Leap Therapeutics(LPTX) - 2025 Q1 - Quarterly Results

Financial Performance - Leap Therapeutics reported a net loss of $15.4 million for Q1 2025, an increase from$13.8 million in Q1 2024, primarily due to higher research and development expenses [10]. - Leap's total operating expenses for Q1 2025 were $15.9 million, compared to$14.8 million in Q1 2024 [20]. - Leap's accumulated deficit increased to $482.8 million as of March 31, 2025, compared to$467.4 million at the end of 2024 [22]. Research and Development - Research and development expenses rose to $12.9 million in Q1 2025, up from$11.3 million in the same period of 2024, driven by increased clinical trial costs [11]. - The company announced a strategic restructuring, resulting in an approximately 50% reduction in workforce to focus on the clinical development of sirexatamab and FL-501 [6]. - The company plans to advance sirexatamab into a registrational Phase 3 clinical trial, indicating a significant potential market opportunity [13]. Clinical Trial Results - Sirexatamab demonstrated a statistically significant 32% higher overall response rate (ORR) and 3.5 months longer progression-free survival (PFS) in patients with high DKK1 levels compared to the control arm [7]. - In patients who had not received prior anti-VEGF therapy, the Sirexatamab arm showed a statistically significant 22% higher ORR and 2.6 months longer PFS compared to the control arm [7]. - Leap hosted a virtual key opinion leader event to discuss the positive data from the DeFianCe study, highlighting the unmet need in advanced MSS CRC patients [13]. Cash and Cash Equivalents - The company has approximately $32.7 million in cash and cash equivalents as of March 31, 2025, down from$47.2 million at the end of 2024 [14]. - Cash and cash equivalents at the end of Q1 2025 were $32,713 thousand, down from$54,921 thousand at the end of Q1 2024, representing a decrease of 40.4% [24]. - Cash used in operating activities decreased to $(14,480) thousand in Q1 2025 from$(15,516) thousand in Q1 2024, showing an improvement of 6.7% [24]. - Net decrease in cash and cash equivalents for Q1 2025 was $(14,536) thousand compared to$(15,722) thousand in Q1 2024, indicating a 7.5% improvement [24]. - Cash provided by (used in) financing activities shifted from $29 thousand in Q1 2024 to$(61) thousand in Q1 2025, reflecting a change of 310.3% [24]. - The effect of exchange rate changes on cash and cash equivalents improved to $5 thousand in Q1 2025 from$(235) thousand in Q1 2024, marking a significant recovery [24]. - Cash and cash equivalents at the beginning of Q1 2025 were $47,249 thousand, down from$70,643 thousand at the beginning of Q1 2024, a decrease of 33.2% [24].