Galecto Stock Soars 94.78% on Damora Acquisition, $284.9M Funding Boost

The share price rose to its highest level so far this month, with an intraday gain of 94.78%.

Galecto’s stock surged following two strategic developments: the acquisition of Damora Therapeutics and a $284.9 million private placement. The deal, announced on November 10, expanded Galecto’s pipeline into mutCALR-driven myeloproliferative neoplasms (MPNs) with Damora’s lead candidate, DMR-001, a monoclonal antibody targeting a key genetic driver in rare blood cancers. Preclinical data highlight DMR-001’s 10-fold potency against Type 2 mutCALR mutations, addressing a patient population of ~42,000 in the U.S. The acquisition also added two early-stage assets, DMR-002 and DMR-003, while complementing Galecto’s existing AML candidate, GB3226.

The private placement, led by Fairmount and supported by Viking Global and Andreessen Horowitz, secures Galecto’s financial runway through 2029. Funds will advance DMR-001’s IND submission by mid-2026 and Phase 1 trials for GB3226 in Q1 2026. The capital infusion reduces near-term fundraising risks and aligns with growing industry focus on precision oncology. Institutional backing underscores confidence in Galecto’s execution plan and the therapeutic potential of mutCALR-targeted therapies.

Analysts attribute the stock’s 36.7% daily rise to near-term catalysts, including DMR-001’s pre-IND progress and GB3226’s data presentation at the ASH 2025 conference. While Galecto’s financials remain unprofitable, the market prioritizes clinical milestones over current metrics. Success in Phase 1 trials and partnerships could solidify Galecto’s position in hematological oncology, though risks persist in translating preclinical results to clinical efficacy.