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Basis of Presentation </div></div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Galectin Therapeutics Inc. (the &#8220;Company&#8221;) is a clinical stage biopharmaceutical company that is applying its leadership in galectin science and drug development to create new therapies for fibrotic disease, skin diseases and cancer. 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="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">The unaudited condensed consolidated financial statements as reported in this Quarterly Report on Form <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">10-Q</div> reflect all adjustments which are, in the opinion of management, necessary to present fairly the financial position of the Company as of September&#160;30, 2019 and the results of its operations for the three and nine months ended September&#160;30, 2019 and 2018 and its cash flows for the nine months ended September&#160;30, 2019 and 2018. 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&#160;31, 2018 are derived from the Company&#8217;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 <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">10-K</div> for the year ended December&#160;31, 2018.</div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The Company has operated at a loss since its inception and has had no significant revenues. The Company anticipates that losses will continue for the foreseeable future. At September&#160;30, 2019, the Company had $50.3&#160;million 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 3), to fund currently planned operations at least through December&#160;31, 2020. We expect that we will require more cash to fund our operations after December&#160;31, 2020 and believe we will be able to obtain additional financing. The currently planned operations include estimated costs related to a planned&#160;clinical trial<div style="display:inline;">,</div> through December&#160;31, 2020. </div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The</div>&#160;costs of the trial and general overhead during&#160;<div style="letter-spacing: 0px; top: 0px;;display:inline;">its&#160;next&#160;planned&#160;clinical</div>&#160;trial are&#160;</div><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">estimated</div><div style="letter-spacing: 0px; top: 0px;;display:inline;"> to be approximately $100&#160;<div style="letter-spacing: 0px; top: 0px;;display:inline;">to&#160;$115&#160;</div>million<div style="letter-spacing: 0px; top: 0px;;display:inline;">;&#160;however</div>, the costs and timing of such trial <div style="letter-spacing: 0px; top: 0px;;display:inline;">are</div> not yet completely finalized. These costs will require additional funding. There can be no assurance that we will be successful in obtaining financing to support our operations beyond December&#160;31, 2020 or, if available, that any such financing will be on terms acceptable to us. 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. </div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">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="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="text-decoration:underline;display:inline;">Recently Adopted Accounting Standards</div> </div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;">The Financial Accounting Standards Board (the &#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">No.&#160;2016-02,</div> <div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Leases (Topic 842), </div>amended by ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">2018-11,</div> <div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Leases</div> <div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(Topic 842): Targeted Improvements</div>. 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See Note 11 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-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2. 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