<SEC-DOCUMENT>0001649553-25-000198.txt : 20251107
<SEC-HEADER>0001649553-25-000198.hdr.sgml : 20251107
<ACCEPTANCE-DATETIME>20251107165136
ACCESSION NUMBER:		0001649553-25-000198
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20251107
DATE AS OF CHANGE:		20251107

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Galmed Pharmaceuticals Ltd.
		CENTRAL INDEX KEY:			0001595353
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		EIN:				981147233
		STATE OF INCORPORATION:			L3
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-88495
		FILM NUMBER:		251463370

	BUSINESS ADDRESS:	
		STREET 1:		C/O MEITAR LAW OFFICES
		STREET 2:		16 ABBA HILLEL SILVER RD.
		CITY:			RAMAT GAN
		STATE:			L3
		ZIP:			5250608
		BUSINESS PHONE:		97236938448

	MAIL ADDRESS:	
		STREET 1:		C/O MEITAR LAW OFFICES
		STREET 2:		16 ABBA HILLEL SILVER RD.
		CITY:			RAMAT GAN
		STATE:			L3
		ZIP:			5250608

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CVI Investments, Inc.
		CENTRAL INDEX KEY:			0001649553
		ORGANIZATION NAME:           	
		EIN:				981253664
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A

	BUSINESS ADDRESS:	
		STREET 1:		P.O. BOX 309
		STREET 2:		UGLAND HOUSE
		CITY:			GRAND CAYMAN
		STATE:			E9
		ZIP:			KY1-1104
		BUSINESS PHONE:		345-949-8080

	MAIL ADDRESS:	
		STREET 1:		P.O. BOX 309
		STREET 2:		UGLAND HOUSE
		CITY:			GRAND CAYMAN
		STATE:			E9
		ZIP:			KY1-1104
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:com="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>SCHEDULE 13G/A</submissionType>
    <previousAccessionNumber>0001649553-25-000153</previousAccessionNumber>
    <filerInfo>
      <filer>
        <filerCredentials>
          <cik>0001649553</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <amendmentNo>4</amendmentNo>
      <securitiesClassTitle>Ordinary Shares, NIS 1.80 par value per share</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>09/30/2025</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0001595353</issuerCik>
        <issuerName>Galmed Pharmaceuticals Ltd.</issuerName>
        <issuerCusip>M47238148</issuerCusip>
        <issuerPrincipalExecutiveOfficeAddress>
          <com:street1>c/o Meitar Law Offices</com:street1>
          <com:street2>Abba Hillel Silver Rd.</com:street2>
          <com:city>Ramat-Gan</com:city>
          <com:stateOrCountry>L3</com:stateOrCountry>
          <com:zipCode>5250608</com:zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(c)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>CVI Investments, Inc.</reportingPersonName>
      <citizenshipOrOrganization>E9</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0</soleVotingPower>
        <sharedVotingPower>173333</sharedVotingPower>
        <soleDispositivePower>0</soleDispositivePower>
        <sharedDispositivePower>173333</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>173333</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>3.1</classPercent>
      <typeOfReportingPerson>CO</typeOfReportingPerson>
      <comments>With respect to Row 6 and Row 8 above, Heights Capital Management, Inc. is the investment manager to CVI Investments, Inc. and as such may exercise voting and dispositive power over the shares reported as beneficially owned by CVI Investments, Inc. herein.</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>Heights Capital Management, Inc.</reportingPersonName>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0</soleVotingPower>
        <sharedVotingPower>173333</sharedVotingPower>
        <soleDispositivePower>0</soleDispositivePower>
        <sharedDispositivePower>173333</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>173333</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <classPercent>3.1</classPercent>
      <typeOfReportingPerson>CO</typeOfReportingPerson>
      <comments>With respect to Row 6 and Row 8 above, Heights Capital Management, Inc. is the investment manager to CVI Investments, Inc. and as such may exercise voting and dispositive power over the shares reported as beneficially owned by CVI Investments, Inc. herein.</comments>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>Galmed Pharmaceuticals Ltd.</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>c/o Meitar Law Offices Abba Hillel Silver Rd., Ramat Gan, 5250608 Israel</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>This statement is filed by the entities listed below, who are collectively referred to herein as "Reporting Persons," with respect to the ordinary shares of Galmed Pharmaceuticals Ltd. (the "Company"), NIS 1.80 par value per share (the "Shares").

	(i)	CVI Investments, Inc.

	(ii)	Heights Capital Management, Inc.
        </filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>The address of the principal business office of CVI Investments, Inc. is:

P.O. Box 309GT
Ugland House
South Church Street
George Town
Grand Cayman
KY1-1104
Cayman Islands

The address of the principal business office of Heights Capital Management, Inc. is:

101 California Street, Suite 3250
San Francisco, California 94111
        </principalBusinessOfficeOrResidenceAddress>
        <citizenship>Citizenship is set forth in Row 4 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>Y</notApplicableFlag>
      </item3>
      <item4>
        <amountBeneficiallyOwned>
The information required by this Item 4(a) is set forth in Row 9 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.

The number of Shares reported as beneficially owned consists of Shares issuable upon the exercise of warrants to purchase Shares (the "Warrants"). The Warrants are not exercisable to the extent that the total number of Shares then beneficially owned by a Reporting Person and its affiliates and any other persons whose beneficial ownership of Shares would be aggregated with such Reporting Person for purposes of Section 13(d) of the Exchange Act, would exceed 9.99%.

Exhibit 99.1 to the Company's Report of Foreign Private Issuer on Form 6-K, filed on September 19, 2025, indicates there were 5,479,231 Shares outstanding as of September 17, 2025.</amountBeneficiallyOwned>
        <classPercent>3.1</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>
The information required by this Item 4(c)(i) is set forth in Row 5 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
          </solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>
The information required by this Item 4(c)(ii) is set forth in Row 6 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.

Heights Capital Management, Inc., which serves as the investment manager to CVI Investments, Inc., may be deemed to be the beneficial owner of all Shares owned by CVI Investments, Inc. Each of the Reporting Persons hereby disclaims any beneficial ownership of any such Shares, except for their pecuniary interest therein.
          </sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>
The information required by this Item 4(c)(iii) is set forth in Row 7 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
          </solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>
The information required by this Item 4(c)(iv) is set forth in Row 8 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.

Heights Capital Management, Inc., which serves as the investment manager to CVI Investments, Inc., may be deemed to be the beneficial owner of all Shares owned by CVI Investments, Inc. Each of the Reporting Persons hereby disclaims any beneficial ownership of any such Shares, except for their pecuniary interest therein.
          </sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>N</notApplicableFlag>
        <classOwnership5PercentOrLess>Y</classOwnership5PercentOrLess>
      </item5>
      <item6>
        <notApplicableFlag>Y</notApplicableFlag>
      </item6>
      <item7>
        <notApplicableFlag>Y</notApplicableFlag>
      </item7>
      <item8>
        <notApplicableFlag>Y</notApplicableFlag>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>N</notApplicableFlag>
        <certifications>By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.</certifications>
      </item10>
    </items>
    <exhibitInfo>	EXHIBIT INDEX

EXHIBIT					DESCRIPTION
________				________
I						Limited Power of Attorney*
II						Joint Filing Agreement*

* Previously filed
</exhibitInfo>
    <signatureInformation>
      <reportingPersonName>CVI Investments, Inc. </reportingPersonName>
      <signatureDetails>
        <signature>/s/ Sarah Travis</signature>
        <title>Sarah Travis, Assistant General Counsel and Assistant Secretary of Heights Capital Management, Inc.</title>
        <date>11/06/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Heights Capital Management, Inc. </reportingPersonName>
      <signatureDetails>
        <signature>/s/ Sarah Travis</signature>
        <title>Sarah Travis, Assistant General Counsel and Assistant Secretary</title>
        <date>11/06/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureComments>Heights Capital Management, Inc. serves as authorized agent of CVI Investments, Inc. pursuant to a Limited Power of Attorney, a copy of which was previously filed.</signatureComments>
  </formData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
