Galecto, Inc.

Item 1A. Risk Factors.

In addition to the other information set forth in this report, you should carefully consider the risk factors discussed in Part I, Item 1A. Risk Factors in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which could materially affect our business, financial condition or results of operations. Except as set forth below, there have been no material changes in or additions to the risk f and in Part II, Item 1A Risk Factors referred to in the previous sentence.

Changes in U.S. trade policyour Quarterly Report on Form 10-Q and the impact of tariffs may have a material adverse effect on our business, results of operations and financial condition.

While we do not believe our business has been materially affected by the recent tariff environment and recent developments in U.S. trade policy as of the date of this Quarterly Report on Form 10-Q, our business, results of operations, and financial condition may be adversely affected by uncertainty and changes in U.S. trade policies, including tariffs, quotas, trade agreements, or other trade restrictions imposed by the U.S. or other governments. For example, in April for the fiscal quarter ended March 31, 2025, the U.S. government announced a 10% tariff on product imports from almost all countries and individualized higher tariffs on certain other countries. Several tariff announcements have been followed by announcements of limited exemptions, revisions, and temporary pauses, resulting in significant uncertainty.

While we rewhich could materially on third-party contract manufacturers to manufactureaffect our product candidates for preclinical studies and clinical trialbusiness, our supply chain and international operations could be adversely affected by changes in U.S. trade policies. Any imposifinancial condition of, or increase in, tariffs or other restrictions on imports of reagents, equipment, or other materials (or the componentr results of these materials) could increase the cost for such materials and also increase the prices for such materials available domestically or locally, if any, which in turn could increase our costs. Such cost increases could operations. There have been no materially and adversely affect our business, results of operations and financial con changes in or addition. Tariffs or os to ther trade restrictions may lead to continuing uncertainty and volatility in U.S. and global financial and economic conditions and commodity markets, declining consumer confidence, significant inflation, and diminished expectations for the economy. Such conditions could also have a material adverse impact on our business, results of operations and financial position risk factors referred to in the previous sentence.