Sec Form 4 Filing - ORBIMED ADVISORS LLC @ Galecto, Inc. - 2020-11-02

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person ORBIMED ADVISORS LLC 2. Issuer Name and Ticker or Trading Symbol Galecto, Inc. [ GLTO] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) X __ Director X __ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) 601 LEXINGTON AVENUE, 54TH FLOOR, 3. Date of Earliest Transaction (MM/DD/YY) 11/02/2020 (Street) NEW YORK, NY10022-4629 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) _____ Form filed by One Reporting Person __ X __ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Shares 11/02/2020 C 2,055,824 A 2,055,824 I See footnote ( 2 ) ( 3 ) Common Shares 11/02/2020 C 822,311 A 822,311 I See footnote ( 3 ) ( 4 ) Common Shares 11/02/2020 C 191,787 A 191,787 I See footnote ( 3 ) ( 5 ) Common Shares 11/02/2020 P 523,833 A $ 15 2,579,657 I See footnote ( 2 ) ( 3 ) Common Shares 11/02/2020 P 209,500 A $ 15 1,031,811 I See footnote ( 3 ) ( 4 )

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3 , 4, and 5) 6. Date Exercisable and Expiration Date (MM/DD/YY) 7. Title and Amount of Underlying Securities (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares Series D Preferred Stock ( 1 ) 09/25/2020 A( 6 ) 148,395 ( 1 ) ( 1 ) Common Shares 385,782 $ 27.11 148,395 I See footnote ( 2 ) ( 3 ) Series D Preferred Stock ( 1 ) 09/25/2020 A( 6 ) 59,350 ( 1 ) ( 1 ) Common Shares 154,292 $ 27.11 59,350 I See footnote ( 3 ) ( 4 ) Series D Preferred Stock ( 1 ) 09/25/2020 A( 6 ) 73,773 ( 1 ) ( 1 ) Common Shares 191,787 $ 27.11 73,773 I See footnote ( 3 ) ( 5 ) Series C-2 Preferred Stock ( 1 ) 11/02/2020 C 291,999 ( 1 ) ( 1 ) Common Shares 759,110 ( 1 ) 0 I See footnote ( 2 ) ( 3 ) Series C-2 Preferred Stock ( 1 ) 11/02/2020 C 116,800 ( 1 ) ( 1 ) Common Shares 303,645 ( 1 ) 0 I See footnote ( 3 ) ( 4 ) Series C-4 Preferred Stock ( 1 ) 11/02/2020 C 272,533 ( 1 ) ( 1 ) Common Shares 708,504 ( 1 ) 0 I See footnote ( 2 ) ( 3 ) Series C-4 Preferred Stock ( 1 ) 11/02/2020 C 109,013 ( 1 ) ( 1 ) Common Shares 283,402 ( 1 ) 0 I See footnote ( 3 ) ( 4 ) Series C-5 Preferred Stock ( 1 ) 11/02/2020 C 77,866 ( 1 ) ( 1 ) Common Shares 202,428 ( 1 ) 0 I See footnote ( 2 ) ( 3 ) Series C-5 Preferred Stock ( 1 ) 11/02/2020 C 31,147 ( 1 ) ( 1 ) Common Shares 80,972 ( 1 ) 0 I See footnote ( 3 ) ( 4 ) Series D Preferred Stock ( 1 ) 11/02/2020 C 148,395 ( 1 ) ( 1 ) Common Shares 385,782 ( 1 ) 0 I See footnote ( 2 ) ( 3 ) Series D Preferred Stock ( 1 ) 11/02/2020 C 59,350 ( 1 ) ( 1 ) Common Shares 154,292 ( 1 ) 0 I See footnote ( 3 ) ( 4 ) Series D Preferred Stock ( 1 ) 11/02/2020 C 73,773 ( 1 ) ( 1 ) Common Shares 191,787 ( 1 ) 0 I See footnote ( 3 ) ( 5 )

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other ORBIMED ADVISORS LLC 601 LEXINGTON AVENUE, 54TH FLOOR NEW YORK, NY10022-4629 X X OrbiMed Advisors Israel II Ltd 89 MEDINAT HAYEHUDIM ST., BUILDING E HERZLIYA, L34614001 X X OrbiMed Israel GP II, L.P. 89 MEDINAT HAYEHUDIM ST., BUILDING E HERZLIYA, L34614001 X X OrbiMed Capital GP VII LLC 601 LEXINGTON AVENUE 54TH FLOOR NEW YORK, NY10022-4629 X X OrbiMed Genesis GP LLC 601 LEXINGTON AVENUE 54TH FLOOR NEW YORK, NY X X Signatures /s/ Carl Gordon, Member of OrbiMed Advisors LLC 11/04/2020 Signature of Reporting Person Date /s/ Carl Gordon, Member of the Managing Member of OrbiMed Capital GP VII LLC 11/04/2020 Signature of Reporting Person Date /s/ Carl Gordon, Member of the Managing Member of OrbiMed Genesis GP LLC 11/04/2020 Signature of Reporting Person Date /s/ Carl Gordon, Director of OrbiMed Advisors Israel II Limited 11/04/2020 Signature of Reporting Person Date /s/ Carl Gordon, Member of the General Partner of OrbiMed Israel GP II, L.P. 11/04/2020 Signature of Reporting Person Date

Explanation of Responses:

( 1 )The Series C-2 Preferred Stock, Series C-4 Preferred Stock, Series C-5 Preferred Stock, and Series D Preferred Stock (collectively, the "Preferred Stock") was convertible at any time at the holder's election and automatically upon the closing of the Issuer's initial public offering. The Preferred Stock converted into Common Stock at a ratio of 2.59970:1 upon the closing of the Issuer's initial public offering without payment of additional consideration. The Preferred Stock had no expiration date. ( 2 )These securities are held of record by OrbiMed Private Investments VII, LP ("OPI VII"). OrbiMed Capital GP VII LLC ("GP VII") is the general partner of OPI VII and OrbiMed Advisors LLC ("OrbiMed Advisors") is the managing member of GP VII. By virtue of such relationships, GP VII and OrbiMed Advisors may be deemed to have voting and investment power over the securities held by OPI VII and as a result may be deemed to have beneficial ownership over such securities. OrbiMed Advisors exercises its investment and voting power through a management committee comprised of Carl L. Gordon, Sven H. Borho, and Jonathan T. Silverstein, each of whom disclaims beneficial ownership of the securities held by OPI VII. ( 3 )This report on Form 4 is jointly filed by OrbiMed Advisors, GP VII, OrbiMed Advisors Israel II Limited ("OrbiMed Limited"), OrbiMed Israel GP II, L.P. ("OrbiMed Israel"), and OrbiMed Genesis GP LLC ("Genesis GP"). Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein for purposes of Rule 16a-1(a) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), except to the extent of its or his pecuniary interest therein, if any. The Reporting Persons have designated a representative, Chau Khuong, an employee of OrbiMed Advisors, to serve on the Issuer's board of directors. This report shall not be deemed an admission that any of the reporting persons is a beneficial owner of such securities for the purposes of Section 16 of the Exchange Act, or for any other purposes. ( 4 )These securities are held of record by OrbiMed Israel Partners II, L.P. ("OIP II"). OrbiMed Israel is the general partner of OIP II, and OrbiMed Limited is the managing member of OrbiMed Israel. By virtue of such relationships, OrbiMed Israel and OrbiMed Limited may be deemed to have voting and investment power over the securities held by OIP II and as a result may be deemed to have beneficial ownership over such securities. OrbiMed Limited exercises its investment and voting power through a management committee comprised of Carl L. Gordon, Jonathan Silverstein, Nissim Darvish, Anat Naschitz, and Erez Chimovits, each of whom disclaims beneficial ownership of the securities held by OIP II. ( 5 )These securities are held of record by OrbiMed Genesis Master Fund, L.P. ("Genesis Master Fund"). Genesis GP is the general partner of Genesis Master Fund and OrbiMed Advisors is the managing member of Genesis GP. By virtue of such relationships, Genesis GP and OrbiMed Advisors may be deemed to have voting and investment power over the securities held by Genesis Master Fund and as a result may be deemed to have beneficial ownership over such securities. OrbiMed Advisors exercises its investment and voting power through a management committee comprised of Carl L. Gordon, Sven H. Borho, and Jonathan T. Silverstein, each of whom disclaims beneficial ownership of the securities held by Genesis Master Fund. ( 6 )This transaction occurred prior to the Issuer's initial public offering and is being reported on Form 4 solely for purposes of compliance with Rule 16a-2(a) under the Securities Exchange Act of 1934, as amended. The securities covered by such transaction were previously included on the Reporting Persons' Form 3.

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