Galecto, Inc. 8-K

What Happened Galecto, Inc. (NASDAQ: GLTO) filed an 8-K on February 11, 2026 disclosing an underwriting agreement with Jefferies LLC and Leerink Partners LLC for a public offering of 14,473,685 shares of common stock at $19.00 per share. The company granted a 30‑day option to purchase up to an additional 2,171,052 shares, which the underwriters exercised in full on February 11, 2026. Net proceeds from the offering, after underwriting discounts, commissions and estimated expenses, are approximately $295.9 million. The offering was made under an automatic shelf registration statement (Form S-3 filed February 10, 2026) and was expected to close on February 12, 2026.

Key Details

• Offering size: 14,473,685 shares at $19.00 per share; 30‑day option for 2,171,052 shares was exercised in full.
• Net proceeds: approximately $295.9 million after fees and expenses.
• Underwriters: Jefferies LLC and Leerink Partners LLC; underwriting agreement includes customary indemnification provisions.
• Use of proceeds: company expects proceeds plus existing cash to fund operations into Phase 3 development of DMR-001, but warns this estimate may prove incorrect.

Why It Matters This financing materially increases Galecto’s cash runway to support development of its lead program, DMR-001, through Phase 3—information important to investors tracking the company’s clinical progress and funding needs. The share sale is dilutive to existing shareholders, and the company cautions its runway estimate is based on assumptions that could change, meaning capital could be needed sooner than expected. The underwriting agreement and counsel opinion were filed as exhibits to the 8-K, reflecting completion of the offering process.