Lakefront Biotherapeutics reports €13.9M nine-month profit and approves second €50M buyback
The company, formerly Galapagos, ended September with €2.18B in cash and investments and gave an update on its T-cell engager gamgertamig in autoimmune disease.
Lakefront Biotherapeutics, formerly known as Galapagos, published its nine-month 2026 results on 11 November. The company reported a net profit of €13.9M and cash and investments of €2.18B.
On its lead asset, gamgertamig, a T-cell engager being developed for autoimmune disease, the company said a poster has been accepted for the ASH meeting. The US FDA has also granted Orphan Drug Designation for the product in pemphigus. Lakefront expects to start registrational studies in 2027.
On portfolio changes, Lakefront has discontinued GLPG3667 and sold its early-stage cell therapy pipeline. The board has approved a second share repurchase programme of €50M.
The headline of the announcement also refers to year-end cash guidance of at least €2B. The source material available to us did not include further detail on the assumptions behind that figure or on the timing of the buyback.
Why it matters
- Orphan Drug Designation in the US gives sponsors development incentives, but it is not a marketing authorisation and does not indicate efficacy or safety conclusions.
- Registrational studies for gamgertamig are expected only in 2027, so regulatory filings for the product are further off.
- Teams tracking the programme should note that GLPG3667 has been discontinued and the early-stage cell therapy assets have been sold, narrowing the company's pipeline around the T-cell engager.
Company's press release (SEC filing): Lakefront Biotherapeutics NV ↗
Written by CompePharma's editorial system from the company's filing; claims are the company's. AI-assisted; check the source before acting. Not investment advice.
Imricor starts US launch of NorthStar iMR system after paediatric FDA clearances
FDA grants NeOnc Type B meeting on accelerated approval path for intranasal NEO100
CHMP backs Cosentyx for adolescents aged 12+ with moderate-to-severe hidradenitis suppurativa
TuHURA wins FDA IND clearance for VISTA antibody TBS-2025 in relapsed AML
CHMP backs Roche's Gazyvaro as add-on therapy for autoantibody-positive lupus
