Leap Therapeutics, Inc. reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company experienced a decrease in cash and cash equivalents, which fell to $62.8 million from $70.6 million at the end of 2023. Total current assets also declined to $63.8 million, down from $71.6 million, while total assets decreased to $65.0 million from $72.8 million. Current liabilities increased to $16.1 million, up from $12.7 million, with accrued expenses rising sharply to $9.0 million from $6.0 million.

For the three months ended September 30, 2024, Leap reported total operating expenses of $17.9 million, an increase from $14.8 million in the same period of 2023. The loss from operations was $(17.9 million), compared to $(14.8 million) a year earlier. The net loss for the quarter was $(18.2 million), up from $(13.7 million) in the prior year, resulting in a net loss per share of $(0.44), an improvement from $(0.51) in 2023. The weighted average common shares outstanding increased significantly to 41.2 million from 27.0 million.

For the nine months ended September 30, 2024, total operating expenses were $53.9 million, down from $72.2 million in 2023. The net loss for this period was $(52.1 million), a decrease from $(68.9 million) in the previous year, with a net loss per share of $(1.44), compared to $(3.78) in 2023. The reduction in net loss was attributed to a decrease in research and development expenses, which fell to $44.1 million from $61.5 million, primarily due to the expensing of in-process research and development (IPR&D) assets acquired in the Flame merger in 2023.

Leap's financial activities included a private placement in April 2024, which raised $40.0 million, contributing to net cash provided by financing activities of $37.1 million for the nine months ended September 30, 2024. However, the company reported a net cash decrease of $(7.8 million) for the period, contrasting with an increase of $15.2 million in 2023.

The company continues to focus on its lead product, DKN-01, which is in clinical trials for various cancers. Despite the financial losses, Leap anticipates that its cash reserves will be sufficient to fund operations for at least the next 12 months and plans to seek additional funding to support future operations.