Lakefront Biotherapeutics NV (GLPG) Form 6-K — Aug 12, 2026
Lakefront Biotherapeutics NV (formerly Galapagos; Nasdaq and Euronext: LKFT) reported unaudited first-half 2026 results with a net profit of €16.6 million and EPS of €0.25, versus a €259.1 million net loss in the prior-year period. The swing was driven largely by €123.2 million of net financial income from fair value and currency gains, while total net revenues fell 87% to €18.6 million and the operating loss was €107.2 million.
Key figures
- Eps
- €0.25 basic and diluted (vs -€3.93 in H1 2025)
- Revenue
- €18.6 million (H1 2026 total net revenues)
- Guidance
- Year-end 2026 cash and financial investments of €1.975-2.050 billion, including the €50M share buyback; at least €1.6 billion remaining after funding the portfolio to first gamgertamig approval; assumes EUR/USD 1.175
- Net Income
- €16.6 million net profit (H1 2026) vs €259.1 million net loss (H1 2025)
- Revenue Yoy
- -87%
- Total Assets
- €3,351.2 million
- Cash Position
- €2,239.5 million cash and financial investments at June 30, 2026 (€135.95M cash and equivalents + €2,103.6M financial investments) vs €2,998.0M at Dec 31, 2025
- Shares Outstanding
- 65897071
- Employees
- 196
- Olca waiver
- $500 million deployable independently of Gilead, including up to $150 million for potential capital returns
- Rd expenses
- €56.5 million (vs €278.0 million H1 2025)
- Usd holdings
- $1,962.2 million; a 10% EUR/USD move equals ±€172.2 million FX impact
- Operating loss
- €107.2 million (H1 2026) vs €215.7 million (H1 2025)
- Coultreon stake
- 29.12% of shares following conversion of €20M convertible loan
- Shareholders equity
- €3,263.6 million
- Avg repurchase price
- €25.1261
- Net financial income
- €123.2 million, including €52.4M fair value gains and €38.8M unrealized FX gains
- Operational cash burn
- €63.6 million (H1 2026)
- Milestones from gilead
- up to $100 million upon Gilead initiating first registrational trials in certain other indications
- Gilead upfront for ouro
- $1.675 billion (split 50/50 with Lakefront)
- Share repurchase program
- €50 million, complete by December 31, 2026, via Morgan Stanley & Co International PLC
- Contingent milestones ouro
- up to $500 million total (Lakefront share 50%)
- Ouro acquisition net cash out
- €733.5 million
- Shares repurchased as of jun30
- 241904
- Keymed milestones and royalties
- up to $610 million milestones plus 7-14% tiered royalties owed on gamgertamig net sales
- Gamgertamig royalties to lakefront
- 20-23% tiered on net sales (Gilead commercializes ex-Keymed territories)
AI analysis
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