Leap Therapeutics(US:LPTX) Prnewswire·2025-05-13 11:00Core Insights - Leap Therapeutics reported financial results for Q1 2025, highlighting the progress of its lead candidate, sirexatamab, in clinical trials for colorectal cancer (CRC) [1][3] Financial Performance - The net loss for Q1 2025 was $15.4 million, an increase from $13.8 million in Q1 2024, primarily due to higher research and development expenses [8] - Research and development expenses rose to $12.9 million in Q1 2025 from $11.3 million in the same period in 2024, driven by increased clinical trial costs [9] - General and administrative expenses decreased to $3.0 million in Q1 2025 from $3.5 million in Q1 2024 [10] - Cash and cash equivalents totaled $32.7 million as of March 31, 2025, down from $47.2 million at the end of 2024 [10] Clinical Development Updates - Sirexatamab demonstrated statistically significant higher overall response rates (ORR) and longer progression-free survival (PFS) in DKK1-high and VEGF-naïve second-line CRC patients [3][6] - In the DeFianCe study, the Sirexatamab arm showed a 32% higher ORR and 3.5 months longer PFS in patients with high DKK1 levels compared to the control arm [7] - The company is advancing FL-501, a novel GDF-15 neutralizing antibody, in preclinical development, with promising preclinical data presented at the AACR 2025 Annual Meeting [6][7] Strategic Initiatives - Leap Therapeutics announced a strategic restructuring to focus on the clinical development of sirexatamab and FL-501, resulting in a workforce reduction of approximately 50% [6][14] - The company engaged a financial advisor to explore business development opportunities to further the development of sirexatamab, indicating a focus on expanding its market potential [14]