Here is why Leap Therapeutics Inc. (LPTX) stock turnaround in the after-hours on Tuesday?

Leap Therapeutics Inc. (LPTX) shares surged 12.50% in after-hours on Tuesday, January 18, 2022, and closed the daily trading at $3.06. However, in the regular trading session of Tuesday, LPTX’s stock lost 4.23%. LPTX shares have risen 12.40% over the last 12 months, and they have moved down 8.42% in the past week. Over the past three months, the stock has lost 7.17%, while over the past six months, it has soared 92.91%.

Let’s have a brief look at its recent news and developments.

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LPTX upcoming data presentation at ASCO

On January 18, 2022, Leap Therapeutics, Inc. (LPTX) announced that it will be presenting updated data from the DisTinGuish study, a Phase 2a clinical trial evaluating Leap’s anti-Dickkopf-1 (DKK1) antibody, DKN-01, in combination with tislelizumab, BeiGene’s anti-PD-1 antibody, in patients with gastric or gastroesophageal junction cancer (G/GEJ), at the American Society of Clinical Oncology (ASCO) Gastrointestinal (GI) Cancers Symposium being held on January 20-22, 2022.

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During the event, the company is going to highlight the latest results from Part A of the DisTinGuish study. The new data demonstrate compelling efficacy from this combination regimen, driven by enhanced clinical responses and survival benefits associated with high tumoral DKK1 expression that is independent of PD-L1 expression.

LPTX participation in the recent events

Leap Therapeutics, Inc. recently participated at the H.C. Wainwright BioConnect 2022 Conference, which was held virtually on January 10-13, 2022. The company was presented by President and Chief Executive Officer, Douglas E. Onsi during the conference.

LPTX also participated at the 40th Annual J.P. Morgan Healthcare Conference which was held virtually on January 13, 2022.

The company also attended a fireside chat at the Piper Sandler 33rd Annual Virtual Healthcare Conference, which was held on Monday, November 29 – Thursday, December 2, 2021.

LPTX latest financial results

On November 12, 2021, Leap Therapeutics, Inc. (LPTX), reported financial results for the third quarter ended September 30, 2021. Form 10-Q was submitted with SEC on November 12 as well.

Q3 2021 financial highlights

  • License revenues were $0.4 million for each of the third quarters of 2021 and 2020.
  • Research and development expenses were $10.1 million for the third quarter of 2021, compared to $5.4 million for the same period in 2020.
  • In Q3 2021, general and administrative expenses were $2.4 million compared to $2.5 million for the second quarter of 2020.
  • It suffered a net loss of $11.1 million for the third quarter of 2021, compared to a net loss of $7.1 million for the same period in 2020.
  • The company ended the third quarter with cash and cash equivalents of $124.8 million.

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The latest announcement about its upcoming data presentation could be the reason behind its positive performance in the after-hours on Tuesday. We can expect it to continue its positivity on Wednesday as well.

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