Leap Therap | 10-Q: FY2025 Q3 Revenue: USD 0

Revenue: As of FY2025 Q3, the actual value is USD 0.

EPS: As of FY2025 Q3, the actual value is USD -0.08, beating the estimate of USD -0.24.

EBIT: As of FY2025 Q3, the actual value is USD -3.279 M.

Segment Revenue

• Leap Therapeutics, Inc. does not have any products approved for sale and has not generated any revenue from product sales.

Operational Metrics

• Net Loss: The net loss for the three months ended September 30, 2025, was $3.3 million, compared to $18.2 million for the same period in 2024.
• Total Operating Expenses: Operating expenses for the three months ended September 30, 2025, were $3.2 million, compared to $17.9 million for the same period in 2024.
• Research and Development Expenses: R&D expenses for the three months ended September 30, 2025, were $1.2 million, compared to $14.9 million for the same period in 2024.
• General and Administrative Expenses: G&A expenses for the three months ended September 30, 2025, were $1.9 million, compared to $2.9 million for the same period in 2024.

Cash Flow

• Net Cash Used in Operating Activities: For the nine months ended September 30, 2025, net cash used in operating activities was $37.3 million, compared to $44.8 million for the same period in 2024.
• Net Cash Provided by (Used in) Financing Activities: For the nine months ended September 30, 2025, net cash used in financing activities was $0.3 million, compared to net cash provided of $37.1 million for the same period in 2024.

Unique Metrics

• Australian Research and Development Incentives: During the three months ended September 30, 2025, the company expensed $0.1 million of R&D incentive income recognized during the six months ended June 30, 2025, in connection with its estimated 2025 Australian tax liability.

Future Outlook and Strategy

• Core Business Focus: Leap Therapeutics, Inc. is engaging with regulatory agencies in the United States and Europe over the registrational pathway for sirexatamab in colorectal cancer (CRC) and is working to optimize the DKK1 biomarker diagnostic test.
• Non-Core Business: The company has initiated a strategy to deploy a portion of its capital to accumulate digital assets, specifically Zcash (ZEC), reflecting a strategic focus on privacy and liberty values.

Priority

• Leap Therapeutics, Inc. expects to provide an update on the next steps in development and on the registrational pathway in the first quarter of 2026.