$LPTX
Leap Therapeutics Inc

2024 Q1 Form 10-K Financial Statement

#000141057824000218 Filed on March 18, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.526M $3.135M $13.81M
YoY Change -6.82% 7.77% 17.03%
% of Gross Profit
Research & Development $11.30M $11.69M $73.23M
YoY Change -70.99% 5.9% 62.87%
% of Gross Profit
Depreciation & Amortization $5.000K $4.000K $15.00K
YoY Change 25.0% 0.0% -6.25%
% of Gross Profit
Operating Expenses $14.83M $14.82M $87.04M
YoY Change -65.3% 6.29% 53.34%
Operating Profit -$14.83M -$87.04M
YoY Change -65.3% 53.34%
Interest Expense $759.0K $1.878M $4.026M
YoY Change 28.43% 54.82% 7355.56%
% of Operating Profit
Other Income/Expense, Net $246.0K $477.0K $1.601M
YoY Change -9.56% -38.45% -21.94%
Pretax Income -$13.82M -$12.47M -$81.41M
YoY Change -66.99% 4.27% 49.52%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$13.82M -$12.47M -$81.41M
YoY Change -66.99% 3.0% 49.12%
Net Earnings / Revenue
Basic Earnings Per Share -$0.51 -$3.98
Diluted Earnings Per Share -$0.51 -$0.46 -$3.98
COMMON SHARES
Basic Shares Outstanding 25.60M 25.57M 20.45M
Diluted Shares Outstanding 27.01M 20.45M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $54.92M $70.64M $70.64M
YoY Change -46.18% 7.85% 7.85%
Cash & Equivalents $54.92M $70.64M $70.64M
Short-Term Investments
Other Short-Term Assets $526.0K $183.0K $183.0K
YoY Change -10.85% -47.86% -47.86%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $56.19M $71.60M $71.60M
YoY Change -46.34% 5.37% 5.37%
LONG-TERM ASSETS
Property, Plant & Equipment $577.0K $5.000K $262.0K
YoY Change 3506.25% -75.0% -61.97%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $956.0K $966.0K $966.0K
YoY Change 6273.33% 3120.0% -43.64%
Total Long-Term Assets $1.778M $1.228M $1.228M
YoY Change -3.79% -48.9% -48.9%
TOTAL ASSETS
Total Short-Term Assets $56.19M $71.60M $71.60M
Total Long-Term Assets $1.778M $1.228M $1.228M
Total Assets $57.96M $72.83M $72.83M
YoY Change -45.6% 3.51% 3.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.951M $6.465M $6.465M
YoY Change 8.24% 14.28% 14.28%
Accrued Expenses $4.056M $5.957M $6.219M
YoY Change -7.57% 15.63% 11.69%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $10.44M $12.68M $12.68M
YoY Change 1.22% 13.0% 13.0%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $154.0K $0.00 $0.00
YoY Change -19.79% -100.0% -100.0%
Total Long-Term Liabilities $154.0K $0.00 $0.00
YoY Change -19.79% -100.0% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.44M $12.68M $12.68M
Total Long-Term Liabilities $154.0K $0.00 $0.00
Total Liabilities $10.59M $12.68M $12.68M
YoY Change 0.84% 10.42% 10.42%
SHAREHOLDERS EQUITY
Retained Earnings -$413.4M -$399.6M
YoY Change 14.82% 25.59%
Common Stock $26.00K $26.00K
YoY Change -78.15% -73.74%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $47.37M $60.14M $60.14M
YoY Change
Total Liabilities & Shareholders Equity $57.96M $72.83M $72.83M
YoY Change -45.6% 3.51% 3.51%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$13.82M -$12.47M -$81.41M
YoY Change -66.99% 3.0% 49.12%
Depreciation, Depletion And Amortization $5.000K $4.000K $15.00K
YoY Change 25.0% 0.0% -6.25%
Cash From Operating Activities -$15.52M -$10.38M -$43.75M
YoY Change 22.17% -20.24% -10.79%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 -$1.000K $48.97M
YoY Change -100.0%
Cash From Investing Activities $0.00 -$1.000K $48.97M
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 29.00K 0.000 -30.00K
YoY Change -200.0% -85.71%
NET CHANGE
Cash From Operating Activities -15.52M -10.38M -43.75M
Cash From Investing Activities 0.000 -1.000K 48.97M
Cash From Financing Activities 29.00K 0.000 -30.00K
Net Change In Cash -15.72M -10.38M 5.143M
YoY Change -143.03% -20.24% -110.41%
FREE CASH FLOW
Cash From Operating Activities -$15.52M -$10.38M -$43.75M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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70643000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022 lptx Deferred Costs In Accounts Payable And Accrued Expense Flame Merger
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576000
CY2022 lptx Remeasurement Of Right Of Use Asset And Lease Liability
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CY2023 lptx Issuance Of Temporary Equity In Connection With Acquisition
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CY2023 lptx Reclassification Of Warrants From Liability To Equity
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CY2023 lptx Issuance Of Common Stock In Connection With Acquisition
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CY2023 lptx Issuance Of Warrants For Purchase Of Common Stock In Connection With Acquisition
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CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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70643000
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CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;line-height:1.19;margin:0pt 0pt 12pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The presentation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</p>
CY2022 lptx Australian Research And Development Incentive Percent Expenses Reimbursed
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CY2023 lptx Australian Research And Development Incentive Percent Expenses Reimbursed
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CY2023Q4 lptx Research And Development Incentive Receivable Current
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CY2022Q4 lptx Research And Development Incentive Receivable Current
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CY2023 lptx Research And Development Incentive Income
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CY2022 lptx Research And Development Incentive Income
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CY2022 lptx Research And Development Incentive Income
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CY2022 lptx Cash Received For Research And Development Incentive
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CY2022 lptx Research And Development Incentive Foreign Currency Translation Gain Loss
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CY2022Q4 lptx Research And Development Incentive Receivable
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CY2023 lptx Cash Received For Research And Development Incentive
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CY2023 lptx Research And Development Incentive Income
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1101000
CY2023 lptx Research And Development Incentive Foreign Currency Translation Gain Loss
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CY2023Q4 lptx Research And Development Incentive Receivable
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CY2022Q4 us-gaap Unrecognized Tax Benefits
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CY2023Q4 us-gaap Unrecognized Tax Benefits
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CY2023Q4 lptx Deferred Offering Costs Noncurrent
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CY2023Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
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39065000
CY2022Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
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62074000
CY2022Q4 us-gaap Assets Fair Value Disclosure
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CY2023Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
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CY2022Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
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CY2022Q4 us-gaap Property Plant And Equipment Gross
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221000
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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206000
CY2023Q4 us-gaap Property Plant And Equipment Net
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CY2022Q4 us-gaap Property Plant And Equipment Net
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CY2023 us-gaap Depreciation
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CY2022 us-gaap Depreciation
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CY2022Q4 us-gaap Accrued Professional Fees Current
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CY2022Q4 us-gaap Employee Related Liabilities Current
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CY2023Q4 us-gaap Operating Lease Right Of Use Asset
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CY2022 us-gaap Operating Lease Cost
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CY2022 us-gaap Variable Lease Cost
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CY2023 lptx Effective Income Tax Rate Reconciliation Nondeductible Expense In Process Research And Development Write Off Percent
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CY2022 lptx Effective Income Tax Rate Reconciliation Nondeductible Expense In Process Research And Development Write Off Percent
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CY2023 us-gaap Effective Income Tax Rate Reconciliation Deductions
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CY2022 us-gaap Effective Income Tax Rate Reconciliation Deductions
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CY2023 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Research And Development
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
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CY2023Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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CY2023Q4 us-gaap Operating Lease Liability
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CY2023Q4 us-gaap Class Of Warrant Or Right Outstanding
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CY2023 lptx Number Of Vote On Common Shares
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CY2023Q1 lptx Asset Acquisition Percentage Of Voting Interests Acquired
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CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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CY2023 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
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200849
CY2023 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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3431000
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
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3384366
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
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CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
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CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0405
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
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CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
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CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
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CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
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CY2022 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Research And Development
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CY2023 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
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CY2022 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
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CY2023 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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CY2023 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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CY2023 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2022 us-gaap Deferred Foreign Income Tax Expense Benefit
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CY2022 us-gaap Deferred Income Tax Expense Benefit
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CY2022 us-gaap Income Tax Expense Benefit
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CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2023 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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CY2023 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2023 lptx Effective Income Tax Rate Reconciliation Section382 Limitations Percent
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CY2022 lptx Effective Income Tax Rate Reconciliation Section382 Limitations Percent
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CY2023 us-gaap Effective Income Tax Rate Reconciliation Other Reconciling Items Percent
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CY2022 us-gaap Effective Income Tax Rate Reconciliation Other Reconciling Items Percent
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CY2023 us-gaap Effective Income Tax Rate Continuing Operations
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CY2022 us-gaap Effective Income Tax Rate Continuing Operations
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CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards Domestic
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CY2023Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards State And Local
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CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards State And Local
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CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards Foreign
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CY2023Q4 us-gaap Deferred Tax Assets In Process Research And Development
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1649000
CY2022Q4 us-gaap Deferred Tax Assets In Process Research And Development
DeferredTaxAssetsInProcessResearchAndDevelopment
9358000
CY2023Q4 lptx Deferred Tax Assets Capitalized Research And Development Expenses
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2413000
CY2022Q4 lptx Deferred Tax Assets Capitalized Research And Development Expenses
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CY2023Q4 lptx Deferred Tax Assets Start Up Costs
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11355000
CY2023Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
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5812000
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
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4757000
CY2023Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals
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831000
CY2023Q4 lptx Deferred Tax Assets License Fees
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676000
CY2022Q4 lptx Deferred Tax Assets License Fees
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840000
CY2023Q4 us-gaap Deferred Tax Assets Other
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10867000
CY2022Q4 us-gaap Deferred Tax Assets Other
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297000
CY2023Q4 us-gaap Deferred Tax Assets Gross
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38242000
CY2022Q4 us-gaap Deferred Tax Assets Gross
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80968000
CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
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38242000
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
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80968000
CY2023Q4 lptx Annual Limitation On Ability To Utilize Pre Merger Net Operating Loss Carryforwards And Research And Development Credits
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CY2023 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
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0
CY2023 us-gaap Net Income Loss
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CY2022 us-gaap Net Income Loss
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CY2023 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2022 us-gaap Net Income Loss Available To Common Stockholders Basic
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20445109
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2022 us-gaap Earnings Per Share Basic
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CY2022 lptx Weighted Average Number Of Shares Outstanding Exercise Of Pre Funded Warrants And Penny Warrants
WeightedAverageNumberOfSharesOutstandingExerciseOfPreFundedWarrantsAndPennyWarrants
1421768
CY2023 lptx Weighted Average Number Of Shares Outstanding Exercise Of Pre Funded Warrants And Penny Warrants
WeightedAverageNumberOfSharesOutstandingExerciseOfPreFundedWarrantsAndPennyWarrants
1421768
CY2023 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7233237
CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5095842
CY2023Q4 us-gaap Significant Supply Commitment Remaining Minimum Amount Committed
SignificantSupplyCommitmentRemainingMinimumAmountCommitted
558000
CY2023 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
443000
CY2022 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
333000

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