The company remains a pre-revenue entity, with 2026Q1 R&D expenses of $161.0K highlighting a persistent lack of commercial gross margin contribution.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Sales/Revenue | 209K | 0 | 0 | 0 | 0 | 1.5M | 10.05M | 9.68M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | -10.68% | - | - | - | -100% | -85.08% | 3.85% | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 20.34M | 0 | 0 | 427K | 0 | 0 | 4.93M | 4.56M | 49K | 48K | 25K | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | 49.06% | 47.07% | - | - | - | - | - | - | - |
| Gross Profit | -20.13M | 0 | 0 | -427K | 0 | 1.5M | 5.12M | 5.12M | -49K | -48K | -25K | 0 | 0 | 0 | 0 |
| Gross Margin % | -9631.58% | - | - | - | - | 100% | 50.94% | 52.93% | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | 100% | - | -100% | -70.71% | -0.06% | 10557.14% | -2.08% | -92% | - | - | - | - | - |
| Operating Expenses | 25.44M | 36.54M | 70.06M | 86.61M | 56.76M | 42.93M | 8.57M | 8.6M | 30M | 32.35M | 27.52M | 21.09M | 20.25M | 13.87M | 8.68M |
| OpEx % of Revenue | - | - | - | - | - | 2861.73% | 85.22% | 88.84% | - | - | - | - | - | - | - |
| Selling, General & Admin | 12.52M | 10.87M | 12.85M | 13.38M | 11.8M | 10.77M | 7.02M | 7.44M | 8.92M | 9.85M | 4.23M | 5.72M | 4.71M | 4.57M | 1.51M |
| SG&A % of Revenue | - | - | - | - | - | 717.73% | 69.85% | 76.86% | - | - | - | - | - | - | - |
| Research & Development | 32.01M | 25.67M | 57.21M | 73.23M | 44.97M | 32.16M | 1.43M | 1.13M | 21.07M | 22.5M | 23.29M | 15.37M | 15.54M | 9.3M | 7.17M |
| R&D % of Revenue | - | - | - | - | - | 2144% | 14.19% | 11.63% | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | 0 | 0 | 0 | 0 | 118K | 34K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -29.97M | -36.54M | -70.06M | -87.04M | -56.76M | -41.43M | -3.45M | -3.48M | -30.75M | -32.35M | -27.52M | -21.09M | -20.92M | -13.87M | -8.8M |
| Operating Margin % | -14338.28% | - | - | - | - | -2761.73% | -34.28% | -35.91% | - | - | - | - | - | - | - |
| Operating Income Growth % | - | 47.84% | 19.51% | -53.34% | -37.02% | -1102.15% | 0.86% | 88.7% | 4.95% | -17.55% | -30.5% | -0.83% | -50.8% | -57.63% | - |
| EBITDA | -29.72M | -36.54M | -70.05M | -86.61M | -56.75M | -41.4M | -3.24M | -3.27M | -30.7M | -32.3M | -27.5M | -20.61M | -20.26M | -13.23M | -8.15M |
| EBITDA Margin % | -14221.05% | - | - | - | - | -2759.8% | -32.19% | -33.78% | - | - | - | - | - | - | - |
| EBITDA Growth % | 70.01% | 47.84% | 19.12% | -52.63% | -37.08% | -1179.26% | 1.04% | 89.35% | 4.96% | -17.49% | -33.38% | -1.76% | -53.13% | -62.33% | - |
| D&A (Non-Cash Add-back) | 0 | 0 | 5K | 427K | 16K | 29K | 210K | 206K | 49K | 48K | 25K | 474K | 657K | 640K | 649K |
| EBIT | -29.72M | -36.54M | -70.06M | -81.41M | -54.4M | -40.57M | -3.44M | -3.48M | -23.1M | -29.76M | -24.4M | -11.92M | -17.21M | -13.87M | 0 |
| Net Interest Income | 549K | 892K | 3.13M | 4.03M | 871K | -32K | 54K | 290K | 428K | 49K | -1.23M | 138K | -4.33M | 0 | 0 |
| Interest Income | 574K | 916K | 3.13M | 4.03M | 925K | 9K | 93K | 313K | 447K | 170K | 2K | 156K | 40K | 94K | 102K |
| Interest Expense | 25K | 24K | 0 | 0 | 54K | 41K | 39K | 23K | 19K | 121K | 1.23M | 18K | 4.37M | 0 | 0 |
| Other Income/Expense | -31.33M | 46.62M | 3.09M | 5.63M | 2.31M | 815K | 59K | 30K | 7.63M | 2.47M | 1.89M | 9.04M | -4.5M | -4.3M | 1.04M |
| Pretax Income | -56.77M | 10.08M | -66.97M | -81.41M | -54.45M | -40.61M | -3.39M | -3.45M | -23.12M | -29.88M | -25.63M | -20.95M | -25.42M | -18.18M | -7.76M |
| Pretax Margin % | -27163.64% | - | - | - | - | -2707.4% | -33.69% | -35.6% | - | - | - | - | - | - | - |
| Income Tax | 137K | 5.25M | 585K | 0 | 147K | -24K | 0 | 0 | 20K | -157K | 0 | 152K | 31K | 149K | 0 |
| Effective Tax Rate % | -0.24% | 52.15% | -0.87% | 0% | -0.27% | 0.06% | 0% | 0% | -0.09% | 0.53% | 0% | -0.73% | -0.12% | -0.82% | 0% |
| Net Income | -56.91M | 4.82M | -67.56M | -81.41M | -54.6M | -40.59M | -3.39M | -3.45M | -23.14M | -29.73M | -25.63M | -21.1M | -25.45M | -18.32M | -7.76M |
| Net Margin % | -27229.19% | - | - | - | - | -2705.8% | -33.69% | -35.6% | - | - | - | - | - | - | - |
| Net Income Growth % | 39.4% | 107.14% | 17.02% | -49.12% | -34.52% | -1098.32% | 1.71% | 85.11% | 22.17% | -15.98% | -21.46% | 17.08% | -38.89% | -136.26% | - |
| Net Income (Continuing) | -79.58M | 4.82M | -67.56M | -81.41M | -54.6M | -40.59M | -3.39M | -3.45M | -23.14M | -29.73M | -25.63M | -12.05M | -25.45M | -18.32M | -7.76M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.34 | 0.07 | -1.81 | -3.98 | -4.82 | -4.73 | -4.64 | -14.57 | -16.05 | -32.35 | -27.29 | -12.37 | -21.45 | -24.62 | -10.42 |
| EPS Growth % | 98.82% | 103.77% | 54.52% | 17.43% | -1.9% | -1.94% | 68.15% | 9.22% | 50.39% | -18.54% | -120.61% | 42.33% | 12.88% | -136.28% | - |
| EPS (Basic) | - | 0.07 | -1.81 | -3.98 | -4.82 | -4.73 | -4.64 | -14.57 | -16.36 | -32.45 | -27.29 | -12.37 | -21.45 | -24.62 | -10.42 |
| Diluted Shares Outstanding | 168.1M | 70.67M | 37.55M | 20.45M | 11.32M | 8.58M | 5.93M | 2.26M | 1.44M | 918.86K | 939.24K | 1.71M | 1.19M | 744.4K | 744.4K |
| Basic Shares Outstanding | 168.1M | 66.14M | 37.55M | 20.45M | 11.32M | 8.58M | 5.93M | 2.26M | 1.41M | 916.18K | 939.24K | 1.71M | 1.19M | 744.4K | 744.4K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Insufficient capital for trials
As indicated by the company's historical financial statements, Leap Therapeutics remains a pre-revenue entity, with sporadic and immaterial revenue recognition that highlights the firm's total reliance on clinical development milestones rather than commercial product sales to drive its top-line performance in the competitive oncology biotechnology sector.
The lack of consistent revenue streams underscores the company's status as a pure-play clinical development firm. Investors should monitor the BeiGene partnership closely, as future top-line growth is entirely contingent upon achieving specific regulatory and sales milestones rather than organic market penetration.
Based on reported quarterly filings, the company's cost structure is dominated by inelastic research and development expenditures, which reached $161,000 in 2026Q1, reflecting the high fixed-cost burden of maintaining multi-center clinical trials like the DeFianCe study while lacking any meaningful offsetting commercial revenue or gross margin contribution.
The company's expense profile is characterized by high, non-discretionary spending on clinical execution and third-party manufacturing. This cost structure suggests that without a significant shift in trial progress or a new partnership, the firm will continue to face substantial pressure on its limited liquidity.
According to recent SEC filings, Leap Therapeutics consistently records stock-based compensation, such as the $2.1 million reported in 2026Q1, which serves to dilute existing shareholders while the company continues to report significant net losses, complicating the assessment of true operational efficiency and management's long-term incentive alignment.
The persistent use of equity-based compensation in the absence of positive net income suggests a reliance on dilutive financing to retain talent. Analysts should scrutinize the impact of these non-cash charges on the company's capital structure and the potential for future earnings per share dilution.
As reported in financial statements, the company's cash position appears increasingly precarious, with the current burn rate suggesting that the reported $14 million in liquidity may be insufficient to fund late-stage clinical trials through to a Biologics License Application, warranting significant concern regarding near-term dilutive financing.
The mismatch between the high costs of Phase 3 readiness and the current cash balance implies a high probability of a secondary offering or unfavorable capital raise. Investors should consider whether the current valuation adequately accounts for the risk of significant equity dilution required to sustain operations.
Quick answers to the most common questions about buying LPTX stock.
For fiscal year 2025, Leap Therapeutics, Inc. (LPTX) reported total revenue of $0.0M.
Leap Therapeutics, Inc. (LPTX) is profitable, generating $4.8M in net income for the fiscal year ending 2025.