On January 18, Leap Therapeutics Inc. (LPTX) announced its upcoming presentation about new positive data from its DisTinGuish study. Consequently, the stock became bullish in the after-hours.
During regular trading, LPTX stock declined by 4.23% at its closing price of $2.72 with 2.81M shares exchanging. Following the announcement, the stock added 12.50% at $3.06 in the after-hours session on Tuesday.
The clinical-stage biopharmaceutical company, Leap Therapeutics Inc. has a market capitalization of $250.82 million. Currently, the company has 88.32 million shares outstanding in the market.
LPTX’s Upcoming Presentation
On Tuesday, the company announced that it will be presenting new positive data from LPTX DisTinGuish study at the ASCO GI Cancers Symposium. The American Society of Clinical Oncology (ASCO) Gastrointestinal (GI) Cancers Symposium will be held from January 20-22, 2022. Moreover, for discussing the study results, a conference call will be held with Dr. Samuel Klempner of Harvard Medical School and Massachusetts General Hospital on January 21, 2022.
DisTinGuish Study
It is a Phase 2a study of DKN-01 in combination with tislelizumab in patients with inoperable, locally advanced, G/GEJ adenocarcinoma (gastric or gastroesophageal junction cancer). Further, the DKN-01 in the combination is studied as first-line (1L) or second-line (2L) therapy in the patients, with or without chemotherapy. Additionally, the company is conducting the study under an exclusive option and license agreement with BeiGene.
Furthermore, the study is being conducted in two parts: i) Part A as 1L in HER2- G/GEJ cancer patients and; ii) Part B as 2L in DKK1-high G/GEJ cancer patients.
The preliminary data from both parts demonstrated encouraging data that support the therapeutic potential of LPTX’s DKN-01. Also, the positive data from the study warrant further study in a randomized clinical trial in 1L G/GEJ cancer patients.
Other Recent Participations
Recently, the company also participated in other conferences including i) H.C. Wainwright BioConnect 2022 Conference, ii) 40th Annual J.P. Morgan Healthcare Conference, iii) Piper Sandler 33rd Annual Virtual Healthcare Conference.
LPTX Financial Data
On November 12, the company declared its financial results for the third quarter of 2021. According to this, LPTX incurred a net loss of $11.1 million in the third quarter of 2021. Comparatively, the net loss was $7.1 million in the year-ago quarter.
In addition, in the third quarter of 2021 as well as 2020, the license revenue was the same $0.4 million.
The company ended the quarter with cash and cash equivalents of $124.8 million.
