GALECTIN THERAPEUTICS INC Fair Value Disclosure
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December
31,
2025
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|
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December
31,
2024
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|
|||
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Derivative Liability – Contingent Interest April Note
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|
$
|
1,680,000 |
|
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$
|
47,000 |
|
|
Derivative Liability – Contingent Interest September Note
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$
|
924,000 |
|
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$
|
94,000 |
|
|
Derivative Liability – Contingent Interest December Note
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|
$
|
1,358,000 |
|
|
$
|
275,000 |
|
| December 31, 2025 | December 31, 2024 | |||||||
| Stock Price | $ | 4.16 | $ | 1.29 | ||||
| Conversion Price of conversion feature | $ | 5.00 | $ | 5.00 | ||||
| Term | 1.5 years | 0.29 years | ||||||
| Risk Free Interest Rate | 3.48 | % | 4.37 | % | ||||
| Credit Adjusted Discount Rate | 12.03 | % | 12.43 | % | ||||
| Volatility | 113 | % | 152 | % | ||||
| Dividend Rate | 0 | % | 0 | % | ||||
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Balance – December 31, 2023
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|
$
|
431,000 |
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|
Fair Value Adjustment
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|
|
(384,000 |
)
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|
Balance – December 31, 2024
|
|
|
47,000 |
|
|
Fair Value Adjustment
|
|
|
1,633,000 |
|
|
Balance – December 31,
2025
|
|
$
|
1,680,000 |
|
| | | December 31,
2025 | | | December 31, 2024 | | ||
| Stock Price | | $ | 4.16 | | | $ | 1.29 | |
| Conversion Price of conversion feature | | $ | 8.64 | | | $ | 8.64 | |
| Term | | 1.5 years | | | 0.72 years | | ||
| Risk Free Interest Rate | | | 3.48 | % | | | 4.16 | % |
| Credit Adjusted Discount Rate | | | 12.03 | % | | | 12.43 | % |
| Volatility | | | 113 | % | | | 111 | % |
| Dividend Rate | | | 0 | % | | | 0 | % |
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Balance – December 31, 2023
|
|
$
|
169,000 |
|
|
Fair Value Adjustment
|
|
|
(75,000 |
)
|
|
Balance – December 31, 2024
|
|
|
94,000 |
|
|
Fair Value Adjustment
|
|
|
830,000 |
|
|
Balance – December 31,
2025
|
|
$
|
924,000 |
|
| December 31, 2025 | December 31, 2024 | |||||||
| Stock Price | $ | 4.16 | $ | 1.29 | ||||
| Conversion Price of conversion feature | $ | 5.43 | $ | 5.43 | ||||
| Term | 1.5 years | 0.97 years | ||||||
| Risk Free Interest Rate | 3.48 | % | 4.16 | % | ||||
| Credit Adjusted Discount Rate | 12.03 | % | 12.43 | % | ||||
| Volatility | 113 | % | 102 | % | ||||
| Dividend Rate | 0 | % | 0 | % | ||||
|
Balance – December 31, 2023
|
|
$
|
404,000 |
|
|
Fair Value Adjustment
|
|
|
(129,000 |
)
|
|
Balance – December 31, 2024
|
|
|
275,000 |
|
|
Fair Value Adjustment
|
|
|
1,083,000 |
|
|
Balance – December 31,
2025
|
|
$
|
1,358,000 |
|
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 31, 2026 | Showing above |
| 2024 | Mar 31, 2025 | |
| 2023 | Mar 29, 2024 | |
| 2022 | Mar 30, 2023 | |
| 2021 | Mar 31, 2022 | |
About Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.