Item 7.01. Regulation FD Disclosure.
Galecto, Inc. ("Galecto") is aware that the Federal Deposit Insurance Corp.
("FDIC") has taken control of Silicon Valley Bank ("SVB") due to liquidity
concerns and it continues to monitor this situation. Galecto's exposure is
limited to less than $1.5 million, not including any FDIC-insured amounts, and
it does not anticipate that it will materially impact Galecto's operating plan
or cash runway.
The information in this Current Report on Form 8-K shall not be deemed "filed"
for purposes of Section 18 of the Securities Exchange Act of 1934, as amended
(the "Exchange Act") or otherwise subject to the liabilities of that section,
nor shall it be deemed incorporated by reference in any filing under the
Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act,
except as expressly set forth by specific reference in such a filing.
Forward-Looking Statements
This Current Report on Form 8-K ("8-K") contains forward-looking statements
within the meaning of Section 27A of the Securities Act and Section 21E of the
Exchange Act about Galecto that involve substantial risks and uncertainties. All
statements other than statements of historical facts contained in this 8-K,
including statements regarding Galecto's operating plan and cash runway, are
forward-looking statements. In some cases, you can identify forward-looking
statements because they contain words such as "anticipate," "believe,"
"contemplate," "continue," "could," "estimate," "excited," "expect," "going to,"
"intend," "may," "opportunity," "plan," "potential," "predict," "project,"
"should," "target," "will," or "would" or the negative of these words or other
similar terms or expressions. Galecto cautions you that the foregoing may not
include all of the forward-looking statements made in this 8-K.
You should not rely on forward-looking statements as predictions of future
events. Galecto has based the forward-looking statements contained in this 8-K
primarily on its current expectations and projections about future events and
trends. These forward-looking statements are subject to risks and uncertainties
described in "Risk Factors" and elsewhere in Galecto's Annual Report on Form
10-K for the fiscal year ended December 31, 2022, filed with the U.S. Securities
and Exchange Commission ("SEC") on March 9, 2023, which is available on the
SEC's website at www.sec.gov. Additional information is available in Galecto's
periodic reports filed with the SEC. In addition, any forward-looking statements
contained in this 8-K are based on assumptions that Galecto believes to be
reasonable as of this date. Galecto undertakes no obligation to update any
forward-looking statements to reflect events or circumstances after the date of
this 8-K or to reflect new information or the occurrence of unanticipated
events, except as required by law.
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