Leap Therapeutics(LPTX) - 2024 Q3 - Quarterly Results

Financial Performance - Net loss for Q3 2024 was $18.2 million, an increase from $13.7 million in Q3 2023, primarily due to higher research and development expenses [6]. - Total operating expenses for Q3 2024 were $17.9 million, compared to $14.8 million in Q3 2023 [12]. - The accumulated deficit increased to $451.9 million as of September 30, 2024, from $399.6 million at the end of 2023 [13]. Research and Development - Research and development expenses rose to $14.9 million in Q3 2024, up from $11.5 million in Q3 2023, reflecting a $3.4 million increase driven by clinical trial costs and manufacturing expenses [7]. - Enrollment completed for 188 patients in the expanded Part B of the Phase 2 DeFianCe study, with initial data expected in mid-2025 [3]. - Patient follow-up ongoing for 170 patients in Part C of the DisTinGuish study, with initial data anticipated in late 2024 or early 2025 [4]. - FL-501, a new anti-GDF-15 monoclonal antibody, has been initiated for development based on promising preclinical data [5]. Cash Position - Cash and cash equivalents totaled $62.8 million as of September 30, 2024, down from $70.6 million at the end of 2023 [8]. - The company expects its cash position to fund operations into Q2 2026, indicating a strong financial runway for ongoing projects [2]. - Cash used in operating activities for Q3 2024 was $(15,600) thousand, compared to $(10,488) thousand in Q3 2023, reflecting a 49.1% increase in cash outflow year-over-year [14]. - Cash provided by investing activities was $48,969 thousand, indicating a stable investment position [14]. - Cash provided by financing activities was $(66) thousand, a slight increase from $(1) thousand in the previous year [14]. - The net decrease in cash and cash equivalents for Q3 2024 was $(15,656) thousand, compared to $(10,672) thousand in Q3 2023, representing a 46.5% increase in cash depletion [14]. - Cash and cash equivalents at the end of Q3 2024 stood at $62,823 thousand, down from $80,743 thousand at the end of Q3 2023 [14]. - Cash and cash equivalents at the beginning of the period were $78,479 thousand, compared to $91,415 thousand in the previous year [14]. - The effect of exchange rate changes on cash and cash equivalents was a positive $10 thousand, contrasting with a negative $(183) thousand in Q3 2023 [14]. - Total cash and cash equivalents decreased by $17,920 thousand from the beginning to the end of the period [14]. - The company experienced a significant cash outflow in operating activities, indicating potential challenges in managing operational expenses [14]. - The overall financial position shows a decrease in cash reserves, necessitating a review of future funding strategies [14]. General and Administrative Expenses - General and administrative expenses decreased to $2.9 million in Q3 2024 from $3.3 million in Q3 2023, due to lower professional fees [8].