Galectin Therapeutics reported financial results for the year ended December 31, 2025, and provided a business update. Meaningful progress was made in advancing the belapectin program for MASH cirrhosis and portal hypertension, with encouraging signals observed from the NAVIGATE dataset, including additional biomarkers. The company secured an additional $10 million line of credit from its Chairman, Dick Uihlein, extending the projected cash runway through April 2027. Dr. Henry Brem, an internationally recognized neurosurgeon-scientist, was appointed to the Board, strengthening clinical development expertise. In the NAVIGATE Phase 2b/3 trial, belapectin 2 mg/kg reduced the incidence of varices by 49.3% versus placebo in the per-protocol population (nominal p = 0.04). In U.S. patients within the per-protocol population, belapectin 2 mg/kg reduced the incidence of varices by 68.1% compared with placebo (p = 0.02). Safety results showed a similar proportion of treatment-emergent adverse events, serious adverse events, and discontinuations across treatment groups, with no drug-related serious adverse events observed. Additional 18-month NAVIGATE biomarker analyses demonstrated consistent effects across multiple non-invasive markers of fibrosis and disease progression (FibroScan liver stiffness, ELF score, PRO-C3, YKL-40, PRO-C4), supporting belapectin's potential antifibrotic and disease-modifying activity. Analyses using validated Baveno VII criteria suggested belapectin treatment was associated with improvements in portal hypertension risk categories and a reduced risk of hepatic decompensation. Net loss applicable to common stockholders for 2025 was $31.0 million, or ($0.48) per share, a decrease from $47.2 million, or ($0.76) per share, in 2024. Research and development expenses decreased to $14.3 million in 2025 from $36.6 million in 2024, primarily due to the conclusion of the NAVIGATE clinical trial.