Leap Therapeutics, Inc. reported a net loss of $67.6 million for the fiscal year ending December 31, 2024, a decrease from the $81.4 million loss recorded in the previous year. The company’s accumulated deficit now stands at approximately $467.4 million. Total operating expenses for 2024 were $70.1 million, down from $87.0 million in 2023, primarily due to a significant reduction in research and development expenses, which fell to $57.2 million from $73.2 million. This decline was largely attributed to the absence of in-process research and development costs related to the Flame merger, which had previously inflated expenses in 2023.
In terms of strategic developments, Leap Therapeutics has focused its efforts on advancing its lead clinical candidate, sirexatamab (DKN-01), a monoclonal antibody targeting DKK1, which is currently undergoing clinical trials for colorectal cancer. The company has also initiated a preclinical program for FL-501, another monoclonal antibody. The restructuring of its clinical development program followed the results from the DisTinGuish study, which did not yield a positive signal for gastric cancer, prompting a shift in focus towards colorectal cancer and FL-501.
Operationally, Leap Therapeutics reported a headcount of 52 full-time employees as of December 31, 2024, with 41 dedicated to research and development. The company has not generated any revenue from product sales, as it remains in the clinical development phase. Leap's cash and cash equivalents totaled $47.2 million at year-end, which management believes will fund operations for at least the next 12 months. The company plans to seek additional funding through equity offerings and collaborations to support its ongoing research and development activities.
Looking ahead, Leap Therapeutics anticipates continued operating losses as it progresses with clinical trials and seeks regulatory approvals for its product candidates. The company has expressed the need for additional capital to sustain its operations and advance its product pipeline. The future success of Leap Therapeutics is heavily dependent on the outcomes of its clinical trials and the ability to secure necessary funding, as well as the market acceptance of its therapies once they receive regulatory approval.
About LEAP THERAPEUTICS, INC.
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