Galmed Pharma (GLMD) Misses Q3 EPS by 2c

Galmed Pharma (NASDAQ: GLMD) reported Q3 EPS of ($0.32), $0.02 worse than the analyst estimate of ($0.30).

Financial Summary – Third Quarter 2020 vs. Third Quarter 2019:

• Cash and cash equivalents, restricted cash, short-term deposits and marketable debt securities totaled $58.7 million as of September 30, 2020, compared to $75.6 million at December 31, 2019.
• Net loss amounted to $6.9 million, or $0.32 per share, for the three months ended September 30, 2020, compared to a net loss of $4.5 million, or $0.21 per share, for the three months ended September 30, 2019.
• Research and development expenses amounted to approximately $6.5 million for the three months ended September 30, 2020, compared to approximately $4.1 million for the three months ended September 30, 2019. The increase resulted primarily from an increase in clinical trial expenses in connection with our ongoing ARMOR study.
• General and administrative expenses amounted to approximately $1.1 million for the three months ended September 30, 2020, compared to approximately $1.0 million for the three months ended September 30, 2019. The increase in general and administrative expenses for the three months ended September 30, 2020 resulted primarily from an increase in the cost of the Company's D&O insurance policy premium.
• Financial income, net amounted to $0.7 million for the three months ended September 30, 2020, compared to financial income, net of $0.5 million for the three months ended September 30, 2019. The increase primarily relates to realization of unrealized gains from prior periods.

For earnings history and earnings-related data on Galmed Pharma (GLMD) click here.

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