Galmed Pharmaceuticals Ltd (NASDAQ:GLMD) gained 2.4% on Monday after CEO Allen Baharaff issued a shareholder update outlining the company’s strengthened financial footing and progress across several clinical programs.
The biopharmaceutical developer — which has broadened its pipeline beyond liver disease to include oncology and cardiometabolic conditions — ended the third quarter with roughly $19.2 million in cash and, as Baharaff noted, “practically zero debt.” He added that the company continues to operate with a lean quarterly cash burn of about $1.5 million.
Baharaff highlighted ongoing advancements with the company’s lead molecule, Aramchol. In metabolic dysfunction–associated steatohepatitis (MASH), he pointed to earlier Phase 3 open-label findings showing that 65% to 100% of patients exhibited improvement in fibrosis by week 48, depending on the assessment method used.
Galmed is currently developing a new sublingual formulation of Aramchol intended to support a fixed-dose combination with an already-approved metabolic therapy, which could pave the way for a Phase 2 MASH trial.
In oncology, the company recently shared preclinical data indicating that Aramchol may enhance the efficacy of Stivarga® (regorafenib) and potentially counter resistance to the drug. Galmed plans to move Aramchol into a Phase 1/2 study for metastatic colorectal cancer, hepatocellular carcinoma, and cholangiocarcinoma in early 2026.
The company is also pursuing a subcutaneous version of Aramchol to achieve greater systemic exposure for potential cardiometabolic and inflammatory indications.
Baharaff underscored the commercial opportunity in MASH, a condition affecting an estimated 22 million Americans and projected by analysts to represent a $16 billion market by 2033.