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Leap Therapeutics Reports First Quarter 2025 Financial Results

Leap Therapeutics, Inc. (Nasdaq: LPTX), a pioneering biotechnology firm dedicated to the development of targeted and immuno-oncology therapies, has announced its financial outcomes for the first quarter of 2025. Amidst a challenging economic climate, the company focuses on innovative treatment options that stand to benefit cancer patients.

Financial Highlights

In Q1 2025, Leap reported a net loss of $15.4 million, a slight increase from the $13.8 million loss recorded in the same period of the previous year. This rise is primarily attributed to heightened research and development expenditures, which totaled $12.9 million compared to $11.3 million in Q1 2024. The uptick in costs is linked to augmented clinical trial initiatives and ongoing projects designed to expand treatment options.

Cash resources were reported at $32.7 million as of March 31, highlighting the company's ongoing efforts to sustain and advance its research initiatives while navigating the complexities of the biotech market.

Clinical Developments

Leap's flagship program, sirexatamab (DKN-01), which targets the Dickkopf-1 (DKK1) protein, has indicated positive results in a Phase 2 clinical trial named the DeFianCe study. The recent analyses reveal that the combined treatment of sirexatamab, bevacizumab, and chemotherapy yielded a notably better overall response rate (ORR) and prolonged progression-free survival (PFS) in patients with advanced colorectal cancer (CRC).

• - In patients with elevated DKK1 levels, the treatment group exhibited a remarkable 32% higher ORR and a 3.5-month longer PFS compared to the control group.
• - For those without prior anti-VEGF therapy, there was a 22% increase in ORR and a 2.6-month PFS extension.

The favorable data reinforces Leap's strategy for advancing sirexatamab into survivorship aiming for registration with a Phase 3 clinical trial, a crucial step in establishing the drug's efficacy and market potential.

Strategic Restructuring

To maintain focus on its core clinical objectives, Leap Therapeutics has undertaken a strategic restructuring, which includes a workforce reduction of approximately 50%. This decision is aimed at channeling resources more effectively towards advancing its product pipeline, particularly in relation to sirexatamab and the promising FL-501 antibody. FL-501 targets growth differentiation factor 15 (GDF-15), and recent preclinical studies presented at the AACR 2025 Annual Meeting have showcased its potential in addressing cancer-associated cachexia, reaffirming its role in enhancing patient outcomes.

Upcoming Milestones

Leadership at Leap Therapeutics expressed optimism regarding upcoming data releases that could pivot the company's trajectory. CEO Douglas E. Onsi remarked on the encouragement surrounding the evolving dataset and efficacy of the treatments, emphasizing the firm's commitment to innovate and optimize cancer therapies.

In alignment with this progression, Leap is engaging with leading financial advisors to examine business development opportunities to maximize the potential of sirexatamab in the expansive CRC market.

Conclusion

As Leap Therapeutics continues its journey through a dynamic biotech landscape, recent financial disclosures and clinical updates highlight both the company’s struggles and the promise it holds in advancing cancer treatments. With a renewed focus on innovation and a robust pipeline, Leap aims to emerge stronger, contributing significantly to the field of oncology.

For further details on Leap Therapeutics’ financial and clinical endeavors, visit their official website.