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In the offering, the Company received approximately $44.9&#160;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&#160;23, 2026. The warrants were valued at approximately $8.2&#160;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&#8217;s analysis of the criteria contained in ASC Topic <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">815-40,</div> &#8220;Derivatives and Hedging &#8212; Contracts in Entity&#8217;s Own Equity&#8221; the Company has determined that warrants issued in connection with this financing transaction were not derivative liabilities and therefore, were recorded as additional <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">paid-in</div> capital.</div><div style="font-size:10pt; color:#000000; font-family:times new roman; font-style:normal; font-variant:normal; font-weight:400; letter-spacing:normal; margin-bottom:0pt; margin-left:2%; margin-top:18pt; orphans:2; text-align:left; text-decoration:none; text-indent:0px; text-transform:none; -webkit-text-stroke-width:0px; white-space:normal; word-spacing:0px"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Other </div></div></div></div><div style="font-size:10pt; color:#000000; font-family:times new roman; font-style:normal; font-variant:normal; font-weight:400; letter-spacing:normal; margin-bottom:0pt; margin-left:4%; margin-top:6pt; orphans:2; text-align:left; text-decoration:none; text-indent:0px; text-transform:none; -webkit-text-stroke-width:0px; white-space:normal; word-spacing:0px"><div style="letter-spacing: 0px; top: 0px;;display:inline;">In 2017, the Company entered an agreement with a vendor whereby the Company will issue common stock to the vendor in lieu of paying in cash in amount up to $100,000 for the year. In 2018, the Company issued 2,883 shares of common stock and 290 warrants to purchase shares of common stock at $5.00 per share pursuant to this agreement and the value of such shares and warrants, totaling approximately $12,000, respectively, has been recorded as research and development expense.</div></div><div style="font-size:10pt; color:#000000; font-family:times new roman; font-style:normal; font-variant:normal; font-weight:400; letter-spacing:normal; margin-bottom:0pt; margin-left:2%; margin-top:18pt; orphans:2; text-align:left; text-decoration:none; text-indent:0px; text-transform:none; -webkit-text-stroke-width:0px; white-space:normal; word-spacing:0px"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Series A 12% Convertible Preferred Stock &#8212; February&#160;4, 2008 Private Placement </div></div></div></div><div style="font-size:10pt; color:#000000; font-family:times new roman; font-style:normal; font-variant:normal; font-weight:400; letter-spacing:normal; margin-bottom:0pt; margin-left:4%; margin-top:6pt; orphans:2; text-align:left; text-decoration:none; text-indent:0px; text-transform:none; -webkit-text-stroke-width:0px; white-space:normal; word-spacing:0px"><div style="letter-spacing: 0px; top: 0px;;display:inline;">On February&#160;4, 2008, the Company&#160;closed&#160;a private placement begun in October 2007&#160;of its Series A 12% Convertible Preferred Stock (&#8220;Series A&#8221;) and related warrants. In this transaction, the Company sold units of securities at $6.00 per unit, each unit comprised of (i)&#160;one share of Series A Preferred, (ii)&#160;a warrant to purchase one share of common stock for $9.00, and (iii)&#160;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%&#160;per annum payable at the Company&#8217;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&#8217;s share price for the 20 consecutive trading days prior to the applicable dividend payment date. Dividends are payable semi-annually on March&#160;30 and September&#160;30. The dividend paid on the initial dividend payment date is calculated from the date the Company deposited each subscription advance.</div></div><div style="font-size:10pt; color:#000000; font-family:times new roman; font-style:normal; font-variant:normal; font-weight:400; letter-spacing:normal; margin-bottom:0pt; margin-left:4%; margin-top:6pt; orphans:2; text-align:left; text-decoration:none; text-indent:0px; text-transform:none; -webkit-text-stroke-width:0px; white-space:normal; word-spacing:0px">The shares of Series A are entitled to vote as a class with the Company&#8217;s common stock and each share of Series A is convertible at any time to <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">one-sixth</div> 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&#160;3, 2008 and expired on February&#160;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.</div><div style="font-size:10pt; color:#000000; font-family:times new roman; font-style:normal; font-variant:normal; font-weight:400; letter-spacing:normal; margin-bottom:0pt; margin-left:4%; margin-top:6pt; orphans:2; text-align:left; text-decoration:none; text-indent:0px; text-transform:none; -webkit-text-stroke-width:0px; white-space:normal; word-spacing:0px"><div style="letter-spacing: 0px; top: 0px;;display:inline;">In 2018, 50,000 shares of Series A were converted into 8,424 shares of common stock which included 90 shares relating to the prorated dividend prior conversion. There were no shares of Series A converted into shares of common stock in 2017. Prior to 2016, a total of 360,000 shares of Series A had been converted into 60,888 shares of common stock.</div></div><div style="font-size:10pt; color:#000000; font-family:times new roman; font-style:normal; font-variant:normal; font-weight:400; letter-spacing:normal; margin-bottom:0pt; margin-left:2%; margin-top:18pt; orphans:2; text-align:left; text-decoration:none; text-indent:0px; text-transform:none; -webkit-text-stroke-width:0px; white-space:normal; word-spacing:0px"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Series B Convertible Preferred Stock </div></div></div></div><div style="font-size:10pt; color:#000000; font-family:times new roman; font-style:normal; font-variant:normal; font-weight:400; letter-spacing:normal; margin-bottom:0pt; margin-left:4%; margin-top:6pt; orphans:2; text-align:left; text-decoration:none; text-indent:0px; text-transform:none; -webkit-text-stroke-width:0px; white-space:normal; word-spacing:0px">On February&#160;12, 2009, the Company entered into a securities purchase agreement (the &#8220;10X Agreement&#8221;) pursuant to which it agreed to issue and sell to 10X Fund LP, at two or more closings, up to: (i)&#160;3,000,000 shares its Series <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">B-1</div> and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">B-2</div> convertible preferred stock with an aggregate stated value of $6.0&#160;million and convertible into 2,000,000 shares of common stock at December&#160;31, 2011 and (ii)&#160;warrants to purchase 6,000,000 shares of common stock.</div><div style="font-size:10pt; color:#000000; font-family:times new roman; font-style:normal; font-variant:normal; font-weight:400; letter-spacing:normal; margin-bottom:0pt; margin-left:4%; margin-top:6pt; orphans:2; text-align:left; text-decoration:none; text-indent:0px; text-transform:none; -webkit-text-stroke-width:0px; white-space:normal; word-spacing:0px">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)&#160;900,000 shares of Series <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">B-1</div> convertible preferred stock (&#8220;Series <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">B-1</div> convertible preferred stock&#8221; or &#8220;Series <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">B-1&#8221;)</div> and related common stock warrants for 1,800,000 shares of common stock and (ii)&#160;2,100,000 shares of Series <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">B-2</div> convertible preferred stock (&#8220;Series <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">B-2</div> convertible preferred stock&#8221; or &#8220;Series <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">B-2&#8221;)</div> and related warrants for 4,200,000 shares of common stock for total net proceeds of $5,483,000.</div><div style="font-size:10pt; color:#000000; font-family:times new roman; font-style:normal; font-variant:normal; font-weight:400; letter-spacing:normal; margin-bottom:0pt; margin-left:4%; margin-top:6pt; orphans:2; text-align:left; text-decoration:none; text-indent:0px; text-transform:none; -webkit-text-stroke-width:0px; white-space:normal; word-spacing:0px">On September&#160;22, 2016, the Company entered into a securities purchase agreement (the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">&#8220;B-3</div> Agreement&#8221;) pursuant to which it agreed to issue and sell to 10X Fund LP: (i)&#160;1,500,000 shares its Series <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">B-3</div> convertible preferred stock (&#8220;Series <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">B-3</div> preferred stock&#8221; or <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">&#8220;Series&#160;B-3&#8221;)</div> with an aggregate stated value and proceeds of $1.5&#160;million and convertible into 892,349 shares of common stock, and (ii)&#160;warrants to purchase up to 669,262 shares of common stock. Also, pursuant to agreements signed on September&#160;22, 2016 with 10X Fund LP, the Company issued 875,000 warrants to purchase common stock in exchange in exchange for the 10X Fund LP agreeing not to sell any shares of common or preferred stock in the Company for 18 months, except in limited circumstances. Additionally, as previously agreed to by the 10X Fund LP, the sole holder of the Company&#8217;s Series <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">B-1,</div> Series <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">B-2</div> and Series <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">B-3</div> preferred stock (collectively, with the Series <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">B-1</div> and Series <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">B-2,</div> the &#8220;Series B&#8221;), in the Second Amended and Restated Certificate of Designation of Preferences, Rights and Limitations of Series B preferred stock we removed the ability of the holders of the Series B to cause a redemption of their shares of Series B. Accordingly, the Company accounted for the removal of this redemption feature as a modification and reclassified the Series <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">B-1</div> and Series <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">B-2</div> preferred stock into permanent equity at September&#160;30, 2016 and forward.</div><div style="font-size:10pt; color:#000000; font-family:times new roman; font-style:normal; font-variant:normal; font-weight:400; letter-spacing:normal; margin-bottom:0pt; margin-left:4%; margin-top:6pt; orphans:2; text-align:left; text-decoration:none; text-indent:0px; text-transform:none; -webkit-text-stroke-width:0px; white-space:normal; word-spacing:0px">On December&#160;23, 2016, the Company and 10X Fund LP amended the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">B-3</div> Agreement whereby the Company agreed to issue and sell to 10X Fund LP an additional (i)&#160;1,008,000 shares of its <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">B-3</div> preferred stock with an aggregate stated value and proceeds of $1.0&#160;million and convertible into 896,997 shares of common stock, and (ii)&#160;warrants to purchase up to 924,780 shares of common stock.</div><div style="font-size:10pt; color:#000000; font-family:times new roman; font-style:normal; font-variant:normal; font-weight:400; letter-spacing:normal; margin-bottom:0pt; margin-left:4%; margin-top:6pt; orphans:2; text-align:left; text-decoration:none; text-indent:0px; text-transform:none; -webkit-text-stroke-width:0px; white-space:normal; word-spacing:0px">On January&#160;11, 2019, 10X Fund L.P., 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&#160;11, 2019, 10X Fund L.P. converted 5,508,000 shares of its Series <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">B-1,</div> <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">B-2</div> and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">B-3</div> 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.</div><div style="font-size:10pt; color:#000000; font-family:times new roman; font-style:normal; font-variant:normal; font-weight:400; letter-spacing:normal; margin-bottom:0pt; margin-left:4%; margin-top:6pt; orphans:2; text-align:left; text-decoration:none; text-indent:0px; text-transform:none; -webkit-text-stroke-width:0px; white-space:normal; word-spacing:0px"><div style="letter-spacing: 0px; top: 0px;;display:inline;">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</div></div><div style="font-size:1px; color:#000000; font-family:times new roman; font-style:normal; font-variant:normal; font-weight:400; letter-spacing:normal; margin-bottom:0px; margin-top:6px; orphans:2; text-align:left; text-decoration:none; text-indent:0px; text-transform:none; -webkit-text-stroke-width:0px; white-space:normal; word-spacing:0px"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="font-size:10pt; color:#000000; font-family:times new roman; font-style:normal; font-variant:normal; font-weight:400; letter-spacing:normal; margin-bottom:0pt; margin-left:4%; margin-top:0pt; orphans:2; text-align:left; text-decoration:none; text-indent:0px; text-transform:none; -webkit-text-stroke-width:0px; white-space:normal; word-spacing:0px">sale of the Series <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">B-1</div> and Series <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">B-2</div> 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&#8217;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.</div><div style="font-size:10pt; color:#000000; font-family:times new roman; font-style:normal; font-variant:normal; font-weight:400; letter-spacing:normal; margin-bottom:0pt; margin-left:4%; margin-top:6pt; orphans:2; text-align:left; text-decoration:none; text-indent:0px; text-transform:none; -webkit-text-stroke-width:0px; white-space:normal; word-spacing:0px">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.&#160;In January 2019, the Company recognized a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">one-time</div> <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-cash</div> 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 &#8212; 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 &#8212; 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.</div><div style="font-size:10pt; color:#000000; font-family:times new roman; font-style:normal; font-variant:normal; font-weight:400; letter-spacing:normal; margin-bottom:0pt; margin-left:4%; margin-top:6pt; orphans:2; text-align:left; text-decoration:none; text-indent:0px; text-transform:none; -webkit-text-stroke-width:0px; white-space:normal; word-spacing:0px"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Certain terms of the Series B prior to the conversion into common stock on January&#160;11, 2019 were as follows:</div></div><div style="font-size:10pt; color:#000000; font-family:times new roman; font-style:normal; font-variant:normal; font-weight:400; letter-spacing:normal; margin-bottom:0pt; margin-left:4%; margin-top:6pt; orphans:2; text-align:left; text-decoration:none; text-indent:0px; text-transform:none; -webkit-text-stroke-width:0px; white-space:normal; word-spacing:0px"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Dividends</div>.&#160;Holders of the Series B were entitled to receive cumulative dividends at the rate of 12% for Series <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">B-1</div> and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">B-2&#160;and</div> 8% for Series <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">B-3&#160;per</div> annum (compounding monthly) payable quarterly which may, at the Company&#8217;s option, be paid in cash or common stock. Pursuant to an agreement with the holder of all shares of Series B, on January&#160;26, 2011, the Company amended and restated the Certificate of Designation of Preferences, Rights and Limitations for the Series <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">B-1</div> and Series <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">B-2,</div> 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&#160;consecutive trading days prior to the dividend payment date on and after September&#160;30, 2011. If the Company did not pay any dividend on the Series B, dividends would accrue at the rate of 15%&#160;per annum (compounding monthly).</div><div style="font-size:10pt; color:#000000; font-family:times new roman; font-style:normal; font-variant:normal; font-weight:400; letter-spacing:normal; margin-bottom:0pt; margin-left:4%; margin-top:6pt; orphans:2; text-align:left; text-decoration:none; text-indent:0px; text-transform:none; -webkit-text-stroke-width:0px; white-space:normal; word-spacing:0px"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Other Restrictions</div>.&#160;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)&#160;change the size of the Company&#8217;s Board of Directors; (ii)&#160;amend or repeal the Company&#8217;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, that would alter or change the preferences, rights, privileges or powers of, or restriction provided for the benefit of the Series B; (iii)&#160;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)&#160;increase or decrease the authorized number of shares of the Series B; (v)&#160;purchase, redeem or otherwise acquire for value any shares of any class of capital stock; (vi)&#160;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&#8217;s assets or those of any subsidiary; (vii)&#160;voluntarily or involuntarily liquidate, dissolve or wind up the Company or the Company&#8217;s business; (viii)&#160;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)&#160;acquire an equitable interest in, or the assets or business of any other entity in any form of transaction; (x)&#160;create or commit us to enter into a joint venture, licensing agreement or exclusive marketing or other distribution agreement with respect to the Company&#8217;s products, other than in the ordinary course of business; (xi)&#160;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)&#160;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)&#160;enter into, create, incur or assume any liens of any kind (other than certain permitted liens); (xiv)&#160;issue any common stock or common stock equivalents; (xv)&#160;increase the number of shares of the Company&#8217;s common stock that may be issued pursuant to options, warrants or rights to employees, directors, officers, consultants or advisors above the number of shares that were authorized for issuance under our 2001 Stock Incentive Plan, 2003 <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Non-Employee</div> Director Stock Incentive Plan and 2009 Incentive Compensation Plan as of September&#160;9, 2016.</div><div style="font-size:1px; color:#000000; font-family:times new roman; font-style:normal; font-variant:normal; font-weight:400; letter-spacing:normal; margin-bottom:0px; margin-top:18px; orphans:2; text-align:left; text-decoration:none; text-indent:0px; text-transform:none; -webkit-text-stroke-width:0px; white-space:normal; word-spacing:0px"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="font-size:10pt; color:#000000; font-family:times new roman; font-style:normal; font-variant:normal; font-weight:400; letter-spacing:normal; margin-bottom:0pt; margin-left:4%; margin-top:0pt; orphans:2; text-align:left; text-decoration:none; text-indent:0px; text-transform:none; -webkit-text-stroke-width:0px; white-space:normal; word-spacing:0px"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Series C 6% Super Dividend Redeemable Convertible Preferred Stock </div></div></div></div><div style="font-size:10pt; color:#000000; font-family:times new roman; font-style:normal; font-variant:normal; font-weight:400; letter-spacing:normal; margin-bottom:0pt; margin-left:4%; margin-top:6pt; orphans:2; text-align:left; text-decoration:none; text-indent:0px; text-transform:none; -webkit-text-stroke-width:0px; white-space:normal; word-spacing:0px"><div style="letter-spacing: 0px; top: 0px;;display:inline;">On December&#160;29, 2010, the Company designated and authorized the sale and issuance of up to 1,000 shares of Series C Super Dividend Redeemable Convertible Preferred Stock (&#8220;Series C&#8221;) with a par value of $0.01 and a stated value equal to $10,000 (the &#8220;Stated Value&#8221;).</div></div><div style="font-size:10pt; color:#000000; font-family:times new roman; font-style:normal; font-variant:normal; font-weight:400; letter-spacing:normal; margin-bottom:0pt; margin-left:4%; margin-top:6pt; orphans:2; text-align:left; text-decoration:none; text-indent:0px; text-transform:none; -webkit-text-stroke-width:0px; white-space:normal; word-spacing:0px"><div style="letter-spacing: 0px; top: 0px;;display:inline;">On December&#160;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. Additionally, in January 2011, the Company sold and issued 13 shares of Series C at a price of $10,000 per share for gross proceeds of $130,000.</div></div><div style="font-size:10pt; color:#000000; font-family:times new roman; font-style:normal; font-variant:normal; font-weight:400; letter-spacing:normal; margin-bottom:0pt; margin-left:4%; margin-top:6pt; orphans:2; text-align:left; text-decoration:none; text-indent:0px; text-transform:none; -webkit-text-stroke-width:0px; white-space:normal; word-spacing:0px"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The terms of the Series C are as follows:</div></div><div style="font-size:10pt; color:#000000; font-family:times new roman; font-style:normal; font-variant:normal; font-weight:400; letter-spacing:normal; margin-bottom:0pt; margin-left:4%; margin-top:6pt; orphans:2; text-align:left; text-decoration:none; text-indent:0px; text-transform:none; -webkit-text-stroke-width:0px; white-space:normal; word-spacing:0px"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Conversion Rights</div>.&#160;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 (&#8220;Conversion Price&#8221;), 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&#160;31, 2018 and 2017, the 176 outstanding shares of Series C were convertible into a total of approximately 293,340 shares of Common Stock.</div></div><div style="font-size:10pt; color:#000000; font-family:times new roman; font-style:normal; font-variant:normal; font-weight:400; letter-spacing:normal; margin-bottom:0pt; margin-left:4%; margin-top:6pt; orphans:2; text-align:left; text-decoration:none; text-indent:0px; text-transform:none; -webkit-text-stroke-width:0px; white-space:normal; word-spacing:0px"><div style="letter-spacing: 0px; top: 0px;;display:inline;">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.</div></div><div style="font-size:10pt; color:#000000; font-family:times new roman; font-style:normal; font-variant:normal; font-weight:400; letter-spacing:normal; margin-bottom:0pt; margin-left:4%; margin-top:6pt; orphans:2; text-align:left; text-decoration:none; text-indent:0px; text-transform:none; -webkit-text-stroke-width:0px; white-space:normal; word-spacing:0px"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Dividends</div>.&#160;Holders of Series C shall be entitled to receive cumulative <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-compounding</div> dividends at the rate per share of Series C equal to the greater of (i)&#160;6%&#160;per annum of the Stated Value (also defined as the &#8220;Floor&#8221;) or (ii)&#160;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 &#8220;Maximum Payout&#8221;).&#160;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<div style="font-size: 7.4pt; vertical-align: top; line-height: 5.476pt;;vertical-align: super;font-size: smaller;display:inline;">&#174;</div> <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">(GM-CT-01),</div></div> less chargebacks, returns, expenses attributable to product recalls, duties, customs, sales tax, freight, insurance, shipping expenses, allowances and other customary deductions.</div><div style="font-size:10pt; color:#000000; font-family:times new roman; font-style:normal; font-variant:normal; font-weight:400; letter-spacing:normal; margin-bottom:0pt; margin-left:4%; margin-top:6pt; orphans:2; text-align:left; text-decoration:none; text-indent:0px; text-transform:none; -webkit-text-stroke-width:0px; white-space:normal; word-spacing:0px">The dividend shall be payable in arrears semiannually on March&#160;31 and September&#160;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&#160;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&#8217;s option either in cash or in duly authorized, fully paid and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-assessable</div> shares of Common Stock valued at the higher of (i)&#160;$3.00 per share or (ii)&#160;the average of the Common Stock trading price for the ten (10)&#160;consecutive trading days ending on the trading day that is immediately prior to the dividend payment date.</div><div style="font-size:10pt; color:#000000; font-family:times new roman; font-style:normal; font-variant:normal; font-weight:400; letter-spacing:normal; margin-bottom:0pt; margin-left:4%; margin-top:6pt; orphans:2; text-align:left; text-decoration:none; text-indent:0px; text-transform:none; -webkit-text-stroke-width:0px; white-space:normal; word-spacing:0px"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Series C Post Conversion Dividend Right</div>.&#160;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 &#8220;Series C Preferred Stock Post Conversion Dividend Right&#8221;) 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.</div></div><div style="font-size:10pt; color:#000000; font-family:times new roman; font-style:normal; font-variant:normal; font-weight:400; letter-spacing:normal; margin-bottom:0pt; margin-left:4%; margin-top:6pt; orphans:2; text-align:left; text-decoration:none; text-indent:0px; text-transform:none; -webkit-text-stroke-width:0px; white-space:normal; word-spacing:0px">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 <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">GM-CT-01</div></div> 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.</div><div style="font-size:10pt; color:#000000; font-family:times new roman; font-style:normal; font-variant:normal; font-weight:400; letter-spacing:normal; margin-bottom:0pt; margin-left:4%; margin-top:6pt; orphans:2; text-align:left; text-decoration:none; text-indent:0px; text-transform:none; -webkit-text-stroke-width:0px; white-space:normal; word-spacing:0px"><div style="letter-spacing: 0px; top: 0px;;display:inline;">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. In 2013, 24 shares of Series C were converted into 40,193 shares of common stock and 24 Dividend Rights were issued. In 2014, 20 shares of Series&#160;C were converted into 33,756 shares of common stock and 20 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&#160;31, 2016 and 2015, these Dividend Rights were determined to have a de minimis value, as the payment of a 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.</div></div><div style="font-size:10pt; color:#000000; font-family:times new roman; font-style:normal; font-variant:normal; font-weight:400; letter-spacing:normal; margin-bottom:0pt; margin-left:4%; margin-top:6pt; orphans:2; text-align:left; text-decoration:none; text-indent:0px; text-transform:none; -webkit-text-stroke-width:0px; white-space:normal; word-spacing:0px"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Liquidation Rights</div>.&#160;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 (&#8220;Series A&#8221;), Series <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">B-1</div> and Series <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">B-2,</div> subject to the Maximum Payout.</div><div style="font-size:10pt; color:#000000; font-family:times new roman; font-style:normal; font-variant:normal; font-weight:400; letter-spacing:normal; margin-bottom:0pt; margin-left:4%; margin-top:6pt; orphans:2; text-align:left; text-decoration:none; text-indent:0px; text-transform:none; -webkit-text-stroke-width:0px; white-space:normal; word-spacing:0px"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Redemption</div>.&#160;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)&#160;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)&#160;(A)&#160;the applicable return on investment (&#8220;ROI&#8221;) percentage, multiplied by (B)&#160;$10,000, minus (ii)&#160;the cumulative dividends received through the redemption date. The redemption price shall be payable at the Company&#8217;s option either in cash or in shares of common stock valued at the higher of (i)&#160;$3.00 per share or (ii)&#160;the average market price for the ten consecutive trading days ending immediately prior to the date of redemption. 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top: 0px;;display:inline;">550%</div></div></td><td style="padding-left: 0px;;vertical-align:bottom;">&#160;&#160;</td><td style="padding-left: 0px;;vertical-align:bottom;">on or after the eighth anniversary of the date of issuance, but before the ninth anniversary of the date of issuance.</td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="font-size:1px; color:#000000; font-family:times new roman; font-style:normal; font-variant:normal; font-weight:400; letter-spacing:normal; margin-bottom:0px; margin-top:6px; orphans:2; text-align:left; text-decoration:none; text-indent:0px; text-transform:none; -webkit-text-stroke-width:0px; white-space:normal; word-spacing:0px"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="font-size:10pt; color:#000000; font-family:times new roman; font-style:normal; font-variant:normal; font-weight:400; letter-spacing:normal; margin-bottom:0pt; 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These candidates are based on the Company&#8217;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.</div></div><div style="font-size:10pt; color:#000000; font-family:times new roman; font-style:normal; font-variant:normal; font-weight:400; letter-spacing:normal; margin-bottom:0pt; margin-left:4%; margin-top:6pt; orphans:2; text-align:left; text-decoration:none; text-indent:0px; text-transform:none; -webkit-text-stroke-width:0px; white-space:normal; word-spacing:0px">The Company was founded in July 2000, was incorporated in the State of Nevada in January 2001 under the name <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">&#8220;Pro-Pharmaceuticals,</div> Inc.,&#8221; and changed its name to &#8220;Galectin Therapeutics Inc.&#8221; on May&#160;26, 2011.</div><div style="font-size:10pt; color:#000000; font-family:times new roman; font-style:normal; font-variant:normal; font-weight:400; letter-spacing:normal; margin-bottom:0pt; margin-left:4%; margin-top:6pt; orphans:2; text-align:left; text-decoration:none; text-indent:0px; text-transform:none; -webkit-text-stroke-width:0px; white-space:normal; word-spacing:0px"><div style="letter-spacing: 0px; top: 0px;;display:inline;">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 December&#160;31, 201<div style="letter-spacing: 0px; top: 0px;;display:inline;">9</div>, the Company had $47,480,000&#160;of unrestricted cash and cash equivalents available to fund future operations. The Company believes there is sufficient cash, including availability of the line of credit (see Note 8), <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">to fund currently planned operations at least through September&#160;30, 2021. We will require more cash to fund our operations after September&#160;30, 2021 and believe we will be able to obtain additional financing. The currently planned operations include costs related to a planned adaptively designed Phase 2b/3 clinical trial. </div></div><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">While the costs of the trial and general overhead during the first stage of the trial are currently estimated to be </div></div><div style="color: rgb(0, 0, 0); font-family: &quot;times new roman&quot;; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0px; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; top: 0px;;display:inline;">approximately</div> <div style="letter-spacing: 0px; top: 0px;;display:inline;"> $125&#160;</div><div style="color: rgb(0, 0, 0); font-family: &quot;times new roman&quot;; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0px; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; top: 0px;;display:inline;">million, the costs and timing of such trial is not yet finalized. 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. 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Successful completion of the Company&#8217;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&#8217;s cost structure. 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Management&#8217;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. 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Fair values determined by Level&#160;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 estimated value of accounts payable and accrued expenses approximates their carrying value due to their short-term nature. There were no Level&#160;2 or 3 assets or liabilities at December&#160;31, 2019 or 2018.</div></div><div style="font-size:10pt; color:#000000; font-family:times new roman; font-style:normal; font-variant:normal; font-weight:400; letter-spacing:normal; margin-bottom:0pt; margin-left:4%; margin-top:6pt; orphans:2; text-align:left; text-decoration:none; text-indent:0px; text-transform:none; -webkit-text-stroke-width:0px; white-space:normal; word-spacing:0px"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Cash and Cash Equivalents.</div>&#160;The Company considers all highly-liquid investments with original maturities of 90 days or less at the time of acquisition to be cash equivalents. The Company had no cash equivalents at December&#160;31, 2019 or 2018.</div></div><div style="font-size:10pt; color:#000000; font-family:times new roman; font-style:normal; font-variant:normal; font-weight:400; letter-spacing:normal; margin-bottom:0pt; margin-left:4%; margin-top:6pt; orphans:2; text-align:left; text-decoration:none; text-indent:0px; text-transform:none; -webkit-text-stroke-width:0px; white-space:normal; word-spacing:0px"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Prepaid Expenses and Other Current Assets.</div>&#160;Prepaid expenses and other assets consist principally of prepaid insurance and deferred financing costs (see Note 8).</div></div><div style="font-size:10pt; color:#000000; font-family:times new roman; font-style:normal; font-variant:normal; font-weight:400; letter-spacing:normal; margin-bottom:0pt; margin-left:4%; margin-top:6pt; orphans:2; text-align:left; text-decoration:none; text-indent:0px; text-transform:none; -webkit-text-stroke-width:0px; white-space:normal; word-spacing:0px"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Property and Equipment.</div>&#160;Property and equipment, including leasehold improvements, are stated at cost, net of accumulated depreciation and amortization, and are depreciated or amortized 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.</div></div><div style="font-size:10pt; color:#000000; font-family:times new roman; font-style:normal; font-variant:normal; font-weight:400; letter-spacing:normal; margin-bottom:0pt; margin-left:4%; margin-top:6pt; orphans:2; text-align:left; text-decoration:none; text-indent:0px; text-transform:none; -webkit-text-stroke-width:0px; white-space:normal; word-spacing:0px"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Security Deposit.</div>&#160;At December&#160;31, 2019 and 2018, the Company had a security deposit of $6,000 for leased office space included in Prepaid Expenses and Other Current Assets.</div></div><div style="font-size:10pt; color:#000000; font-family:times new roman; font-style:normal; font-variant:normal; font-weight:400; letter-spacing:normal; margin-bottom:0pt; margin-left:4%; margin-top:6pt; orphans:2; text-align:left; text-decoration:none; text-indent:0px; text-transform:none; -webkit-text-stroke-width:0px; white-space:normal; word-spacing:0px"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Long-Lived Assets.</div>&#160;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.</div></div><div style="font-size:10pt; color:#000000; font-family:times new roman; font-style:normal; font-variant:normal; font-weight:400; letter-spacing:normal; margin-bottom:0pt; margin-left:4%; margin-top:6pt; orphans:2; text-align:left; text-decoration:none; text-indent:0px; text-transform:none; -webkit-text-stroke-width:0px; white-space:normal; word-spacing:0px"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Accrued Expenses</div>.&#160;As part of the process of preparing our consolidated financial statements, we are required to estimate accrued expenses. This process involves identifying services that third parties have performed on our behalf and estimating the level of service performed and the associated cost incurred on these services as of each balance sheet date in our consolidated financial statements. Examples of estimated accrued expenses include professional service fees, such as those arising from the services of attorneys and accountants and accrued payroll expenses. In connection with these service fees, our estimates are most affected by our understanding of the status and timing of services provided relative to the actual services incurred by the service providers. In the event that we do not identify certain costs that have been incurred or we under- or over-estimate the level of services or costs of such services, our reported expenses for a reporting period could be understated or overstated. The date on which certain services commence, the level of services performed on or before a given date, and the cost of services are often subject to our judgment. We make these judgments based upon the facts and circumstances known to us in accordance with accounting principles generally accepted in the U.S.</div><div style="font-size:1px; color:#000000; font-family:times new roman; font-style:normal; font-variant:normal; font-weight:400; letter-spacing:normal; margin-bottom:0px; margin-top:6px; orphans:2; text-align:left; text-decoration:none; text-indent:0px; text-transform:none; -webkit-text-stroke-width:0px; white-space:normal; word-spacing:0px"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="font-size:10pt; color:#000000; font-family:times new roman; font-style:normal; font-variant:normal; font-weight:400; letter-spacing:normal; margin-bottom:0pt; margin-left:4%; margin-top:0pt; orphans:2; text-align:left; text-decoration:none; text-indent:0px; text-transform:none; -webkit-text-stroke-width:0px; white-space:normal; word-spacing:0px"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Warrants.</div>&#160;The Company has issued common stock warrants in connection with the execution of certain equity and debt financings. The fair value of warrants is determined using the Black-Scholes option-pricing model using assumptions regarding volatility of our common share price, remaining life of the warrant, and risk-free interest rates at each period end. There were no warrant liabilities as of December&#160;31, 2019 or 2018.</div></div><div style="font-size:10pt; color:#000000; font-family:times new roman; font-style:normal; font-variant:normal; font-weight:400; letter-spacing:normal; margin-bottom:0pt; margin-left:4%; margin-top:6pt; orphans:2; text-align:left; text-decoration:none; text-indent:0px; text-transform:none; -webkit-text-stroke-width:0px; white-space:normal; word-spacing:0px"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Research and Development Expenses.</div>&#160;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.</div></div><div style="font-size:10pt; color:#000000; font-family:times new roman; font-style:normal; font-variant:normal; font-weight:400; letter-spacing:normal; margin-bottom:0pt; margin-left:4%; margin-top:6pt; orphans:2; text-align:left; text-decoration:none; text-indent:0px; text-transform:none; -webkit-text-stroke-width:0px; white-space:normal; word-spacing:0px"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Income Taxes.</div>&#160;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.</div></div><div style="font-size:10pt; color:#000000; font-family:times new roman; font-style:normal; font-variant:normal; font-weight:400; letter-spacing:normal; margin-bottom:0pt; margin-left:4%; margin-top:6pt; orphans:2; text-align:left; text-decoration:none; text-indent:0px; text-transform:none; -webkit-text-stroke-width:0px; white-space:normal; word-spacing:0px"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Concentration of Credit Risk.</div>&#160;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.</div></div><div style="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:times new roman"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Stock-Based Compensation.</div>&#160;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 generally uses the Black-Scholes option-pricing model to calculate the grant date fair value of stock options. The expense recognized over the service period is required to include an estimate of the awards that will be forfeited. Stock options issued to <div style="white-space:nowrap;display:inline;">non-employees</div> are accounted for in accordance with the provisions of ASC Subtopic <div style="white-space:nowrap;display:inline;">505-50,</div> <div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Equity-Based Payments to <div style="white-space:nowrap;display:inline;">Non-employees</div></div>, which requires valuing the stock options using an option pricing model (the Company uses Black-Scholes) and measuring such stock options to their current fair value when they vest.</div><div style="font-size:10pt; color:#000000; font-family:times new roman; font-style:normal; font-variant:normal; font-weight:400; letter-spacing:normal; margin-bottom:0pt; margin-left:4%; margin-top:6pt; orphans:2; text-align:left; text-decoration:none; text-indent:0px; text-transform:none; -webkit-text-stroke-width:0px; white-space:normal; word-spacing:0px"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Recently Adopted Accounting Standards</div>. The Financial Accounting Standards Board (the &#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;)&#160;No.&#160;2016-02,&#160;<div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Leases (Topic 842),</div>&#160;amended by ASU&#160;2018-11,&#160;<div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Leases</div>&#160;<div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(Topic 842): Targeted Improvements</div>. The new guidance requires a lessee to recognize assets and liabilities for all leases with lease terms of more than 12 months and provide additional disclosures. The ASU requires adoption using a modified retrospective transition approach with either 1) periods prior to the adoption date being recast or 2) a cumulative-effect adjustment recognized to the opening balance of retained earnings on the adoption date with prior periods not recast. We adopted this standard using a modified retrospective transition approach on January&#160;1, 2019 however we only have one lease related to our office space and it was amended effective January&#160;1, 2019. Therefore, no cumulative-effect adjustment approach was required. See Note 10 for the financial position impact and additional disclosures.</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-size:10pt; color:#000000; font-family:times new roman; font-style:normal; font-variant:normal; font-weight:400; letter-spacing:normal; margin-bottom:0pt; margin-left:4%; margin-top:6pt; orphans:2; text-align:left; text-decoration:none; text-indent:0px; text-transform:none; -webkit-text-stroke-width:0px; white-space:normal; word-spacing:0px"></div><div style="font-size:10pt; color:#000000; font-family:times new roman; font-style:normal; font-variant:normal; font-weight:400; letter-spacing:normal; margin-bottom:0pt; margin-left:4%; margin-top:6pt; orphans:2; text-align:left; text-decoration:none; text-indent:0px; text-transform:none; -webkit-text-stroke-width:0px; white-space:normal; word-spacing:0px"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Basis of Consolidation.</div>&#160;The consolidated financial statements include the accounts of the Company and Galectin Therapeutics Security Corp., its wholly-owned subsidiary, which was incorporated in Delaware on December&#160;23, 2003 and Galectin Sciences LLC (see Note 11). All intercompany transactions have been eliminated.</div></div><div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-size:10pt; color:#000000; font-family:times new roman; font-style:normal; font-variant:normal; font-weight:400; letter-spacing:normal; margin-bottom:0pt; margin-left:4%; margin-top:6pt; orphans:2; text-align:left; text-decoration:none; text-indent:0px; text-transform:none; -webkit-text-stroke-width:0px; white-space:normal; word-spacing:0px"></div><div style="font-size:10pt; color:#000000; font-family:times new roman; font-style:normal; font-variant:normal; font-weight:400; letter-spacing:normal; margin-bottom:0pt; margin-left:4%; margin-top:6pt; orphans:2; text-align:left; text-decoration:none; text-indent:0px; text-transform:none; -webkit-text-stroke-width:0px; white-space:normal; word-spacing:0px"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Use of Estimates.</div>&#160;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 may affect the reported amounts of assets, liabilities, equity, revenue, expenses and related disclosure of contingent assets and liabilities. Management&#8217;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 may differ from those estimates under different assumptions or conditions.</div></div><div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-size:10pt; color:#000000; font-family:times new roman; font-style:normal; font-variant:normal; font-weight:400; letter-spacing:normal; margin-bottom:0pt; margin-left:4%; margin-top:6pt; orphans:2; text-align:left; text-decoration:none; text-indent:0px; text-transform:none; -webkit-text-stroke-width:0px; white-space:normal; word-spacing:0px"></div><div style="font-size:10pt; color:#000000; font-family:times new roman; font-style:normal; font-variant:normal; font-weight:400; letter-spacing:normal; margin-bottom:0pt; margin-left:4%; margin-top:6pt; orphans:2; text-align:left; text-decoration:none; text-indent:0px; text-transform:none; -webkit-text-stroke-width:0px; white-space:normal; word-spacing:0px"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Fair Value Measurements</div>.&#160;The Company has certain financial assets and liabilities recorded at fair value. Fair values determined by Level&#160;1 inputs utilize observable data such as quoted prices in active markets. Fair values determined by Level&#160;2 inputs utilize data points other than quoted prices in active markets that are observable either directly or indirectly. Fair values determined by Level&#160;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 estimated value of accounts payable and accrued expenses approximates their carrying value due to their short-term nature. There were no Level&#160;2 or 3 assets or liabilities at December&#160;31, 2019 or 2018.</div></div><div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-size:10pt; color:#000000; font-family:times new roman; font-style:normal; font-variant:normal; font-weight:400; letter-spacing:normal; margin-bottom:0pt; margin-left:4%; margin-top:6pt; orphans:2; text-align:left; text-decoration:none; text-indent:0px; text-transform:none; -webkit-text-stroke-width:0px; white-space:normal; word-spacing:0px"></div><div style="font-size:10pt; color:#000000; font-family:times new roman; font-style:normal; font-variant:normal; font-weight:400; letter-spacing:normal; margin-bottom:0pt; margin-left:4%; margin-top:6pt; orphans:2; text-align:left; text-decoration:none; text-indent:0px; text-transform:none; -webkit-text-stroke-width:0px; white-space:normal; word-spacing:0px"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Cash and Cash Equivalents.</div>&#160;The Company considers all highly-liquid investments with original maturities of 90 days or less at the time of acquisition to be cash equivalents. The Company had no cash equivalents at December&#160;31, 2019 or 2018.</div></div><div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-size:10pt; color:#000000; font-family:times new roman; font-style:normal; font-variant:normal; font-weight:400; letter-spacing:normal; margin-bottom:0pt; margin-left:4%; margin-top:6pt; orphans:2; text-align:left; text-decoration:none; text-indent:0px; text-transform:none; -webkit-text-stroke-width:0px; white-space:normal; word-spacing:0px"></div><div style="font-size:10pt; color:#000000; font-family:times new roman; font-style:normal; font-variant:normal; font-weight:400; letter-spacing:normal; margin-bottom:0pt; margin-left:4%; margin-top:6pt; orphans:2; text-align:left; text-decoration:none; text-indent:0px; text-transform:none; -webkit-text-stroke-width:0px; white-space:normal; word-spacing:0px"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Prepaid Expenses and Other Current Assets.</div>&#160;Prepaid expenses and other assets consist principally of prepaid insurance and deferred financing costs (see Note 8).</div></div><div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-size:10pt; color:#000000; font-family:times new roman; font-style:normal; font-variant:normal; font-weight:400; letter-spacing:normal; margin-bottom:0pt; margin-left:4%; margin-top:6pt; orphans:2; text-align:left; text-decoration:none; text-indent:0px; text-transform:none; -webkit-text-stroke-width:0px; white-space:normal; word-spacing:0px"></div><div style="font-size:10pt; color:#000000; font-family:times new roman; font-style:normal; font-variant:normal; font-weight:400; letter-spacing:normal; margin-bottom:0pt; margin-left:4%; margin-top:6pt; orphans:2; text-align:left; text-decoration:none; text-indent:0px; text-transform:none; -webkit-text-stroke-width:0px; white-space:normal; word-spacing:0px"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Property and Equipment.</div>&#160;Property and equipment, including leasehold improvements, are stated at cost, net of accumulated depreciation and amortization, and are depreciated or amortized 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.</div></div><div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-size:10pt; color:#000000; font-family:times new roman; font-style:normal; font-variant:normal; font-weight:400; letter-spacing:normal; margin-bottom:0pt; margin-left:4%; margin-top:6pt; orphans:2; text-align:left; text-decoration:none; text-indent:0px; text-transform:none; -webkit-text-stroke-width:0px; white-space:normal; word-spacing:0px"></div><div style="font-size:10pt; color:#000000; font-family:times new roman; font-style:normal; font-variant:normal; font-weight:400; letter-spacing:normal; margin-bottom:0pt; margin-left:4%; margin-top:6pt; orphans:2; text-align:left; text-decoration:none; text-indent:0px; text-transform:none; -webkit-text-stroke-width:0px; white-space:normal; word-spacing:0px"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Security Deposit.</div>&#160;At December&#160;31, 2019 and 2018, the Company had a security deposit of $6,000 for leased office space included in Prepaid Expenses and Other Current Assets.</div></div><div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-size:10pt; color:#000000; font-family:times new roman; font-style:normal; font-variant:normal; font-weight:400; letter-spacing:normal; margin-bottom:0pt; margin-left:4%; margin-top:6pt; orphans:2; text-align:left; text-decoration:none; text-indent:0px; text-transform:none; -webkit-text-stroke-width:0px; white-space:normal; word-spacing:0px"></div><div style="font-size:10pt; color:#000000; font-family:times new roman; font-style:normal; font-variant:normal; font-weight:400; letter-spacing:normal; margin-bottom:0pt; margin-left:4%; margin-top:6pt; orphans:2; text-align:left; text-decoration:none; text-indent:0px; text-transform:none; -webkit-text-stroke-width:0px; white-space:normal; word-spacing:0px"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Long-Lived Assets.</div>&#160;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.</div></div><div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-size:10pt; color:#000000; font-family:times new roman; font-style:normal; font-variant:normal; font-weight:400; letter-spacing:normal; margin-bottom:0pt; margin-left:4%; margin-top:6pt; orphans:2; text-align:left; text-decoration:none; text-indent:0px; text-transform:none; -webkit-text-stroke-width:0px; white-space:normal; word-spacing:0px"></div><div style="font-size:10pt; color:#000000; font-family:times new roman; font-style:normal; font-variant:normal; font-weight:400; letter-spacing:normal; margin-bottom:0pt; margin-left:4%; margin-top:6pt; orphans:2; text-align:left; text-decoration:none; text-indent:0px; text-transform:none; -webkit-text-stroke-width:0px; white-space:normal; word-spacing:0px"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Accrued Expenses</div>.&#160;As part of the process of preparing our consolidated financial statements, we are required to estimate accrued expenses. This process involves identifying services that third parties have performed on our behalf and estimating the level of service performed and the associated cost incurred on these services as of each balance sheet date in our consolidated financial statements. Examples of estimated accrued expenses include professional service fees, such as those arising from the services of attorneys and accountants and accrued payroll expenses. In connection with these service fees, our estimates are most affected by our understanding of the status and timing of services provided relative to the actual services incurred by the service providers. In the event that we do not identify certain costs that have been incurred or we under- or over-estimate the level of services or costs of such services, our reported expenses for a reporting period could be understated or overstated. The date on which certain services commence, the level of services performed on or before a given date, and the cost of services are often subject to our judgment. We make these judgments based upon the facts and circumstances known to us in accordance with accounting principles generally accepted in the U.S.</div><div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-size:10pt; color:#000000; font-family:times new roman; font-style:normal; font-variant:normal; font-weight:400; letter-spacing:normal; margin-bottom:0pt; margin-left:4%; margin-top:0pt; orphans:2; text-align:left; text-decoration:none; text-indent:0px; text-transform:none; -webkit-text-stroke-width:0px; white-space:normal; word-spacing:0px"></div><div style="font-size:10pt; color:#000000; font-family:times new roman; font-style:normal; font-variant:normal; font-weight:400; letter-spacing:normal; margin-bottom:0pt; margin-left:4%; margin-top:0pt; orphans:2; text-align:left; text-decoration:none; text-indent:0px; text-transform:none; -webkit-text-stroke-width:0px; white-space:normal; word-spacing:0px"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Warrants.</div>&#160;The Company has issued common stock warrants in connection with the execution of certain equity and debt financings. The fair value of warrants is determined using the Black-Scholes option-pricing model using assumptions regarding volatility of our common share price, remaining life of the warrant, and risk-free interest rates at each period end. 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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.</div></div><div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-size:10pt; color:#000000; font-family:times new roman; font-style:normal; font-variant:normal; font-weight:400; letter-spacing:normal; margin-bottom:0pt; margin-left:4%; margin-top:6pt; orphans:2; text-align:left; text-decoration:none; text-indent:0px; text-transform:none; -webkit-text-stroke-width:0px; white-space:normal; word-spacing:0px"></div><div style="font-size:10pt; color:#000000; font-family:times new roman; font-style:normal; font-variant:normal; font-weight:400; letter-spacing:normal; margin-bottom:0pt; margin-left:4%; margin-top:6pt; orphans:2; text-align:left; text-decoration:none; text-indent:0px; text-transform:none; -webkit-text-stroke-width:0px; white-space:normal; word-spacing:0px"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Concentration of Credit Risk.</div>&#160;Financial instruments that subject the Company to credit risk consist of cash and cash equivalents and certificates of deposit. 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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 generally uses the Black-Scholes option-pricing model to calculate the grant date fair value of stock options. The expense recognized over the service period is required to include an estimate of the awards that will be forfeited. Stock options issued to <div style="white-space:nowrap;display:inline;">non-employees</div> are accounted for in accordance with the provisions of ASC Subtopic <div style="white-space:nowrap;display:inline;">505-50,</div> <div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Equity-Based Payments to <div style="white-space:nowrap;display:inline;">Non-employees</div></div>, which requires valuing the stock options using an option pricing model (the Company uses Black-Scholes) and measuring such stock options to their current fair value when they vest.</div><div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-size:10pt; color:#000000; font-family:times new roman; font-style:normal; font-variant:normal; font-weight:400; letter-spacing:normal; margin-bottom:0pt; margin-left:4%; margin-top:6pt; orphans:2; text-align:left; text-decoration:none; text-indent:0px; text-transform:none; -webkit-text-stroke-width:0px; white-space:normal; word-spacing:0px"></div><div style="font-size:10pt; color:#000000; font-family:times new roman; font-style:normal; font-variant:normal; font-weight:400; letter-spacing:normal; margin-bottom:0pt; margin-left:4%; margin-top:6pt; orphans:2; text-align:left; text-decoration:none; text-indent:0px; text-transform:none; -webkit-text-stroke-width:0px; white-space:normal; word-spacing:0px"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Recently Adopted Accounting Standards</div>. The Financial Accounting Standards Board (the &#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;)&#160;No.&#160;2016-02,&#160;<div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Leases (Topic 842),</div>&#160;amended by ASU&#160;2018-11,&#160;<div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Leases</div>&#160;<div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(Topic 842): Targeted Improvements</div>. The new guidance requires a lessee to recognize assets and liabilities for all leases with lease terms of more than 12 months and provide additional disclosures. The ASU requires adoption using a modified retrospective transition approach with either 1) periods prior to the adoption date being recast or 2) a cumulative-effect adjustment recognized to the opening balance of retained earnings on the adoption date with prior periods not recast. We adopted this standard using a modified retrospective transition approach on January&#160;1, 2019 however we only have one lease related to our office space and it was amended effective January&#160;1, 2019. Therefore, no cumulative-effect adjustment approach was required. 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top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Galectin Sciences LLC </div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="font-size:10pt; color:#000000; font-family:times new roman; font-style:normal; font-variant:normal; font-weight:400; letter-spacing:normal; margin-bottom:0pt; margin-left:4%; margin-top:6pt; orphans:2; text-align:left; text-decoration:none; text-indent:0px; text-transform:none; -webkit-text-stroke-width:0px; white-space:normal; word-spacing:0px">In January 2014, we created Galectin Sciences, LLC (the &#8220;LLC&#8221; or &#8220;Investee&#8221;), a collaborative joint venture <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">co-owned</div> by SBH Sciences, Inc. 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Uihlein, a director and shareholder. Originally, borrowings may be made by the Company through December&#160;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 are due on December&#160;31, 2019 but may be prepaid without penalty. In connection with the Line of Credit agreement, the Company issued to Mr.&#160;Uihlein warrants to purchase 1&#160;million shares of the Company&#8217;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 were no borrowings under the Line of Credit during the years ended December&#160;31, 2019 or 2018.</div><div style="font-size:10pt; color:#000000; font-family:times new roman; font-style:normal; font-variant:normal; font-weight:400; letter-spacing:normal; margin-bottom:0pt; margin-left:4%; margin-top:6pt; orphans:2; text-align:left; text-decoration:none; text-indent:0px; text-transform:none; -webkit-text-stroke-width:0px; white-space:normal; word-spacing:0px"><div style="letter-spacing: 0px; top: 0px;;display:inline;">On December&#160;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 5), on January&#160;11, 2019, the Line of Credit arrangement was extended for an additional two years for both borrowings and maturity. 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The fair value of the vested warrants was recorded in other current assets and other assets <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">(non-current)</div> as a deferred financing cost and were to be amortized on a straight-line basis from December&#160;19, 2017 through December&#160;31, 2019. The remaining unamortized balance of the deferred financing cost on December&#160;20, 2018 was adjusted to be recorded as expense on a straight-line basis through December&#160;31, 2020. Amortization for the year ended December&#160;31, 2019 and 2018 of $87,000 and $336,000, respectively, was recorded as interest expense. 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