GANX on Nasdaq

Gain Therapeutics, Inc.

American pharmaceutical preparations company, incorporated in Delaware.

Price unavailable

Last updated Oct 18, 2026.

Overview

Compare with HCW Biologics Inc., Arena Pharmaceuticals or Lunai Bioworks Inc., or pick any stock.

TickerGANX on Nasdaq
IndustryPharmaceutical Preparations
HeadquartersDE
Incorporated inDE²
Business address4800 Hampden Lane, Suite 200, Bethesda, Md 20814²
Filer category, Emerging growth company²

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Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2023

-40328.3%Operating margin³

-40354.3%Net margin³

-58.4%Revenue growth, 2023³

-177.0%Return on equity⁴

0.04×Debt to equity³

Where the money goes

Where each dollar of revenue went, fiscal 2023

Research and development

Research and development99¢$11.5M
Income tax1¢$79.3K

Out of $55.2K in revenue.³ The company lost money this year.

Financial statements

Revenue⁵⁶⁷³$55.2K in 2023+91% since 2020

Operating income⁵⁶⁷³-$22.3M in 2023+540% since 2020

Net income⁵⁶⁷³-$22.3M in 2023+522% since 2020

Every line of the income statement as filed: the last 2 fiscal years, latest first.⁴

Period ending	2025-12-31	2024-12-31
Research and development	-$10.2M	-$10.8M
General and administrative	-$8.5M	-$9.6M
Total operating expenses	-$18.7M	-$20.4M
Loss from operations	-$18.7M	-$20.4M
Interest income, net	$244.4K	$357.1K
Foreign exchange (loss) gain, net	-$833.7K	$119.1K
Loss before income tax	-$19.3M	-$19.9M
Income tax	-$861.1K	-$536.8K
Net loss	-$20.2M	-$20.4M
Net loss per share attributable to common stockholders - basic	-$0.61	-$0.89
Net loss per share attributable to common stockholders - diluted	-$0.61	-$0.89
Weighted average common stock - basic	33.0M shares	22.9M shares
Weighted average common stock - diluted	33.0M shares	22.9M shares

Total assets⁵⁶⁷³$18.6M in 2023+94% since 2020

Total liabilities⁵⁶⁷³$6.0M in 2023+77% since 2020

Shareholders’ equity⁵⁶⁷³⁴$12.6M in 2023

Cash⁵⁶⁷³$11.8M in 2023+3660% since 2019

Long-term debt⁵⁶⁷³$449.1K in 2023−37% since 2020

Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.⁴

Period ending	2025-12-31	2025-06-30	2024-12-31	2023-12-31
Cash and cash equivalents	$20.8M		$10.4M
Tax credits	$179.7K		$271.1K
Prepaid expenses and other current assets	$1.2M		$945.5K
Total current assets	$22.2M		$11.6M
Property and equipment, net	$74.9K		$103.6K
Internal-use software, net	$102.8K		$134.3K
Operating lease right-of-use assets	$334.1K		$219.7K
Restricted cash	$36.3K		$31.7K
Long-term deposits and other noncurrent assets	$33.7K		$32.1K
Total noncurrent assets	$581.8K		$521.4K
Total assets	$22.8M		$12.1M
Accounts payable	$825.0K		$946.3K
Operating lease liabilities - current	$119.9K		$160.9K
Other current liabilities	$2.3M		$2.4M
Deferred grant income - current			$252.2K
Loans - current	$100.9K		$110.2K
Total current liabilities	$3.4M		$3.9M
Defined benefit pension plan	$390.5K		$443.6K
Operating lease liabilities - noncurrent	$211.2K		$53.6K
Deferred grant income - noncurrent			$47.4K
Loans - noncurrent	$300.1K		$328.3K
Total noncurrent liabilities	$901.8K		$873.0K
Total liabilities	$4.3M		$4.8M
Common stock, $0.0001 par value: 100,000,000 shares authorized; 42,073,807 and 27,132,588 shares issued and outstanding as of December 31, 2025 and 2024, respectively	$4.2K		$2.7K
Additional paid-in capital	$119.1M		$88.8M
Accumulated other comprehensive income (loss)	$776.9K		-$247.5K
Accumulated deficit	-$81.2M		-$60.8M
Loss of the period	-$20.2M		-$20.4M
Total stockholders' equity	$18.6M		$7.3M	$12.6M
Total liabilities and stockholders' equity	$22.8M		$12.1M
Preferred stock, par value (in dollars per share)	$0.00		$0.00
Preferred stock, shares authorized	10.0M shares		10.0M shares
Preferred stock, shares issued	0 shares		0 shares
Preferred stock, shares outstanding	0 shares		0 shares
Common stock, par value (in dollars per share)	$0.00		$0.00
Common stock, shares authorized	100.0M shares	100.0M shares	100.0M shares
Common stock, shares, issued	42.1M shares		27.1M shares
Common stock, shares, outstanding	42.1M shares		27.1M shares

Period ending	2025-12-31	2025-06-30	2024-12-31	2023-12-31
Cash and cash equivalents	$20.8M		$10.4M
Tax credits	$179.7K		$271.1K
Prepaid expenses and other current assets	$1.2M		$945.5K
Total current assets	$22.2M		$11.6M
Property and equipment, net	$74.9K		$103.6K
Internal-use software, net	$102.8K		$134.3K
Operating lease right-of-use assets	$334.1K		$219.7K
Restricted cash	$36.3K		$31.7K
Long-term deposits and other noncurrent assets	$33.7K		$32.1K
Total noncurrent assets	$581.8K		$521.4K
Total assets	$22.8M		$12.1M
Accounts payable	$825.0K		$946.3K
Operating lease liabilities - current	$119.9K		$160.9K
Other current liabilities	$2.3M		$2.4M
Deferred grant income - current			$252.2K
Loans - current	$100.9K		$110.2K
Total current liabilities	$3.4M		$3.9M
Defined benefit pension plan	$390.5K		$443.6K
Operating lease liabilities - noncurrent	$211.2K		$53.6K
Deferred grant income - noncurrent			$47.4K
Loans - noncurrent	$300.1K		$328.3K
Total noncurrent liabilities	$901.8K		$873.0K
Total liabilities	$4.3M		$4.8M
Common stock, $0.0001 par value: 100,000,000 shares authorized; 42,073,807 and 27,132,588 shares issued and outstanding as of December 31, 2025 and 2024, respectively	$4.2K		$2.7K
Additional paid-in capital	$119.1M		$88.8M
Accumulated other comprehensive income (loss)	$776.9K		-$247.5K
Accumulated deficit	-$81.2M		-$60.8M
Loss of the period	-$20.2M		-$20.4M
Total stockholders' equity	$18.6M		$7.3M	$12.6M
Total liabilities and stockholders' equity	$22.8M		$12.1M
Preferred stock, par value (in dollars per share)	$0.00		$0.00
Preferred stock, shares authorized	10.0M shares		10.0M shares
Preferred stock, shares issued	0 shares		0 shares
Preferred stock, shares outstanding	0 shares		0 shares
Common stock, par value (in dollars per share)	$0.00		$0.00
Common stock, shares authorized	100.0M shares	100.0M shares	100.0M shares
Common stock, shares, issued	42.1M shares		27.1M shares
Common stock, shares, outstanding	42.1M shares		27.1M shares

Cash from operations⁵⁶⁷³-$18.9M in 2023+482% since 2020

Capital spending⁵$94.2K in 2021+352% since 2020

Free cash flow⁵⁶-$12.5M in 2021+282% since 2020

Every line of the cash flow as filed: the last 2 fiscal years, latest first.⁴

Period ending	2025-12-31	2024-12-31
Net loss	-$20.2M	-$20.4M
Depreciation and amortization	$94.0K	$84.1K
Stock-based compensation expense	$1.8M	$2.4M
Other non-cash items	$804.9K	$143.5K
Prepaid expenses and other current assets	-$82.1K	-$356.6K
Long term deposit and other noncurrent assets	$2.9K	-$21.0K
Accounts payable and other current liabilities	-$468.6K	$274.9K
Defined benefit pension plan	-$130.6K	-$122.9K
Deferred grant income	-$328.1K	-$854.7K
Total changes in operating assets and liabilities	-$1.0M	-$1.1M
Cash used in operating activities	-$18.5M	-$18.9M
Purchase of property and equipment and internal-use software		-$22.5K
Maturities of marketable securities		$5.0M
Cash provided by investing activities		$5.0M
Net proceeds from issuance of shares in 2024 ATM Program (Note 14)	$18.1M	$3.0M
Net proceeds from issuance of shares in public offering (Note 14)	$7.4M	$10.3M
Net proceeds from the exercise of warrants (Note 14)	$3.2M	$113.8K
Net proceeds from the exercise of stock options (Note 15)	$250.3K	$57.7K
Payments of offering costs (Note 14)	-$395.5K	-$280.9K
Payments of current portion of long-term debt (Note 12)	-$96.5K	-$90.9K
Cash provided by financing activities	$28.4M	$13.0M
Effect of exchange rate changes	$474.0K	-$527.2K
Net increase (decrease) in cash, cash equivalents and restricted cash	$10.5M	-$1.4M
Income taxes paid	$47.5K	$86.3K

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Leadership

Who has led Gain Therapeutics, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

Chair

Khalid Islam2024

President

Chief financial officer

Chief operating officer

Matthias Alder2021–2022

2025

Chief executive officerGene Mack Aug 12, 2024 to now¹⁰
Chief executive officerMatthias Alder Mar 27, 2023 to Mar 28, 2024¹¹
Chief executive officerEric I. Richman Mar 17, 2021 to May 27, 2022¹²
ChairKhalid Islam Aug 12, 2024 to Aug 12, 2024¹³
PresidentGene Mack Jan 7, 2025 to now¹⁴
PresidentManolo Bellotto Mar 29, 2021 to Mar 29, 2021¹⁵
Chief financial officerGene Mack Apr 8, 2024 to Aug 12, 2024¹⁶
Chief financial officerCharles Evan Ballantyne Apr 12, 2023 to Apr 12, 2023¹⁷
Chief financial officerSalvatore Calabrese Mar 29, 2021 to Mar 27, 2023¹⁸
Chief operating officerMatthias Alder Dec 28, 2021 to Sep 22, 2022¹⁹

Board members and other officers (9)

Principal Accounting OfficerGianluca Fuggetta Dec 21, 2022 to now²⁰
Board memberGene Mack Jan 7, 2025 to now¹⁴
Board memberMatthias Alder Sep 22, 2022 to Mar 28, 2024²¹
Board memberClaude Nicaise Mar 17, 2021 to now²²
Board memberDov A. Goldstein Md. Mar 17, 2021 to now²³
Board memberGwen A. Melincoff Mar 17, 2021 to now²⁴
Board memberKhalid Islam Mar 17, 2021 to now²⁵
Board memberHans Peter Hasler Mar 29, 2021 to now²⁶
Board memberEric I. Richman Aug 17, 2021 to now²⁷

Timeline

Aug 12, 2024New chief executive Gene Mack becomes CEO¹⁰
Mar 27, 2023New chief executive Matthias Alder becomes CEO¹¹
Mar 17, 2021New chief executive Eric I. Richman becomes CEO¹²

Filings

193 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 62 major events, 70 insider forms, 40 other. The latest 20:

The 193 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last three years, summarized. The full record is on SEC EDGAR.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 50. Change is in shares since the quarter before.

Fund	Shares	Value	Share of the fund	Change
Marshall Wace, Llp	1,923,546	$3.9M	0.0%	+153,758
Potomac Capital Management, Inc.	946,400	$1.9M	1.4%	−62,200
DME Capital Management, LP	566,130	$1.1M	0.0%	No change
Jones Financial Companies Lllp	608,592	$1.1M	0.0%	−23,023
Vanguard Capital Management LLC	480,269	$974.9K	0.0%	+80,383
Geode Capital Management, LLC	453,501	$921.4K	0.0%	+6,159
BlackRock, Inc.	274,957	$558.2K	0.0%	+49,911
Vanguard Fiduciary Trust Co	231,534	$470.0K	0.0%	+1,555
UBS Group AG	215,012	$436.5K	0.0%	−5,477
Stratos Wealth Partners, LTD.	200,000	$406.0K	0.0%	+68,379
Cresset Asset Management, LLC	160,000	$324.8K	0.0%	No change
State Street Corp	157,537	$319.8K	0.0%	No change
Citadel Advisors LLC	154,524	$313.7K	0.0%	+129,624
Squarepoint Ops LLC	136,359	$276.8K	0.0%	New
Morgan Stanley	125,972	$255.7K	0.0%	−13,680
LPL Financial LLC	117,251	$238.0K	0.0%	+13,000
Northern Trust Corp	97,013	$196.9K	0.0%	−16,984
Susquehanna International Group, Llp	78,206	$158.8K	0.0%	−353,061
Commonwealth Equity Services, LLC	58,456	$118.7K	0.0%	+28,753
Jane Street Group, LLC	55,628	$112.9K	0.0%	−161,255
XTX Topco Ltd	55,294	$112.2K	0.0%	New
Prelude Capital Management, LLC	35,820	$72.7K	0.0%	No change
Benedict Financial Advisors Inc	35,000	$71.0K	0.0%	+19,500
Bridgeway Capital Management, LLC	30,004	$60.9K	0.0%	No change
Apollon Wealth Management, LLC	26,500	$53.8K	0.0%	No change

13F reports cover disclosed long positions in U.S. stocks only.

Sources

The numbers on this page point here. Each one links to the record it came from.

1
SEC EDGARGain Therapeutics, Inc. filings on SEC EDGAR
2
SEC EDGARGain Therapeutics, Inc. filings on SEC EDGAR
3
SEC EDGARGain Therapeutics, Inc. 10-K for fiscal 2023
4
SEC EDGARGain Therapeutics, Inc. 10-K for fiscal 2023
5
SEC EDGARGain Therapeutics, Inc. 10-K for fiscal 2020
6
SEC EDGARGain Therapeutics, Inc. 10-K for fiscal 2021
7
SEC EDGARGain Therapeutics, Inc. 10-K for fiscal 2022
8
SEC EDGARGain Therapeutics, Inc. 10-Q for fiscal 2026
9
SEC EDGARGain Therapeutics, Inc. 10-Q for fiscal 2026
10
SEC EDGARGene Mack, Chief executive officer
11
SEC EDGARMatthias Alder, Chief executive officer
12
SEC EDGAREric I. Richman, Chief executive officer
13
SEC EDGARKhalid Islam, Chair
14
SEC EDGARGene Mack, President
15
SEC EDGARManolo Bellotto, President
16
SEC EDGARGene Mack, Chief financial officer
17
SEC EDGARCharles Evan Ballantyne, Chief financial officer
18
SEC EDGARSalvatore Calabrese, Chief financial officer
19
SEC EDGARMatthias Alder, Chief operating officer
20
SEC EDGARGianluca Fuggetta, Principal Accounting Officer
21
SEC EDGARMatthias Alder, Board member
22
SEC EDGARClaude Nicaise, Board member
23
SEC EDGARDov A. Goldstein Md., Board member
24
SEC EDGARGwen A. Melincoff, Board member
25
SEC EDGARKhalid Islam, Board member
26
SEC EDGARHans Peter Hasler, Board member
27
SEC EDGAREric I. Richman, Board member