Leap Therapeutics Inc. (LPTX) stock prices were up by 5.31% as of the market closing on September 24rd 2021. This brought the price per share down to USD$3.57 at the end of the trading day. Subsequent premarket fluctuations have seen the stock rise by 7.00%, bringing it up to USD$3.82.
LPTX Stock Public Offering
September 24th, 2021 saw LPTX stock announce the closing of its previously disclosed underwritten public offering. The biotechnology company focused on developing targeted and immune-oncology therapeutics completed the sale of 27,568,072 shares of its common stock. The underwritten public offering also included an option to sell 4.74 million shares of common stock. These shares were provided in an option to be additionally purchased by underwriters in the event of over allotments. The offering also included the sale of pre-funded warrants to purchase 8,771,928 shares of its common stock. The gross proceeds generated from the offering came out to roughly USD$104 million, including a USD$7.25 million investment by BeiGene Ltd.
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Positive Topline Data
LPTX stock reported updated positive data from the first line cohort of its DisTinGuish study. The study is a Phase 2a clinical trial that is designed to evaluate the company’s DKK1 antibody, DKN-01 in combination with tislelizumab, BeiGene’s anti-PD-1 antibody, and chemotherapy. Patients enrolled in the study suffered from gastric or gastroesophageal junction cancer. The results were presented at the European Society for Medical Oncology Congress.
Promising Financial Reports
The company reported a net loss for the second quarter of fiscal 2021 in the amount of USD$9.5 million. This is comparable to the USD$6.5 million for the same time period of the prior fiscal year. Licensing revenues were reported by LPTX stock in the amount of USD$0.4 million for each of the second quarter of fiscal 2021 and fiscal 2020. This revenue was generated in relation to the exclusive option and license agreement with Beigene. The agreement facilitated the development and commercialization of DKN-01 in Asia, Australia, and New Zealand. The company also reported a stellar liquidity position, with cash and cash equivalents in the amount of USD$35.7 million as of June 30th, 2021.
Future Outlook for LPTX Stock
LPTX stock reported a promising quarter, consolidated by the disclosure of positive topline data from its DisTinGuish study. The company is keen to continue making use of its partnership with BeiGene to usher in unprecedented growth. Current and potential investors are hopeful that management will be able to leverage the resources at its disposal. This is hoped to facilitate significant and sustained increases in shareholder value.