Tue, May 13, 10:53 AM (42 days ago)
**Leap Therapeutics, Inc. (LPTX) Q1 2025 Financial Summary** **Financial Health and Performance:** - **Revenue:** No revenue reported as the company has not yet commercialized any products. - **Net Loss:** $15.4 million for Q1 2025, up from $13.8 million in Q1 2024. - **Operating Expenses:** $15.9 million in Q1 2025, up from $14.8 million in Q1 2024. - **Research and Development (R&D):** $12.9 million in Q1 2025, up from $11.3 million in Q1 2024. - **General and Administrative (G&A):** $3.0 million in Q1 2025, down from $3.5 million in Q1 2024. - **Cash Position:** $32.7 million in cash and cash equivalents as of March 31, 2025, down from $47.2 million at the end of 2024. - **Profit Margins:** Not applicable due to lack of revenue. - **Cash Flow:** Negative cash flow from operations of $14.5 million in Q1 2025. **Earnings Changes and Trends:** - **Increased R&D Spending:** Driven by clinical trial costs, manufacturing, and consulting fees. - **Decreased G&A Expenses:** Due to reduced professional fees and stock-based compensation. - **Interest Income:** Decreased due to lower average cash balances. - **Foreign Currency Impact:** Minimal impact on financial results. **Future Operations and Uncertainties:** - **Going Concern:** Substantial doubt about the company's ability to continue as a going concern due to cash burn and need for additional funding. - **Restructuring:** Reduced workforce by approximately 50% to prioritize clinical development of sirexatamab and FL-501. - **Funding Needs:** Plans to seek additional funding through equity financings or collaboration agreements. - **Clinical Trials:** Continued development of sirexatamab (DKN-01) and FL-501, with positive preliminary data from the DeFianCe study supporting a potential registrational Phase 3 trial. **Impact on Future Operations:** - **Cost Reduction:** Workforce reduction expected to save costs but may impact operational efficiency. - **Funding Uncertainty:** Failure to secure additional funding could delay or eliminate certain clinical trials or research programs. - **Market Potential:** Positive clinical data for sirexatamab in CRC patients may open significant market opportunities if approved.