Leap Therapeutics, Inc. - LPTX STOCK NEWS

Leap Therapeutics, Inc. (Nasdaq:LPTX) reported its financial results for Q4 and the year ending December 31, 2022. The net loss grew to $54.6 million, up from $40.6 million in 2021, driven by increased research and development and administrative expenses. The acquisition of Flame Biosciences added $50 million in cash and expanded Leap's pipeline with clinical and preclinical antibody programs. Leap initiated clinical trials for DKN-01 in gastroesophageal and colorectal cancers and promoted Jason Baum to Chief Scientific Officer. Comprehensive financial metrics include $45 million in R&D expenses for 2022, a significant rise from $32.2 million in 2021.

Leap Therapeutics, Inc. (NASDAQ:LPTX) announced the expiration of BeiGene's option under their Exclusive Option and License Agreement for DKN-01, its anti-DKK1 monoclonal antibody, in certain Asian territories. Despite this, both companies will continue their collaboration on the DisTinGuish trial, which studies DKN-01 in combination with BeiGene's tislelizumab and chemotherapy for first-line gastric cancer. The trial aims for 160 patient enrollment completion by late 2023. Leap's cash runway extends to mid-2025, facilitating further clinical studies and the development of its Claudin18.2 programs for GI cancers.

Leap Therapeutics has acquired Flame Biosciences, adding FL-301, an anti-Claudin18.2 monoclonal antibody, to its pipeline. This merger enhances Leap's drug portfolio and includes two preclinical programs and approximately $50 million in cash as of December 31, 2022. The combined company will have a cash balance of about $115 million, sufficient to fund operations through mid-2025. Leap plans to advance its DKN-01 program while expanding its focus on developing novel, biomarker-targeted therapies for cancer patients. The merger will require approval from Leap's stockholders, who will own 58% of the combined company post-transaction.

Leap Therapeutics, Inc. (Nasdaq: LPTX) will present at B. Riley Securities' 3rd Annual Oncology Conference on January 18, 2022, at 1:30 p.m. Eastern Time. The presentation will be made by Douglas E. Onsi, President and CEO, Cynthia Sirard, MD, Chief Medical Officer, and Jason Baum, PhD, VP of Translational Medicine. Attendees can access the live webcast on the company's Investors page, with a replay available afterwards. Leap Therapeutics focuses on targeted and immuno-oncology therapies, with its leading candidate, DKN-01, in trials for various cancers.

Leap Therapeutics, Inc. (LPTX) reported a net loss of $15.1 million for Q3 2022, up from $11.1 million in Q3 2021. Research and development expenses increased to $12.1 million, primarily due to higher clinical trial costs and increased headcount. General and administrative expenses rose to $3.2 million, attributed to increased professional fees and payroll expenses. On a positive note, Leap presented promising clinical data for DKN-01 in combination therapies for gastroesophageal adenocarcinoma, with compelling overall response rates and median progression-free survival exceeding benchmarks.

Leap Therapeutics (LPTX) announced promising results from the DisTinGuish study, showing a 55% overall response rate (ORR) and a 73% disease control rate (DCR) in DKK1-high gastroesophageal adenocarcinoma patients treated with DKN-01 and tislelizumab. The combination therapy demonstrated a median progression-free survival of 7.7 months. Additionally, the company presented preclinical data indicating DKN-01's efficacy in colorectal cancer models, with expectations of initial results from the DeFianCe study in mid-2023.

Leap Therapeutics (NASDAQ: LPTX) has enrolled its first patient in the Phase 2 DeFianCe study of DKN-01, an anti-DKK1 antibody, for treating advanced colorectal cancer (CRC). This study combines DKN-01 with bevacizumab and chemotherapy, targeting patients with prior systemic therapy. The trial seeks to assess progression-free survival among other objectives, with initial data expected by mid-2023. DKN-01 aims to combat resistance to chemotherapy in CRC. Colorectal cancer remains a leading global health challenge, highlighting the urgency of new treatment options.

Leap Therapeutics (Nasdaq:LPTX) has announced the enrollment of the first patient in Part C of the Phase 2 DisTinGuish study, which evaluates DKN-01, an anti-DKK1 antibody, combined with BeiGene's tislelizumab and chemotherapy in patients with gastric or gastroesophageal junction cancer. The study aims to enroll 160 patients and assess progression-free survival, particularly in patients with high DKK1 expression. Positive preliminary data indicate promising response rates and survival outcomes surpassing benchmarks, marking a significant step in DKN-01's clinical development.

Leap Therapeutics, Inc. (Nasdaq: LPTX) will present updated data from Part B of the DisTinGuish Study evaluating DKN-01 combined with tislelizumab for DKK1-high GEJ/G cancer patients at the SITC 37th Annual Meeting in Boston from November 8-12, 2022. Additionally, preclinical data supporting the DeFianCe Study of DKN-01 in advanced colorectal cancer will also be shared. DKN-01, a humanized monoclonal antibody targeting DKK1, is being developed for multiple cancer types, with a strategic collaboration with BeiGene for development rights in Asia, excluding Japan.