Here are 1-3 brief analogies for Leap Therapeutics (LPTX):

• A biotech startup for cancer drugs, akin to a young Genentech (now part of Roche) before its major breakthroughs.
• A specialized cancer drug developer, much like a fledgling version of AstraZeneca's or Bristol Myers Squibb's oncology divisions.
• A clinical-stage biopharmaceutical company aiming to discover a breakthrough oncology treatment, much like Gilead or Vertex did for their respective therapeutic areas in their early days.

• DKN-01: A novel anti-DKK1 (Dickkopf-1) antibody currently in clinical trials for various solid tumors.
• TRX518: An investigational anti-GITRL (GITR ligand) monoclonal antibody designed to enhance immune responses in the tumor microenvironment.

Leap Therapeutics (LPTX) is a clinical-stage biotechnology company focused on developing targeted and immuno-oncology therapies. As such, it does not primarily sell products directly to individuals. Instead, its revenue is generated primarily through collaboration and licensing agreements with other pharmaceutical and biotechnology companies.

Based on its financial disclosures, Leap Therapeutics' major customers, deriving revenue from collaboration agreements, include:

• China Medical System Holdings Limited (Symbol: 0867.HK - Hong Kong Stock Exchange)
• BeiGene, Ltd. (Symbol: BGNE - NASDAQ)

Douglas E. Onsi, President & CEO, CFO, Treasurer and Secretary

Doug Onsi has served as Leap's Chief Financial Officer, Treasurer and Secretary since 2011 and became the President & CEO in April of 2020, while maintaining his current financial roles. He has been at HealthCare Ventures since 2007, serving as a managing director since 2009. He was also the chief executive officer of Tensha Therapeutics, Inc., which was sold to Roche Holdings, Inc. Earlier in his career, he held roles as VP, Campath Product Operations and Portfolio Management, Oncology, and VP, Business Development at Genzyme Corporation. Mr. Onsi also has experience as a venture capitalist.

Christopher K. Mirabelli, PhD, Chairman of the Board

Chris Mirabelli has served as the Chairman of Leap's Board of Directors since 2016 and previously as President & CEO from 2011 to March 2020. He has been a managing director of HealthCare Ventures LLC since 2000. Dr. Mirabelli co-founded Ionis Pharmaceuticals (NASDAQ: IONS) and served as Senior Vice President of Research from 1989 until 1993. He was also the founding CEO, President, and Chairman of LeukoSite, Inc. from 1993 until its acquisition by Millennium Pharmaceuticals in 1999. He has been involved in over 15 investments in therapeutics companies.

Cyndi Sirard, MD, Chief Medical Officer

Cyndi Sirard has served as Vice President of Clinical Development at Leap Therapeutics since 2011 and became the Chief Medical Officer in April 2020. Prior to joining Leap, she held clinical development and team leadership roles with Sanofi Oncology, Genzyme Corporation, and Parexel International. Dr. Sirard is a board-certified Medical Oncologist.

Jason Baum, PhD, Chief Scientific Officer

Jason Baum was promoted to Chief Scientific Officer of Leap Therapeutics, effective April 1, 2023, having served as the Vice President and Head of Translational Research since August 2020. Before joining Leap, he was an Executive Director and Precision Medicine Leader in General Medicine and Lung Cancer with Novartis Oncology Precision Medicine. He also held various positions at Merrimack Pharmaceuticals, including Director, Head of Diagnostics and Biomarkers.

Augustine J. Lawlor, Chief Operating Officer

Augustine Lawlor has served as Chief Operating Officer of Leap Therapeutics since January 2016 and has been a Managing Director of HealthCare Ventures since 2000. From 1997 to 2000, he was Chief Operating Officer of LeukoSite, Inc., a biotechnology company acquired by Millennium Pharmaceuticals Inc. in 1999. He also previously served as Chief Financial Officer and Vice President of Corporate Development for Alpha-Beta Technologies, Inc. Mr. Lawlor has held similar positions at BioSurface Technologies Corporation and Armstrong Pharmaceuticals and was a management consultant with KPMG. He has been involved in numerous mergers and acquisitions, including the sale/merger of LeukoSite, Inc. with Millennium Pharmaceuticals, and oversaw the sales of Armstrong Pharmaceuticals to Medevac and BioSurface Technology to Genzyme.

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Leap Therapeutics (LPTX) is primarily focused on developing DKN-01, a humanized monoclonal antibody targeting the Dickkopf-1 (DKK1) protein, for various cancer indications. The addressable markets for DKN-01 in its main product areas are as follows:

• Gastric/Gastroesophageal Junction (G/GEJ) Cancer:
  • The global market for gastroesophageal cancer is projected to reach $29.4 billion by 2033.
  • The global stomach cancer treatment market size was estimated at USD 5,369.6 million in 2024 and is projected to reach USD 11,194.9 million by 2030.
  • The stomach cancer treatment market was valued at approximately USD 4.7 billion globally in 2023 and is estimated to grow to USD 11.5 billion by 2030, with a CAGR of 12.64% from 2022 to 2030.
  • In the U.S., the stomach cancer treatment market is projected to reach USD 5.3 billion by 2032.
  • The Asia Pacific region dominated the global stomach cancer treatment market with a 55.6% revenue share in 2024.
• Colorectal Cancer (CRC):
  • The global colorectal cancer therapeutics market size was estimated at USD 11.5 billion in 2022 and is expected to reach USD 16.7 billion by 2030.
  • The global colorectal cancer therapeutics market size was USD 12.79 billion in 2024 and is expected to reach approximately USD 19.95 billion by 2034.
  • The 7 major markets (U.S., EU4, U.K., and Japan) for colorectal cancer reached USD 13.9 billion in 2024 and are expected to reach USD 17.9 billion by 2035.
  • North America held the largest revenue share of 42.6% in the global colorectal cancer therapeutics market in 2022.
  • The U.S. colorectal cancer therapeutics market size was estimated at USD 3.42 billion in 2024 and is predicted to be worth around USD 5.43 billion by 2034.
  • Leap Therapeutics identifies a market opportunity of approximately 30,000 second-line treated CRC patients in the U.S. and 160,000 in the next 7 largest markets for DKN-01 in DKK1-high or VEGF-naïve patients.
• Cholangiocarcinoma:
  • The global cholangiocarcinoma market size was valued at USD 583.65 million in 2025 and is expected to reach USD 2.42 billion by 2035.
  • Another estimate projects the global cholangiocarcinoma therapeutics market to reach USD 994.8 million by 2035.
  • The cholangiocarcinoma market across the top 7 markets (U.S., EU4, U.K., and Japan) reached USD 1,043.0 million in 2024 and is expected to reach USD 2,886.3 million by 2035.
  • North America is expected to hold approximately 35% of the cholangiocarcinoma market share by 2035 and represents the largest market for its treatment.
• Pancreatic Cancer:
  • The global pancreatic cancer treatment market size was valued at USD 2.86 billion in 2023 and is projected to grow to USD 10.69 billion by 2032.
  • Another projection estimates the pancreatic cancer market to expand from USD 3.01 billion in 2025 to USD 9.57 billion by 2034.
  • North America dominated the pancreatic cancer treatment market with a 47.2% share in 2023.
  • The U.S. pancreatic cancer treatment market size is projected to reach an estimated value of USD 5.25 billion by 2032.
• Gynecologic Cancers: null

Leap Therapeutics (LPTX) is a clinical-stage biotechnology company with its future revenue growth primarily tied to the successful development, partnering, or potential commercialization of its pipeline assets. Given its current pre-revenue status, the anticipated drivers of revenue growth over the next 2-3 years are:

1. Advancement and Potential Commercialization/Partnership of DKN-01 (Sirexatamab) in Colorectal Cancer: The most significant potential revenue driver for Leap Therapeutics is its lead clinical candidate, DKN-01 (sirexatamab), a humanized monoclonal antibody targeting the Dickkopf-1 (DKK1) protein. Positive updated data from the Phase 2 DeFianCe study in second-line advanced microsatellite stable (MSS) colorectal cancer (CRC) patients, particularly those with high DKK1 levels or no prior anti-VEGF therapy, has shown promising results, including statistically significant improvements in overall response rate (ORR) and progression-free survival (PFS). The company sees a substantial market opportunity in this indication, with approximately 30,000 second-line CRC patients in the US and 160,000 in the next seven largest markets, where the target patient populations represent a significant percentage. Leap Therapeutics believes there is a compelling opportunity to advance DKN-01 into a registrational (Phase 3) study for CRC. Future revenue would be generated through successful development leading to commercialization, or more immediately, through strategic partnerships or a sale of the asset.
2. Strategic Partnerships or Sale of DKN-01 (Sirexatamab): Reflecting its clinical progress and the need for capital, Leap Therapeutics has initiated a process to explore strategic alternatives, including potential sale or partnership opportunities for sirexatamab. A successful collaboration, licensing agreement, or outright sale of DKN-01 could provide upfront payments, milestone payments, and future royalties, thereby generating significant revenue within the specified timeframe.
3. Progression of FL-501 into Clinical Development and Subsequent Partnerships: Leap's pipeline also includes FL-501, a humanized monoclonal antibody targeting the growth and differentiation factor 15 (GDF-15) protein, which is currently in preclinical development. Advancing FL-501 into clinical trials and potentially securing partnerships for its development would represent another source of future revenue, either through direct funding from partners or potential milestone payments. The company is actively working to advance FL-501 towards clinical trials and is exploring strategic options for this asset as well.

Share Repurchases

No information available regarding specific dollar amounts of share repurchases made or authorized for future share repurchases over the last 3-5 years.

Share Issuance

• Leap Therapeutics closed a $58.88 million private placement in October 2025, issuing 15.2 million shares of common stock, pre-funded warrants for up to 80.8 million shares, and warrants for an additional 72 million shares.
• In September 2021, the company completed an underwritten public offering that generated gross proceeds of approximately $104 million, including the full exercise of underwriters' option to purchase additional shares.
• An equity financing completed in January 2020 raised approximately $27 million through the issuance of Series A and Series B mandatorily convertible preferred stock to BeiGene and other institutional investors.

Inbound Investments

• In October 2025, Leap Therapeutics secured a $58.88 million private investment in public equity (PIPE) led by Winklevoss Capital, intended to support a new digital asset treasury strategy.
• The company entered into an equity financing agreement in January 2020, receiving approximately $27 million from BeiGene and two institutional investors. This financing was concurrent with an exclusive option and license agreement with BeiGene for DKN-01 in certain Asian and Oceanic regions, which included an upfront cash payment of $3 million to Leap.

Outbound Investments

• Leap Therapeutics acquired Flame Biosciences, Inc. in January 2023, which added FL-301, FL-302, and FL-501 (preclinical antibody programs) to its pipeline, along with approximately $50 million in net cash.

Capital Expenditures

• Capital expenditures for Leap Therapeutics were reported as $0.00 in the last 12 months.
• Proceeds from the September 2021 public offering were designated to fund the continued development of DKN-01, manufacturing of clinical trial material, and general corporate purposes.
• The combined cash balance following the January 2023 acquisition of Flame Biosciences was expected to fund Leap's operating expenses and development plans for DKN-01, FL-301, and other preclinical programs until mid-2025.