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MALVERN, PA – Galera Therapeutics, Inc. (OTC Pink:OTC:GRTX), a pharmaceutical company with a market capitalization of $2.11 million, has amended an agreement with investors, extending the deadline to file a registration statement to June 30, 2025. This amendment, reported in a recent SEC filing, adjusts the terms of a securities purchase and registration rights agreement initially entered into on December 30, 2024. According to InvestingPro data, the company carries a significant debt burden of $151.05 million while facing substantial cash burn rates.
The original agreement, as filed with the SEC on December 31, 2024, outlined the terms under which the investors purchased securities from Galera Therapeutics. Accompanying this was a registration rights agreement, obliging the company to register the securities, thus allowing for their eventual sale on the open market. The company’s stock has struggled significantly, with InvestingPro showing an 80% decline over the past year, though it maintains a healthy current ratio of 6.0.
As per the amendment made on March 31, 2025, the company now has until the end of June 2025 to fulfill its obligations to file the registration statement. The details of the amendment were included as Exhibit 10.1 in the 8-K filing and can be referenced for a complete understanding of the changes.
Galera Therapeutics, based in Malvern, Pennsylvania, specializes in the development of pharmaceutical preparations, as indicated by its SIC classification. The company’s operations are incorporated in Delaware and it concluded its fiscal year on December 31.
This extension provides Galera Therapeutics with additional time to meet the registration requirements set forth by the investors. The company’s contact details and business address remain unchanged, and the information regarding this amendment is based on the statement filed with the Securities and Exchange Commission. Financial metrics from InvestingPro reveal an EBITDA of -$14.13 million in the last twelve months, highlighting the operational challenges faced by the company. Unlock 12 additional ProTips and comprehensive financial analysis with an InvestingPro subscription.
In other recent news, Galera Therapeutics conducted its annual stockholder meeting, focusing on key agenda items such as the election of directors and the ratification of its independent auditor. Shareholders elected Lawrence Alleva and Kevin Lokay as Class II directors, each serving three-year terms until the 2027 annual meeting. Alleva received 27,501,778 votes in favor, while Lokay garnered 27,504,038 votes. Additionally, the appointment of KPMG LLP as Galera’s independent registered public accounting firm for the fiscal year ending December 31, 2024, was ratified with 41,342,291 votes in favor. The voting results were disclosed in an 8-K filing with the United States Securities and Exchange Commission. This procedural update from Galera Therapeutics reflects recent developments without indicating any future projections.
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