Galmed Pharmaceuticals is a clinical-stage Israeli biopharmaceutical company with no approved products and no commercial revenue. Its core asset is Aramchol, a first-in-class oral drug candidate that works by partially inhibiting the SCD1 enzyme, which regulates fat metabolism in the liver. Aramchol was originally developed to treat NASH, a progressive liver disease, and completed Phase 2b trials with positive results. However, Galmed's Phase 3 ARMOR trial has been suspended indefinitely, and two competitors — Madrigal's Rezdiffra and Novo Nordisk's Wegovy — have already received FDA approval for NASH, materially weakening Aramchol's position in that indication. Galmed has since pivoted to exploring Aramchol as a combination therapy to overcome drug resistance in GI cancers, including hepatocellular carcinoma and colorectal cancer, with a Phase 1/2 trial targeted for H2 2026. The company's only revenue to date comes from a licensing deal with Samil Pharma for South Korean rights to Aramchol. Galmed has no manufacturing or commercial infrastructure, and if Aramchol is ever approved, the company intends to commercialize through partnerships or licensing deals with larger pharma companies. Galmed funds its operations through equity capital and outsources manufacturing and clinical work to contract organizations.