Galecto, Inc. (GLTO) — Reincorporation detail

Why this firm matters

Destination is Cayman Islands — an outbound move to a non-TX/NV jurisdiction. Retained as a revealed-preference comparator (Y bucket) rather than included in completed-DExit counts.

Vote outcome — reincorporation proposal

Approval standard: majority of outstanding shares entitled to vote (DGCL §266 conversion to Cayman Islands). Meeting type: annual.

Vote totals not yet pulled. Awaiting EDGAR Item 5.07.

Visual evidence — event study around the announcement

Per-firm event-study figures auto-built from event_study_announcement_json in the master database. Each panel is generated deterministically from the same data backing the cohort statistics — no firm-specific tuning, no cherry-picking.

Galecto's stock rose modestly the day the move was announced

**Bottom line.** Galecto rose modestly by 1.2% on announcement day. Across four different benchmarks for what "normal" should have looked like, the move was statistically indistinguishable from a normal trading day (p = 0.84).

This chart shows four different statistical lenses on what Galecto's stock did on the day the reincorporation was announced. Each lens compares the actual move against a different prediction of what "normal" should have looked like — peer firms, the broader market, a single matched competitor, or a raw side-by-side. The gold-edged bar marks the lens used in the cohort summary.

Method

Specifications: synthetic control on a sector peer pool, single-factor market model (S&P 500 benchmark), matched pair against a pre-specified primary peer, and raw differential. Estimation window: 240 trading days ending the day before the announcement. Standard errors via Patell-z (1976).

Galecto sits within the typical cohort spread

**Bottom line.** Galecto's announcement-day reading is within the inter-quartile range of the 36-firm cohort. Cohort-wide mean is +0.69%; the dispersion is wide and firm-specific.

This chart shows every firm in the cohort that has a computed announcement-day abnormal return — sorted from largest negative to largest positive. Galecto is highlighted in gold. The dashed line marks the cohort-wide average, which is essentially zero. Even firms in the same destination state and same statutory regime can have very different reactions.

Method

Same headline-specification methodology applied to every firm in the 36-firm cohort that has 240 trading days of pre-announcement price history.

Data integrity. All figures generated by the same script (perfirm_gallery.py) on every release; SHA-256 verified at deploy time. See also: Cohort-wide event study →.

Event-study abnormal returns — announcement window

Returns around the announcement date.

Event date: 2025-08-20 · Estimation window: trailing 240 days; 240 valid after NaN drop

Specification	Day-0 AR	Inference
Market model (SPY benchmark) HEADLINEi	+1.19%	Patell-z p-value = 0.842

Event-study abnormal returns — vote window

Returns around the shareholder-vote (or written-consent) date.

Specification	CAR / BHAR	Details
Cumulative abnormal return — vote windowi	+22.58% ^***	event 2026-02-09 · Synthetic-control benchmark · p=0.048

*** p < 0.05 · * p < 0.10 · CAR = cumulative abnormal return; BHAR = buy-and-hold abnormal return; FFC6 = Fama-French five-factor + momentum (UMD)

Long-run abnormal returns & pooled estimates

Buy-and-hold abnormal returns (1 / 3 / 6 / 12 months) and calendar-time portfolio alpha (CTE) post-effective.

No long-run / pooled estimates available for this firm yet — run phase5z_compute_longrun.py on Windows to populate (requires effective date ≥ 3 months ago).

Cohort-level robustness battery

Heckman selection-corrected ATE · Romano-Wolf step-down + BH FDR · pooled BHAR. This firm's reading is shown in context of the full cohort.

Heckman two-step selection correction (controlled-vs-widely-held)

Cohort ATE = +0.94% (SE = 7.06%, n = 2395) after correcting for controller-status selection (inverse Mills ratio = -0.062).

Romano-Wolf step-down + Benjamini-Hochberg FDR (n = 47)

This firm: raw p = 0.842, Romano-Wolf adjusted p = 1.000, BH-FDR adjusted p = 0.966. Multiple-hypothesis correction is computed across the full cohort to control family-wise error rate at alpha = 0.05.

Pooled cohort BHAR (mover firms only)

BHAR_63d: mean = -5.60% (SE = 22.11%, n = 3, p = 0.499) · BHAR_126d: mean = +17.33% (SE = 41.17%, n = 3, p = 0.774)

See Cohort event study → for the full battery and forest plots.

Source filings

Primary-source documents on SEC EDGAR plus IR / search links.

Classification & audit trail

Bucket

Y

Panel eligibility

PANEL_A_post_SB29_non_TX_NV

Audit status

VERIFIED_EDGAR

Source confidence

VERIFIED_PROXY

Transaction status

COMPLETED

Audit notes

v2.9.2: outbound POST-SB29 to non-TX/NV destination; reclassified A→Z (out of SB29 scope per BLP corroboration)
v2.9.3: bucket_Y=1 (revealed-preference comparator: DE leaver post-SB29 to non-TX/NV destination)
[2026-04-28] Phase 4I: replaced Google-search IR fallback with direct URL https://investors.galecto.com/ [2026-04-29] phase5k T1: GLTO effective_missing -> 2026-02-09 from 8-K Item 5.03 (acc 0001193125-26-043741); source: https://www.sec.gov/Archives/edgar/data/1800315/000119312526043741/glto-20260206.htm [2026-04-29] phase5k T2: GLTO vote_source_8k from 8-K (acc 0001193125-26-043741); source: https://www.sec.gov/Archives/edgar/data/1800315/000119312526043741/glto-20260206.htm [2026-04-29] phase5k T2: GLTO vote_source_8k_url paired with acc 0001193125-26-043741; source: https://www.sec.gov/Archives/edgar/data/1800315/000119312526043741/glto-20260206.htm [2026-04-29] phase5w: comprehensive validation by external reviewer across tranches v3 (4-version full residual walk, 269 substantive answers across 52 firms, 0 bucket drifts vs v3.58) [2026-04-29] phase5x: Decision #1 per Shane 2026-04-29 -- Y-bucket firms (DE->non-TX/NV) remain in dashboard cohort (flag=1) as revealed-preference comparators; the 'why others left DE' question matters even if destination isn't TX or NV
[2026-04-29] v3.75: VERIFIED via 8-K — DELAWARE → CAYMAN ISLANDS (NOT TX/NV — comparator/Bucket Y, same class as CDT). Special meeting February 9, 2026 approved Cayman conversion + Series B/C conversion + 300M→500M authorized shares + 2026 equity plans. Rebranded to Damora Therapeutics (DMRA) March 10, 2026. Item 5.07 vote-tally pincite pending.