Issue 002 | U.S. Pilot | US

GLMD

Galmed Pharmaceuticals Ltd.

Screen state: Passing Source state: Verified 20-F | 2026-03-31 Filing currency: USD

Open Filing Back to Register Report a correction

Internal NCAV Discount 77.2%

GNNI internal NCAV discount calculation. Market context inputs are retained internally and are not displayed.

Current Assets: 18,627,000USD
Total Liabilities: 2,845,000USD
NCAV: 15,782,000USD
Cash: 3,985,000USD
NCAV per share: 2.40USD/share
Evidence: 10 annual | 21 quarterly

Mary filing review

Financial Statement Evidence

Deterministic observations from the frozen Mary Reason Card. They annotate filing evidence and do not determine screen inclusion.

Not captured in this issue’s Mary run.

This archived issue is not backfilled with observations from a later screening run.

Business Profile

Checklist-driven facts extracted from filing text. Missing fields stay visible in the details.

business_profile_v1

Business profile: 0 of 12 fields established by the current extractor.

Business Profile Field Details

Business Description

Missing Source

Not established by the current extractor from the selected filing context.

Revenue Model

Missing Source

Not established by the current extractor from the selected filing context.

Customers And Channels

Missing Source

Not established by the current extractor from the selected filing context.

Segments And Geography

Missing Source

Not established by the current extractor from the selected filing context.

Tangible Operations Assets

Missing Source

Not established by the current extractor from the selected filing context.

Value Chain

Missing Source

Not established by the current extractor from the selected filing context.

Competition Positioning

Missing Source

Not established by the current extractor from the selected filing context.

Business Lifecycle Cyclicality

Missing Source

Not established by the current extractor from the selected filing context.

Strategy And Capital Allocation

Missing Source

Not established by the current extractor from the selected filing context.

Management Governance Signals

Missing Source

Not established by the current extractor from the selected filing context.

Disclosed Risks

Missing Source

Not established by the current extractor from the selected filing context.

Known Unknowns

Missing Source

Not established by the current extractor from the selected filing context.

Business Profile Sources

Source	Filing	Date	Type	Status	Provenance
S1	0001493152-26-014182	2026-03-31	20-F	Verified	Data Vault \| sec/cleaned/cik=0001595353/accession=0001493152-26-014182/parser=html-cleaner-v1/full.txt

Known Unknowns

Medium | Share Count

The current U.S. Pilot does not yet evaluate share-count trends or post-filing dilution beyond Mary's screening flags.

Low | Classification

U.S. Pilot rows are surfaced for source inspection and may still need manual business classification review.

Annual Financials

Latest annual periods, newest first. Missing cells render as n/a.

Metric	2025-12-31 20-F USD	2024-12-31 20-F USD	2023-12-31 20-F USD	2022-12-31 20-F USD	2021-12-31 20-F USD	2020-12-31 20-F USD	2019-12-31 20-F USD	2018-12-31 20-F USD	2017-12-31 20-F USD	2016-12-31 20-F USD
Revenue	n/a	n/a	n/a	n/a	n/a	0	0	2,038,000	1,085,000	467,000
Operating Income	n/a	n/a	n/a	n/a	n/a	-30,210,000	-22,376,000	-10,715,000	-12,364,000	n/a
Net Income	-10,309,000	-7,517,000	-6,912,000	-17,866,000	-32,467,000	-28,771,000	-20,461,000	-9,856,000	-12,299,000	-16,953,000
Cash From Operations	-6,315,000	-5,880,000	-6,137,000	-18,501,000	-32,892,000	-26,287,000	-14,937,000	-9,023,000	-12,067,000	-12,129,000
Capex	n/a	n/a	n/a	-4,000	-11,000	-44,000	-12,000	-90,000	-12,000	-17,000
Free Cash Flow	n/a	n/a	n/a	-18,505,000	-32,903,000	-26,331,000	-14,949,000	-9,113,000	-12,079,000	-12,146,000
Cash And Equivalents	3,985,000	4,652,000	2,861,000	2,016,000	2,884,000	6,947,000	15,931,000	24,159,000	13,021,000	3,097,000
Accounts Receivable	n/a	672,000	480,000	825,000	1,125,000	812,000	827,000	218,000	155,000	284,000
Inventory	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Total Current Assets	18,627,000	16,124,000	13,239,000	14,724,000	36,054,000	51,811,000	76,430,000	90,406,000	19,152,000	15,732,000
Total Assets	18,627,000	18,500,000	16,629,000	16,561,000	36,605,000	52,381,000	77,139,000	90,600,000	19,643,000	16,450,000
Total Current Liabilities	2,845,000	2,173,000	2,750,000	3,094,000	5,879,000	8,012,000	6,934,000	2,706,000	3,848,000	4,579,000
Total Liabilities	2,845,000	2,173,000	2,750,000	3,138,000	6,108,000	8,228,000	7,286,000	2,706,000	3,848,000	5,375,000
Shareholders Equity	15,782,000	16,327,000	13,879,000	13,423,000	30,497,000	44,153,000	69,853,000	87,894,000	15,795,000	11,075,000
Shares Outstanding	6,581,390	1,654,428	5,045,324	25,203,396	25,088,414	21,325,975	21,139,385	21,018,919	14,435,161	12,149,226
Shares Outstanding Diluted	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Weighted Avg Shares Diluted	4,311,323	930,822	2,769,539	1,676,183	1,639,843	21,280,787	21,114,399	18,137,689	12,487,349	11,374,653
Weighted Avg Shares Basic	4,311,323	930,822	2,769,539	1,676,183	1,639,843	21,280,787	21,114,399	18,137,689	12,487,349	11,374,653
Net Share Count Change (Normalized)	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence
Ownership Claim Change (Normalized)	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence

Quarterly Financials

Latest quarterly periods, newest first. Periods are shown only when Data Vault has them.

Metric	2025-12-31 20-F USD	2025-12-31 20-F USD	2025-09-30 6-K USD	2025-06-30 6-K USD	2025-03-31 6-K USD	2024-12-31 6-K USD	2024-09-30 6-K USD	2024-06-30 6-K USD	2024-03-31 6-K USD	2023-12-31 6-K USD	2023-06-30 6-K USD	2023-03-31 6-K USD	2022-12-31 6-K USD	2022-06-30 6-K USD	2022-03-31 6-K USD	2021-12-31 6-K USD	2021-06-30 6-K USD	2021-03-31 6-K USD	2020-12-31 6-K USD	2020-06-30 6-K USD	2020-03-31 6-K USD
Revenue	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	0	n/a	n/a
Operating Income	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	-30,210,000	-12,278,000	n/a
Net Income	-115,000	-115,000	-5,491,000	-3,599,000	-1,104,000	-7,517,000	-4,308,000	-2,394,000	-1,275,000	-6,912,000	-3,423,000	-1,830,000	-17,866,000	-9,877,000	-6,143,000	-32,467,000	-17,301,000	-8,905,000	-28,771,000	-11,589,000	-6,063,000
Cash From Operations	n/a	n/a	-4,370,000	-2,435,000	n/a	-5,880,000	-3,972,000	-2,847,000	n/a	-6,137,000	-3,062,000	n/a	-18,501,000	-11,363,000	n/a	-32,892,000	-16,917,000	n/a	-26,287,000	-12,842,000	n/a
Capex	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	-4,000	-3,000	n/a	-11,000	-8,000	n/a	-44,000	-5,000	n/a
Free Cash Flow	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	-18,505,000	-11,366,000	n/a	-32,903,000	-16,925,000	n/a	-26,331,000	-12,847,000	n/a
Cash And Equivalents	3,985,000	3,985,000	3,314,000	4,964,000	n/a	4,652,000	n/a	1,837,000	n/a	2,861,000	1,009,000	n/a	2,016,000	1,980,000	n/a	2,884,000	7,923,000	n/a	6,947,000	5,553,000	n/a
Total Current Assets	18,627,000	18,627,000	19,724,000	21,084,000	n/a	16,124,000	n/a	10,076,000	n/a	13,239,000	9,786,000	n/a	14,724,000	23,130,000	n/a	36,054,000	51,665,000	n/a	51,811,000	64,211,000	n/a
Total Liabilities	n/a	2,845,000	2,472,000	n/a	n/a	2,173,000	n/a	n/a	n/a	2,750,000	n/a	n/a	3,138,000	2,863,000	n/a	6,108,000	7,326,000	n/a	8,228,000	4,965,000	n/a
Shares Outstanding	6,581,390	6,581,390	5,479,231	5,303,050	n/a	1,664,884	n/a	6,358,747	n/a	5,045,324	n/a	n/a	1,680,232	25,088,414	n/a	25,088,414	25,083,914	n/a	21,325,975	21,153,166	n/a
Shares Outstanding Diluted	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Weighted Avg Shares Diluted	4,311,323	4,311,323	5,460,476	3,948,190	n/a	930,822	829,500	6,294,748	n/a	2,769,539	1,680,232	n/a	1,676,183	1,672,561	n/a	1,639,843	25,083,914	n/a	21,280,787	21,153,166	n/a
Weighted Avg Shares Basic	4,311,323	4,311,323	5,460,476	3,948,190	n/a	930,822	829,500	6,294,748	n/a	2,769,539	1,680,232	n/a	1,676,183	1,672,561	n/a	1,639,843	25,083,914	n/a	21,280,787	21,153,166	n/a
Net Share Count Change (Normalized)	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence
Ownership Claim Change (Normalized)	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence

Audit Trail

NCAV Audit

Official-source inputs remain linked to filing provenance. Derived values are labeled as such.

Input	Value	Source concept	Filing period	Confidence	Provenance
Current Assets	18,627,000USD	derived	2025-12-31	1.00	n/a
Total Liabilities	2,845,000USD	derived	2025-12-31	1.00	n/a
Cash	3,985,000USD	derived	2025-12-31	1.00	n/a
Shares Outstanding	6,581,390	derived	2025-12-31	1.00	n/a
NCAV	15,782,000USD	derived	2025-12-31	n/a	company-evidence-v1 \| total_current_assets - total_liabilities
NCAV per share	2.40USD	derived	2025-12-31	n/a	company-evidence-v1 \| NCAV / shares_outstanding
Internal NCAV Discount	77.2%	derived	2025-12-31	n/a	gnni_publication_pack \| internal_discount

NCAV = total_current_assets - total_liabilities | NCAV per share = NCAV / shares_outstanding

Source Provenance

Data Source: Data Vault
Data Vault Root: Local evidence | The Data Vault
CIK: 0001595353
Company ID: n/a
Selected Annual Source: Data Vault | sec/companyfacts/cik=0001595353/companyfacts.json
Selected Quarterly Source: Data Vault | sec/companyfacts/cik=0001595353/companyfacts.json
Statement Extractor: companyfacts-screener-v1
View Extractor: companyfacts-screener-v1
Source Accession Count: 18
Imported At: 2026-08-15T12:52:04+00:00
Rendered At: 2026-08-16T03:29:43+00:00

Run Audit

Mary Run: f75c5d221f074da8a489fba328e8ef51
Mary As Of: 2026-07-18
Accession: 0001493152-26-014182
CIK: 0001595353
Mary Filing Date: 2026-03-31
Filing Currency: USD
Internal Discount: 77.2%
Source State: Verified
Market Context: Not Displayed
Market Policy: internal_only_not_redistributed
Share Trend: Not Evaluated
Dilution: Needs Review

mary_run=f75c5d221f074da8a489fba328e8ef51; mary_as_of=2026-07-18; mary_filing_date=2026-03-31; mary_accession=0001493152-26-014182; mary_cik=0001595353; gnni_supporting_filing_date=2026-03-31; internal_discount=0.772308; mary_reason=Mary's deterministic net-net screen flagged this candidate. The internal discount is shown; raw market-data fields are not published in this pilot.

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