A Form 4 filed with the SEC on August 4, 2026 reports that Richard E. Uihlein, a director and 10% owner of Galectin Therapeutics Inc. (NASDAQ: GALT), converted two series of Line of Credit Convertible Notes into common stock on July 31, 2026, through the Richard E. Uihlein Stock Trust.

Key Highlights

  • First conversion: 31,825,235 shares of common stock were acquired at a conversion price of $3, consisting of $91,000,000 in principal and $14,475,705 in accrued interest, according to the filing.
  • Second conversion: 2,550,932 shares of common stock were acquired at a conversion price of $4.05, consisting of $10,000,000 in principal and $331,275 in accrued interest, according to the filing.
  • Post-transaction ownership: Following both transactions, the Richard E. Uihlein Stock Trust held 44,713,843 shares of common stock indirectly, the filing states.
  • Additional holdings: The filing also reports 27,710 shares held indirectly by the Ed Uihlein Family Foundation, over which Uihlein shares voting and dispositive power as president and director.
  • Note maturity: All Line of Credit Convertible Notes carried a maturity date of June 30, 2027, according to the filing.

Details of the Uihlein Conversion Transactions at Galectin Therapeutics

According to the Form 4 filing, Richard E. Uihlein, identified as both a director and a 10% owner of Galectin Therapeutics Inc., executed two conversion transactions on July 31, 2026. Both transactions are coded "M," indicating conversions of derivative securities, and both were carried out indirectly through the Richard E. Uihlein Stock Trust. Galectin Therapeutics is a biopharmaceutical company listed on NASDAQ under the ticker GALT.

The first conversion involved Line of Credit Convertible Notes with a conversion price of $3 per share. The filing discloses that the notes converted in this transaction had a total value of $95,475,705, composed of $91,000,000 in principal and $14,475,705 in accrued interest, resulting in the acquisition of 31,825,235 shares. The second conversion involved notes with a conversion price of $4.05 per share, with a total value of $10,331,275, composed of $10,000,000 in principal and $331,275 in accrued interest, resulting in the acquisition of 2,550,932 shares.

The filing explains that the Line of Credit Convertible Notes were exercisable upon issuance when the issuer drew on the line of credit, and notes were issued across multiple dates beginning December 19, 2022 through December 31, 2025. Following both reported transactions, the derivative security balance for each note series is listed as $0 remaining. The filing also notes that 27,710 shares are held indirectly through the Ed Uihlein Family Foundation, a not-for-profit corporation, and that Uihlein retains beneficial ownership of those shares solely for purposes of Section 13(d) of the Securities Exchange Act of 1934, though he has no pecuniary interest in them.

What Was Disclosed

The filing reports two conversion transactions by Richard E. Uihlein, a director and 10% owner of Galectin Therapeutics, on July 31, 2026. Line of Credit Convertible Notes held through the Richard E. Uihlein Stock Trust were converted into a total of 34,376,167 shares of common stock across both transactions.