Greenwich LifeSciences Inc. (GLSI) announced that it has extended the lock‑up period for shares held by its directors, officers and pre‑IPO investors to September 30, 2026. The extension adds six years to the lock‑up that began with the company’s initial public offering on September 25, 2020, extending the period from the original 12‑month term to a total of 72 months.
The move is intended to align insider interests with the long‑term success of GLSI‑100, the company’s lead product in the FLAMINGO‑01 Phase III trial that seeks to prevent breast‑cancer recurrence in HER2/neu‑positive patients. CEO Snehal Patel said the board’s decision “demonstrates confidence in the trial’s trajectory and signals that insiders are committed to the company’s long‑term value creation.” By preventing large block sales, the company aims to reduce share‑price volatility and support future capital‑raising efforts.
GLSI remains a clinical‑stage biopharmaceutical company with no revenue and a negative trailing‑twelve‑month earnings per share of –$1.46. Cash reserves of $7.2 million as of June 2024 and a burn rate of $6.8 million per year imply a runway of roughly 13 months, while a February 2025 report indicated a runway of less than a year. The company has no debt and a current ratio of 2.35, but its cash position underscores the need for continued funding through equity sales or private placements.
The FLAMINGO‑01 trial is actively enrolling patients across the United States and Europe, with preliminary analyses showing an approximately 80 % reduction in recurrence rates in the open‑label arm. The trial had previously faced a clinical hold from the FDA over manufacturing and pharmacy process concerns, which has since been resolved, allowing the study to proceed without regulatory interruption.
Insider ownership remains high, with directors and officers holding about 52 % of the company’s shares. The lock‑up extension is expected to reinforce investor confidence by demonstrating that insiders are willing to forgo short‑term liquidity in favor of the company’s long‑term prospects, potentially easing future capital‑raising efforts and supporting the company’s clinical development pipeline.
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