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Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2020	Aug. 06, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Entity Registrant Name	GALECTIN THERAPEUTICS INC
Entity Central Index Key	0001133416
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Trading Symbol	GALT
Entity Common Stock, Shares Outstanding		57,043,661
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Interactive Data Current	Yes
Entity Address, State or Province	GA
Title of 12(b) Security	Common Stock
Security Exchange Name	NASDAQ
Entity Incorporation, State or Country Code	NV
Entity File Number	001-31791
Entity Tax Identification Number	04-3562325
Entity Address, Address Line One	4960 Peachtree Industrial Blvd.,
Entity Address, Address Line Two	Suite 240
Entity Address, City or Town	Norcross
Entity Address, Postal Zip Code	30071
City Area Code	678
Local Phone Number	620-3186

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 40,768,000	$ 47,480,000
Prepaid expenses and other current assets	352,000	729,000
Total current assets	41,120,000	48,209,000
Other assets	197,000	258,000
Total assets	41,317,000	48,467,000
Current liabilities:
Accounts payable	206,000	1,661,000
Accrued expenses and other	4,003,000	1,093,000
Accrued dividends payable	66,000	66,000
Total current liabilities	4,275,000	2,820,000
Other liabilities	31,000	52,000
Total liabilities	4,306,000	2,872,000
Commitments and contingencies (Note 10)
Stockholders' equity:
Undesignated stock, $0.01 par value; 20,000,000 shares authorized, 20,000,000 designated at June 30, 2020 and December 31, 2019, respectively
Common stock, $0.001 par value; 100,000,000 shares authorized at June 30, 2020 and December 31, 2019, 57,043,661 and 56,894,642 issued and outstanding at June 30, 2020 and December 31, 2019, respectively	56,000	56,000
Additional paid-in capital	260,820,000	259,673,000
Retained deficit	(226,125,000)	(216,394,000)
Total stockholders' equity	35,288,000	43,872,000
Total liabilities, redeemable convertible preferred stock and stockholders' equity	41,317,000	48,467,000
Series C 6% super dividend redeemable convertible preferred stock
Current liabilities:
Convertible preferred stock, value	1,723,000	1,723,000
Series A 12% convertible preferred stock
Stockholders' equity:
Convertible preferred stock, value	$ 537,000	$ 537,000

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Undesignated stock, par value	$ 0.01	$ 0.01
Undesignated stock, shares authorized	20,000,000	20,000,000
Undesignated stock, shares designated	20,000,000	20,000,000
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, issued	57,043,661	57,043,661
Common stock, outstanding	56,894,642	56,894,642
Series C super dividend redeemable convertible preferred stock
Convertible preferred stock, shares authorized	1,000	1,000
Convertible preferred stock, shares issued	176	176
Convertible preferred stock, shares outstanding	176	176
Convertible preferred stock, redemption value	$ 8,599,000
Convertible preferred stock, liquidation value	$ 1,760,000
Series A 12% convertible preferred stock
Convertible preferred stock, shares authorized	1,742,500	1,742,500
Convertible preferred stock, issued	1,327,500	1,327,500
Convertible preferred stock, outstanding	1,327,500	1,327,500
Convertible preferred stock, liquidation value	$ 1,327,500

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Operating expenses:
Research and development	$ 4,681,000	$ 1,522,000	$ 6,825,000	$ 2,168,000
General and administrative	1,421,000	1,498,000	2,861,000	3,219,000
Total operating expenses	6,102,000	3,020,000	9,686,000	5,387,000
Total operating loss	(6,102,000)	(3,020,000)	(9,686,000)	(5,387,000)
Other income (expense):
Interest income	9,000	43,000	59,000	57,000
Interest expense	(21,000)	(21,000)	(43,000)	(43,000)
Total other income (expense)	(12,000)	22,000	16,000	14,000
Net loss	(6,114,000)	(2,998,000)	(9,670,000)	(5,373,000)
Preferred stock dividends	(66,000)	(67,000)	(60,000)	(163,000)
Warrant modification (Note 9)				(6,622,000)
Net loss applicable to common stockholders	$ (6,180,000)	$ (3,065,000)	$ (9,730,000)	$ (12,158,000)
Net loss per common share — basic and diluted	$ (0.11)	$ (0.06)	$ (0.17)	$ (0.26)
Weighted average common shares outstanding — basic and diluted	57,035	50,301	56,995	47,653

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (9,670,000)	$ (5,373,000)
Adjustments to reconcile net loss to net cash flows from operating activities:
Payment of preferred stock dividends		(396,000)
Stock-based compensation expense	824,000	855,000
Amortization of right to use lease asset	17,000	18,000
Non-cash interest expense	43,000	43,000
Changes in operating assets and liabilities:
Prepaid expenses and other assets	377,000	(277,000)
Accounts payable and accrued expenses	1,434,000	(484,000)
Net cash from operating activities	(6,975,000)	(5,614,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net proceeds from issuance of common stock and warrants	263,000	49,404,000
Net cash from financing activities	263,000	49,404,000
NET DECREASE IN CASH AND CASH EQUIVALENTS	(6,712,000)	43,790,000
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	47,480,000	8,253,000
CASH AND CASH EQUIVALENTS, END OF PERIOD	40,768,000	$ 52,043,000
NONCASH FINANCING ACTIVITIES:
Payment of preferred stock dividends in common stock	$ 60,000

Condensed Consolidated Statements of Changes in Redeemable Convertible Preferred Stock and Stockholders' Equity (Unaudited) - USD ($)	Total	Series A 12% convertible preferred stock	Series B-1 12% convertible preferred stock	Series B-2 12% convertible preferred stock	Series B-3 8% convertible preferred stock	Series C super dividend redeemable convertible preferred stock dividend	Series A 12% convertible preferred stock	Series B-1 12% convertible preferred stock	Series B-2 12% convertible preferred stock	Series B-3 8% convertible preferred stock	Common Stock [Member]	Common Stock [Member] Series A 12% convertible preferred stock	Common Stock [Member] Series C super dividend redeemable convertible preferred stock dividend	Common Stock [Member] Series B Convertible Preferred Stock [Member]	Additional Paid-In Capital	Additional Paid-In Capital Series A 12% convertible preferred stock	Additional Paid-In Capital Series C super dividend redeemable convertible preferred stock dividend	Additional Paid-In Capital Series B Convertible Preferred Stock [Member]	Retained Deficit	Retained Deficit Series A 12% convertible preferred stock	Retained Deficit Series B-1 12% convertible preferred stock	Retained Deficit Series B-2 12% convertible preferred stock	Retained Deficit Series B-3 8% convertible preferred stock	Retained Deficit Series C super dividend redeemable convertible preferred stock dividend
Stockholders' Equity (Deficit), Balance (in shares) at Dec. 31, 2018							1,327,500	900,000	2,100,000	2,508,000	41,190,905
Stockholders' Equity (Deficit), Balance at Dec. 31, 2018	$ 5,175,000						$ 537,000	$ 1,761,000	$ 3,697,000	$ 1,224,000	$ 41,000				$ 194,130,000				$ (196,215,000)
Temporary Equity, Balance (in shares) at Dec. 31, 2018						176
Temporary Equity, Balance at Dec. 31, 2018						$ 1,723,000
Convertible preferred stock dividend		$ (80,000)	$ (6,000)	$ (15,000)	$ (9,000)	$ (53,000)														$ (80,000)	$ (6,000)	$ (15,000)	$ (9,000)	$ (53,000)
Issuance of common stock	46,754,000										$ 10,000				46,744,000
Issuance of common stock (in shares)											10,883,394
Conversion of Series B Convertible Preferred to common								$ (1,761,000)	$ (3,697,000)	$ (1,224,000)				$ 4,000				$ 6,678,000
Conversion of Series B Convertible Preferred to common (in shares)								(900,000)	(2,100,000)	(2,508,000)				3,789,346
Issuance of common stock for exercise of warrants and options	2,650,000														2,649,000
Warrant modification (Note 5)															6,622,000				(6,622,000)
Issuance of common stock for exercise of warrants and options (in shares)											727,633
Temporary Equity, Balance (in shares) at Jun. 30, 2019						176
Net loss	(5,373,000)																		(5,373,000)
Temporary Equity, Balance at Jun. 30, 2019						$ 1,723,000
Stock-based compensation expense	855,000														855,000
Stockholders' Equity (Deficit), Balance (in shares) at Jun. 30, 2019							1,327,500				56,591,278
Stockholders' Equity (Deficit), Balance at Jun. 30, 2019	49,898,000						$ 537,000				$ 56,000				257,678,000				(208,373,000)
Stockholders' Equity (Deficit), Balance (in shares) at Mar. 31, 2019							1,327,500				45,594,411
Stockholders' Equity (Deficit), Balance at Mar. 31, 2019	5,119,000						$ 537,000				$ 45,000				209,845,000				(205,308,000)
Convertible preferred stock dividend		(40,000)				$ (27,000)														(40,000)				(27,000)
Issuance of common stock	44,889,000										$ 10,000				44,879,000
Issuance of common stock (in shares)											10,488,161
Issuance of common stock for exercise of warrants and options	2,512,000										$ 1,000				2,511,000
Issuance of common stock for exercise of warrants and options (in shares)											508,706
Temporary Equity, Balance (in shares) at Jun. 30, 2019						176
Net loss	(2,998,000)																		(2,998,000)
Temporary Equity, Balance at Jun. 30, 2019						$ 1,723,000
Stock-based compensation expense	443,000														443,000
Stockholders' Equity (Deficit), Balance (in shares) at Jun. 30, 2019							1,327,500				56,591,278
Stockholders' Equity (Deficit), Balance at Jun. 30, 2019	49,898,000						$ 537,000				$ 56,000				257,678,000				(208,373,000)
Stockholders' Equity (Deficit), Balance (in shares) at Dec. 31, 2019							1,327,500				56,894,642
Stockholders' Equity (Deficit), Balance at Dec. 31, 2019	43,872,000						$ 537,000				$ 56,000				259,673,000				(216,394,000)
Temporary Equity, Balance (in shares) at Dec. 31, 2019						176
Temporary Equity, Balance at Dec. 31, 2019						$ 1,723,000
Convertible preferred stock dividend						$ (1,000)										$ 26,000	$ 34,000			(26,000)				(35,000)
Convertible preferred stock dividend (in shares)												13,275	17,600
Issuance of common stock	44,000														44,000
Issuance of common stock (in shares)											14,452
Issuance of common stock for stock option exercises	$ 219,000														219,000
Issuance of common stock for stock option exercises ( in shares)	84,624										84,624
Temporary Equity, Balance (in shares) at Jun. 30, 2020						176
Net loss	$ (9,670,000)																		(9,670,000)
Temporary Equity, Balance at Jun. 30, 2020						$ 1,723,000
Stock-based compensation expense	824,000										$ 19,068				824,000
Stockholders' Equity (Deficit), Balance (in shares) at Jun. 30, 2020							1,327,500				57,043,661
Stockholders' Equity (Deficit), Balance at Jun. 30, 2020	35,288,000						$ 537,000				$ 56,000				260,820,000				(226,125,000)
Stockholders' Equity (Deficit), Balance (in shares) at Mar. 31, 2020							1,327,500				57,029,209
Stockholders' Equity (Deficit), Balance at Mar. 31, 2020	41,030,000						$ 537,000				$ 56,000				260,382,000				(219,945,000)
Convertible preferred stock dividend		$ (40,000)				$ (26,000)														$ (40,000)				$ (26,000)
Issuance of common stock for stock option exercises	44,000														44,000
Issuance of common stock for stock option exercises ( in shares)											14,452
Temporary Equity, Balance (in shares) at Jun. 30, 2020						176
Net loss	(6,114,000)																		(6,114,000)
Temporary Equity, Balance at Jun. 30, 2020						$ 1,723,000
Stock-based compensation expense	394,000														394,000
Stockholders' Equity (Deficit), Balance (in shares) at Jun. 30, 2020							1,327,500				57,043,661
Stockholders' Equity (Deficit), Balance at Jun. 30, 2020	$ 35,288,000						$ 537,000				$ 56,000				$ 260,820,000				$ (226,125,000)

Basis of Presentation

6 Months Ended

Jun. 30, 2020

Basis of Presentation

1. Basis of Presentation and Liquidity

Galectin Therapeutics Inc. and subsidiaries (the “Company”) is a clinical stage biopharmaceutical company that is applying its leadership in galectin science and drug development to create new therapies for fibrotic disease and cancer. These candidates are based on the Company’s targeting of galectin proteins which are key mediators of biologic and pathologic function. These compounds also may have application for drugs to treat other diseases and chronic health conditions.

The unaudited condensed consolidated financial statements as reported in this Quarterly Report on Form

10-Q

reflect all adjustments which are, in the opinion of management, necessary to present fairly the financial position of the Company as of June 30, 2020 and the results of its operations for the three and six months ended June 30, 2020 and 2019 and its cash flows for the six months ended June 30, 2020 and 2019. All adjustments made to the interim financial statements include all those of a normal and recurring nature. Amounts presented in the condensed consolidated balance sheet as of December 31, 2019 are derived from the Company’s audited consolidated financial statements as of that date, but do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. Subsequent events have been evaluated through the date these financial statements are available to be issued. The results for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the full year. The unaudited condensed consolidated financial statements of the Company should be read in conjunction with its Annual Report on Form

10-K

for the year ended December 31, 2019.

The Company has operated at a loss since its inception and has had no revenues. The Company anticipates that losses will continue for the foreseeable future. At June 30, 2020, the Company had $40,768,000 of unrestricted cash and cash equivalents available to fund future operations. The Company believes there is sufficient cash, including availability of the $10 million line of credit (see Note 3), to fund currently planned operations at least through September 30, 2021. We will require more cash to fund our operations after September 30, 2021 and believe we will be able to obtain additional financing. The currently planned operations include costs related to a planned adaptively designed

NASH-RX

Phase 2b/3 clinical trial. The costs of the trial along with drug manufacturing and other scientific support activities and general overhead during the first stage of the trial are currently estimated to be approximately $90 million. These costs will require additional funding. However, there can be no assurance that we will be successful in obtaining such new financing or, if available, that such financing will be on terms favorable to us. If we are unsuccessful in raising additional capital to fund operations before September 30, 2021, we may be required to cease operations. Accordingly, based on the forecasts and estimates underlying our current operating plan, the financial statements do not currently include any adjustments that might be necessary if we are unable to continue as a going concern.

The Company was founded in July 2000, was incorporated in the State of Nevada in January 2001 under the name

“Pro-Pharmaceuticals,

Inc.,” and changed its name to “Galectin Therapeutics Inc.” on May 26, 2011.

Accrued Expenses and Other

6 Months Ended

Jun. 30, 2020

Accrued Expenses and Other

2. Accrued Expenses and Other

Accrued expenses consist of the following:


	June 30, 2020		December 31, 2019
	(in thousands)
Legal and accounting fees	$	129	$	81
Accrued compensation		861		973
Lease liability		41		39
Accrued research and development costs and other		2,972		—

Total	$	4,003	$	1,093

Research and development expenses, including personnel costs, allocated facility costs, lab supplies, outside services, contract laboratory costs are charged to research and development expense as incurred. The Company accounts for nonrefundable advance payments for goods and services that will be used in future research and development activities as expense when the service has been performed or when the goods have been received. Our current

NASH-RX

clinical trial is being supported by third-party contract research organizations, or CROs, and other vendors. We accrue expenses for clinical trial activities performed by CROs based upon the estimated amount of work completed on each trial. For clinical trial expenses and related expenses associated with the

conduct of clinical trials, the significant factors used in estimating accruals include the number of patients enrolled, the number of active clinical sites, and the duration for which the patients have been enrolled in the trial. We monitor patient enrollment levels and related activities to the extent possible through internal reviews, review of contractual terms and correspondence with CROs. We base our estimates on the best information available at the time. We monitor patient enrollment levels and related activities to the extent possible through discussions with CRO personnel and based our estimates of clinical trial costs on the best information available at the time. However, additional information may become available to us which will allow us to make a more accurate estimate in future periods. In that event, we may be required to record adjustments to research and development expenses in future periods when the actual level of activity becomes more certain.

Line of Credit

6 Months Ended

Jun. 30, 2020

Line of Credit

3. Line of Credit

On December 19, 2017, the Company entered into a $10 million Line of Credit arrangement with Richard E. Uihlein, a director and shareholder. Originally, borrowings may be made by the Company through December 31, 2018. Borrowings bear interest at the Applicable Federal Rate for short term loans published by the Internal Revenue Service (1.6% in December 2019). All borrowings and interest were originally due on December 31, 2019 but may be prepaid without penalty. In connection with the Line of Credit agreement, the Company issued to Mr. Uihlein warrants to purchase 1 million shares of the Company’s common stock for $5 per share. Half of the warrants vested at closing of the Line of Credit and the other half vest ratably with borrowings under the agreement. There have been no borrowings under the Line of Credit to date.

On December 20, 2018, the Line of Credit arrangement was extended for one year for both borrowings and maturity. At the time of the conversion of the Series B Convertible Preferred stock into common stock (See Note 9), on January 11, 2019, the Line of Credit arrangement was extended for an additional two years for both borrowings and maturity. After the second amendment to the Line of Credit arrangement, borrowings may be made through December 31, 2021 with repayment due on December 31, 2022. There was no additional consideration or benefits provided to Mr. Uihlein for any of the extensions of the Line of Credit.

The fair value of the 500,000 warrants vested at closing in December 2017 was $696,000 at the date of issuance based on the following assumptions: an expected life of 7 years, volatility of 98%, risk free interest rate of 2.05% and zero dividends. The fair value of the vested warrants was recorded in other current assets and other assets

(non-current)

as a deferred financing cost and were to be amortized on a straight-line basis from December 19, 2017 through December 31, 2019. The remaining unamortized balance of the deferred financing cost on January 11, 2019 was adjusted to be recorded as expense on a straight-line basis through December 31, 2022. Amortization for the six months ended June 30, 2020 and 2019 of $43,000 and $43,000, respectively, was recorded as interest expense. The fair value of warrants that vest in the future based on borrowings will be computed when those borrowings occur and amortized over the remaining period through December 31, 2022 reflecting the second extension.

Stock-Based Compensation

6 Months Ended

Jun. 30, 2020

Stock-Based Compensation

4. Stock-Based Compensation

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Research and development	$	83	$	83	$	240	$	170
General and administrative		311		360		584		685

Total stock-based compensation expense	$	394	$	443	$	824	$	855

The following table summarizes the stock option activity in the Company’s equity incentive plans, including

non-plan

grants to Company executives, from December 31, 2019 through June 30, 2020:


	Shares			Weighted Average Exercise Price
Outstanding, December 31, 2019		3,000,256		$	4.88
Granted		845,000			2.47
Exercised		(84,624	)		2.61
Options forfeited/cancelled		(23,057	)		1.80

Outstanding, June 30, 2020		3,737,575		$	4.40

As of June 30, 2020, there was $1,361,000 of unrecognized compensation related to 845,000 unvested options, which is expected to be recognized over a weighted–average period of approximately 2.09 years. The weighted-average grant date fair value for options granted during the six months ended June 30, 2020 was $1.92. The Company granted 845,000 stock options during the six months ended June 30, 2020.

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


	Six Months Ended June 30,			Six Months Ended June 30,
	2020			2019
Risk-free interest rate		1.55	%		2.68	%
Expected life of the options		6 years			6 years
Expected volatility of the underlying stock		100	%		104	%
Expected dividend rate		0	%		0	%

In January 2019, two directors elected to take restricted stock grants in lieu of cash retainers for 2019. A total of 19,068 shares of restricted stock valued at approximately $90,000 was amortized to expense on a straight-line basis until January 16, 2020 when the stock vested in full.

In January 2020, two directors elected to take restricted stock grants in lieu of cash retainers for 2020. A total of 32,693 shares of restricted stock valued at approximately $93,500 is being amortized to expense on a straight-line basis until January 9, 2021 when the stock vests in full.

Common Stock Warrants

6 Months Ended

Jun. 30, 2020

Common Stock Warrants

5. Common Stock Warrants

The following table summarizes the common stock warrant activity from December 31, 2019 through June 30, 2020:


	Shares		Weighted Average Exercise Price
Outstanding, December 31, 2019		12,538,204	$	4.22
Granted		—		—
Exercised		—		—
Forfeited/cancelled		—		—

Outstanding, June 30, 2020		12,538,204	$	4.22

The weighted average expiration of the warrants outstanding as of June 30, 2020 is 3.9 years.

Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2020

Fair Value Disclosures [Text Block]

6. Fair Value of Financial Instruments

The Company has certain financial assets and liabilities recorded at fair value. Fair values determined by Level 1 inputs utilize observable data such as quoted prices in active markets. Fair values determined by Level 2 inputs utilize data points other than quoted prices in active markets that are observable either directly or indirectly. Fair values determined by Level 3 inputs utilize unobservable data points in which there is little or no market data, which require the reporting entity to develop its own assumptions. The carrying amounts reflected in the consolidated balance sheets for cash equivalents, accounts payable and accrued expenses approximate their carrying value due to their short-term nature. There were no level 2 or level 3 assets or liabilities at June 30, 2020 or December 31, 2019.

- 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 + Details

Loss Per Share

6 Months Ended

Jun. 30, 2020

Loss Per Share

7. Loss Per Share

Basic net loss per common share is computed by dividing the net loss available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted net loss per common share is computed by dividing the net loss available to common stockholders by the weighted average number of common shares and other potential common shares then outstanding. Potential common shares consist of common shares issuable upon the assumed exercise of

in-the-money

stock options and warrants and potential common shares related to the conversion of the preferred stock. 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. Dilutive shares which could exist pursuant to the exercise of outstanding stock instruments and which were not included in the calculation because their affect would have been anti-dilutive are as follows:


	June 30, 2020 (shares)		June 30, 2019 (shares)
Warrants to purchase shares of common stock		12,538,204		12,540,679
Options to purchase shares of common stock		3,737,575		3,062,338
Shares of common stock issuable upon conversion of preferred stock		514,602		514,602

		16,790,381		16,117,619

Common Stock	6 Months Ended
Common Stock	Jun. 30, 2020
Equity [Abstract]
Common Stock	8. Common Stock 2020 At Market Issuance of Common Stock On May 11, 2020, the Company entered into an At Market Issuance Sales Agreement (the “2020 At Market Agreement”) with a sales agent under which the Company may issue and sell shares of its common stock having an aggregate offering price of up to $40.0 million from time to time through the sales agent. Sales of the Company’s common stock through the sales agent, if any, will be made by any method that is deemed an “at the market” offering as defined by the U.S. Securities and Exchange Commission. The Company will pay to the sales agent a commission rate equal to 3.0% of the gross proceeds from the sale of any shares of common stock sold through the sales agent under the 2020 At Market Agreement. During the three months ended June 30, 2020, the Company issued 14,452 shares of its common stock under the 2020 At Market Agreement for net proceeds of approximately $44,000. 2017 At Market Issuance of Common Stock On May 19, 2017, the Company entered into an At Market Issuance Sales Agreement (the “2017 At Market Agreement”) with a sales agent under which the Company may issue and sell shares of its common stock having an aggregate offering price of up to $30.0 million from time to time through the sales agent. Sales of the Company’s common stock through the sales agent, if any, will be made by any method that is deemed an “at the market” offering as defined by the U.S. Securities and Exchange Commission. The Company will pay to the sales agent a commission rate equal to 3.0% of the gross proceeds from the sale of any shares of common stock sold through the sales agent under the 2017 At Market Agreement. During the six months ended June 30, 2019, the Company issued 395,233 shares of its common stock under the 2017 At Market Agreement for net proceeds of approximately $1,865,000. There were no issuances of common stock under the 2017 At Market Agreement in 2020, and the 2017 At Market Agreement was terminated in May 2020. For the six months ended June 30, 2020, the Company has issued a total of 30,875 shares of common stock for dividends on Series A and Series C Preferred Stock. Rights Offering On May 23, 2019, the Company completed an offering of common stock and warrants to its shareholders of record as of April 29, 2019. In the offering, the Company received approximately $44.9 million for the issuance of 10,488,161 shares of common stock and warrants which may be exercised for 2,622,154 shares of common stock. The warrants may be exercised at $7.00 per share of common stock and expire on May 23, 2026. The warrants were valued at approximately $8.2 million as of the issuance, using the closing price of $4.01, a life of 7 years, a volatility of 101% and a risk-free interest rate of 2.33%. Based upon the Company’s analysis of the criteria contained in ASC Topic 815-40, “Derivatives and Hedging — Contracts in Entity’s Own Equity” the Company has determined that warrants issued in connection with this financing transaction were not derivative liabilities and therefore, were recorded as additional paid-in capital.

Preferred Stock Conversion into Common Stock

6 Months Ended

Jun. 30, 2020

Preferred Stock Conversion into Common Stock

9. Preferred Stock Conversion into Common Stock

On January 11, 2019, 10X Fund L.P. (“10X Fund”), converted all of its Series B Convertible Preferred Stock into Common Stock of Galectin Therapeutics. Pursuant to the terms of the conversion, as of January 11, 2019, 10X Fund converted 5,508,000 shares of its Series

B-1,

B-2

and

B-3

Convertible Preferred Stock into 3,789,346 shares of Common Stock of Galectin Therapeutics. All special voting rights and protective provisions that previously benefited the Series B Preferred Stock were extinguished by the conversion to Common Stock.

In connection with the conversion of the Series B Preferred Stock, the Company extended by five years the exercise date of warrants for 3,579,642 shares of Common Stock issued by the Company in connection with sale of the Series

B-1

and Series

B-2

Preferred Stock. Before the extension, the warrants had various expiration dates in 2019 and 2020. The warrant amendments give 10X Fund the right to nominate one director to the Company’s board of directors. Previously, under the now extinguished voting rights of the Series B Preferred, 10X Fund had the right to name two directors and nominate an additional three directors.

The Company has accounted for the modified terms of the warrants pursuant to ASC 718, Stock Compensation, whereby the Company has recognized a charge for the change in fair value of the warrants immediately before and immediately after the modification. In January 2019, the Company recognized a

one-time

non-cash

charge of $6,622,000 related to the extension of the 3,579,642 warrants. The following assumptions were used to value the extension of the warrants immediately before and immediately after the modification: a) immediately before the modification — an expected life range of 0.09 to 1.33 years, volatility of 98%, risk free interest rate range of 2.4% to 2.59% and zero dividends and; b) immediately following the modification — an expected life range of 5.09 to 6.33 years, volatility range of 106%, risk free interest rate range of 2.56% to 2.6% and zero dividends.

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2020
Commitments and Contingencies	10. Commitments and Contingencies Other Legal Proceedings The Company records accruals for such contingencies to the extent that the Company concludes that their occurrence is probable and the related damages are estimable. There are no significant pending legal proceedings.

Leases

6 Months Ended

Jun. 30, 2020

Leases

11. Leases

The Company has one operating lease for its office space which was amended effective January 1, 2019 for a term of 38 months with no residual value guarantees or material restrictive covenants. The amended lease provided for free rent for the first two months of the lease and continues the security deposit of $6,000. In addition to base rental payments included in the contractual obligations table above, the Company is responsible for our

pro-rata

share of the operating expenses for the building. Our lease cost for the

six-month

periods ended June 30, 2020 and 2019 was $22,000 for each period and is included in general and administrative expenses. As of June 30, 2020, the right to use lease asset consisted of $66,000 and is included in other assets. Also, at June 30, 2020, current lease liability of $41,000 is included in accrued expenses and other and noncurrent lease liability of $31,000 is in other liabilities.

Maturity of operating lease as of June 30, 2020 in thousands:


2020	$	23
2021		48
2022		8

Total		79
Less imputed interest		7

Present value of lease liability	$	72

The discount rate used in calculating the present value of the lease payments was 11.04%

Galectin Sciences LLC

6 Months Ended

Jun. 30, 2020

Galectin Sciences LLC

12. Galectin Sciences LLC

In January 2014, we created Galectin Sciences, LLC (the “LLC” or “Investee”), a collaborative joint venture

co-owned

by SBH Sciences, Inc. (“SBH”), to research and develop small organic molecule inhibitors of

galectin-3

for oral administration. The LLC was initially capitalized with a $400,000 cash investment to fund future research and development activities, which was provided by the Company, and specific

in-process

research and development (“IPR&D”) contributed by SBH. The estimated fair value of the IPR&D contributed by SBH, on the date of contribution, was $400,000. Initially, the Company and SBH each had a 50% equity ownership interest in the LLC, with neither party having control over the LLC. Accordingly, from inception through the fourth quarter of 2014, the Company accounted for its investment in the LLC using the equity method of accounting. Under the equity method of accounting, the Company’s investment was initially recorded at cost with subsequent adjustments to the carrying value to recognize additional investments in or distributions from the Investee, as well as the Company’s share of the Investee’s earnings, losses and/or changes in capital. The estimated fair value of the IPR&D contributed to the LLC was immediately expensed upon contribution as there was no alternative future use available at the point of contribution. The operating agreement provides that if either party does not desire to contribute its equal share of funding required after the initial capitalization, then the other party, providing all of the funding, will have its ownership share increased in proportion to the total amount contributed from inception. In the fourth quarter of 2014, after the LLC had expended the $400,000 in cash, SBH decided not to contribute its share of the funding required. Since then, the Company has contributed a total of $2,260,000, including $309,000 for the six months ended June 30, 2020, for expenses of the LLC. Since the end of 2014, SBH has contributed $158,000 for expenses in the LLC. As of June 30, 2020, the Company’s ownership percentage in the LLC was 82.6%. The Company accounts for the interest in the LLC as a consolidated, less than wholly owned subsidiary. Because the LLC’s equity is immaterial, the value of the

non-controlling

interest is also deemed to be immaterial.

Accrued Expenses and Other (Tables)

6 Months Ended

Jun. 30, 2020

Accrued Expenses

Accrued expenses consist of the following:


	June 30, 2020		December 31, 2019
	(in thousands)
Legal and accounting fees	$	129	$	81
Accrued compensation		861		973
Lease liability		41		39
Accrued research and development costs and other		2,972		—

Total	$	4,003	$	1,093

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2020

Stock-Based Compensation Expense Related to Common Stock Options, Restricted Common Stock and Common Stock Warrants

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Research and development	$	83	$	83	$	240	$	170
General and administrative		311		360		584		685

Total stock-based compensation expense	$	394	$	443	$	824	$	855

Weighted Average Assumptions Used to Determine Fair Value of Options Granted

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


	Six Months Ended June 30,			Six Months Ended June 30,
	2020			2019
Risk-free interest rate		1.55	%		2.68	%
Expected life of the options		6 years			6 years
Expected volatility of the underlying stock		100	%		104	%
Expected dividend rate		0	%		0	%

Summary of Stock Option Activity

The following table summarizes the stock option activity in the Company’s equity incentive plans, including

non-plan

grants to Company executives, from December 31, 2019 through June 30, 2020:


	Shares			Weighted Average Exercise Price
Outstanding, December 31, 2019		3,000,256		$	4.88
Granted		845,000			2.47
Exercised		(84,624	)		2.61
Options forfeited/cancelled		(23,057	)		1.80

Outstanding, June 30, 2020		3,737,575		$	4.40

Common Stock Warrants (Tables)

6 Months Ended

Jun. 30, 2020

Text Block [Abstract]

Common Stock Warrant Activity

The following table summarizes the common stock warrant activity from December 31, 2019 through June 30, 2020:


	Shares		Weighted Average Exercise Price
Outstanding, December 31, 2019		12,538,204	$	4.22
Granted		—		—
Exercised		—		—
Forfeited/cancelled		—		—

Outstanding, June 30, 2020		12,538,204	$	4.22

Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2020

Dilutive Shares Which Could Exist Pursuant to Exercise of Outstanding Stock Instruments and Which were not Included in Calculation

Dilutive shares which could exist pursuant to the exercise of outstanding stock instruments and which were not included in the calculation because their affect would have been anti-dilutive are as follows:


	June 30, 2020 (shares)		June 30, 2019 (shares)
Warrants to purchase shares of common stock		12,538,204		12,540,679
Options to purchase shares of common stock		3,737,575		3,062,338
Shares of common stock issuable upon conversion of preferred stock		514,602		514,602

		16,790,381		16,117,619

Leases (Tables)

6 Months Ended

Jun. 30, 2020

Maturity of operating lease

Maturity of operating lease as of June 30, 2020 in thousands:


2020	$	23
2021		48
2022		8

Total		79
Less imputed interest		7

Present value of lease liability	$	72

Basis of Presentation - Additional Information (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Basis of Presentation [Line Items]
Unrestricted cash and cash equivalents	$ 40,768,000	$ 47,480,000	$ 52,043,000	$ 8,253,000
Currently estimated costs of trail and general overhead	$ 90,000,000

Accrued Expenses and Other (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Schedule of Accrued Liabilities [Line Items]
Legal and accounting fees	$ 129	$ 81
Accrued compensation	861	973
Lease liability	41	39
Accrued research and development costs and other	2,972
Total	$ 4,003	$ 1,093

Line of Credit - Additional Information (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Apr. 29, 2019	Jan. 01, 2019	Dec. 19, 2017
Line of Credit Facility [Line Items]
Number of securities called by warrant	500,000				3,579,642
Warrant value	$ 696,000
Expected life	6 years	6 years
Expected Volatility	100.00%	104.00%
Expected dividend	0.00%	0.00%
Risk free interest rate	1.55%	2.68%
Amortization of interest expense	$ 43,000	$ 43,000
Unsecured Line Of Credit \| Director
Line of Credit Facility [Line Items]
Line of credit facility						$ 10,000,000
Short term borrowing interest rate			1.60%
Number of securities called by warrant	1,000,000
Exercise price of warrant	$ 5
Line of credit current	$ 0
Warrant
Line of Credit Facility [Line Items]
Exercise price of warrant				$ 7.00
Expected life	7 years
Expected Volatility	98.00%
Expected dividend	0.00%
Risk free interest rate	2.05%

Stock-Based Compensation - Additional Information (Detail) - USD ($)	1 Months Ended		6 Months Ended
	Jan. 31, 2020	Jan. 31, 2019	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant-date fair values of options granted			$ 1.92
Unvested option			845,000
Unrecognized compensation cost			$ 1,361,000
Unrecognized compensation cost, recognition period			2 years 1 month 2 days
Number of options granted			845,000
Restricted Stock \| Non Employees Seven Board Of Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock awards granted	32,693
Amortized expense	$ 93,500
Restricted Stock \| Non Employees Two Board Of Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock awards granted		19,068
Amortized expense		$ 90,000

Stock-Based Compensation Expense Related to Common Stock Options, Restricted Common Stock and Common Stock Warrants (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 394	$ 443	$ 824	$ 855
Research and development
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	83	83	240	170
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 311	$ 360	$ 584	$ 685

Summary of Stock Option Activity (Detail)	6 Months Ended
Summary of Stock Option Activity (Detail)	Jun. 30, 2020 $ / shares shares
Shares
Beginning Balance \| shares	3,000,256
Granted \| shares	845,000
Forfeited/Cancelled \| shares	(23,057)
Exercised \| shares	(84,624)
Ending Balance \| shares	3,737,575
Weighted Average Exercise Price
Beginning Balance \| $ / shares	$ 4.88
Granted \| $ / shares	2.47
Forfeited/Cancelled \| $ / shares	1.80
Exercised \| $ / shares	2.61
Ending Balance \| $ / shares	$ 4.40

Weighted Average Assumptions Used to Determine Fair Value of Options Granted (Detail)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	1.55%	2.68%
Expected life of the options	6 years	6 years
Expected volatility of the underlying stock	100.00%	104.00%
Expected dividend rate	0.00%	0.00%

Common Stock Warrant Activity (Detail)	Jun. 30, 2020 $ / shares shares
Shares
Beginning Balance \| shares	12,538,204
Ending Balance \| shares	12,538,204
Weighted Average Exercise Price
Outstanding, December 31, 2019 \| $ / shares	$ 4.22
Outstanding, June 30, 2020 \| $ / shares	$ 4.22

Common Stock Warrants (Parenthetical) (Details)	Jun. 30, 2020
Warrants outstanding	3 years 10 months 24 days

Dilutive Shares Which Could Exist Pursuant to Exercise of Outstanding Stock Instruments and Which were not Included in Calculation (Detail) - shares	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive shares not included in calculation	16,790,381	16,117,619
Warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive shares not included in calculation	12,538,204	12,540,679
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive shares not included in calculation	3,737,575	3,062,338
Contingently Issuable Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive shares not included in calculation	514,602	514,602

Common Stock - Additional Information (Detail)			3 Months Ended	6 Months Ended
Common Stock - Additional Information (Detail)	May 23, 2019 USD ($) yr $ / shares	Apr. 29, 2019 USD ($) $ / shares shares	Jun. 30, 2020 USD ($) shares	Jun. 30, 2020 USD ($) shares	Jun. 30, 2019 USD ($) shares	May 11, 2020 USD ($)	Jan. 01, 2019 shares	May 19, 2017 USD ($)
Class of Stock [Line Items]
Net proceeds from issuance of common stock				$ 263,000	$ 49,404,000
Fair market value of common stock per share \| $ / shares	$ 4.01
Warrants Exercised \| shares			500,000	500,000			3,579,642
Warrant [Member]
Class of Stock [Line Items]
Exercise price of warrant \| $ / shares		$ 7.00
Issuance of warrants, value	$ 8,200,000
Warrant [Member] \| Measurement Input, Price Volatility [Member]
Class of Stock [Line Items]
Fair value assumptions, Measurement Input	101
Warrant [Member] \| Measurement Input, Risk Free Interest Rate [Member]
Class of Stock [Line Items]
Fair value assumptions, Measurement Input	2.33
Warrant [Member] \| Measurement Input, Expected Term [Member]
Class of Stock [Line Items]
Fair value assumptions, Measurement Input \| yr	7
Common Stock [Member]
Class of Stock [Line Items]
Shares of common stock issued \| shares		10,488,161
Net proceeds from issuance of common stock		$ 44,900,000
Warrants Exercised \| shares		2,622,154
2017 At Market Agreement
Class of Stock [Line Items]
Aggregate offering price								$ 30,000,000.0
Commission to sales agent as a percentage of gross proceeds								3.00%
Shares of common stock issued \| shares				0	395,233
Net proceeds from issuance of common stock					$ 1,865,000
Other Agreements
Class of Stock [Line Items]
Common stock issued for dividend \| shares				30,875
2020 At Market Agreement
Class of Stock [Line Items]
Aggregate offering price						$ 40,000,000.0
Commission to sales agent as a percentage of gross proceeds						3.00%
Shares of common stock issued \| shares			14,452
Net proceeds from issuance of common stock			$ 44,000

Preferred Stock Conversion into Common Stock - Additional Information (Detail)		1 Months Ended	6 Months Ended
	Jan. 11, 2019 USD ($) shares	Jan. 31, 2019 shares	Jun. 30, 2019 USD ($)	Jun. 30, 2020 shares	Apr. 29, 2019 shares	Jan. 01, 2019 yr shares
Number of shares called by warrants				500,000		3,579,642
Recognition of non cash charge related to extension of warrants \| $	$ 6,622,000		$ 6,622,000
Warrants Issued		3,579,642
Derivative Liability						0
Minimum Expected Life Range [Member] \| Maximum [Member] \| Before Modification of Terms of Warrants [Member]
Derivative Liability \| yr						1.33
Minimum Expected Life Range [Member] \| Maximum [Member] \| After Modification of Terms of Warrants [Member]
Derivative Liability \| yr						6.33
Minimum Expected Life Range [Member] \| Minimum [Member] \| Before Modification of Terms of Warrants [Member]
Derivative Liability \| yr						0.09
Minimum Expected Life Range [Member] \| Minimum [Member] \| After Modification of Terms of Warrants [Member]
Derivative Liability \| yr						5.09
Measurement Input, Volatility Rate [Member] \| Before Modification of Terms of Warrants [Member]
Derivative Liability						98
Measurement Input, Volatility Rate [Member] \| After Modification of Terms of Warrants [Member]
Derivative Liability						106
Measurement Input, Risk Free Interest Rate [Member] \| Maximum [Member] \| Before Modification of Terms of Warrants [Member]
Derivative Liability						2.59
Measurement Input, Risk Free Interest Rate [Member] \| Maximum [Member] \| After Modification of Terms of Warrants [Member]
Derivative Liability						2.6
Measurement Input, Risk Free Interest Rate [Member] \| Minimum [Member] \| Before Modification of Terms of Warrants [Member]
Derivative Liability						2.4
Measurement Input, Risk Free Interest Rate [Member] \| Minimum [Member] \| After Modification of Terms of Warrants [Member]
Derivative Liability						2.56
Common Stock [Member]
Number of shares called by warrants					2,622,154
Common Stock [Member] \| 10X Fund L.P.[Member]
Common stocks issued upon conversion of Preferred Stock	3,789,346
Series B1 B2 and B3 Convertible Preferred Stock [Member] \| 10X Fund L.P.[Member]
Convertible preferred shares	5,508,000

Leases Additional Information (Detail) - USD ($)	6 Months Ended
Leases Additional Information (Detail) - USD ($)	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Jan. 01, 2019
Term of Contract				38 months
Lease Deposits				$ 6,000
Lease liability	$ 41,000		$ 39,000
Discount rate	11.04%
Other assets
Right-of-Use Asset	$ 66,000
Accrued And Other Liabilities Current
Lease liability	41,000
Other liabilities
Non current lease liability	31,000
General and administrative
Lease cost	$ 22,000	$ 22,000

Leases - Maturity of operating lease (Details) $ in Thousands	Jun. 30, 2020 USD ($)
Leases [Abstract]
2020	$ 23
2021	48
2022	8
Total	79
Less imputed interest	7
Present value of lease liability	$ 72

Galectin Science LLC - Additional Information (Detail) - Galectin Sciences, LLC - USD ($)	1 Months Ended	6 Months Ended	12 Months Ended	78 Months Ended
	Jan. 31, 2014	Jun. 30, 2020	Dec. 31, 2014	Jun. 30, 2020
Investments in and Advances to Affiliates [Line Items]
Equity method investment in Galectin Sciences LLC	$ 400,000
Subsequent capital contribution		$ 309,000		$ 2,260,000
Equity Method Investment, Ownership Percentage	50.00%
Loss from equity method investment in Galectin Sciences, LLC			$ 400,000
SBH Sciences, Inc
Investments in and Advances to Affiliates [Line Items]
Subsequent capital contribution		$ 158,000
SBH Sciences, Inc \| In Process Research and Development
Investments in and Advances to Affiliates [Line Items]
Estimated fair value of the IPR&D Contributed by SBH	$ 400,000
Ownership Percentage		82.60%