015
December 30, 2010 Placement Agent Warrants		500	$	7.20		December 30, 2010		December 30, 2015

Total outstanding warrants		6,673,405

Consultant Warrants

In May 2008 the Company entered into an agreement with Investor Relations Group (“IRG”) for IRG to provide investor relations services to the Company in exchange for cash and warrants on a monthly basis. On September 30, 2008 the Company terminated the agreement under the provisions of the agreement. During the effective contract period IRG earned 6,500 warrants valued at $3,000. The expense associated with these warrants was calculated using the Black-Scholes option-pricing model and charged to stock compensation expense. The warrants are exercisable at $3.00 per share for a period of three years.

In April 2009, the Company entered into agreements with consultants that provided for the grant of warrants for the purchase of 55,000 shares of common stock at an exercise price of $3.00 per share. Of the 55,000 warrants, 13,334 vested immediately and 41,666 will vest upon the achievement of certain milestones. The initial 13,334 warrants were valued at $32,000 on issuance based on the following assumptions: an expected life of 4 years, volatility of 134%, risk free interest rate of 1.76% and zero dividends and the expense recognized upon issuance. During the year ended December 31, 2010, 8,334 warrants vested (valued at $16,000 on the vesting date using the following assumptions: expected life of 3.06 years, volatility of 140%, risk free interest rates of 1.69% and zero dividends). When it became probable that the remaining 33,332 warrants would vest, the Company valued the warrants at $124,000 as of December 31, 2010 using the following assumptions: expected life of 2.29 years, volatility of 141%, risk free interest rates of 0.61% and zero dividends. The Company valued the warrants at $104,000 as of December 31, 2011 using the following assumptions: expected life of 1.29 years, volatility of 70%, risk free interest rates of 0.12% and zero dividends. The Company recognized expense related to the 33,332 warrants of $111,000 for the year ended December 31, 2010 and a reversal of expense of $13,000 for the year ended December 31, 2011.

In May 2009, the Company entered into agreements with consultants that provided for the grant of warrants to purchase 95,834 shares of common stock at an exercise price of $3.00 per share. The warrants were valued at $232,000 on issuance based on the following assumptions: an expected life of 5 years, volatility of 124%, risk free interest rate of 2.16% and zero dividends. The Company recognized expense related to these warrants of $53,000 during the year ended December 31, 2010. As of December 31, 2010, 74,000 of these warrants were vested and 21,834 shares were forfeited.

In May 2010, the Company granted warrants to consultants for the purchase of 35,001 shares of common stock at an exercise price of $4.50 per share. The warrants were valued at $134,000 on issuance based on the following assumptions: an expected life of 4 years, volatility of 143%, risk free interest rate of 1.610% and zero dividends. The warrants vested immediately and the company recognized an expense of $134,000 related to these warrants during the year ended December 31, 2010.

In May 2010, the Company entered into an agreement with a consultant that provided for the grant of warrants for the purchase of 12,000 shares of common stock at an exercise price of $15.00 per share. The warrants were initially valued at $40,000 on issuance based on the following assumptions: an expected life of 4 years, volatility of 143%, risk free interest rate of 1.610% and zero dividends. The warrants vest at a rate of 500 per month and the unvested warrants will be revalued as they vest. At December 31, 2011, 7,500 warrants were vested and 4,500 were forfeited upon cancellation of the agreement. The following assumptions were used to value the warrants for the year ended December 31, 2011: an expected life of 2.99 to 3.32 years, volatility of 128% to 130%, risk free interest rate of 0.79% to 1.29% and zero dividends. The following assumptions were used to value the warrants for the year ended December 31, 2010: an expected life of 3.40 to 3.99 years, volatility of 130% to 144%, risk free interest rate of 0.51% to 1.68% and zero dividends. The company recognized an expense of $12,000 and $15,000 related to these warrants during the years ended December 31, 2011 and 2010, respectively.

In August 2010, the Company entered into an agreement with a consultant, who was also a board member, which provided for the grant of warrants for 100,000 shares of common stock at an exercise price of $4.26 per share. Of the 100,000 warrants, 25,000 vested immediately on signing of the agreement, 25,000 were to vest at the end of one year and the remaining 50,000 warrants were to vest based on the achievement of certain milestones. The following assumptions were used to value the remaining unvested warrants on March 7, 2011 at the date the consultant effectively became an employee of the Company: an expected life of 4.28 years, volatility of 135%, risk free interest rate of 1.705% and zero dividends. Pursuant to an employment agreement entered into in May 2011, all remaining unvested warrants were immediately vested. The Company recognized expense of $340,000 and $219,000 related to these warrants during the years ended December 31, 2011 and 2010, respectively.

In December 2010, the Company granted warrants to a consultant for the purchase of 33,334 shares of common stock at an exercise price of $3.90 per share. The warrants were valued at $112,000 on issuance based on the following assumptions: an expected life of 5 years, volatility of 130%, risk free interest rate of 1.9% and zero dividends. The warrants vested immediately and the company recognized an expense of $112,000 related to these warrants during the year ended December 31, 2010.

In December 2010, the Company issued warrants to a placement agent for the purchase of 500 shares of common stock at an exercise price of $7.20 per share. These warrants were valued at $2,000 using the following assumptions: an expected life of 5 years, volatility of 130%, risk free interest rate of 2.06% and zero dividends.

Impact of Adopting Provisions Regarding Warrant Liabilities

In June 2008, the Financial Accounting Standards Board (“FASB”) ratified standards related to determining whether an instrument (or an embedded feature) is indexed to an entity’s own stock. The standards provide that an entity should use a two step approach to evaluate whether an equity-linked financial instrument (or embedded feature) is indexed to its own stock, including evaluating the instrument’s contingent exercise and settlement provisions. The standard is effective for fiscal years beginning after December 15, 2008. The Company adopted the standard on January 1, 2009 and determined that the 1,164,929 warrants issued in connection with the February 2006 Transaction that had been classified as equity and included in additional paid-in capital at December 31, 2008, should be classified as liabilities due to repricing and anti-dilution provisions contained in the warrant agreements. The impact of adopting new accounting provisions on January 1, 2009, which required the treatment of warrants with certain features as liabilities rather than equity, was a decrease in additional paid-in-capital by $458,000, which was the fair value recorded at the time the warrants were transferred from a liability to equity during the year ended December 31, 2008, an increase of warrant liabilities by $204,000, the fair value of the warrants as of January 1, 2009 and a credit to accumulated deficit for the difference.

During the years ended December 31, 2011 and 2010, the Company recognized a loss of $524,000 and $1,241,000, respectively in its consolidated statements of operations related to the change in fair value of warrant liabilities.

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2011

Fair Value of Financial Instruments

8.	Fair Value of Financial Instruments

In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities. Fair values determined by Level 2 inputs utilize data points that are observable, such as quoted prices, interest rates and yield curves. Fair values determined by Level 3 inputs utilize unobservable data points for the asset or liability. A majority of the Company’s financial liabilities have been classified as Level 2. These Level 2 liabilities consist of warrant liabilities and have been valued using the Black-Scholes pricing model. The fair values of our money markets (cash equivalents), are readily determinable and have therefore been classified as Level 1 assets. The Company assesses the levels of its financial instruments at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer in accordance with the Company’s accounting policy regarding the recognition of transfers between levels of the fair value hierarchy.

The Company uses the Black-Scholes pricing model to calculate fair value of its warrant liabilities. The Company considered using methods of valuation other than Black-Scholes for the year ended December 31, 2010, but due to the short term nature of these instruments, which expired in August 2011, the Company determined that using a different valuation method would not likely result in a materially different valuation. Key assumptions used to apply these models are as follows:


	December 31, 2010
Risk free interest rate		0.19	%
Expected life		0.62 years
Expected volatility of common share price		70	%
Common share price	$	5.40

Below is a summary of our fair value measurements at December 31,2010:


	Value at year end		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
	(in thousands)
Year ended December 31, 2010:
Warrant liabilities	$	861	$	—	$	861	$	—

There were no transfers between level 1, 2 or 3 during the years ended December 31, 2011 or 2010.

A summary of changes in the Warrant Liabilities is as follows:


	Fair Value of Warrant Liabilities
	(in thousands)
Balance January 1, 2010	$	1,633

Change in fair value of warrant liabilities		1,241
Intrinsic value of liability warrants exercised		(2,013	)

Balance December 31, 2010	$	861

Change in fair value of warrant liabilities		524
Intrinsic value of liability warrants exercised		(1,385	)

Balance December 31, 2011	$	—

The Company’s financial instruments consist of cash equivalents, accounts payable and accrued expenses. The estimated fair value of these financial instruments approximates their carrying value due to their short-term nature.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44A, 44B
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15C, 15D
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15A
-Subparagraph a-d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15B
-Subparagraph a, b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 3, 10, 14, 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 32, 33, 34
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 17-22, 27, 28
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19207-110258

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13537-108611

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13433-108611

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13504-108611

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19296-110258

+ Details

Stock-Based Compensation

12 Months Ended

Dec. 31, 2011

Stock-Based Compensation

9.	Stock-Based Compensation

Summary of Stock-Based Compensation Plans

At December 31, 2011, the Company had three stock-based compensation plans where the Company’s common stock has been made available for equity-based incentive grants as part of the Company’s compensation programs (the “Incentive Plans”) as follows:

2001 Stock Incentive Plan. In October 2001, the Company’s Board of Directors adopted the Pro-Pharmaceuticals, Inc. 2001 Stock Incentive Plan (the “Incentive Plan”), which permits awards of incentive and nonqualified stock options and other forms of incentive compensation to employees and non-employees such as directors and consultants. The Board has 833,334 shares of common stock for issuance upon exercise of grants made under the Incentive Plan. Options granted under the Incentive Plan vest either immediately or over a period of up to three years, and expire 3 years to 10 years from the grant date. At December 31, 2011, 94,985 shares were available for future grant under the Incentive Plan.

2003 Non-Employee Director Stock Option Plan. In 2003, the stockholders approved the Pro-Pharmaceuticals, Inc. 2003 Non-Employee Director Stock Option Plan (the “Director Plan”), which permits awards of stock options to non-employee directors. The stockholders reserved 166,667 shares of common stock for issuance upon exercise of grants made under the Director Plan. At December 31, 2011, 139,160 shares were available for future grant under the Director Plan.

2009 Incentive Compensation Plan. In February 2009, the Company adopted the 2009 Incentive Compensation Plan (the “2009 Plan”) which provides for the issuance of up to 3,333,334 shares of the Company’s common stock in the form of options, stock appreciation rights, restricted stock and other stock-based awards to employees, officers, directors, consultants and other eligible persons. At December 31, 2011, 1,687,980 shares were available for future grant under the 2009 Plan.

In addition, the Company has awarded 1,477,379 non-plan stock option grants to employees and non-employees. These non-plan grants have vesting periods and expiration dates similar to those options granted under the Incentive Plans. At December 31, 2011, 1,444,045 non-plan grants were outstanding.

Stock-Based Compensation

Following is the stock-based compensation expense related to common stock options, restricted common stock and common stock warrants:


	Year Ended December 31,
	2011		2010
Research and development	$	1,558	$	297
General and administrative		1,687		1,645

Total stock-based compensation expense	$	3,245	$	1,942

Included in stock-based compensation for the year ended December 31, 2010 was $70,000 of research and development expenses and $295,000 of general and administrative expenses which were accrued for as bonuses as of December 31, 2009 and which were paid with the issuance of options in 2010.

The fair value of the options granted is determined using the Black-Scholes option-pricing model. The following weighted average assumptions were used:


	2011			2010			Cumulative Period from Inception (July 10, 2000) to December 31, 2011
Risk-free interest rate		1.90	%		2.38	%		2.23	%
Expected life of the options		5.13 years			5 years			5.05 years
Expected volatility of the underlying stock		131	%		126	%		120	%
Expected dividend rate		0	%		0	%		0	%

As noted above, the fair value of stock options is determined by using the Black-Scholes option pricing model. For all options granted since January 1, 2006 the Company has generally used option terms of between 5 to 7 years, with 5 years representing the estimated life of options granted. The volatility of the common stock is estimated using historical volatility over a period equal to the expected life at the date of grant. The risk-free interest rate used in the Black-Scholes option pricing model is determined by reference to historical U.S. Treasury constant maturity rates with terms equal to the expected terms of the awards. An expected dividend yield of zero is used in the option valuation model, because the Company does not expect to pay any cash dividends in the foreseeable future. At December 31, 2011, the Company does not anticipate any awards will be forfeited in the calculation of compensation expense due to the limited number of employees that receive stock option grants and the Company’s historical employee turnover.

Of the options granted during 2011, 166,668 vest only upon the achievement of certain market conditions (83,334 and 83,334 upon the Company achieving a market capitalization of $5 billion and $10 billion, respectively). These market condition stock option awards were valued at $1,006,000 using a Monte Carlo model and will be recognized over a weighted average period of 5.5 years. Assumptions used to value these options included the following: annualized volatility of 110%, annualized drift/risk-free interest rate of 3.5% and a forecast horizon/life of 10 years.

The following table summarizes the stock option activity in the stock based compensation plans:


	Shares			Exercise Price Per Share		Weighted Average Exercise Price
Outstanding, January 1, 2010		1,710,082		$	0.72 – 24.30	$	7.20
Granted		363,334			1.80		1.80
Forfeited/Cancelled		(10,334	)		15.66 – 16.20		16.14
Exercised		(97,334	)		0.72 – 2.64		1.32

Outstanding, December 31, 2010		1,965,748		$	0.72 – 24.30	$	7.20
Granted		1,676,712			4.92 – 7.02		7.02
Forfeited/Cancelled		(334,543	)		7.08 – 22.50		8.93
Exercised		(216,443	)		0.72 – 2.64		1.21

Outstanding, December 31, 2011		3,091,474		$	0.72 – 24.30	$	6.83

The following tables summarize information about stock options outstanding at December 31, 2011:


Options Outstanding							Options Exercisable
Exercise Price	Number of Shares		Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price		Number of Shares		Weighted Average Exercise Price
$0.72 – $1.80		574,007		2.75	$	1.57		574,007	$	1.57
$2.28 – $04.20		460,093		2.58		2.91		460,093		2.91
$5.82 – $8.10		1,754,160		8.59		6.98		436,677		6.85
$11.40 – $24.30		303,214		1.66		21.88		303,214		21.88

		3,091,474		5.93	$	6.83		1,773,991	$	6.69

The weighted-average grant-date fair values of options granted during 2011 and 2010 were $6.07 and $1.56, respectively. As of December 31, 2011 there were unvested options to purchase 1,317,480 shares of common stock. Total expected unrecognized compensation cost related to such unvested options is $7,074,000, which is expected to be recognized over a weighted–average period of 3.3 years. As of December 31, 2011, the aggregate intrinsic value of outstanding options was $3,713,000 and the aggregate intrinsic value of exercisable options was $3,713,000, based the Company’s closing common stock price of $5.76 (given effect for the six-for-one reverse split).

During 2011, 216,440 options were exercised valued at $253,000. During 2010, 97,334 options were exercised valued at $104,000. During the years ended December 31, 2011 and 2010, the Company received $234,000 and $128,000, respectively, for the exercise of stock options. During 2011, 83,334 options were exercised cashlessly resulting in the issuance of 64,273 shares. No cash was received from the exercise of employee stock options during the cumulative period from inception to December 31, 2009. The intrinsic value of options exercised during the years ended December 31, 2011 and 2010 and from the period from inception to December 31, 2011 was $1,174,000, $290,000 and $1,562,000, respectively.

The total fair value of options vested during the years ended December 31, 2011, 2010 and the cumulative period from inception to December 31, 2011 was $2,153,000, $1,098,000 and $10,609,000, respectively.

Other Stock Based Compensation Transactions

During 2001, the Company entered into a consulting agreement with a non-employee, who was also a Board member and former member of the Audit Committee, pursuant to which the Company granted 33,334 options to purchase common stock at an exercise price of $21.00 in consideration for services to be performed. At the time of issuance, these options were valued at $239,000 based on a deemed fair market value of the Company’s common stock of $13.68 per share. Total expense for the years ended December 31, 2003, 2002 and 2001 related to these options was $71,000, $64,000 and $147,000, respectively.

In March 2002, the Company entered into a second agreement with the same non-employee, by which the Company granted 334 options a month to purchase common stock at an exercise price of $21.00 in consideration for monthly consulting services. On November 11, 2002 such agreement was superseded by an amendment, which was effective retroactively to the date of the original agreement, March 1, 2002. Under the amended agreement, the Company granted 4,000 options on March 1, 2002, which vest at a rate of 334 options per month, as services are performed. These options were valued at $11,000 using the Black-Scholes option-pricing model, based on a grant date fair value of the Company’s common stock of $12.96 per share. During 2002, the Company recorded a $41,000 charge to stock compensation expense related to the 3,334 options that vested during the year. As of December 31, 2002, the Company had deferred compensation of $11,000 that related to the remaining unvested options, which was recognized in 2003.

In June 2003, the Company entered into a third agreement with the same non-employee, by which the Company granted 4,000 options effective retroactively to March 1, 2003, which vest at a rate of 334 options per month as services are performed. These options were valued at $33,000 using the Black-Scholes option-pricing model, based on a fair market value of the Company’s common stock of $21.00 per share. The consulting arrangement was concluded on March 1, 2004. The Company recorded fair value adjustments of ($2,000) and $21,000 related to the unvested consultant options during 2004 and 2003, respectively. Total expense for the years ended December 31, 2004 and 2003 related to these options was $17,000 and $40,000, respectively.

In January 2003, the Company granted 16,667 options at an exercise price of $21.00 to a Board member for consulting services unrelated to services performed as a director. One-third of the options vested immediately and the balance vests in equal amounts on the first and second anniversaries of the award. The options were valued at $156,000 using the Black-Scholes option-pricing model, based on a fair market value of the Company’s common stock of $16.80 per share. The consulting services were completed and the consulting arrangement was concluded as of March 31, 2004. The Company recorded fair value adjustments of $4,000 and $82,000 related to the unvested consultant options during 2004 and 2003, respectively. Total expense for the years ended December 31, 2004 and 2003 related to these options was $51,000 and $193,000, respectively.

In May 2003, the Company granted 1,667 options at an exercise price of $21.00 to a new member of the Scientific Advisory Board. One-half of the options vested immediately and the balance vests on the second anniversary. These options were valued at $16,000 using the Black-Scholes option-pricing model based on a fair market value of the Company’s common stock of $16.80 per share. The Company recorded fair value adjustments of $2,000 and $6,000 related to the unvested consultant options during 2004 and 2003, respectively. Total expense for the years ended December 31, 2004 and 2003 related to these options was $5,000 and $13,000, respectively.

In September 2003, the Company granted 4,167 options each to a Board member and to a member of the Scientific Advisory Board for consulting services. The options were exercisable immediately at $24.30 per share. These options were valued using the Black-Scholes option-pricing model based on a grant date fair value of the Company’s common stock of $14.64 per share. The Company recorded a $122,000 charge to stock compensation expense in 2003 related to these awards.

In October 2003, in connection with the resignation of its former Chief Financial Officer, the Company accelerated the vesting on 16,667 options granted to such officer in September 2003 at an exercise price of $24.30, which was equal to the fair market value of the common stock on the date of grant. As the fair market value of the common stock was $26.70 per share at the time the vesting was accelerated, the Company recorded a $40,000 charge to stock compensation expense. Also, in October 2003, such officer exercised on a cashless basis 8,334 options at an exercise price of $17.82 per share resulting in the issuance of 2,772 shares. As the fair market value of the Company’s common stock on the date of exercise was $26.70 per share, the Company recorded a charge of $74,000 to stock compensation expense in 2003 related to the exercise of these options.

In March 2004, the Company issued 4,167 options in fulfillment of a September 2003 agreement with an investor relations firm. The agreement obligated the Company to pay a monthly retainer and issue options at a rate of 834 options per month, up to a maximum of 16,667 options, exercisable at $34.80 per share as services are performed. The Company concluded the engagement in February 2004. The options were exercisable immediately and expired on March 26, 2007. Accordingly, the Company recorded $29,000 as stock compensation expense in 2003 on the 2,500 options that vested as of December 31, 2003 and an additional stock compensation expense of $23,000 in 2004 on the 10,000 options that vested in January and February 2004. The stock compensation expense was determined based on a fair market value of the options when the options were earned. These options expired unexercised in 2007.

In April 2004, the Company entered into an agreement with an investor relations firm. The agreement obligated the Company to pay a monthly retainer and issue options at a rate of 834 per month up to a maximum of 10,000 options exercisable at $30.96 per share as services are performed. During 2004, 7,500 options were earned but not issued. During 2005, 2,500 options were earned and the full 10,000 options were issued. The Company recorded $67,000 in 2004 and $14,000 in 2005 as stock compensation expense related to this agreement. The stock compensation expense was determined based on the fair market value of the options when the options were earned. The options were exercisable immediately and expired three years from the agreement date. These options expired unexercised in 2007.

In November 2005, the Company issued 834 options to a member of the Scientific Advisory Board for consulting services. The options were exercisable immediately at $15.66 per share. These options were valued using the Black-Scholes option-pricing model based on a grant date fair value of the Company’s common stock of $8.10 per share which was the fair market value at the date of the grant. The Company recorded a $7,000 charge to stock compensation expense in 2005 related to this award. These options expired unexercised in 2010.

In March 2006 the Company issued 2,500 options to a consultant for consulting services, of which 834 of the options were exercisable immediately, 833 options vested in March 2008 and 833 options vested in March 2009. The options are exercisable at $22.50 per share. These options were valued using the Black-Scholes option-pricing model based on a grant date fair value of the Company’s common stock of $13.20 per share which was the fair market value at the date of the grant. The Company is recording a $33,000 charge to stock compensation expense over the vesting period of the options.

In December 2007, the Company issued 834 options to a consultant for consulting services. The options were exercisable immediately at $3.78 per share. These options were valued using the Black-Scholes option-pricing model based on a grant date fair value of the Company’s common stock of $2.76 per share which was the fair market value at the date of the grant. The Company recorded a $2,000 charge to stock compensation expense in 2007 related to this award.

In April 2008, the Company issued 8,000 options to a consultant for consulting services. The options were exercisable immediately at $2.64 per share. These options were valued using the Black-Scholes option-pricing model based on a grant date fair value of the Company’s common stock of $2.34 per share which was the fair market value at the date of the grant. The Company recorded a $15,000 charge to stock compensation expense in 2008 related to this award.

In February 2009, the Company issued 33,334 options to a consultant for consulting services. The options were exercisable immediately at $0 per share. These options were valued using the Black-Scholes option-pricing model based on a grant date fair value of the Company’s common stock of $0.72 per share which was the fair market value at the date of the grant. The Company recorded a $24,000 charge to stock compensation expense in 2009 related to this award.

Restricted Stock

During the year ended December 31, 2009, the Company granted 416,670 shares of restricted common stock to members of its Board of Directors. These shares were restricted and any unvested shares were subject to forfeiture upon termination and would revert back to the Company. Of the 416,670 shares, 390,628 were vested as of December 31, 2010, and the final 26,042 vested in 2011. The restricted shares were valued at $450,000 ($1.08 per share) at the date of grant and were recognized over the vesting period. During 2011 and 2010, the Company recognized stock-based compensation of $18,000 and $235,000, respectively, related to these restricted stock grants.

In 2010, the Company granted 16,667 shares of restricted common stock to a consultant. These shares were restricted until November 15, 2010 and any unvested shares were subject to forfeiture upon termination and would revert back to the Company. At December 31, 2010 there were no restricted shares remaining. The restricted shares were valued at $71,000 ($4.26 per share) at November 15, 2010, and the Company recognized expenses of $71,000 during 2010 related to these shares.

In 2011, the Company issued 20,834 shares of restricted common stock to a consultant. These shares were restricted until November 15, 2011 and any unvested shares were subject to forfeiture upon termination and would revert back to the Company. At December 31, 2011 there no restricted shares remaining. The restricted shares were valued at $113,000 ($5.40 per share) at November 15, 2011, and the Company recognized expense of $110,000 and $3,000 during 2011 and 2010, respectively, related to these shares.


	Number of Shares			Weighted Average Price on Grant
Unvested restricted shares outstanding, December 31, 2009		416,670		$	1.08
Restricted shares issued		16,667			2.64
Restricted shares vested		(407,295	)		1.14

Unvested restricted shares outstanding, December 31, 2010		26,042		$	1.08

Restricted shares issued		20,834			8.04
Restricted shares vested		(46,876	)		4.17

Unvested restricted shares outstanding, December 31, 2011		—		$	—

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph 64, 65, A240
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 93-6
-Paragraph 53
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 14

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-Name Accounting Standards Codification
-Topic 505
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-Section 50
-Paragraph 1
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-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929

+ Details

Loss Per Share

12 Months Ended

Dec. 31, 2011

Loss Per Share

10.

Loss Per Share

Basic loss per share is based on the weighted-average number of common shares outstanding during each period. Diluted loss per share is based on basic shares as determined above plus the incremental shares that would be issued upon the assumed exercise of in-the-money stock options and warrants using the treasury stock method. The computation of diluted net loss per share does not assume the issuance of common shares that have an anti-dilutive effect on net loss per share. For the years ended December 31, 2011 and 2010, all stock options, warrants and potential shares related to conversion of the Series A, the Series B and the Series C were excluded from the computation of diluted net loss per share. 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:


	December 31,
	2011		2010
	(Shares)		(Shares)
Warrants to purchase shares of common stock		6,673,405		8,585,872
Options to purchase shares of common stock		3,091,474		1,965,709
Restricted shares subject to vesting		—		26,042
Shares of common stock issuable upon conversion preferred stock		2,627,110		2,633,110

		12,391,989		13,210,733

Commitments and Contingencies

12 Months Ended

Dec. 31, 2011

Commitments and Contingencies

11.

Commitments and Contingencies

Lease Commitments

The Company leases its facility under a non-cancelable operating lease that expires in September 2012. In connection with the operating lease, the Company has issued a letter of credit which is secured by restricted cash on deposit with the bank as a security deposit of $59,000. In July 2011, the Company entered into an operating lease for an apartment for Company executive use for a one-year term, ending July 2012, at a rate of $41,000 for the term. Rent expense under these operating leases was $305,000 and $298,000 for the years ended December 31, 2011 and 2010, respectively.

Future minimum payments under this lease as of December 31, 2011 are as follows (in thousands):


Year ended December 31,
2012	$	200

Total lease payments	$	200

Separation Agreement — Former Chief Executive Officer and Chairman of the Board of Directors

In February 2009, the Company entered into a Separation Agreement in connection with the resignation of David Platt, Ph.D., the Company’s former Chief Executive Officer and Chairman of the Board of Directors. The Separation Agreement provided that the Company continue to pay Dr. Platt his current salary at a monthly rate of $21,667 for 24 months and that it may defer payment of a portion of such salary amounts greater than $10,000 per month (so long as Dr. Platt does not receive payments of less than the salary payments being made to the Company’s Chief Executive Officer). The Company also agreed to continue to provide health and dental insurance benefits to Dr. Platt and make the current monthly lease payments on his automobile until February 12, 2011. The Company recognized the full amount of the salary, health insurance and automobile during the first quarter of 2009. The remaining liability related to this severance is reflected in accrued expenses ($293,000) on the consolidated balance sheet at December 31, 2010. The final payment was paid to Dr. Platt on February 12, 2011.

The Separation Agreement also provides for the deferral of a $1.0 million severance payment due to Dr. Platt under his employment agreement until the occurrence of any of the following milestone events: (i) the approval by the Food and Drug Administration for a new drug application (“NDA”) for any drug candidate or drug delivery candidate based on the GM-CT-01 technology (whether or not such technology is patented). We also will grant Dr. Platt fully vested cashless stock option with identical terms to purchase at least 83,334 shares of common stock; (ii) consummation of a transaction with a pharmaceutical company expected to result in at least $10.0 million of equity investment or $50 million of royalty revenue to the Company. The Company also will grant Dr. Platt fully vested cashless-exercise stock options exercisable to purchase at least 50,000 shares of common stock for ten (10) years at an exercise price not less than the fair market value of the Common Stock determined as of the date of the grant; or (iii) the renewed listing of our securities on a national securities exchange and the achievement of a market capitalization of $100 million. Payment upon the events (i) and (iii) may be deferred up to six months, and if the Company has insufficient cash at the time of any of such events, it may issue Dr. Platt a secured promissory note for such amount. If the Company files a voluntary or involuntary petition for bankruptcy, whether or not a milestone event has occurred, such event shall trigger our obligation to pay the $1.0 million with the result that Dr. Platt may assert a claim for such obligation against the bankruptcy estate. During 2011, when it became probable that the Company could be relisted on a national securities exchange and eventually reach a market capitalization of $100 million, the Company recognized the $1.0 million severance payment due to Dr. Platt and it is included in accrued expenses at December 31, 2011.

Series C Post Conversion Dividend Rights

As previously discussed in Note 6, upon a conversion of shares of Series C to shares of common stock, the Company will be required to record a liability and the related expense during the period of conversion. In July 2011, 5 shares of Series C were converted into 8,334 shares of common stock and 5 Dividend Rights were issued. Per the terms of the Series C, these Dividend Rights shall continue to participate in dividends, however the dividend will only be paid based on sales of GM-CT-01 and will not participate in the 6% dividend. At December 31, 2011, these Dividend Rights were determined to have a de minimis value, as the payment of a dividend (other than the 6% dividend) is considered improbable at this time. The Company will continue to evaluate and assess the Series C Post Conversion Dividend Right for each reporting period.

Legal Proceedings

Other than claims and legal proceedings that arise from time to time in the ordinary course of business which are not material, the Company has no pending legal proceedings except as follows:

In January 2003, Custom Equity Research, Incorporated (d/b/a Summer Street Research Partners) filed a lawsuit against the Company alleging breach of contract, among other claims, based on an engagement letter in which Summer Street agreed to provide investment services to us. The Company denied the claims and believed they were without merit. In January 2011, the Company learned that Maxim Group, which the Company had previously engaged as a placement agent, had been named respondent in an arbitration matter with the Financial Industry Regulatory Authority (FINRA) initiated by Summer Street, for which the Company was obligated to indemnify Maxim Group. After consideration of the continued costs of litigation, the Company settled both matters in 2011 for an amount that is not material to the Company’s consolidated balance sheet or its cash position.

From time to time, the Company is exposed to litigation relating to its operations. The Company is not currently engaged in any legal proceedings that are expected, individually or in the aggregate, to have a material, adverse affect on its financial condition or results of operations.

- Definition

The entire disclosure for commitments and contingencies.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 14
-Paragraph 3
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 9, 10, 11, 12
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.25)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Paragraph 8
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Paragraph 2
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-Name Accounting Standards Codification
-Topic 825
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6449706&loc=d3e16207-108621

+ Details

Income Taxes

12 Months Ended

Dec. 31, 2011

Income Taxes

12.

Income Taxes

The components of the net deferred tax assets are as follows at December 31:


	2011			2010
	(in thousands)
Operating loss carryforwards	$	19,119		$	17,242
Tax credit carryforwards		330			230
Other temporary differences		2,070			473

		21,519			17,945
Less valuation allowance		(21,519	)		(17,945	)

Net deferred tax asset	$	—		$	—

The primary factors affecting the Company’s income tax rates were as follows:


	2011			2010
Tax benefit at U.S. statutory rates		(34.0	%)		(34.0	%)
State tax benefit		(5.3	%)		(5.3	%)
Credit		(1	%)		0	%
Permanent differences		3.5	%		13.5	%
Expiring state NOL’s		3.4	%		0	%
Research and development credits		(0	%)		(0.9	%)
Changes in valuation allowance		33.4	%		26.7	%

		0	%		0	%

As of December 31, 2011, the Company has federal and state net operating loss carryforwards totaling $53,371,000 and $23,616,000 respectively, which expire through 2031. In addition, the Company has federal and state research and development credits of $223,000 and $108,000, respectively, which expire through 2031. Ownership changes, as defined by Section 382 of the Internal Revenue Code, may have limited the amount of net operating loss carryforwards that can be utilized annually to offset future taxable income. Subsequent ownership changes could further affect the limitation in future years. Because of the Company’s limited operating history and its recorded losses, management has provided, in each of the last two years, a 100% valuation allowance against the Company’s net deferred tax assets.

At December 31, 2011 the Company has $1,082,000 of unrecognized tax benefits, $923,000 of which would affect the effective tax rate. The Company has not recognized an adjustment to the deficit accumulated during the development stage for unrecognized tax benefits because a full valuation allowance has been recorded against net operating loss carry forwards. Since the Company’s net deferred tax assets and the unrecognized tax benefits would not result in a cash payment, the Company has not accrued for any interest and penalties relating to these unrecognized tax benefits. Should the Company incur interest and penalties related to income taxes, those amounts would be included in income tax expense. Total amounts of unrecognized tax benefits are not expected to significantly increase or decrease within 12 months of the reporting date.

The Company is subject to taxation in the U.S. and various states. Based on the history of net operating losses all jurisdictions and tax years are open for examination until the operating losses are utilized or the statute of limitations expires.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
-Article 4

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 136, 172
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 43, 44, 45, 46, 47, 48, 49
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Subsequent Events

12 Months Ended

Dec. 31, 2011

Subsequent Events

13.

Subsequent Events

The Company has evaluated all events or transactions that occurred through the date on which the financial statements were issued, noting the following:

Offering of Units and Reverse Stock Split

On March 22, 2012, the Company entered into an underwriting agreement, relating to the offer and sale of 1,159,445 units (the “Units”) of the Company, each unit consisted of two shares of Common Stock and one warrant to purchase one share of Common Stock. Pursuant to the underwriting agreement, the Company granted the underwriters a 45-day option to purchase up to an additional 173,916 Units to cover over-allotments, which they exercised on March 26, 2012. The public offering price for each Unit was $9.00. Each warrant has an initial exercise price of $5.63 per share, is exercisable upon separation of the Units and expires on March 28, 2017.

On March 28, 2012, the Company sold and issued 1,333,361 Units (2,666,722 shares of common stock and related $5.63 warrants to purchase 1,333,361 shares of common stock) for gross proceeds of $12.0 million (net proceeds of approximately $10.5 million after the underwriting discount and offering costs).

Effective as of March 23, 2012, and in connection with the pricing of the offering of Units, the Company effected a one-for-six reverse split of its Common Stock and began trading on The NASDAQ Capital Market under the symbol “GALT.” All common share and per share amounts in these financial statements have been adjusted to reflect the effect of the reverse split.

Label	Element	Value
Stock Issued During Period Value Conversion Or Exchange Of Convertible Securities	galt_StockIssuedDuringPeriodValueConversionOrExchangeOfConvertibleSecurities	$ 1,036,000
Subscription Revenue	us-gaap_SubscriptionRevenue	150,000
Stock Issued During Period Value Share Based Compensation	us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation	27,000
Reclassification Of Warrants To A Liability	galt_ReclassificationOfWarrantsToALiability	3,193,000
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value	us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue	8,869,000
Stock Issued During Period Value Stock Warrants Exercised	galt_StockIssuedDuringPeriodValueStockWarrantsExercised	14,307,000
Cumulative Effect Of Initial Adoption Of New Accounting Principle Gross	galt_CumulativeEffectOfInitialAdoptionOfNewAccountingPrincipleGross	(204,000)
Value Of Beneficial Conversion Feature Of Preferred Stock	galt_ValueOfBeneficialConversionFeatureOfPreferredStock	222,000
Stock Issued During Period Value Merger	galt_StockIssuedDuringPeriodValueMerger	107,000
Stock Issued During Period Value Founders	galt_StockIssuedDuringPeriodValueFounders	9,000
Stock Based Compensation	galt_StockBasedCompensation	157,000
Issuance Of Common Stock And Warrants Value	galt_IssuanceOfCommonStockAndWarrantsValue	2,221,000
Adjustments To Additional Paid In Capital Deferred Compensation	galt_AdjustmentsToAdditionalPaidInCapitalDeferredCompensation	(455,000)
Development Stage Enterprise Deficit Accumulated During Development Stage [Member]
Cumulative Effect Of Initial Adoption Of New Accounting Principle Gross	galt_CumulativeEffectOfInitialAdoptionOfNewAccountingPrincipleGross	254,000
Net Income Loss	us-gaap_NetIncomeLoss	(62,317,000)
Additional Paid In Capital [Member]
Stock Issued During Period Value Conversion Or Exchange Of Convertible Securities	galt_StockIssuedDuringPeriodValueConversionOrExchangeOfConvertibleSecurities	1,036,000
Subscription Revenue	us-gaap_SubscriptionRevenue	150,000
Stock Issued During Period Value Share Based Compensation	us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation	27,000
Reclassification Of Warrants To A Liability	galt_ReclassificationOfWarrantsToALiability	3,193,000
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value	us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue	8,869,000
Stock Issued During Period Value Stock Warrants Exercised	galt_StockIssuedDuringPeriodValueStockWarrantsExercised	14,304,000
Cumulative Effect Of Initial Adoption Of New Accounting Principle Gross	galt_CumulativeEffectOfInitialAdoptionOfNewAccountingPrincipleGross	(458,000)
Value Of Beneficial Conversion Feature Of Preferred Stock	galt_ValueOfBeneficialConversionFeatureOfPreferredStock	222,000
Stock Issued During Period Value Merger	galt_StockIssuedDuringPeriodValueMerger	107,000
Stock Issued During Period Value Founders	galt_StockIssuedDuringPeriodValueFounders	7,000
Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures	us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures	(1,000)
Stock Based Compensation	galt_StockBasedCompensation	157,000
Issuance Of Common Stock And Warrants Value	galt_IssuanceOfCommonStockAndWarrantsValue	2,221,000
Adjustments To Additional Paid In Capital Deferred Compensation	galt_AdjustmentsToAdditionalPaidInCapitalDeferredCompensation	$ (455,000)
Common Stock [Member]
Stock Issued During Period Shares Share Based Compensation	us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation	1,167
Stock Issued During Period Shares Merger	galt_StockIssuedDuringPeriodSharesMerger	203,649
Stock Issued During Period Value Stock Warrants Exercised	galt_StockIssuedDuringPeriodValueStockWarrantsExercised	$ 3,000
Issuance Of Common Stock And Warrants Shares	galt_IssuanceOfCommonStockAndWarrantsShares	114,884
Stock Issued During Period Shares Restricted Stock Award Net Of Forfeitures	us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures	454,167
Stock Issued During Period Shares Stock Warrants Exercised	galt_StockIssuedDuringPeriodSharesStockWarrantsExercised	3,407,393
Stock Issued During Period Value Founders	galt_StockIssuedDuringPeriodValueFounders	$ 2,000
Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures	us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures	$ 1,000
Stock Issued During Period Shares Conversion Or Exchange Of Convertible Securities	galt_StockIssuedDuringPeriodSharesConversionOrExchangeOfConvertibleSecurities	110,054
Stock Issued During Period Shares Founders	galt_StockIssuedDuringPeriodSharesFounders	2,059,112
Series B 2 Preferred Stock [Member] \| Transaction 03 [Member]
Accretion Of Redeemable Convertible Preferred Stock	galt_AccretionOfRedeemableConvertiblePreferredStock	$ 629,000
Series B 2 Preferred Stock [Member] \| Transaction 02 [Member]
Accretion Of Redeemable Convertible Preferred Stock	galt_AccretionOfRedeemableConvertiblePreferredStock	1,900,000
Series B 2 Preferred Stock [Member] \| Development Stage Enterprise Deficit Accumulated During Development Stage [Member]
Dividends Preferred Stock	us-gaap_DividendsPreferredStock	1,500,000
Series B 2 Preferred Stock [Member] \| Development Stage Enterprise Deficit Accumulated During Development Stage [Member] \| Transaction 03 [Member]
Accretion Of Redeemable Convertible Preferred Stock	galt_AccretionOfRedeemableConvertiblePreferredStock	629,000
Series B 2 Preferred Stock [Member] \| Development Stage Enterprise Deficit Accumulated During Development Stage [Member] \| Transaction 02 [Member]
Accretion Of Redeemable Convertible Preferred Stock	galt_AccretionOfRedeemableConvertiblePreferredStock	1,900,000
Series B 2 Preferred Stock [Member] \| Series B 2 Preferred Stock [Member] \| Transaction 03 [Member]
Accretion Of Redeemable Convertible Preferred Stock	galt_AccretionOfRedeemableConvertiblePreferredStock	(629,000)
Series B 2 Preferred Stock [Member] \| Series B 2 Preferred Stock [Member] \| Transaction 02 [Member]
Accretion Of Redeemable Convertible Preferred Stock	galt_AccretionOfRedeemableConvertiblePreferredStock	(1,900,000)
Series B 2 Preferred Stock [Member] \| Additional Paid In Capital [Member]
Dividends Preferred Stock	us-gaap_DividendsPreferredStock	$ (1,500,000)
Series B 2 Preferred Stock [Member] \| Common Stock [Member]
Preferred Stock Dividends Shares	us-gaap_PreferredStockDividendsShares	345,694
Series B 1 Preferred Stock [Member] \| Transaction 01 [Member]
Accretion Of Redeemable Convertible Preferred Stock	galt_AccretionOfRedeemableConvertiblePreferredStock	$ 1,286,000
Series B 1 Preferred Stock [Member] \| Series B 1 Preferred Stock [Member] \| Transaction 01 [Member]
Accretion Of Redeemable Convertible Preferred Stock	galt_AccretionOfRedeemableConvertiblePreferredStock	(1,286,000)
Series B 1 Preferred Stock [Member] \| Development Stage Enterprise Deficit Accumulated During Development Stage [Member]
Dividends Preferred Stock	us-gaap_DividendsPreferredStock	810,000
Series B 1 Preferred Stock [Member] \| Development Stage Enterprise Deficit Accumulated During Development Stage [Member] \| Transaction 01 [Member]
Accretion Of Redeemable Convertible Preferred Stock	galt_AccretionOfRedeemableConvertiblePreferredStock	1,286,000
Series B 1 Preferred Stock [Member] \| Additional Paid In Capital [Member]
Dividends Preferred Stock	us-gaap_DividendsPreferredStock	$ (810,000)
Series B 1 Preferred Stock [Member] \| Common Stock [Member]
Preferred Stock Dividends Shares	us-gaap_PreferredStockDividendsShares	203,223
Series C Preferred Stock [Member]
Dividends Preferred Stock	us-gaap_DividendsPreferredStock	$ 33,000
Series C Preferred Stock [Member] \| Development Stage Enterprise Deficit Accumulated During Development Stage [Member]
Dividends Preferred Stock	us-gaap_DividendsPreferredStock	130,000
Series C Preferred Stock [Member] \| Additional Paid In Capital [Member]
Dividends Preferred Stock	us-gaap_DividendsPreferredStock	$ (97,000)
Series C Preferred Stock [Member] \| Common Stock [Member]
Preferred Stock Dividends Shares	us-gaap_PreferredStockDividendsShares	17,066
Series A Preferred Stock [Member]
Dividends Preferred Stock	us-gaap_DividendsPreferredStock	$ 47,000
Series A Preferred Stock [Member] \| Development Stage Enterprise Deficit Accumulated During Development Stage [Member]
Dividends Preferred Stock	us-gaap_DividendsPreferredStock	819,000
Series A Preferred Stock [Member] \| Additional Paid In Capital [Member]
Dividends Preferred Stock	us-gaap_DividendsPreferredStock	$ (772,000)
Series A Preferred Stock [Member] \| Common Stock [Member]
Preferred Stock Dividends Shares	us-gaap_PreferredStockDividendsShares	129,080
Issuance During Period 9 th [Member] \| Private Placement [Member]
Stock Issued During Period Value New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	$ 1,319,000
Issuance During Period 9 th [Member] \| Additional Paid In Capital [Member] \| Private Placement [Member]
Stock Issued During Period Value New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	$ 1,319,000
Issuance During Period 9 th [Member] \| Common Stock [Member] \| Private Placement [Member]
Stock Issued During Period Shares New Issues	us-gaap_StockIssuedDuringPeriodSharesNewIssues	219,096
Issuance During Period 14 th [Member] \| Series A Preferred Stock [Member] \| Additional Paid In Capital [Member]
Stock Issued During Period Value New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	$ 72,000
Issuance During Period 14 th [Member] \| Series A Preferred Stock [Member] \| Common Stock [Member]
Stock Issued During Period Shares New Issues	us-gaap_StockIssuedDuringPeriodSharesNewIssues	30,000
Issuance During Period 14 th [Member] \| Series A Preferred Stock [Member] \| Series A Preferred Stock [Member]
Stock Issued During Period Value New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	$ (72,000)
Stock Issued During Period Shares New Issues	us-gaap_StockIssuedDuringPeriodSharesNewIssues	(180,000)
Issuance During Period 11 th [Member] \| Private Placement [Member]
Stock Issued During Period Value New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	$ 490,000
Issuance During Period 11 th [Member] \| Additional Paid In Capital [Member] \| Private Placement [Member]
Stock Issued During Period Value New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	489,000
Issuance During Period 11 th [Member] \| Common Stock [Member] \| Private Placement [Member]
Stock Issued During Period Value New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	$ 1,000
Stock Issued During Period Shares New Issues	us-gaap_StockIssuedDuringPeriodSharesNewIssues	333,334
Issuance During Period 10 th [Member] \| Private Placement [Member]
Stock Issued During Period Value New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	$ 1,898,000
Issuance During Period 10 th [Member] \| Additional Paid In Capital [Member] \| Private Placement [Member]
Stock Issued During Period Value New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	$ 1,898,000
Issuance During Period 10 th [Member] \| Common Stock [Member] \| Private Placement [Member]
Stock Issued During Period Shares New Issues	us-gaap_StockIssuedDuringPeriodSharesNewIssues	206,019
Issuance During Period 8 th [Member] \| Private Placement [Member]
Stock Issued During Period Value New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	$ 4,410,000
Issuance During Period 8 th [Member] \| Additional Paid In Capital [Member] \| Private Placement [Member]
Stock Issued During Period Value New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	4,409,000
Issuance During Period 8 th [Member] \| Common Stock [Member] \| Private Placement [Member]
Stock Issued During Period Value New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	$ 1,000
Stock Issued During Period Shares New Issues	us-gaap_StockIssuedDuringPeriodSharesNewIssues	399,917
Period 1 [Member] \| Series B 2 Preferred Stock [Member]
Value Of Beneficial Conversion Feature Of Preferred Stock	galt_ValueOfBeneficialConversionFeatureOfPreferredStock	$ 1,016,000
Period 1 [Member] \| Series B 2 Preferred Stock [Member] \| Series B 2 Preferred Stock [Member]
Value Of Beneficial Conversion Feature Of Preferred Stock	galt_ValueOfBeneficialConversionFeatureOfPreferredStock	(1,016,000)
Period 1 [Member] \| Series B 2 Preferred Stock [Member] \| Additional Paid In Capital [Member]
Value Of Beneficial Conversion Feature Of Preferred Stock	galt_ValueOfBeneficialConversionFeatureOfPreferredStock	1,016,000
Issuance During Period 4 th [Member] \| Notes Payable [Member]
Stock Issued During Period Value New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	290,000
Issuance During Period 4 th [Member] \| Additional Paid In Capital [Member] \| Notes Payable [Member]
Stock Issued During Period Value New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	$ 290,000
Issuance During Period 4 th [Member] \| Common Stock [Member] \| Notes Payable [Member]
Stock Issued During Period Shares New Issues	us-gaap_StockIssuedDuringPeriodSharesNewIssues	17,647
Issuance During Period 4 th [Member] \| Series C Preferred Stock [Member]
Stock Issued During Period Value Conversion Of Convertible Securities	us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities	$ 49,000
Issuance During Period 4 th [Member] \| Series C Preferred Stock [Member] \| Additional Paid In Capital [Member]
Stock Issued During Period Value Conversion Of Convertible Securities	us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities	$ 49,000
Issuance During Period 4 th [Member] \| Series C Preferred Stock [Member] \| Common Stock [Member]
Stock Issued During Period Shares Conversion Of Convertible Securities	us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities	8,334
Issuance During Period 4 th [Member] \| Series C Preferred Stock [Member] \| Series C Preferred Stock [Member]
Stock Issued During Period Shares Conversion Of Convertible Securities	us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities	(5)
Stock Issued During Period Value Conversion Of Convertible Securities	us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities	$ (49,000)
Issuance Of Redeemable Preferred Stock Value	galt_IssuanceOfRedeemablePreferredStockValue	$ 2,203,000
Issuance Of Redeemable Preferred Stock Shares	galt_IssuanceOfRedeemablePreferredStockShares	225
Issuance During Period 12 th [Member] \| Cash [Member]
Stock Issued During Period Value New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	$ 1,044,000
Issuance During Period 12 th [Member] \| Additional Paid In Capital [Member] \| Cash [Member]
Stock Issued During Period Value New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	1,043,000
Issuance During Period 12 th [Member] \| Common Stock [Member] \| Cash [Member]
Stock Issued During Period Value New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	$ 1,000
Stock Issued During Period Shares New Issues	us-gaap_StockIssuedDuringPeriodSharesNewIssues	1,250,000
Issuance During Period 6 th [Member] \| Consulting Services [Member]
Stock Issued During Period Value New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	$ 12,000
Issuance During Period 6 th [Member] \| Additional Paid In Capital [Member] \| Consulting Services [Member]
Stock Issued During Period Value New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	$ 12,000
Issuance During Period 6 th [Member] \| Common Stock [Member] \| Consulting Services [Member]
Stock Issued During Period Shares New Issues	us-gaap_StockIssuedDuringPeriodSharesNewIssues	2,042
Issuance During Period 2 nd [Member]
Stock Issued During Period Value Conversion Of Convertible Securities	us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities	$ 3,948,000
Stock Issued During Period Value Stock Options Exercised	us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised	362,000
Issuance During Period 2 nd [Member] \| Private Placement [Member]
Adjustments To Additional Paid In Capital Warrant Issued	us-gaap_AdjustmentsToAdditionalPaidInCapitalWarrantIssued	261,000
Issuance During Period 2 nd [Member] \| Convertible Notes Payable [Member]
Adjustments To Additional Paid In Capital Warrant Issued	us-gaap_AdjustmentsToAdditionalPaidInCapitalWarrantIssued	236,000
Issuance During Period 2 nd [Member] \| Cash [Member]
Stock Issued During Period Value New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	602,000
Issuance During Period 2 nd [Member] \| Additional Paid In Capital [Member]
Stock Issued During Period Value Conversion Of Convertible Securities	us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities	3,947,000
Stock Issued During Period Value Stock Options Exercised	us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised	361,000
Issuance During Period 2 nd [Member] \| Additional Paid In Capital [Member] \| Private Placement [Member]
Adjustments To Additional Paid In Capital Warrant Issued	us-gaap_AdjustmentsToAdditionalPaidInCapitalWarrantIssued	261,000
Issuance During Period 2 nd [Member] \| Additional Paid In Capital [Member] \| Convertible Notes Payable [Member]
Adjustments To Additional Paid In Capital Warrant Issued	us-gaap_AdjustmentsToAdditionalPaidInCapitalWarrantIssued	236,000
Issuance During Period 2 nd [Member] \| Additional Paid In Capital [Member] \| Cash [Member]
Stock Issued During Period Value New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	$ 602,000
Issuance During Period 2 nd [Member] \| Common Stock [Member]
Stock Issued During Period Shares Conversion Of Convertible Securities	us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities	1,227,972
Stock Issued During Period Value Conversion Of Convertible Securities	us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities	$ 1,000
Stock Issued During Period Shares Stock Options Exercised	us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised	347,107
Stock Issued During Period Value Stock Options Exercised	us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised	$ 1,000
Issuance During Period 2 nd [Member] \| Common Stock [Member] \| Cash [Member]
Stock Issued During Period Shares New Issues	us-gaap_StockIssuedDuringPeriodSharesNewIssues	31,000
Issuance During Period 2 nd [Member] \| Series B 1 Preferred Stock [Member]
Issuance Of Redeemable Preferred Stock Value	galt_IssuanceOfRedeemablePreferredStockValue	$ 1,105,000
Issuance During Period 2 nd [Member] \| Series B 1 Preferred Stock [Member] \| Series B 1 Preferred Stock [Member]
Issuance Of Redeemable Preferred Stock Value	galt_IssuanceOfRedeemablePreferredStockValue	$ 395,000
Issuance Of Redeemable Preferred Stock Shares	galt_IssuanceOfRedeemablePreferredStockShares	900,000
Issuance During Period 2 nd [Member] \| Series B 1 Preferred Stock [Member] \| Additional Paid In Capital [Member]
Issuance Of Redeemable Preferred Stock Value	galt_IssuanceOfRedeemablePreferredStockValue	$ 1,105,000
Issuance During Period 5 th [Member] \| Private Placement [Member]
Stock Issued During Period Value New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	1,070,000
Issuance During Period 5 th [Member] \| Additional Paid In Capital [Member] \| Private Placement [Member]
Stock Issued During Period Value New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	$ 1,070,000
Issuance During Period 5 th [Member] \| Common Stock [Member] \| Private Placement [Member]
Stock Issued During Period Shares New Issues	us-gaap_StockIssuedDuringPeriodSharesNewIssues	181,334
Issuance During Period 7 th [Member] \| Accrued Liabilities [Member]
Stock Issued During Period Value New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	$ 302,000
Issuance During Period 7 th [Member] \| Additional Paid In Capital [Member] \| Accrued Liabilities [Member]
Stock Issued During Period Value New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	$ 302,000
Issuance During Period 7 th [Member] \| Common Stock [Member] \| Accrued Liabilities [Member]
Stock Issued During Period Shares New Issues	us-gaap_StockIssuedDuringPeriodSharesNewIssues	33,618
Issuance During Period 1 st [Member]
Stock Issued During Period Value Conversion Of Convertible Securities	us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities	$ 1,745,000
Issuance During Period 1 st [Member] \| Notes Payable [Member]
Stock Issued During Period Value New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	1,126,000
Issuance During Period 1 st [Member] \| Employee Stock Option [Member]
Stock Issued During Period Value Stock Options Exercised	us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised	74,000
Issuance During Period 1 st [Member] \| Convertible Notes Payable [Member]
Adjustments To Additional Paid In Capital Warrant Issued	us-gaap_AdjustmentsToAdditionalPaidInCapitalWarrantIssued	503,000
Issuance During Period 1 st [Member] \| Additional Paid In Capital [Member]
Stock Issued During Period Value Conversion Of Convertible Securities	us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities	1,745,000
Issuance During Period 1 st [Member] \| Additional Paid In Capital [Member] \| Notes Payable [Member]
Stock Issued During Period Value New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	1,126,000
Issuance During Period 1 st [Member] \| Additional Paid In Capital [Member] \| Employee Stock Option [Member]
Stock Issued During Period Value Stock Options Exercised	us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised	74,000
Issuance During Period 1 st [Member] \| Additional Paid In Capital [Member] \| Convertible Notes Payable [Member]
Adjustments To Additional Paid In Capital Warrant Issued	us-gaap_AdjustmentsToAdditionalPaidInCapitalWarrantIssued	$ 503,000
Issuance During Period 1 st [Member] \| Common Stock [Member]
Stock Issued During Period Shares Conversion Of Convertible Securities	us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities	79,367
Issuance During Period 1 st [Member] \| Common Stock [Member] \| Notes Payable [Member]
Stock Issued During Period Shares New Issues	us-gaap_StockIssuedDuringPeriodSharesNewIssues	99,705
Issuance During Period 1 st [Member] \| Common Stock [Member] \| Employee Stock Option [Member]
Stock Issued During Period Shares Stock Options Exercised	us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised	2,772
Issuance During Period 1 st [Member] \| Series A Preferred Stock [Member] \| Private Placement [Member]
Issuance Of Redeemable Preferred Stock Value	galt_IssuanceOfRedeemablePreferredStockValue	$ 704,000
Issuance During Period 1 st [Member] \| Series A Preferred Stock [Member] \| Series A Preferred Stock [Member] \| Private Placement [Member]
Issuance Of Redeemable Preferred Stock Value	galt_IssuanceOfRedeemablePreferredStockValue	$ 704,000
Issuance Of Redeemable Preferred Stock Shares	galt_IssuanceOfRedeemablePreferredStockShares	1,742,500
Issuance During Period 3 rd [Member]
Adjustments To Additional Paid In Capital Warrant Issued	us-gaap_AdjustmentsToAdditionalPaidInCapitalWarrantIssued	$ 20,000
Stock Issued During Period Value Conversion Of Convertible Securities	us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities	5,330,000
Issuance During Period 3 rd [Member] \| Private Placement [Member]
Stock Issued During Period Value New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	2,861,000
Issuance During Period 3 rd [Member] \| Additional Paid In Capital [Member]
Adjustments To Additional Paid In Capital Warrant Issued	us-gaap_AdjustmentsToAdditionalPaidInCapitalWarrantIssued	20,000
Stock Issued During Period Value Conversion Of Convertible Securities	us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities	5,329,000
Issuance During Period 3 rd [Member] \| Additional Paid In Capital [Member] \| Private Placement [Member]
Stock Issued During Period Value New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	$ 2,860,000
Issuance During Period 3 rd [Member] \| Common Stock [Member]
Stock Issued During Period Shares Conversion Of Convertible Securities	us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities	867,558
Stock Issued During Period Value Conversion Of Convertible Securities	us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities	$ 1,000
Issuance During Period 3 rd [Member] \| Common Stock [Member] \| Private Placement [Member]
Stock Issued During Period Value New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	$ 1,000
Stock Issued During Period Shares New Issues	us-gaap_StockIssuedDuringPeriodSharesNewIssues	537,227
Issuance During Period 3 rd [Member] \| Series B 2 Preferred Stock [Member]
Issuance Of Redeemable Preferred Stock Value	galt_IssuanceOfRedeemablePreferredStockValue	$ 2,761,000
Issuance During Period 3 rd [Member] \| Series B 2 Preferred Stock [Member] \| Series B 2 Preferred Stock [Member]
Issuance Of Redeemable Preferred Stock Value	galt_IssuanceOfRedeemablePreferredStockValue	$ 1,174,000
Issuance Of Redeemable Preferred Stock Shares	galt_IssuanceOfRedeemablePreferredStockShares	2,100,000
Issuance During Period 3 rd [Member] \| Series B 2 Preferred Stock [Member] \| Additional Paid In Capital [Member]
Issuance Of Redeemable Preferred Stock Value	galt_IssuanceOfRedeemablePreferredStockValue	$ 2,761,000