aibioGalecto (now Damora Therapeutics) issues warrant for up to 628,302 shares, names new COO
Tickers DMRA
The December 31, 2025 warrant went to Paramora Holding LLC at $23.01 per share under an October 7, 2025 option agreement with Paragon Therapeutics. The board named Sherwin Sattarzadeh Chief Operating Officer.
Key facts
- Company
- Damora Therapeutics, Inc. (NASDAQ: DMRA)
- News type
- Financings
- Primary source
- Damora Therapeutics, Inc. Form 8-K filed January 6, 2026 (SEC EDGAR)
Galecto, Inc. disclosed two events in a Form 8-K filed January 6, 2026. The filing names the registrant as Galecto, Inc. and lists its common stock on the Nasdaq Capital Market under the symbol GLTO. On December 31, 2025 the company issued a warrant to purchase up to 628,302 shares of its common stock to Paramora Holding LLC, as an unregistered sale of equity securities. On January 5, 2026 the board appointed Sherwin Sattarzadeh as Chief Operating Officer, with an offer letter and inducement equity awards also described in the filing. Hans T. Schambye, M.D., Ph.D., President and Chief Executive Officer, signed the 8-K.
The warrant issued to Paramora
The warrant was issued under an antibody discovery and option agreement dated October 7, 2025 among Galecto, Paragon Therapeutics, Inc. and Paramora (the "Paragon Option Agreement"). It covers up to 628,302 shares at an exercise price of $23.01 per share. That price was the closing price of the common stock on December 31, 2025, the last business day of the year. The warrant expires on the tenth anniversary of its issue date.
The company relied on the exemption in Section 4(a)(2) of the Securities Act of 1933 for a transaction not involving a public offering, and described Paramora as a single accredited investor. The 8-K says the complete terms are in the warrant, filed as Exhibit 4.1. It names no placement agent, underwriter, financial adviser or counsel for the warrant.
The new Chief Operating Officer
The board appointed Mr. Sattarzadeh, age 47, effective January 5, 2026. The filing says he has over 20 years of industry experience in drug development. It states he served as Chief Business Officer at Blueprint Medicines Corporation from January 2025 to October 2025, and that during his 10 years there he also held positions including Head of Regulatory Affairs and Chief of Staff from March 2020 to January 2024, and SVP Strategic Operations. He holds an M.B.A. from Boston University and a B.Sc. in Chemistry from the University of British Columbia.
The 8-K says he was not appointed under any arrangement with another person, has no family relationship with any director or executive officer, and has no transaction requiring disclosure under Item 404(a) of Regulation S-K.
Pay and equity terms
Under an offer letter dated December 31, 2025, Mr. Sattarzadeh will receive an annual base salary of $540,000 and a target annual bonus of 40% of base salary. His primary work location is remote in Massachusetts.
If the company terminates his employment without cause, or he resigns for good reason, the offer letter provides 12 months of base salary. Within the period around a sale event, the letter provides 18 months of base salary and 18 months of health coverage contributions, and outstanding equity awards would vest on an accelerated basis.
His initial equity award is 190,376 restricted stock units that vest in equal annual installments over four years, and non-qualified stock options to purchase 444,209 shares. Of the options, 25% vest on the first anniversary of the effective date and the rest vest monthly through the fourth anniversary. The company says the options and units were an inducement material to his employment under Nasdaq Listing Rule 5635(c)(4).
About the company
Galecto's annual report on Form 10-K filed March 19, 2025 says its focus after a strategic transaction with Bridge Medicines in October 2024 is on GB3226, previously referred to as BRM-1420, and GB1211. The report says the company will require substantial additional capital to finance its operations. Its independent registered public accounting firm included an explanatory paragraph saying the company's losses from operations and need for additional funding raise substantial doubt about its ability to continue as a going concern. The same report shows a net loss of $21.4 million for 2024, an accumulated deficit of $277.5 million and cash and cash equivalents of $14.2 million at December 31, 2024. Those figures are a year older than the January 2026 filing, and the 8-K gives no newer ones.