<SEC-DOCUMENT>0001493152-26-010842.txt : 20260318
<SEC-HEADER>0001493152-26-010842.hdr.sgml : 20260318
<ACCEPTANCE-DATETIME>20260318074548
ACCESSION NUMBER:		0001493152-26-010842
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20260318
FILED AS OF DATE:		20260318
DATE AS OF CHANGE:		20260318

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Baharaff Allen
		CENTRAL INDEX KEY:			0001630334
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36345
		FILM NUMBER:		26765363

	MAIL ADDRESS:	
		STREET 1:		C/O GALMED PHARMACEUTICALS,8 SHAUL
		STREET 2:		HAMELECH BLVD., AMOT HAMISHPAT BLDG.
		CITY:			TEL AVIV
		STATE:			L3
		ZIP:			64733

ISSUER:		

	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

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>ownership.xml
<DESCRIPTION>3
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0607</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2026-03-18</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001595353</issuerCik>
        <issuerName>Galmed Pharmaceuticals Ltd.</issuerName>
        <issuerTradingSymbol>GLMD</issuerTradingSymbol>
        <issuerForeignTradingSymbol></issuerForeignTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001630334</rptOwnerCik>
            <rptOwnerName>Baharaff Allen</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O MEITAR LAW OFFICES</rptOwnerStreet1>
            <rptOwnerStreet2>16 ABBA HILLEL SILVER RD.</rptOwnerStreet2>
            <rptOwnerCity>RAMAT GAN</rptOwnerCity>
            <rptOwnerState></rptOwnerState>
            <rptOwnerZipCode>5250608</rptOwnerZipCode>
            <rptOwnerStateDescription>ISRAEL</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Chief Executive Officer</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Ordinary Shares</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>103047</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Ordinary Shares</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>18</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote</value>
                    <footnoteId id="F1"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Restricted Share Units</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>8889</value>
                    <footnoteId id="F2"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Restricted Share Units</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>96666</value>
                    <footnoteId id="F3"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Restricted Share Units</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>100000</value>
                    <footnoteId id="F4"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeHolding>
            <securityTitle>
                <value>Options to Purchase Ordinary Shares</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>599.40</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2020-11-10</value>
            </exerciseDate>
            <expirationDate>
                <value>2030-11-10</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Ordinary Shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>1222</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Options to Purchase Ordinary Shares</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>921.60</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2019-12-17</value>
            </exerciseDate>
            <expirationDate>
                <value>2029-12-17</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Ordinary Shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>1222</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Options to Purchase Ordinary Shares</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>2080.80</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2018-07-10</value>
            </exerciseDate>
            <expirationDate>
                <value>2028-07-10</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Ordinary Shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>1222</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Options to Purchase Ordinary Shares</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>0.002</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2013-12-30</value>
            </exerciseDate>
            <expirationDate>
                <value>2028-12-30</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Ordinary Shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>1805</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Ordinary shares beneficially owned by Reporting Person's spouse.</footnote>
        <footnote id="F2">These restricted share units vest on August 7, 2026, subject to the Reporting Person's continued service.</footnote>
        <footnote id="F3">These restricted share units vest in four equal installments on each of May 12, 2026, November 12, 2026, May 12, 2027 and November 12, 2027, subject to the Reporting Person's continued service.</footnote>
        <footnote id="F4">These restricted share units vest in accordance with the following vesting schedule: 1/3 shall vest on August 26, 2026 and the remaining portion shall vest in four equal installments on each of February 26, 2027, August 26, 2027, February 26, 2028 and August 26, 2028, subject to the Reporting Person's continued service.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Allen Baharaff</signatureName>
        <signatureDate>2026-03-18</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
