6-K - GLMD - Equibles

UNITEDSTATES

SECURITIESAND EXCHANGE COMMISSION

Washington,D.C. 20549

FORM6-K

Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16

Under the Securities Exchange Act of 1934

For the Month of November 2021

001-36345

(Commission File Number)

GALMEDPHARMACEUTICALS LTD.

(Exact name of Registrant as specified in its charter)

16Tiomkin St.

TelAviv 6578317, Israel

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

This Form 6-K contains the quarterly report of Galmed Pharmaceuticals Ltd. (the “Company”), which includes the Company’s unaudited consolidated financial statements for the three and nine months ended September 30, 2021, together with related information and certain other information. The Company is not subject to the requirements to file quarterly or certain other reports under Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended. The Company does not undertake to file or cause to be filed any such reports in the future, except to the extent required by law.

On November 8, 2021, the Company issued a press release announcing the filing of its financial results for the three and nine months ended September 30, 2021 with the Securities and Exchange Commission. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

In addition, on November 8, 2021, the Company issued a press release entitled “Galmed Announces New Positive Data from Ongoing ARMOR Study Open Label Part Showing Clinically Significant Effect on Fibrosis Improvement.” A copy of the press release is attached hereto as Exhibit 99.2 and incorporated herein by reference.

The Company intends to present the information in the presentation slides attached hereto as Exhibit 99.3 on November 8, 2021. A copy of the presentation is furnished as Exhibit 99.3 and incorporated by reference herein.

This Form 6-K, the text under the heading “Recent Clinical & Scientific Developments” and “Financial Summary

Third Quarter 2021 vs. Third Quarter 2020” in the press release in Exhibit 99.1, and the first four paragraphs (including the summary results table and footnotes thereto) and the “Forward Looking Statements” of the press release in Exhibit 99.2 are incorporated by reference into the Company’s Registration Statement on Form S-8 (Registration No. 333-206292 and 333-227441) and the Company’s Registration Statement on Form F-3 (Registration No. 333-254766).

FINANCIAL INFORMATION

FinancialStatements

GALMEDPHARMACEUTICALS LTD.

ConsolidatedBalance Sheets (Unaudited)

U.S.Dollars in thousands, except share data and per share data

	As of			As of
	September 30,			December 31,
	2021			2020
Assets
Current assets
Cash and cash equivalents	$	3,490		$	6,947
Restricted Cash		113			113
Short-term deposits		-			3,807
Marketable debt securities		38,415			40,132
Other receivable		1,674			812
Total current assets		43,692			51,811
Right of use assets		452			394
Property and equipment, net		154			176
Total non-current assets		606			570
Total assets	$	44,298		$	52,381
Liabilities and stockholders’ equity
Current liabilities
Trade payables	$	5,233		$	7,046
Other payables		1,115			966
Total current liabilities		6,348			8,012
Non-current liabilities
Lease obligation	$	274		$	216
Total non-current liabilities		274			216
Ordinary shares par value NIS 0.01 per share; Authorized 50,000,000; Issued and outstanding: 25,083,914 shares as of September<br> 30, 2021; 21,325,975 shares as of December 31, 2020		70			58
Additional paid-in capital		198,403			179,530
Accumulated other comprehensive gain		(75	)		272
Accumulated deficit		(160,722	)		(135,707	)
Total stockholders’ equity		37,676			44,153
Total liabilities and stockholders’ equity	$	44,298		$	52,381

The accompanying notes are an integral part of the interim consolidated financial statements.

GALMEDPHARMACEUTICALS LTD.

ConsolidatedStatements of Operations (Unaudited)

U.S.Dollars in thousands, except share data and per share data

	2021			2020			2021			2020
	Three months ended<br><br> <br>September 30,						Nine months ended<br><br> <br>September 30,
	2021			2020			2021			2020
Research and development expenses		6,541			6,536			20,957			17,057
General and administrative expenses		1,304			1,054			4,432			2,811
Total operating expenses		7,845			7,590			25,389			19,868
Financial income, net		(131	)		(685	)		(374	)		(1,374	)
Net loss	$	7,714		$	6,905		$	25,015		$	18,494
Basic and diluted net loss per share	$	0.31		$	0.32		$	1.02		$	0.87
Weighted-average number of shares outstanding used in computing basic and<br> diluted net loss per share		25,083,914			21,268,730			24,432,220			21,191,196

The accompanying notes are an integral part of the interim consolidated financial statements.

GALMEDPHARMACEUTICALS LTD.

ConsolidatedStatements of Comprehensive Loss (Unaudited)

U.S.Dollars in thousands

	2021		2020		2021		2020
	Three months ended<br><br> <br>September 30,				Nine months ended<br><br> <br>September 30,
	2021		2020		2021		2020
Net loss	$	7,714	$	6,905	$	25,015	$	18,494
Other comprehensive loss:
Net unrealized loss (gain) on available for sale securities		183		408		347		(55	)
Comprehensive loss	$	7,897	$	7,313	$	25,362	$	18,439

The accompanying notes are an integral part of the interim consolidated financial statements.

GALMEDPHARMACEUTICALS LTD.

ConsolidatedStatements of Changes in Stockholders’ Equity (Unaudited)

U.S.Dollars in thousands, except share data and per share data

	Shares		Amount		capital		loss			Deficit			Total
							Accumulated
					Additional		other
	Ordinary shares				paid-in		Comprehensive			Accumulated
	Shares		Amount		capital		loss			Deficit			Total
Balance - December 31, 2019		21,139,385	$	58	$	176,696	$	35		$	(106,936	)	$	69,853
Stock-based compensation		-		-		1,096		-			-			1,096
ATM
ATM, shares
Share issuance
Share issuance, shares
Exercise of options
Exercise of options, shares
Exercise of options and restricted stock units		13,781		-		61		-			-			61
Unrealized gain from marketable debt securities		-		-		-		463			-			463
Net loss		-		-		-		-			(11,589	)		(11,589	)
Balance - June 30, 2020		21,153,166	$	58	$	177,853	$	498		$	(118,525	)	$	59,884
Stock-based compensation		-		-		378		-			-			378
ATM		136,300		(*)		707		-						707
Exercise of options and restricted stock units		22,577		(*)		-		-			-			(*)
Unrealized gain from marketable debt securities		-		-		-		(408	)		-			(408	)
Net loss		-		-		-		-			(6,905	)		(6,905	)
Balance - September 30, 2020		21,312,043	$	58	$	178,938	$	90		$	(125,430	)	$	53,656
							Accumulated
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
					Additional		other
	Ordinary shares				paid-in		Comprehensive			Accumulated
	Shares		Amount		capital		loss			Deficit			Total
Balance - December 31, 2020		21,325,975	$	58	$	179,530	$	272		$	(135,707	)	$	44,153
Stock based compensation		-		-		943		-			-			943
Share issuance		3,739,203		12		17,356		-			-			17,368
Exercise of options (**)		18,736		(*)		-		-			-			(*)
Unrealized loss from marketable debt securities		-		-		-		(164	)		-			(164	)
Net loss											(17,301	)		(17,301	)
Balance - June 30, 2021		25,083,914	$	70	$	197,829	$	108		$	(153,008	)	$	44,999
Beginning balance, value		25,083,914	$	70	$	197,829	$	108		$	(153,008	)	$	44,999
Stock-based compensation		-		-		574		-			-			574
Unrealized loss from marketable debt securities		-		-		-		(183	)		-			(183	)
Net loss		-		-		-		-			(7,714	)		(7,714	)
Balance - September 30, 2021		25,083,914	$	70	$	198,403	$	(75	)	$	(160,722	)	$	37,676
Ending balance, value		25,083,914	$	70	$	198,403	$	(75	)	$	(160,722	)	$	37,676
(*)	Represents<br> amount less than $1.
---	---
(**)	See<br> notes 3.3 and 3.4.

The accompanying notes are an integral part of the interim consolidated financial statements.

GALMEDPHARMACEUTICALS LTD.

ConsolidatedStatements of Cash Flows (Unaudited)

U.S.Dollars in thousands

	2021			2020
	Nine months ended September 30,
	2021			2020
Cash flow from operating activities
Net loss	$	(25,015	)	$	(18,494	)
Adjustments required to reconcile net loss to net cash used in operating activities
Depreciation and amortization		32			28
Stock-based compensation expense		1,517			1,474
Amortization of premium on marketable debt securities		115			36
Interest income from short-term deposits		7			(268	)
Gain from realization of marketable debt securities		(32	)		(522	)
Changes in operating assets and liabilities:
Decrease (increase) in other accounts receivable		(862	)		185
Decrease in trade payables		(1,813	)		(848	)
Increase (decrease) in other accounts payable		149			(40	)
Net cash used in operating activities		(25,902	)		(18,449	)
Cash flow from investing activities
Purchase of property and equipment		(10	)		(33	)
Investment in available for sale securities		(12,069	)		(45,226	)
Sale (investment) in short term deposits, net		-			17,783
Maturity of short term deposits		3,800			-
Consideration from sale of available for sale securities		13,356			45,875
Net cash provided by (used in) investing activities		5,077			18,399
Cash flow from financing activities
Proceeds from exercise of options (*)		-			61
Issuance of Ordinary shares upon ATM (**)		8,147			707
Issuance of Ordinary shares, net of issuance cost (**)		9,221			-
Net cash provided in financing activities		17,368			768
Increase (decrease) in cash and cash equivalents and restricted cash		(3,457	)		718
Cash and cash equivalents and restricted cash at the beginning of the period		7,060			16,043
Cash and cash equivalents and restricted cash at the end of the period	$	3,603		$	16,761
Supplemental disclosure of cash flow information:
Cash received from interest	$	474		$	966
Non-cash transactions:
Recognition of right-of-use asset and lease liability from adoption of ASU 2016-02	$	497		$	35
(*)	Represents<br> amount less than $1.
---	---
(**)	See<br> notes 3.2 and 3.4.

The accompanying notes are an integral part of the interim consolidated financial statements.

GALMEDPHARMACEUTICALS LTD.

Notesto Consolidated Financial Statements

Note1 - Basis of presentation

Galmed Pharmaceuticals Ltd. (the “Company”) is a clinical-stage biopharmaceutical company primarily focused on the development of therapeutics for the treatment of liver diseases. The Company was incorporated in Israel on July 31, 2013 and commenced operations on February 2, 2014. The Company holds a wholly-owned subsidiary, Galmed International Ltd., which was incorporated in Malta. Galmed International Ltd. previously held a wholly-owned subsidiary, Galmed Medical Research Ltd., which was liquidated during the first quarter of 2019. The Company also holds two additional wholly-owned subsidiaries, Galmed Research and Development Ltd and Galtopa Therapeutics Ltd., both of which are incorporated in Israel.

These unaudited interim consolidated financial statements have been prepared as of September 30, 2021, and for the three and nine months period then ended. Accordingly, certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been omitted. These unaudited interim consolidated financial statements should be read in conjunction with the audited financial statements and the accompanying notes of the Company for the year ended December 31, 2020 that are included in the Company’s Annual Report on Form 20-F, filed with the Securities and Exchange Commission on March 18, 2021 (the “Annual Report”). The results of operations presented are not necessarily indicative of the results to be expected for the year ending December 31, 2021.

Note2 - Summary of significant accounting policies

The significant accounting policies that have been applied in the preparation of the unaudited consolidated interim financial statements are identical to those that were applied in preparation of the Company’s interim most recent annual financial statements in connection with its Annual Report on Form 20-F.

Note3 - Stockholders’ Equity

1.	During<br> the nine months ended September 30, 2021, certain office holders exercised options into 18,736 ordinary shares of the Company, NIS<br> 0.01 par value per share, for a total amount of less than $1 thousand.
2.	During<br> February 2021, the Company entered into an underwriting agreement with Cantor Fitzgerald & Co. as underwriter, in connection<br> with an underwritten public offering of 2,197,803 ordinary shares (the “Firm Shares”) of the Company. Pursuant to the<br> underwriting agreement the underwriter purchased the Firm Shares from the Company at a price of $4.3258 per share. The net proceeds<br> to the Company were approximately $9.3 million.
3.	On<br> March 16, 2021, the Company granted options to purchase 45,000 ordinary shares of the Company to an employee and a consultant. The<br> options are exercisable at $4.16 per share, have a 10-year term and vest over a period of four years.
4.	On<br> May 15, 2020, the Company amended and restated the Sales Agreement dated December 22, 2017 between the Company and Stifel, Nicolaus<br> & Company, Incorporated to include Cantor Fitzgerald & Co. as an additional sales agent for the Company’s “at<br> the market offering” program (the “A&R Sales Agreement”). During February 2021, the Company sold an additional<br> 1,541,400 ordinary shares under the ATM program for total net proceeds of approximately $8.1 million. On March 25, 2021, the Company<br> agreed with the sales agents to terminate, with immediate effect, the A&R Sales Agreement.
5.	On<br> March 26, 2021, the Company entered into a new Sales Agreement with Cantor Fitzgerald & Co. and Canaccord Genuity LLC, as sales<br> agents, pursuant to which the Company may offer and sell ordinary shares “at the market” having an aggregate offering<br> price of up to $50.0 million from time to time through the sales agents.
6.	On<br> July 15, 2021, the Company granted options to purchase 100,000 ordinary shares of the Company to its non-management directors. The<br> options are exercisable at $3.10 per share, have a 10-year term and vest over a period of three years.
7.	On<br> August 3, 2021, the Company granted options to purchase 37,500 ordinary shares of the Company to its employees. The options are exercisable<br> at $2.83 per share, have a 10-year term and vest over a period of three years.
8.	In<br> November 2020, the Company’s Board approved to grant options to purchase 220,000 ordinary shares of the Company to Company’s<br> Chief executive officer subject to shareholders’ approval which was obtained on August 30, 2021. The options are exercisable<br> at $3.33 per share, have a 10-year term and vest over a period of four years.

Note4 - Significant events during the reporting period

On June 28, 2021, the Company entered into a license agreement with Yissum Research Development Company of the Hebrew University of Jerusalem (“Yissum”) pursuant to which Yissum granted to the Company a worldwide, exclusive and irrevocable license to develop and commercialize Amilo-5Mer. The grant of the license takes effect upon approval of the Israel Innovation Authority. Under the license agreement, the Company shall be responsible for carrying out the development and commercialization of Amilo-5Mer and the prosecution and maintenance of the licensed patents under the license agreement. In consideration for the grant of the license, the Company has agreed to pay to Yissum an upfront license fee of $100,000, payments of up to $850,000 upon meeting certain regulatory milestones, single digit royalties on any future net sales and a share of any sublicense fees.

Management’sDiscussion and Analysis of Financial Condition and Results of Operations

Allreferences to “we,” “us,” “our,” “the Company” and “our Company”, in thisForm 6-K are to Galmed Pharmaceuticals Ltd. and its subsidiaries, unless the context otherwise requires. All references to “shares”or “ordinary shares” are to our ordinary shares, NIS 0.01 nominal par value per share. All references to “Israel”are to the State of Israel. “U.S. GAAP” means the generally accepted accounting principles of the United States. Unless otherwisestated, all of our financial information presented in this Form 6-K has been prepared in accordance with U.S. GAAP. Any discrepanciesin any table between totals and sums of the amounts and percentages listed are due to rounding. Unless otherwise indicated, or the contextotherwise requires, references in this Form 6-K to financial and operational data for a particular year refer to the fiscal year of ourcompany ended December 31 of that year.

Ourreporting currency and financial currency is the U.S. dollar. In this Form 6-K, “NIS” means New Israeli Shekel, and “$,”“US$” and “U.S. dollars” mean United States dollars.

CautionaryNote Regarding Forward-Looking Statements

This Form 6-K contains forward-looking statements about our expectations, beliefs or intentions regarding, among other things, our product development efforts, business, financial condition, results of operations, strategies or prospects. In addition, from time to time, we or our representatives have made or may make forward-looking statements, orally or in writing. Forward-looking statements can be identified by the use of forward-looking words such as “believe,” “expect,” “intend,” “plan,” “may,” “should,” “anticipate,” “could,” “might,” “seek,” “target,” “will,” “project,” “forecast,” “continue” or their negatives or variations of these words or other comparable words or by the fact that these statements do not relate strictly to historical matters. These forward-looking statements may be included in, among other things, various filings made by us with the SEC, press releases or oral statements made by or with the approval of one of our authorized executive officers. Forward-looking statements relate to anticipated or expected events, activities, trends or results as of the date they are made. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties that could cause our actual results to differ materially from any future results expressed or implied by the forward-looking statements. Many factors could cause our actual activities or results to differ materially from the activities and results anticipated in forward-looking statements, including, but not limited to, the factors summarized below:

●	the<br> timing and cost of our pivotal Phase 3 ARMOR trial, or the ARMOR Study, for our product candidate, Aramchol, or for any other pre-clinical<br> or clinical trials;
●	completion<br> and receiving favorable results of the ARMOR Study for Aramchol or any other pre-clinical or clinical trial;
●	the<br> impact of the COVID-19 pandemic on our operations;
●	regulatory<br> action with respect to Aramchol or any other product candidate by the U.S. Food and Drug Administration, or the FDA, or the European<br> Medicines Authority, or EMA, including but not limited to acceptance of an application for marketing authorization, review and approval<br> of such application, and, if approved, the scope of the approved indication and labeling;
●	the<br> commercial launch and future sales of Aramchol and any future product candidates;
●	our<br> ability to comply with all applicable post-market regulatory requirements for Aramchol or any other product candidate in the countries<br> in which we seek to market the product;
●	our<br> ability to achieve favorable pricing for Aramchol or any other product candidate;
●	our<br> expectations regarding the commercial market for non-alcoholic steato-hepatitis, or NASH, in patients or any other targeted indication;
●	third-party<br> payor reimbursement for Aramchol or any other product candidate;
●	our<br> estimates regarding anticipated capital requirements and our needs for additional financing;
●	market<br> adoption of Aramchol or any other product candidate by physicians and patients;
●	the<br> timing, cost or other aspects of the commercial launch of Aramchol or any other product candidate;
●	our<br> ability to obtain and maintain adequate protection of our intellectual property;
●	the<br> possibility that we may face third-party claims of intellectual property infringement;
●	our<br> ability to manufacture our product candidates in commercial quantities, at an adequate quality or at an acceptable cost;
●	our<br> ability to establish adequate sales, marketing and distribution channels;
---	---
●	intense<br> competition in our industry, with competitors having substantially greater financial, technological, research and development, regulatory<br> and clinical, manufacturing, marketing and sales, distribution and personnel resources than we do;
●	the<br> development and approval of the use of Aramchol or any other product candidate for additional indications or in combination therapy;<br> and
●	our<br> expectations regarding licensing, acquisitions and strategic operations.

We believe these forward-looking statements are reasonable; however, these statements are only current predictions and are subject to known and unknown risks, uncertainties and other factors that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from those anticipated by the forward-looking statements. We discuss many of these risks in our Annual Report on Form 20-F for the year ended December 31, 2020 filed with the SEC on March 18, 2021 in greater detail under the heading “Risk Factors” and elsewhere in the Annual Report and this Form 6-K. Given these uncertainties, you should not rely upon forward-looking statements as predictions of future events.

All forward-looking statements attributable to us or persons acting on our behalf speak only as of the date hereof and are expressly qualified in their entirety by the cautionary statements included in this report. We undertake no obligations to update or revise forward-looking statements to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. In evaluating forward-looking statements, you should consider these risks and uncertainties.

Overview

We are a clinical-stage biopharmaceutical company focused on the development of Aramchol, a liver targeted stearoyl-coenzyme A desaturase-1, or SCD1, modulator, first in class, novel, oral therapy for the treatment of NASH for variable populations. We are also developing Amilo-5MER, a 5 amino acid synthetic peptide and recently initiated a first in human study.

FinancialOverview

To date, we have funded our operations primarily through proceeds from private placements and public offerings. At September 30, 2021, we had current assets of $43.7 million, which includes cash and cash equivalents of $3.5 million, marketable debt securities of $38.4 million, other receivables of $1.7 million and restricted cash of $0.1 million. This compares with current assets of $51.8 million at December 31, 2020, which includes cash and cash equivalents of $6.9 million, short-term deposits of $3.8 million, marketable debt securities of $40.1 million, other receivables of $0.8 million and restricted cash of $0.1 million. Although we provide no assurance, we believe that such existing funds will be sufficient to continue our business and operations as currently conducted for more than 12 months from the date of issuance of this Form 6-K. However, we will continue to incur operating losses, which may be substantial over the next several years, and we expect that we will need to obtain additional funds to further develop our research and development programs.

Costsand Operating Expenses

Our current costs and operating expenses consist of two components: (i) research and development expenses; and (ii) general and administrative expenses.

Researchand Development Expenses

Our research and development expenses consist primarily of outsourced development expenses, salaries and related personnel expenses and fees paid to external service providers, patent-related legal fees, costs of pre-clinical studies and clinical trials and drug and laboratory supplies. We account for all research and development expenses as they are incurred. We expect our research and development expense to remain our primary expense in the near future as we continue to develop Aramchol. Increases or decreases in research and development expenditures are primarily attributable to the number and/or duration of the pre-clinical and clinical studies that we conduct.

We expect that a substantial amount of our research and development expense in the future will be incurred in support of our current and anticipated pre-clinical and clinical development projects. Due to the inherently unpredictable nature of pre-clinical and clinical development studies and unpredictability of the coronavirus outbreak, we are unable to estimate with any certainty the costs we will incur in the continued development of Aramchol for NASH and other indications in our pipeline for potential partnering and/or commercialization. Clinical development timelines, the probability of success and development costs can differ materially from expectations. We currently expect to continue testing Aramchol in pre-clinical studies for toxicology, safety and efficacy, and to conduct additional clinical trials for Aramchol.

While we are currently focused on advancing Aramchol’s and Amilo-5Mer’s development, our future research and development expenses will depend largely on the duration of the ARMOR Study, the number of enrolled patients, the clinical success of Aramchol, as well as ongoing assessments of the Aramchol’s commercial potential. As we obtain results from clinical trials, we may elect to discontinue or delay clinical trials for our product candidate in certain indications in order to focus our resources on more promising indications for such product candidate. Completion of clinical trials may take several years or more, but the length of time generally varies according to the type, complexity, novelty and intended use of a product candidate.

We expect our research and development expenses to increase in the future from current levels and continue to advance of our clinical product development and, potentially, the in-licensing of additional product candidates.

The lengthy process of completing clinical trials and seeking regulatory approval for Aramchol requires the expenditure of substantial resources. Any failure or delay in completing clinical trials, or in obtaining regulatory approvals, could cause a delay in generating product revenue and cause our research and development expenses to increase and, in turn, have a material adverse effect on our operations. Because of the factors set forth above, we are not able to estimate with any certainty when we would recognize any net cash inflows from our projects.

Generaland Administrative Expenses

General and administrative expenses consist primarily of compensation for employees in executive and operational roles, including finance/accounting, legal and other operating positions in connection with our activities. Our other significant general and administrative expenses include non-cash stock-based compensation costs and facilities costs (including the rental expense for our offices in Tel Aviv, Israel), professional fees for outside accounting and legal services, travel costs, investors relations, insurance premiums and depreciation. At this time, we do not anticipate that the effects of the COVID-19 pandemic will materially affect our general and administrative expense.

FinancialIncome, Net

Our financial income consists mainly of interest income from marketable debt securities and short-term deposits, as well as gains from realization of marketable debt securities and foreign currency gains. Our financial expense consists of fees associated with banking activities and losses from realization of marketable debt securities.

Resultsof Operations

The table below provides our results of operations for the three and nine months ended September 30, 2021 as compared to the three and nine months ended September 30, 2020.

	Three months ended<br><br> <br>September 30,						Nine months ended<br><br> <br>September 30,
	2021			2020			2021			2020
	(unaudited)			(unaudited)			(unaudited)			(unaudited)
				(In thousands, except per share data)
Research and development expenses		6,541			6,536			20,957			17,057
General and administrative expenses		1,304			1,054			4,432			2,811
Total operating expenses		7,845			7,590			25,389			19,868
Financial income, net		(131	)		(685	)		(374	)		(1,374	)
Net loss		7,714			6,905			25,015			18,494
Other comprehensive income:		183			408			347			(55	)
Comprehensive loss		7,897			7,313			25,362			18,439
Basic and diluted net loss per share	$	0.31		$	0.32		$	1.02		$	0.87

Researchand Development Expenses

Our research and development expenses amounted to approximately $6.5 million and approximately $21.0 million during the three and nine months ended September 30, 2021, respectively, representing no increase and an increase of approximately $3.9 million, or 23%, respectively, compared to approximately $6.5 million and approximately $17.1 million, respectively, for the comparable period in 2020.

The increase during the nine months ended September 30, 2021 primarily resulted from an increase in clinical trial expenses in connection with our ARMOR Study of approximately $3.3 million.

Generaland Administrative Expenses

Our general and administrative expenses amounted to approximately $1.3 million and approximately $4.4 million during the three and nine months ended September 30, 2021, respectively, representing an increase of approximately $0.2 million, or 18%, and approximately $1.6 million, or 57%, respectively, to approximately $1.1 million and approximately $2.8 million, respectively, for the comparable period in 2020.

The increase in general and administrative expenses for the three months ended September 30, 2021 resulted primarily from an increase in non-cash stock based compensation expenses. The increase in general and administrative expenses for the nine months ended September 30, 2021 resulted primarily from an increase in salaries and benefits as well as an increase in the cost of our D&O insurance policy premium.

OperatingLoss

As a result of the foregoing, for the three and nine months ended September 30, 2021, our operating loss was approximately $7.8 million and approximately $25.4 million, respectively, representing an increase of $0.2 million, or 3%, and an increase of $5.5 million, or 28%, respectively, as compared to approximately $7.6 million and approximately $19.9 million, respectively, for the comparable period in 2020.

FinancialIncome, Net

Our financial income amounted to approximately $0.1 million and approximately $0.4 million during the three and nine months ended September 30, 2021, respectively, representing a decrease of approximately $0.6 million, or 86%, and approximately $1.0 million, or 71%, respectively, compared to $0.7 million and $1.4 million, respectively, for the comparable period in 2020.

The decrease during the three and nine months ended September 30, 2021 primarily relates to a decrease in the interest income from short-term deposits and marketable debt securities.

NetLoss

As a result of the foregoing, for the three and nine months ended September 30, 2021, our net loss was approximately $7.7 million and approximately $25.0 million, respectively, representing an increase of $0.8 million, or 12%, and an increase of $6.5 million, or 35%, respectively, as compared to approximately $6.9 million and approximately $18.5 million, respectively, for the comparable period in 2020.

Liquidityand Capital Resources

To date, we have funded our operations primarily through proceeds from private placements and public offerings and we have incurred substantial losses since our inception. As of September 30, 2021, we had an accumulated deficit of approximately $160.7 million and positive working capital (current assets less current liabilities) of approximately $37.3 million. We expect that operating losses will continue for the foreseeable future.

As of September 30, 2021, we had cash and cash equivalents of approximately $3.5 million, restricted cash of approximately $0.1 million and marketable debt securities of approximately $38.4 million invested in accordance with our investment policy, totaling approximately $42.0 million, as compared to approximately $6.9 million, $0.1 million, $3.8 million, and $40.1 million as of December 31, 2020, respectively, totaling approximately $50.9 million. The decrease is mainly attributable to the $25.9 million negative cash flow from operating expenses during the nine months ended September 30, 2021, partially offset by the $17.4 million raised from our ATM offering program and underwritten public offering.

We had negative cash flow from operating activities of approximately $25.9 million for the nine months ended September 30, 2021, as compared to negative cash flow from operating activities of approximately $18.5 million for the nine months ended September 30, 2020. The negative cash flow from operating activities for the nine months ended September 30, 2021 is mainly attributable to our net loss of approximately $25.0 million.

We had positive cash flow from investing activities of approximately $5.1 million for the nine months ended September 30, 2021, as compared to a positive cash flow from investing activities of approximately $18.4 million for the nine months ended September 30, 2020. The positive cash flow from investing activities for the nine months ended September 30, 2021 was primarily due to consideration from sale of available for sale securities and the maturity of short term deposits partially offset by the net purchase of marketable debt securities.

We had positive cash flow from financing activities of approximately $17.4 million for the nine months ended September 30, 2021, as compared to a positive cash flow from financing activities of approximately $0.8 million for the nine months ended September 30, 2020. The positive cash flow from financing activities for the nine months ended September 30, 2021 was due to proceeds from our ATM offering program and underwritten public offering.

On May 15, 2020, we amended and restated the Sales Agreement dated December 22, 2017 between us and Stifel, Nicolaus & Company, Incorporated to include Cantor Fitzgerald & Co. as an additional sales agent for our “at the market offering” program, or the A&R Sales Agreement. During February 2021, we sold an additional 1,541,400 ordinary shares under the ATM offering program for total net proceeds of approximately $8.1 million. On March 25, 2021, we agreed with the sales agents to terminate, with immediate effect, the A&R Sales Agreement. On March 26, 2021, we entered into a new Sales Agreement with Cantor Fitzgerald & Co. and Canaccord Genuity LLC, as sales agents, pursuant to which we may offer and sell ordinary shares “at the market” having an aggregate offering price of up to $50.0 million from time to time through the sales agents.

Although we provide no assurance, we believe that our existing funds will be sufficient to continue our business and operations as currently conducted for more than 12 months from the date of issuance of this Report on Form 6-K. However, additional funding will be necessary to fund our ARMOR Study, our Amilo-5MER program and ongoing research and development work and to advance our product candidates through regulatory approval and into commercialization, if approved. We intend to obtain additional funding through debt or equity financings, governmental grants or through entering into collaborations, strategic alliances or license agreements to increase the funds available to support our operating and capital needs. Although we have been successful in raising capital in the past, there is no assurance that we will be successful in obtaining additional financing on terms acceptable to us. Specifically, the COVID-19 pandemic has significantly disrupted global financial markets, and may limit our ability to access capital, which could in the future negatively affect our liquidity. If funds are not available, we may be required to delay, reduce the scope of or eliminate research or development plans for, or commercialization efforts with respect to Aramchol, Amilo-5MER and/or our other pre-clinical and clinical programs. This may raise substantial doubts about our ability to continue as a going concern.

The extent of our future capital requirements will depend on many other factors, including:

●	the<br> progress and costs of our pre-clinical studies, clinical trials and other research and development activities;
●	the<br> impact of coronavirus on our operations;
●	the<br> scope, prioritization and number of our clinical trials and other research and development programs;
●	the<br> amount of revenues and contributions we receive under future licensing, development and commercialization arrangements with respect<br> to Aramchol or any other product candidtate;
●	the<br> costs of the development and expansion of our operational infrastructure;
●	the<br> costs and timing of obtaining regulatory approval for Aramchol, Amilo-5MER or any other product candidate;
●	the<br> ability of us, or our collaborators, to achieve development milestones, marketing approval and other events or developments under<br> our potential future licensing agreements;
●	the<br> costs of filing, prosecuting, enforcing and defending patent claims and other intellectual property rights;
---	---
●	the<br> costs and timing of securing manufacturing arrangements for clinical or commercial production;
●	the<br> costs of contracting with third parties to provide sales and marketing capabilities for us;
●	the<br> costs of acquiring or undertaking development and commercialization efforts for any future products, product candidates or platforms;
●	the<br> magnitude of our general and administrative expenses;
●	any<br> cost that we may incur under future in- and out-licensing arrangements relating to Aramchol, Amilo-5MER or any other product candidate;<br> and
●	market<br> conditions.

TrendInformation

We are a development stage company, and it is not possible for us to predict with any degree of accuracy the outcome of our research, development or commercialization efforts. As such, it is not possible for us to predict with any degree of accuracy any significant trends, uncertainties, demands, commitments or events that are reasonably likely to have a material effect on our net loss, liquidity or capital resources, or that would cause financial information to not necessarily be indicative of future operating results or financial condition. However, to the extent possible, certain trends, uncertainties, demands, commitments and events are in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations”.

Controlsand Procedures

As a “foreign private issuer”, we are only required to conduct the evaluations required by Rules 13a-15(b) and 13a-15(d) of the Exchange Act as of the end of each fiscal year and therefore have elected not to provide disclosure regarding such evaluations at this time.

EXHIBITINDEX

Exhibit No.	Description
99.1	Press<br> Release, dated November 8, 2021.
99.2	Press Release, dated November 8, 2021
99.3	Presentation dated November 2021

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Galmed Pharmaceuticals Ltd.
Date:<br> November 8, 2021	By:	/s/ Allen Baharaff
		Allen<br> Baharaff
		President<br> and Chief Executive Officer

Exhibit99.1

GalmedPharmaceuticals Provides Additional Positive Data from the Open Label Part of ARMOR Study and Reports Third Quarter 2021 Financial Results

Conference Call and Webcast Today at 8:30 a.m. ET / 5:30 a.m. PT -

TEL AVIV, Israel, November 8, 2021 /PRNewswire/ —Galmed Pharmaceuticals Ltd. (Nasdaq: GLMD) (“Galmed” or the “Company”), a clinical-stage biopharmaceutical company focused on the development of the liver targeted SCD1 modulator Aramchol™, an oral therapy for the treatment of nonalcoholic steatohepatitis, or NASH and fibrosis, provides today updated information on the Company’s scientific and clinical development programs and reports financial results for the three and nine months ended September 30, 2021.

RecentClinical & Scientific Developments

●	Announced<br> positive results of the efficacy of a higher daily Aramchol dose on fibrosis improvement of the first 16 patients in the ARMOR study<br> Open Label Part. Data published as a late breaking abstract at the Liver Meeting organized by the American Association for the Study<br> of Liver Diseases (AASLD) and will be featured in the December issue of the scientific journal Hepatology -
●	Announced<br> histology data from first 20 patients from the ARMOR study Open Label Part showing that treatment with Aramchol 300mg BID resulted<br> in clinically significant greater histological improvement in 12 out of 20 (60%) of patients. Data is corroborated by biomarkers<br> associated with liver fibrosis including ALT, AST, Fib-4 and ProC-3 in ~50 patient providing the potential to predict similar<br> histology response in larger cohort.
●	Results<br> of Phase 2b ARREST Trial of Aramchol Published in Nature Medicine –
●	FDA<br> and MHRA Agree with Galmed’s plan to use Aramchol meglumine in the randomized double-blind placebo-controlled part of the Phase<br> 3 ARMOR study —

FinancialSummary – Third Quarter 2021 vs. Third Quarter 2020:

●	Cash<br> and cash equivalents, restricted cash, and marketable debt securities totaled $42.0 million as of September 30,<br> 2021, compared to $50.9 million at December 31, 2020.
●	Net<br> loss amounted to $7.7 million, or $0.31 per share, for the three months ended September 30, 2021, compared to a net loss of $6.9<br> million, or $0.32 per share, for the three months ended September 30, 2020.
●	Research<br> and development expenses amounted to approximately $6.5 million for the three months ended September 30, 2021, compared to approximately<br> $6.5 million for the three months ended September 30, 2020.
●	General<br> and administrative expenses amounted to approximately $1.3 million for the three months ended September 30, 2021, compared to approximately<br> $1.1 million for the three months ended September 30, 2020.
●	Financial<br> income, net amounted to $0.1 million for the three months ended September 30, 2021, compared to financial income, net of $0.7 million<br> for the three months ended September 30, 2020.

ConferenceCall & Webcast:

MondayNovember 8, 2021, 8:30 AM ET

Toll Free: 1-877-425-9470

Toll/International: 1-201-389-0878

Israel Toll Free: 1 809 406 247

Conference ID: 13724243

Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1511856&tp_key=e9490761d4

ReplayDial-In Numbers

Toll Free: 1-844-512-2921

Toll/International: 1-412-317-6671

Replay Pin Number: 13724243

Replay Start: Monday November 8, 2021, 11:30 AM ET

Replay Expiry: Monday November 22, 2021, 11:59 PM ET

GalmedPharmaceuticals Ltd.

Galmed Pharmaceuticals Ltd. is a clinical stage drug development biopharmaceutical company for liver, metabolic and inflammatory diseases. Our lead compound, Aramchol™, a backbone drug candidate for the treatment of NASH and fibrosis is currently in a Phase 3 registrational study. We are also collaborating with the Hebrew University in the development of Amilo-5MER, a 5 amino acid synthetic peptide.

AboutARMOR Study

ARMOR is a Phase 3 study comprised of two-parts, an open-label part and a randomized, double-controlled, placebo part, designed to evaluate the safety and efficacy of Aramchol in approximately 200 sites in the U.S., Europe and Latin America.

The first part, an open-label study, is designed to evaluate treatment response kinetics, pharmacokinetics and safety of twice daily administration of Aramchol 300mg in approximately 150 subjects with NASH and liver fibrosis stage 1-3 (F1 capped at 30 subjects), subjects with NASH who may or may not be overweight, and subjects with NASH who may or may not have type 2 diabetes or be pre-diabetic. Patients are randomized (1:1:1) into three groups with post-baseline liver biopsy being performed at 24 weeks, 48 weeks, or 72 weeks, respectively. A second post-baseline liver biopsy will be conducted after one year for subjects whose post-baseline liver biopsy at week 24, 48 or 72 does not show at least one stage improvement in fibrosis. The open label part is being conducted at approximately 50 selected sites in the U.S., and around the world which have been less affected by the COVID-19 pandemic.

The second part, a randomized, double-blind, placebo-controlled study, is designed to evaluate the safety and efficacy of twice daily administration of Aramchol 300 mg to support regulatory approval, with both a histology-based phase and a clinically-based phase. As currently designed, a total of 2000 subjects with NASH and liver fibrosis stage 2 and 3 who are overweight and are either pre-diabetic or have type 2 diabetes are expected to be randomized 2:1 to receive Aramchol 300mg BID or matching placebo. In the histology-based phase, we intend to treat 1000 subjects with Aramchol or matching placebo for 72 weeks until the second biopsy. The histology-based data is intended to serve as the basis for the submission of a Sub-part H marketing authorization application under regulatory provisions of accelerated/conditional approval. The primary histology-based endpoint is NASH resolution without worsening of fibrosis or fibrosis improvement without NASH worsening. In the clinically-based phase, all subjects will continue with the same treatment assignment for up to seven years until study completion to confirm clinical efficacy. We may announce end-of-study at the time when a total of 380 subjects have experienced at least one pre-specified clinical event or at five years from last subject randomization, whichever comes first. The primary clinically-based endpoint is expected to be based on clinical events including all-cause mortality, histological progression to cirrhosis, MELD score >15, and hepatic decompensation events (e.g., hepatic encephalopathy, variceal bleeding, ascites).

Forward-LookingStatements:

This press release may include forward-looking statements. Forward-looking statements may include, but are not limited to, statements relating to Galmed’s objectives, plans and strategies, as well as statements, other than historical facts, that address activities, events or developments that Galmed intends, expects, projects, believes or anticipates will or may occur in the future. These statements are often characterized by terminology such as “believes,” “hopes,” “may,” “anticipates,” “should,” “intends,” “plans,” “will,” “expects,” “estimates,” “projects,” “positioned,” “strategy” and similar expressions and are based on assumptions and assessments made in light of management’s experience and perception of historical trends, current conditions, expected future developments and other factors believed to be appropriate. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements. Many factors could cause Galmed’s actual activities or results to differ materially from the activities and results anticipated in forward-looking statements, including, but not limited to, the following: the timing and cost of Galmed’s pivotal Phase 3 ARMOR trial, or the ARMOR Study or any other pre-clinical or clinical trials; completion and receiving favorable results of the ARMOR Study for Aramchol or any other pre-clinical or clinical trial; the impact of the COVID-19 pandemic; regulatory action with respect to Aramchol or any other product candidate by the FDA or the EMA; the commercial launch and future sales of Aramchol or any other future products or product candidates; Galmed’s ability to comply with all applicable post-market regulatory requirements for Aramchol or any other product candidate in the countries in which it seeks to market the product; Galmed’s ability to achieve favorable pricing for Aramchol or any other product candidate; Galmed’s expectations regarding the commercial market for NASH patients or any other indication; third-party payor reimbursement for Aramchol or any other product candidate; Galmed’s estimates regarding anticipated capital requirements and Galmed’s needs for additional financing; market adoption of Aramchol or any other product candidate by physicians and patients; the timing, cost or other aspects of the commercial launch of Aramchol or any other product candidate; the development and approval of the use of Aramchol or any other product candidate for additional indications or in combination therapy; and Galmed’s expectations regarding licensing, acquisitions and strategic operations. More detailed information about the risks and uncertainties affecting Galmed is contained under the heading “Risk Factors” included in Galmed’s most recent Annual Report on Form 20-F filed with the SEC on March 18, 2021, and in other filings that Galmed has made and may make with the SEC in the future. The forward-looking statements contained in this press release are made as of the date of this press release and reflect Galmed’s current views with respect to future events, and Galmed does not undertake and specifically disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

GALMEDPHARMACEUTICALS LTD.

ConsolidatedBalance Sheets

U.S.Dollars in thousands, except share data and per share data

	As of<br> <br>September 30,			As<br> of <br>December 31,
	2021			2020
Assets
Current<br> assets
Cash<br> and cash equivalents	$	3,490		$	6,947
Restricted<br> Cash		113			113
Short-term<br> deposits		-			3,807
Marketable<br> debt securities		38,415			40,132
Other<br> receivables		1,674			812
Total<br> current assets		43,692			51,811
Right<br> of use assets		452			394
Property<br> and equipment, net		154			176
Total<br> non-current assets		606			570
Total<br> assets	$	44,298		$	52,381
Liabilities<br> and stockholders’ equity
Current<br> liabilities
Trade<br> payables	$	5,233		$	7,046
Other<br> payables		1,115			966
Total<br> current liabilities		6,348			8,012
Non-current<br> liabilities
Lease<br> obligation	$	274		$	216
Total<br> non-current liabilities		274			216
Ordinary<br> shares par value NIS 0.01 per share; Authorized 50,000,000; Issued and outstanding: 25,083,914 shares as of September 30, 2021; 21,325,975<br> shares as of December 31, 2020		70			58
Additional<br> paid-in capital		198,403			179,530
Accumulated<br> other comprehensive gain		(75	)		272
Accumulated<br> deficit		(160,722	)		(135,707	)
Total<br> stockholders’ equity		37,676			44,153
Total<br> liabilities and stockholders’ equity	$	44,298		$	52,381

GALMEDPHARMACEUTICALS LTD.

ConsolidatedStatements of Operations (Unaudited)

U.S.Dollars in thousands, except share data and per share data

	Three<br> months ended<br><br> September 30,						Nine<br> months ended<br><br> September 30,
	2021			2020			2021			2020
Research<br> and development expenses		6,541			6,536			20,957			17,057
General<br> and administrative expenses		1,304			1,054			4,432			2,811
Total<br> operating expenses		7,845			7,590			25,389			19,868
Financial<br> income, net		(131	)		(685	)		(374	)		(1,374	)
Net<br> loss	$	7,714		$	6,905		$	25,015		$	18,494
Basic<br> and diluted net loss per share	$	0.31		$	0.32		$	1.02		$	0.87
Weighted-average<br> number of shares outstanding used in computing basic and diluted net loss per share		25,083,914			21,268,730			24,432,220			21,191,196

GALMEDPHARMACEUTICALS LTD.

ConsolidatedStatements of Cash Flows (Unaudited)

U.S.Dollars in thousands

	Nine<br> months ended <br><br>September 30,
	2021			2020
Cash<br> flow from operating activities
Net<br> loss	$	(25,015	)	$	(18,494	)
Adjustments<br> required to reconcile net loss to net cash used in operating activities
Depreciation<br> and amortization		32			28
Stock-based<br> compensation expense		1,517			1,474
Amortization<br> of premium on marketable debt securities		115			36
Interest<br> income from short-term deposits		7			(268	)
Gain<br> from realization of marketable debt securities		(32	)		(522	)
Changes<br> in operating assets and liabilities:
Decrease<br> (increase) in other accounts receivable		(862	)		185
Decrease<br> in trade payables		(1,813	)		(848	)
Increase<br> (decrease) in other accounts payable		149			(40	)
Net<br> cash used in operating activities		(25,902	)		(18,449	)
Cash<br> flow from investing activities
Purchase<br> of property and equipment		(10	)		(33	)
Investment<br> in available for sale securities		(12,069	)		(45,226	)
Sale<br> (investment) in short term deposits, net		-			17,783
Maturity<br> of short term deposits		3,800			-
Consideration<br> from sale of available for sale securities		13,356			45,875
Net<br> cash provided by (used in) investing activities		5,077			18,399
Cash<br> flow from financing activities
Proceeds<br> from exercise of options (*)		-			61
Issuance<br> of Ordinary shares upon ATM		8,147			707
Issuance<br> of Ordinary shares, net of issuance cost		9,221			-
Net<br> cash provided in financing activities		17,368			768
Increase<br> (decrease) in cash and cash equivalents and restricted cash		(3,457	)		718
Cash<br> and cash equivalents and restricted cash at the beginning of the period		7,060			16,043
Cash<br> and cash equivalents and restricted cash at the end of the period	$	3,603		$	16,761
Supplemental<br> disclosure of cash flow information:
Cash<br> received from interest	$	474		$	966
Non-cash<br> transactions:
Recognition<br> of right-of-use asset and lease liability from adoption of ASU 2016-02	$	497		$	35

(*) Represents amount less than $1.

Guy Nehemya, Chief Operating Officer, Galmed Pharmaceuticals Ltd.,

investor.relations@galmedpharma.com, +972-3-693-8448

Exhibit99.2

GalmedAnnounces New Positive Data from Ongoing ARMOR Study Open Label Part Showing Clinically Significant Effect on FibrosisImprovement

—Updated liver histology data from first 20 patients show 60% fibrosis improvement by at least 1 stage as early as 24 weeks, datawill be presented at AASLD Late Breaker Presentations —

—Statistically significant reductions in biomarkers associated with liver fibrosis including ALT, AST, Fib-4 and ProC-3 was also observedin ~ 50 patients —

—Results are an early indication that higher dose of Aramchol could provide statistically and clinically meaningful effect on fibrosisin the double-blind placebo controlled regulatory part for submission of an NDA under Sub-part H—

Galmed’s management team will host a conference call and webcast to provide an update on current developments with respect to its clinical programs for Aramchol™ including NASH Expert Insights on the ongoing Open-Label Part of the ARMOR study, and to discuss financial results for the quarter ended September 30, 2021 Today @ 8.30am Eastern Time

TEL AVIV, Israel, November 1, 2021 /PRNewswire/ — Galmed Pharmaceuticals Ltd. (Nasdaq: GLMD) (“Galmed” or the “Company”), a clinical-stage biopharmaceutical company for liver, metabolic and inflammatory diseases announced today results from histology and biomarkers analyses in the ongoing Open-Label Part of the ARMOR Phase 3 study.

Galmed previously announced a substantial effect on fibrosis improvement based on histology, in the 16 first patients from the ongoing Open-Label Part of the ARMOR study. New analyses of biomarkers corroborate this effect showing statistically significant reductions in biomarkers associated with liver fibrosis including ALT, AST, Fib-4 and ProC-3. Reductions of a similar magnitude are seen in a cohort of the first 20 patients for which paired biopsy have been analyzed (Late breaker AASLD Cohort N=20) and a cohort of 50 patients for which biomarker data was analyzed (ARCON Cohort N=50) based on all available data (N=139). Aramchol continues to show excellent safety and tolerability profile. Data support that a higher dose of Aramchol could provide statistically and clinically meaningful effect on fibrosis in the upcoming double-blind placebo controlled part for submission of the ARMOR study to support an NDA under Sub-part H.

Results support discussions with FDA to potentially allow a smaller and shorter double-blind placebo control histology-based part to support regulatory submission of an NDA.

A summary of the results is presented below:

		Late Breaker AASLD Cohort ^1^(N=20)		ARCON Cohort ^2^(N~50)
	visit	Change from baseline ^3^	p value	Change from baseline ^3^	p value
ALT	week<br> 24	-20.88	<.0001	-16.44	<.0001
	week<br> 48	-20.05	<.0001	-17.43	<.0001
AST	week<br> 24	-15.08	<.0001	-13.43	<.0001
	week<br> 48	-14.74	<.0001	-13.28	<.0001
FIB-4	week<br> 24	-0.22	0.0006	-0.27	<.0001
	week<br> 48	-0.23	0.0012	-0.22	0.0006
PRO-C3	week<br> 24	-8.83	0.0010	-9.68	<.0001
	week<br> 48	-13.79	0.0005	-13.00	<.0001
PRO-C3 %	week<br> 24	-15.89	0.0106	-13.84	0.0077
	week<br> 48	-19.76	0.0294	-17.37	0.0192
>1 point in fibrosis improvement		60%
1.	Number<br> of subjects in the AASLD cohort at week 24 and week 48 respectively are; ALT 19 and 9, AST 19 and 9, FIB-4 19 and 9, PRO-C3<br> 19 and 10
---	---
2.	Number<br> of subjects in the ACRON cohort with data at week 24 and week 48 respectively are; ALT 61 and 18, AST 61 and 18, FIB-4 56 and 18,<br> PRO-C3 43 and 15
3.	MMRM<br> baseline adjusted analysis
4.	ProC-3<br> were analyzed by Nordic Bioscience using an improved methodology with higher sensitivity and specificity. Mean Baseline 47.2 ug/L.

Prof. Vlad Ratziu, Professor of Hepatology, Sorbonne Université, the ARMOR study co-principal investigator commented “this high rate of fibrosis reversal is very encouraging particularly since it was confirmed by a very stringent pathological review that includes 3 pathologists reading slides according to a predefined protocol. Moreover, it is backed by congruent changes in fibrosis biomarkers and by a biochemical response in aminotransferases already documented in the ARREST trial.”

Allen Baharaff, President and CEO of Galmed commented “Aramchol’s direct effect on fibrosis is translated to clinical efficacy on fibrosis improvement. Apparently, the magnitude of the statistical and clinical effects is dose related. Once elevating the dose, we are starting to see the full potential of Aramchol to reduce liver fibrosis. We believe Aramchol at a higher dose stands out as a leading compound for the treatment of liver fibrosis.”

A late-breaking poster presentation covering liver histology data of the first 20 patients from the Open Label Part of the ARMOR study will be presented at The Liver Meeting Digital Experience™ 2021, the Annual Meeting of the American Association for the Study of Liver Diseases (AASLD), which will be held from November 12-15, 2021.

ConferenceCall & Webcast:

MondayNovember 8, 2021, 8:30 AM ET

Toll<br> Free:	1-877-425-9470
Toll/International:	1-201-389-0878
Israel<br> Toll Free:	1<br> 809 406 247
Conference<br> ID:	13724243
Webcast:	https://viavid.webcasts.com/starthere.jsp?ei=1511856&tp_key=e9490761d4

ReplayDial-In Numbers

Toll<br> Free:	1-844-512-2921
Toll/International:	1-412-317-6671
Replay<br> Pin Number:	13724243
Replay<br> Start:	Monday<br> November 8, 2021, 11:30 AM ET
Replay<br> Expiry:	Monday<br> November 22, 2021, 11:59 PM ET

GalmedPharmaceuticals Ltd.

AboutARMOR Study

ARMOR is a Phase 3 study comprised of two-parts, an open-label part and a randomized, double blind-controlled, placebo part, designed to evaluate the safety and efficacy of Aramchol in approximately 200 sites in the U.S., Europe and Latin America.

Forward-LookingStatements:

Exhibit99.3