Leap Therapeutics, Inc. (LPTX), a biopharmaceutical company, has seen a gain of 24.66% in the premarket trading session. As a result, LPTX stock is trading at $1.72 at the moment. The increase has come after LPTX stock declined by some 2.67% on Friday, and closed the day at $1.46. Apparently, there seems to be no pushing factor, like SEC filing or press release, behind this push. So, let’s have a discussion about some recent news of LPTX.
Q2 2021 financial results
On the 13th of August, LPTX reported the quarterly results for the second quarter of the fiscal year 2021, which ended 30th June 2021. According to the details, the company bore a net loss of $9.5 million during the quarter, as compared to $6.5 million for the same period of the previous year. The license revenue of both the second quarter of 2021 and 2020 was the same, i.e. $0.4 million. The R&D expenses stood at $7.2 million during the quarter, as compared to $5.4 million for an equivalent period of 2020. The general and administrative expenses were $7.2 million for the quarter, while for the same period of 2020, they were $2.5 million. At the end of the quarter, the company had cash and cash equivalents of $35.7 million. The net loss per basic and diluted share during the quarter was $0.12, while for the equivalent period of 2020, it was the same, i.e. $0.12. On June 30th, the company had total assets of $37.94 million, while the total liabilities were $8.05 million. Douglas E. Onsi, President and Chief Executive Officer of Leap, expressed his pleasure over the results and said that the company looks forward to achieving more success in the future to come.
Development of RNAscope assay
On the 12th of May, LPTX and flagship biosciences announced the development of image analysis RNAscope® assay, which the company said is used successfully for prospective patient enrolment in a clinical trial. The company said that it was the first time that RNAscope assay was being used for patient enrollment via the use of a digital image analysis solution. These findings were published in an article titled “Validation of a DKK1 RNAscope chromogenic in situ hybridization assay for gastric and gastroesophageal junction adenocarcinoma tumors”. The article was co-authored by the collaborative team from LPTX, Flagship Biosciences, and Athenaeum Pathology Consulting. It highlighted that how Leap is identifying the patients which could benefit from DKN-01. It also shed a light on flagship’s ability to validate the complex biomarker assays using digital image analysis.
What lies ahead for LPTX?
Past indicators have not been on the side of LPTX stock. During the last half-year, LPTX stock has decreased by some 38%, while during the last quarter, it had declined by 18%. But the good news is, the stock is expected to resurge once again in near future. The EPS of LPTX for the current fiscal year is expected to grow by some 57%. So, potential investors should keenly watch the performance of LPTX stock in the near future.
