$19.2M in cash against a market cap in the same range. Aramchol Phase 3 open-label completed with 65% fibrosis improvement at week 48. GI oncology program entering Phase 1/2 in early 2026. The pipeline is priced at zero or below.
Galmed has $19.2M in cash and almost no debt. Their drug Aramchol just completed a Phase 3 trial showing 65% improvement in liver fibrosis; a serious liver disease with few treatment options. The company's market cap has at points been worth less than the cash sitting in their bank account. That means the drug, the trial results, and everything else was being valued at zero. Either the market is wrong about the drug, or Galmed is free with the cash as a bonus.
Watch for Phase 1/2 GI oncology initiation announcement in early 2026 and any partnership or licensing activity around the sublingual Aramchol/semaglutide combination. Either event provides third-party valuation of a pipeline the market currently values at zero.