Leap Therapeutics Reports Fourth Quarter and Full Year 2024 Financial Results

Core Insights - Leap Therapeutics reported financial results for Q4 and the full year 2024, highlighting advancements in their lead product, sirexatamab, and a decrease in net loss compared to 2023 [1][9]. Product Development - The company advanced sirexatamab through Phase 2 clinical trials, showing promising data in patients with high DKK1 levels and those without prior anti-VEGF therapy, which represent significant portions of the second-line colorectal cancer (CRC) market [2][4][12]. - A registrational Phase 3 clinical trial is planned to evaluate sirexatamab in combination with bevacizumab and chemotherapy for second-line MSS CRC patients [4]. - The potential market opportunity for sirexatamab includes approximately 30,000 second-line treated CRC patients in the US and 160,000 in the next seven largest markets, with a focus on patients with high DKK1 levels and those who have not received prior anti-VEGF therapy [5]. Financial Performance - Leap Therapeutics reported a net loss of $67.6 million for the year ended December 31, 2024, a decrease from$81.4 million in 2023, primarily due to reduced research and development expenses [9][10]. - Research and development expenses for 2024 were $57.2 million, down from$73.2 million in 2023, with Q4 expenses at $13.1 million compared to$11.7 million in the same period of 2023 [10]. - General and administrative expenses decreased to $12.8 million for the full year 2024 from$13.8 million in 2023, with Q4 expenses at $3.0 million [11]. Cash Position - As of December 31, 2024, the company had cash and cash equivalents totaling$47.2 million, down from $70.6 million at the end of 2023 [11][18]. Upcoming Events - Leap Therapeutics will present preclinical data for FL-501 at the 2025 American Association for Cancer Research (AACR) Annual Meeting, with plans to begin clinical trials in 2026 [7].