Leap Therapeutics(LPTX) - 2024 Q4 - Annual Results

Financial Performance - Leap Therapeutics reported a net loss of $67.6 million for the year ended December 31, 2024, a decrease from a net loss of $81.4 million in 2023, primarily due to reduced research and development expenses[12]. - Leap's net loss per share for the year ended December 31, 2024, was $1.81, compared to $3.98 for the previous year[21]. - Total stockholders' equity fell from $60,141 million in 2023 to $35,048 million in 2024, a decline of around 41.8%[23]. - Accumulated deficit widened from $(399,582) million in 2023 to $(467,371) million in 2024[23]. Research and Development - Research and development expenses for the full year 2024 were $57.2 million, down from $73.2 million in 2023, with Q4 2024 expenses at $13.1 million compared to $11.7 million in Q4 2023[13]. - The updated data from the Phase 2 DeFianCe study showed a statistically significant 32% higher overall response rate (ORR) and a 3.5-month longer progression-free survival (PFS) for patients with high DKK1 levels[6]. - For patients who had not received prior anti-VEGF therapy, the study indicated a statistically significant 22% higher ORR and a 2.6-month longer PFS[6]. - The company plans to present preclinical data for FL-501 at the 2025 American Association for Cancer Research (AACR) Annual Meeting, with clinical trials expected to begin in 2026[10]. Market Opportunity - Approximately 30,000 second-line treated colorectal cancer (CRC) patients in the US and 160,000 in the next seven largest markets represent a significant market opportunity for sirexatamab[8]. - Leap has engaged a leading financial advisor to explore business development opportunities for the advancement of sirexatamab[9]. Cash and Assets - Cash and cash equivalents totaled $47.2 million as of December 31, 2024[15]. - Cash and cash equivalents dropped from $70,643 million in 2023 to $47,249 million in 2024, representing a decrease of about 33.2%[23]. - Cash used in operating activities increased from $43,753 million in 2023 to $60,299 million in 2024, an increase of approximately 37.7%[25]. - Total assets decreased from $72,825 million in 2023 to $49,124 million in 2024, a decline of approximately 32.5%[23]. - Cash provided by financing activities rose significantly from $(30) million in 2023 to $37,184 million in 2024[25]. - Net decrease in cash and cash equivalents for the year was $23,394 million, compared to a net increase of $5,143 million in 2023[25]. - Current liabilities increased from $12,684 million in 2023 to $14,076 million in 2024, an increase of approximately 10.9%[23]. - Research and development incentive receivable slightly decreased from $771 million in 2023 to $704 million in 2024[23]. - Total current assets decreased from $71,597 million in 2023 to $48,039 million in 2024, a decline of about 32.9%[23].