Leap Therapeutics Initiates Process To Explore Strategic Options

(RTTNews) - Leap Therapeutics (LPTX) said it has initiated a process to explore strategic alternatives, including leveraging cash balance and exploring potential sale or partnership opportunities for sirexatamab and FL-501. The company is taking additional steps to reduce spending and preserve capital. Over the next two months as the DeFianCe study completes, the company will implement a workforce reduction of approximately 75%. The total cash payments and costs related to this reduction in force, including severance payments, are estimated to be approximately $3.2 million. The majority of these costs will be recognized in the third quarter of 2025.

Leap also reported updated results from Part B of the DeFianCe study, a Phase 2 study of sirexatamab or DKN-01, an anti-DKK1 monoclonal antibody, in combination with bevacizumab and chemotherapy compared to bevacizumab and chemotherapy in patients with advanced microsatellite stable colorectal cancer who have received one prior systemic therapy for advanced disease. In the updated analysis as of May 22, 2025, sirexatamab showed a positive trend on overall response rate, by investigator assessment and blinded independent central review, and progression-free survival in the full second-line CRC population, driven by the statistically significant benefit in patients with high levels of DKK1, no prior exposure to anti-VEGF therapy, or liver metastasis.

"With the additional patient follow-up, we believe that the objectives of the DeFianCe study have been achieved," said Douglas Onsi, President and CEO of Leap.

Shares of Leap are up 19% in pre-market trade on Monday.

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