[SCHEDULE 13G/A] Galmed Pharmaceuticals Ltd. SEC Filing
CVI Investments, Inc. and Heights Capital Management, Inc. disclosed a beneficial position in Galmed Pharmaceuticals Ltd. consisting of 173,333 ordinary shares, equal to 7.1% of the class based on 2,258,034 shares outstanding as reported by the company as of March 31, 2025. The reported position represents shares issuable upon exercise of warrants, and the warrants include an exercise limitation that prevents exercises that would push ownership above 9.99%. Heights Capital serves as investment manager to CVI and may have shared voting and dispositive power over the reported shares; both reporting persons disclaim beneficial ownership except for their pecuniary interest.
CVI Investments, Inc. e Heights Capital Management, Inc. hanno comunicato di detenere una posizione beneficiaria in Galmed Pharmaceuticals Ltd. pari a 173,333 azioni ordinarie, corrispondenti al 7.1% della categoria su un totale di 2,258,034 azioni in circolazione, come riportato dalla societ脿 al 31 marzo 2025. La posizione dichiarata riguarda azioni emesse in funzione dell'esercizio di warrants, i quali sono soggetti a una limitazione che impedisce l'esercizio se ci貌 portasse la partecipazione oltre il 9.99%. Heights Capital agisce come gestore degli investimenti per CVI e potrebbe detenere poteri congiunti di voto e di disposizione sulle azioni dichiarate; entrambe le parti che presentano la comunicazione negano la titolarit脿 beneficiaria, fatta eccezione per il loro interesse pecuniario.
CVI Investments, Inc. y Heights Capital Management, Inc. revelaron una posici贸n beneficiaria en Galmed Pharmaceuticals Ltd. de 173,333 acciones ordinarias, equivalente al 7.1% de la categor铆a sobre un total de 2,258,034 acciones en circulaci贸n, seg煤n inform贸 la compa帽铆a al 31 de marzo de 2025. La posici贸n declarada corresponde a acciones susceptibles de emitirse mediante el ejercicio de warrants, y dichos warrants incluyen una limitaci贸n que impide ejercicios que llevaran la participaci贸n por encima del 9.99%. Heights Capital act煤a como gestor de inversiones de CVI y podr铆a compartir los poderes de voto y de disposici贸n sobre las acciones reportadas; ambas personas informantes renuncian a la condici贸n de beneficiarios salvo por su inter茅s pecuniario.
CVI Investments, Inc.鞕� Heights Capital Management, Inc.電� Galmed Pharmaceuticals Ltd.鞐� 雽�頃� 鞁れ鞝� 氤挫湢歆�攵勳溂搿� 173,333 氤错喌欤茧ゼ 氤挫湢頃橁碃 鞛堧嫟瓿� 瓿奠嫓頄堨姷雼堧嫟. 鞚措姅 須岇偓臧� 2025雲� 3鞗� 31鞚� 旮办鞙茧 氤搓碃頃� 氚滍枆欤检嫕靾� 2,258,034欤� 欷� 7.1%鞐� 頃措嫻頃╇媹雼�. 氤搓碃霅� 歆�攵勳潃 warrants 頄夓偓搿� 旆摑 臧�電ロ暅 欤检嫕鞚� 韽暔頃橂┌, 鞚� warrants鞐愲姅 氤挫湢牍勳湪鞚� 9.99%毳� 齑堦臣頃橃 氇豁晿霃勲 頃橂姅 頄夓偓 鞝滍暅鞚� 韽暔霅橃柎 鞛堨姷雼堧嫟. Heights Capital鞚� CVI鞚� 韴瀽鞖挫毄靷靹� 氤搓碃霅� 欤检嫕鞐� 雽�頃� 瓿惦彊鞚� 鞚橁舶甓� 氚� 觳橂秳甓岇潉 臧�歆� 靾� 鞛堨溂氅�, 鞏� 氤搓碃鞚胳潃 旮堨爠鞝� 鞚挫澋鞚� 鞝滌櫢頃� 鞁れ鞝� 靻岇湢甓岇潉 攵�鞚疙晿瓿� 鞛堨姷雼堧嫟.
CVI Investments, Inc. et Heights Capital Management, Inc. ont d茅clar茅 d茅tenir une position b茅n茅ficiaire dans Galmed Pharmaceuticals Ltd. correspondant 脿 173,333 actions ordinaires, soit 7.1% de la cat茅gorie sur un total de 2,258,034 actions en circulation, d'apr猫s les informations communiqu茅es par la soci茅t茅 au 31 mars 2025. La position d茅clar茅e concerne des actions susceptibles d'锚tre 茅mises 脿 l'exercice de warrants, lesquels comportent une limitation d'exercice emp锚chant toute op茅ration portant la participation au-del脿 de 9.99%. Heights Capital agit en tant que gestionnaire d'investissement de CVI et pourrait exercer des pouvoirs de vote et de disposition partag茅s sur les actions d茅clar茅es ; les deux personnes d茅clarantees d茅clinent toute propri茅t茅 b茅n茅ficiaire, hormis leur int茅r锚t p茅cuniaire.
CVI Investments, Inc. und Heights Capital Management, Inc. haben eine wirtschaftliche Beteiligung an Galmed Pharmaceuticals Ltd. in H枚he von 173,333 Stammaktien offengelegt, was 7.1% der Klasse von insgesamt 2,258,034 ausgegebenen Aktien entspricht, wie das Unternehmen zum 31. M盲rz 2025 berichtet hat. Die gemeldete Position umfasst Aktien, die bei Aus眉bung von warrants zugeteilt werden, wobei diese Warrants eine Aus眉bungsbeschr盲nkung enthalten, die verhindert, dass die Beteiligung 眉ber 9.99% steigt. Heights Capital fungiert als Investmentmanager f眉r CVI und kann 眉ber die gemeldeten Aktien gemeinsame Stimm- und Verf眉gungsrechte haben; beide meldenden Personen verneinen jedoch eine sonstige wirtschaftliche Eigent眉merschaft mit Ausnahme ihres pekuni盲ren Interesses.
- Material disclosure of ownership: Reporting Persons state beneficial ownership of 173,333 shares, representing 7.1% of the class.
- Position via warrants: The reported shares are issuable upon exercise of warrants, making the nature of the economic exposure explicit.
- Exercise limitation disclosed: Warrants include a restriction preventing exercises that would increase ownership above 9.99%, limiting immediate dilution or control shifts.
- Clear manager relationship: Filing states Heights Capital is investment manager to CVI, clarifying shared voting and dispositive arrangements.
- None.
Insights
TL;DR: A material 7.1% economic position is disclosed via warrants; no control intent is claimed.
The filing reports an economically meaningful stake of 173,333 shares, representing 7.1% of Galmed's outstanding ordinary shares based on the issuer's 2,258,034-share count. Because the position is through warrants and includes a 9.99% exercise cap, the immediate dilutive impact is constrained. The disclosure clarifies voting and dispositive arrangements: Heights Capital is the investment manager and may exercise shared voting/dispositive power for CVI, while both entities disclaim beneficial ownership except for pecuniary interest. For investors, this is a clear, material ownership disclosure without an expressed intent to change control.
TL;DR: Material stake disclosed with governance role noted; no takeover signal or control change asserted.
The Schedule 13G/A shows a >5% position reported jointly by CVI and its investment manager, Heights Capital, indicating a significant economic interest in Galmed. The report explicitly states shared voting and dispositive power and a disclaimer of beneficial ownership beyond pecuniary interest, which signals the parties intend a passive posture consistent with Schedule 13G filing criteria. The presence of a 9.99% anti-exercise threshold for the warrants reduces the prospect of an immediate controlling accumulation. This filing is governance-relevant but does not allege active control or a governance campaign.
CVI Investments, Inc. e Heights Capital Management, Inc. hanno comunicato di detenere una posizione beneficiaria in Galmed Pharmaceuticals Ltd. pari a 173,333 azioni ordinarie, corrispondenti al 7.1% della categoria su un totale di 2,258,034 azioni in circolazione, come riportato dalla societ脿 al 31 marzo 2025. La posizione dichiarata riguarda azioni emesse in funzione dell'esercizio di warrants, i quali sono soggetti a una limitazione che impedisce l'esercizio se ci貌 portasse la partecipazione oltre il 9.99%. Heights Capital agisce come gestore degli investimenti per CVI e potrebbe detenere poteri congiunti di voto e di disposizione sulle azioni dichiarate; entrambe le parti che presentano la comunicazione negano la titolarit脿 beneficiaria, fatta eccezione per il loro interesse pecuniario.
CVI Investments, Inc. y Heights Capital Management, Inc. revelaron una posici贸n beneficiaria en Galmed Pharmaceuticals Ltd. de 173,333 acciones ordinarias, equivalente al 7.1% de la categor铆a sobre un total de 2,258,034 acciones en circulaci贸n, seg煤n inform贸 la compa帽铆a al 31 de marzo de 2025. La posici贸n declarada corresponde a acciones susceptibles de emitirse mediante el ejercicio de warrants, y dichos warrants incluyen una limitaci贸n que impide ejercicios que llevaran la participaci贸n por encima del 9.99%. Heights Capital act煤a como gestor de inversiones de CVI y podr铆a compartir los poderes de voto y de disposici贸n sobre las acciones reportadas; ambas personas informantes renuncian a la condici贸n de beneficiarios salvo por su inter茅s pecuniario.
CVI Investments, Inc.鞕� Heights Capital Management, Inc.電� Galmed Pharmaceuticals Ltd.鞐� 雽�頃� 鞁れ鞝� 氤挫湢歆�攵勳溂搿� 173,333 氤错喌欤茧ゼ 氤挫湢頃橁碃 鞛堧嫟瓿� 瓿奠嫓頄堨姷雼堧嫟. 鞚措姅 須岇偓臧� 2025雲� 3鞗� 31鞚� 旮办鞙茧 氤搓碃頃� 氚滍枆欤检嫕靾� 2,258,034欤� 欷� 7.1%鞐� 頃措嫻頃╇媹雼�. 氤搓碃霅� 歆�攵勳潃 warrants 頄夓偓搿� 旆摑 臧�電ロ暅 欤检嫕鞚� 韽暔頃橂┌, 鞚� warrants鞐愲姅 氤挫湢牍勳湪鞚� 9.99%毳� 齑堦臣頃橃 氇豁晿霃勲 頃橂姅 頄夓偓 鞝滍暅鞚� 韽暔霅橃柎 鞛堨姷雼堧嫟. Heights Capital鞚� CVI鞚� 韴瀽鞖挫毄靷靹� 氤搓碃霅� 欤检嫕鞐� 雽�頃� 瓿惦彊鞚� 鞚橁舶甓� 氚� 觳橂秳甓岇潉 臧�歆� 靾� 鞛堨溂氅�, 鞏� 氤搓碃鞚胳潃 旮堨爠鞝� 鞚挫澋鞚� 鞝滌櫢頃� 鞁れ鞝� 靻岇湢甓岇潉 攵�鞚疙晿瓿� 鞛堨姷雼堧嫟.
CVI Investments, Inc. et Heights Capital Management, Inc. ont d茅clar茅 d茅tenir une position b茅n茅ficiaire dans Galmed Pharmaceuticals Ltd. correspondant 脿 173,333 actions ordinaires, soit 7.1% de la cat茅gorie sur un total de 2,258,034 actions en circulation, d'apr猫s les informations communiqu茅es par la soci茅t茅 au 31 mars 2025. La position d茅clar茅e concerne des actions susceptibles d'锚tre 茅mises 脿 l'exercice de warrants, lesquels comportent une limitation d'exercice emp锚chant toute op茅ration portant la participation au-del脿 de 9.99%. Heights Capital agit en tant que gestionnaire d'investissement de CVI et pourrait exercer des pouvoirs de vote et de disposition partag茅s sur les actions d茅clar茅es ; les deux personnes d茅clarantees d茅clinent toute propri茅t茅 b茅n茅ficiaire, hormis leur int茅r锚t p茅cuniaire.
CVI Investments, Inc. und Heights Capital Management, Inc. haben eine wirtschaftliche Beteiligung an Galmed Pharmaceuticals Ltd. in H枚he von 173,333 Stammaktien offengelegt, was 7.1% der Klasse von insgesamt 2,258,034 ausgegebenen Aktien entspricht, wie das Unternehmen zum 31. M盲rz 2025 berichtet hat. Die gemeldete Position umfasst Aktien, die bei Aus眉bung von warrants zugeteilt werden, wobei diese Warrants eine Aus眉bungsbeschr盲nkung enthalten, die verhindert, dass die Beteiligung 眉ber 9.99% steigt. Heights Capital fungiert als Investmentmanager f眉r CVI und kann 眉ber die gemeldeten Aktien gemeinsame Stimm- und Verf眉gungsrechte haben; beide meldenden Personen verneinen jedoch eine sonstige wirtschaftliche Eigent眉merschaft mit Ausnahme ihres pekuni盲ren Interesses.
FAQ
Who filed the Schedule 13G/A for Galmed (GLMD)?
How many Galmed (GLMD) shares are reported and what percent of the class do they represent?
Are the reported shares common stock or from warrants for GLMD?
Does the filing indicate voting or dispositive power over the shares?
Is there any restriction on exercising the warrants for GLMD shares?
Do the Reporting Persons claim intent to influence control of Galmed (GLMD)?
