Galecto's stock price fell after announcing the public offering of common shares

LootboxPhobia · 2026-02-14T07:47:05+00:00

Galecto Inc. announces plans for a public offering of common stock and Series C non-voting convertible preferred stock, with the stock price down 4.3%. The funds raised will be used for the research and development and support of blood cancer treatment programs. Underwriters include Jefferies and others, with several offering details depending on market conditions.

LootboxPhobia

2026-02-14 07:47:05

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Investing.com – Galecto Inc. (NASDAQ:GLTO) stock fell 4.3% in after-hours trading on Tuesday after the company announced plans to conduct a public offering of common stock and Series C non-voting convertible preferred stock.

This clinical-stage biotechnology company, focused on developing treatments for blood cancers, stated that the offering will include its common stock and Series C preferred stock targeted at certain investors. Galecto also plans to grant underwriters a 30-day option to purchase additional common shares.

According to the announcement, each Series C preferred share can be converted by the holder into 1,000 common shares, subject to all ownership conversion restrictions. The company noted that the offering is subject to market conditions, and there is no guarantee of completion, nor any guarantee regarding the size or terms of the offering.

Galecto intends to use the proceeds to fund preclinical research, clinical trials, and manufacturing support for its antibody programs. The funds will also support additional R&D activities, working capital, and general corporate purposes.

Jefferies, Leerink Partners, Evercore ISI, and Guggenheim Securities will serve as joint bookrunners for the offering.

Galecto is developing a range of antibody therapies targeting blood cancers, including treatments for myeloproliferative neoplasms such as primary thrombocythemia and myelofibrosis. The company’s product portfolio also includes GB3226, a preclinical dual inhibitor for the genetic subtype of acute myeloid leukemia.

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