LEAP THERAPEUTICS, INC. Releases Q3 2023 10-Q Report

LEAP THERAPEUTICS, INC., a biotechnology company focused on developing targeted and immuno-oncology therapeutics, has released its Form 10-Q report for the third quarter of 2023. The report highlights the company's financial performance and significant advancements in its clinical and preclinical programs.

Financial Highlights

• Net Loss: The company reported a net loss of $13.7 million for the three months ended September 30, 2023, compared to a net loss of $15.1 million for the same period in 2022, indicating a slight improvement.
• Net Loss Per Share: The net loss per share for the three months ended September 30, 2023, was $(0.51), compared to $(1.33) for the same period in 2022, reflecting a decrease in loss per share.
• Total Operating Expenses: Total operating expenses decreased slightly from $15.3 million in the three months ended September 30, 2022, to $14.8 million in the same period in 2023.
• Interest Income: Interest income increased significantly to $1.1 million for the three months ended September 30, 2023, from $0.4 million in the same period in 2022, due to higher interest rates on cash accounts.
• Australian Research and Development Incentives: The company recorded $0.6 million in R&D incentive income during the three months ended September 30, 2023, slightly down from $0.7 million in the same period in 2022.

Business Highlights

• DKN-01 Development Update: The company is advancing its lead clinical stage program, DKN-01, a monoclonal antibody targeting DKK1, with ongoing clinical trials in esophagogastric, gynecologic, and colorectal cancers. Updated data from the DeFianCe Study in colorectal cancer patients is expected to be presented in early 2024.
• DisTinGuish Study Progress: Part C of the DisTinGuish Study, which involves DKN-01 in combination with tislelizumab and chemotherapy for gastric cancer patients, is ongoing. Previous data showed promising results with high objective response rates and median overall survival.
• Research and Development Focus: The company is focusing on developing biomarker-targeted antibody therapies to treat cancer by inhibiting tumor-promoting pathways and harnessing the immune system. This includes the development of FL-301, a monoclonal antibody targeting Claudin18.2, and preclinical programs FL-302 and FL-501.
• Acquisition of Flame Biosciences: The acquisition of Flame Biosciences has expanded the company's pipeline with new clinical and preclinical-stage intellectual property, including FL-301. The acquisition was accounted for as an asset acquisition, with significant in-process research and development costs expensed.
• Future Research and Development Plans: The company plans to increase research and development expenses to continue the development of DKN-01 and other product candidates, contingent on additional funding availability.
• Australian R&D Incentive Program: The company participates in the Australian government's R&D Incentive Program, which provides a refundable tax offset for eligible research and development expenses, contributing to operational funding.

SEC Filing: LEAP THERAPEUTICS, INC. Releases Q3 2023 [ NASDAQ:LPTX ] - 10-Q - Nov. 13, 2023