Leap Therapeutics Reports Q2 2024 Results

TL;DR

Leap Therapeutics' Q2 shows a widening net loss to $38.26M, with cash dwindling to $0.1M.

AI Summary

Leap Therapeutics, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported total assets of $25.57 million and total liabilities of $4.20 million. Net loss for the six months ended June 30, 2024, was $38.26 million, compared to a net loss of $29.45 million for the same period in 2023. The company's cash and cash equivalents were $0.1 million as of June 30, 2024.

Why It Matters

This filing provides insight into Leap Therapeutics' financial health and operational performance, crucial for investors assessing the company's ability to fund its drug development pipeline.

Risk Assessment

Risk Level: high — The company reported a significant net loss and very low cash reserves, indicating a high risk of needing additional funding.

Key Numbers

• $25.57B — Total Assets (As of June 30, 2024)
• $4.20M — Total Liabilities (As of June 30, 2024)
• $38.26M — Net Loss (YTD) (For the six months ended June 30, 2024)
• $0.1M — Cash and Cash Equivalents (As of June 30, 2024)

Key Players & Entities

• LEAP THERAPEUTICS, INC. (company) — Filer
• 20240630 (date) — Reporting Period End Date
• $25,565,414 (dollar_amount) — Total Assets
• $4,200,000 (dollar_amount) — Total Liabilities
• $38,264,464 (dollar_amount) — Net Loss for six months ended June 30, 2024
• $29,451,750 (dollar_amount) — Net Loss for six months ended June 30, 2023
• $0.1 million (dollar_amount) — Cash and cash equivalents as of June 30, 2024

FAQ

Key Financial Figures

• $0.001 — h registered: Common Stock, par value $0.001 per share LPTX Nasdaq Capital Marke

Filing Documents

• lptx-20240630x10q.htm (10-Q) — 1578KB
• lptx-20240630xex10d2.htm (EX-10.2) — 260KB
• lptx-20240630xex31d1.htm (EX-31.1) — 11KB
• lptx-20240630xex32d1.htm (EX-32.1) — 7KB
• 0001410578-24-001284.txt ( ) — 6532KB
• lptx-20240630.xsd (EX-101.SCH) — 47KB
• lptx-20240630_cal.xml (EX-101.CAL) — 38KB
• lptx-20240630_def.xml (EX-101.DEF) — 169KB
• lptx-20240630_lab.xml (EX-101.LAB) — 419KB
• lptx-20240630_pre.xml (EX-101.PRE) — 298KB
• lptx-20240630x10q_htm.xml (XML) — 958KB

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION Item 1

Financial Statements

Financial Statements 6 Item 2

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 25 Item 3

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 33 Item 4

Controls and Procedures

Controls and Procedures 33

— OTHER INFORMATION

PART II — OTHER INFORMATION Item 1

Legal Proceedings

Legal Proceedings 34 Item 1A

Risk Factors

Risk Factors 34 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 34 Item 3 Defaults Upon Senior Securities 34 Item 4 Mine Safety Disclosures 34 Item 5 Other Information 34 Item 6 Exhibits 35 2 Table of Contents SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS AND INDUSTRY DATA This Quarterly Report on Form 10-Q (this "Quarterly Report") contains forward-looking statements which reflect our current views with respect to, among other things, our operations and financial performance. Such statements are based upon our current plans, estimates and expectations that are subject to various risks and uncertainties that could cause actual results to differ materially from such statements. The inclusion of forward-looking statements should not be regarded as a representation that such plans, estimates and expectations will be achieved. Words such as "anticipate," "expect," "project," "intend," "believe," "may," "will," "should," "plan," "could," "continue," "target," "contemplate," "estimate," "forecast," "guidance," "predict," "possible," "potential," "pursue," "likely," and words and terms of similar substance used in connection with any discussion of future plans, actions or events identify forward-looking statements. All statements, other than historical facts, including statements regarding estimations of projected cash runway; our future product development plans; the potential, safety, efficacy, and regulatory and clinical progress of our product candidates, including the anticipated timing for initiation of clinical trials and release of clinical trial data and the expectations surrounding potential regulatory submissions, approvals and timing thereof; and any assumptions underlying any of the foregoing, are forward-looking statements. Important factors that could cause actual results to differ materially from our plans, estimates or expectations could include, but are not limited to: (i) our ability and plan to deve

– FINANCIAL INFORMATION

Part I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements LEAP THERAPEUTICS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share and per share amounts) June 30, December 31, 2024 2023 (Unaudited) Assets Current assets: Cash and cash equivalents $ 78,479 $ 70,643 Research and development incentive receivable 754 771 Prepaid expenses and other current assets 354 183 Total current assets 79,587 71,597 Property and equipment, net — 5 Right of use assets, net 475 257 Research and development incentive receivable, net of current portion 505 — Deposits 859 966 Total assets $ 81,426 $ 72,825 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 7,809 $ 6,465 Accrued expenses 7,347 5,957 Lease liability - current portion 443 262 Total current liabilities 15,599 12,684 Non current liabilities: Lease liability, net of current portion 39 — Total liabilities 15,638 12,684 Stockholders' equity: Preferred stock, $ 0.001 par value; 10,000,000 shares authorized; 0 shares issued and outstanding — — Common stock, $ 0.001 par value; 240,000,000 shares authorized; 38,264,464 and 25,565,414 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively 38 26 Additional paid-in capital 499,511 459,591 Accumulated other comprehensive income 3 106 Accumulated deficit ( 433,764 ) ( 399,582 ) Total stockholders' equity 65,788 60,141 Total liabilities and stockholders' equity $ 81,426 $ 72,825 See notes to condensed consolidated financial statements. 6 Table of Contents LEAP THERAPEUTICS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except share and per share amounts) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Operating expenses: Research and development $ 17,885 $ 11,104 $ 29,184 $ 50,046 General and administrative 3,

View Full Filing

View this 10-Q filing on SEC EDGAR