Galmed Pharma (NASDAQ: GLMD) reported Q1 EPS of ($0.26), $0.12 better than the analyst estimate of ($0.38). Revenue for the quarter came in at $300 thousand versus the consensus estimate of $260 thousand.

• Net loss of $3.2 million, or $0.26 per share, for the three months ended March 31, 2017, compared to a net loss of $4.0 million, or $0.36 per share, for the three months ended March 31, 2016. This period\'s net loss included $0.4 million of non-cash, stock-based compensation expense, versus $0.3 million of non-cash stock-based compensation expense incurred during the corresponding period in 2016.
• The Company recognized $0.3 million of revenue for the three months ended March 31, 2017, compared to no revenue for the three months ended March 31, 2015. The revenue in this quarter relates to the amortization of the up-front payments under the Agreement with Samil.
• Research and development expenses of $2.7 million for the three months ended March 31, 2017, compared to $3.4 million for the three months ended March 31, 2016. The decrease primarily resulted from a decrease in CMC related expenses.
• General and administrative expenses of $0.8 million for the three months ended March 31, 2017, compared to $0.7 million for the three months ended March 31, 2016. The Increase primarily resulted from an increase in salaries and benefits expenses, including non-cash stock-based compensation expenses.
• Cash and cash equivalents and marketable securities totaled $11.7 million as of March 31, 2017, compared to $15.5 million at December 31, 2016. This decrease primarily resulted from $3.9 million used in operating activities, mainly due to our ongoing clinical studies and operational activities. Galmed continues to believe that its cash balance will be sufficient to maintain its current operations through the first half of 2018, and allow the Company to complete the ARREST study as scheduled.

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