Leap Therapeutics(LPTX) - 2024 Q2 - Quarterly Results

Financial Performance - Net loss for Q2 2024 was $20.4 million, an increase from $13.4 million in Q2 2023, primarily due to higher research and development expenses[7]. - General and administrative expenses decreased to $3.4 million in Q2 2024 from $3.6 million in Q2 2023[8]. - Cash used in operating activities for the six months ended June 30, 2024, was $(29,187) thousand, compared to $(22,885) thousand for the same period in 2023, representing an increase in cash outflow of approximately 27.7%[16]. - Total liabilities rose to $15,638 thousand from $12,684 thousand, reflecting an increase of about 23.0%[14]. - The accumulated deficit increased to $(433,764) thousand from $(399,582) thousand, indicating a decline in retained earnings[15]. - Total stockholders' equity increased to $65,788 thousand from $60,141 thousand, reflecting an increase of approximately 9.0%[15]. Research and Development - Overall response rate (ORR) increases to 33% across all evaluable patients and 38% for left-sided CRC patients in the Phase 2 DeFianCe study evaluating DKN-01[2]. - Research and development expenses rose to $17.9 million in Q2 2024 from $11.1 million in Q2 2023, driven by increased clinical trial costs[7]. - Enrollment in Part B of the DeFianCe study expanded to 180 patients, with completion expected by the end of September 2024[4]. - Initial data from the randomized controlled Part C of the DisTinGuish study is anticipated in Q4 2024 or early 2025[5]. - The company expects to report initial data from both randomized controlled studies over the next 12 months[3]. Cash and Assets - Cash and cash equivalents totaled $78.5 million as of June 30, 2024[8]. - Cash and cash equivalents at the end of the period were $78,479 thousand, compared to $70,643 thousand at the end of the previous period, marking an increase of approximately 11.5%[16]. - The company reported a net increase in cash and cash equivalents of $23,558 thousand for the three months ended June 30, 2024, compared to a net decrease of $(10,623) thousand in the same period in 2023[16]. - Total current assets increased to $79,587 thousand from $71,597 thousand, representing an increase of approximately 11.1%[14]. - Total assets increased to $81,426 thousand from $72,825 thousand, representing an increase of approximately 11.0%[14]. - Cash provided by financing activities was $37,117 thousand for the three months ended June 30, 2024, compared to no cash provided in the same period in 2023[16]. Clinical Outcomes - Median progression-free survival (PFS) for left-sided tumor patients was 8.6 months, unchanged from previous data[4]. - Research and development incentive receivable decreased slightly to $754 thousand from $771 thousand[14].