GLSI: net income -$5.7M. GLSI Q1 loss doubles to as Phase III trial ramps; material weaknesses expand

Filed June 4, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 20, 2025 · ~1 min read

Key Changes

• high

  Net loss surged 111% to $5.7M in Q1 2026 from $2.7M in Q1 2025, driven by clinical trial expenses more than doubling to $5.2M as the Flamingo-01 Phase III trial accelerates patient enrollment and site activity.

  MD&A: Operating Results verify on EDGAR →
• high

  Material weaknesses in internal controls expanded to include lack of accounting system for financial reporting and insufficient expense report approval procedures, on top of prior segregation-of-duties and documentation deficiencies.

  Controls and Procedures verify on EDGAR →
• high

  Cash position strengthened to $10.5M at quarter-end from $2.7M a year earlier, fueled by $9.0M net proceeds from ATM offerings at an average price of $25.33 per share—double the prior year's $12.52 average.

  MD&A: Liquidity verify on EDGAR →