aibioLakefront Biotherapeutics reports 241,904 shares bought back under EUR 50 million program
Tickers LKFT
Repurchases run no later than December 31, 2026. The company expects year-end 2026 cash and financial investments of EUR 1.975 billion to EUR 2.050 billion, including the buyback.
Key facts
- Company
- Lakefront Biotherapeutics (EURONEXT: LKFT)
- News type
- Financings
- Primary source
- Lakefront Biotherapeutics 6-K (2026-08-12)
Lakefront Biotherapeutics NV (Euronext and Nasdaq: LKFT) reported its half-year 2026 results in a 6-K filed on August 12, 2026. The release is dated August 10. It says the company had bought back 241,904 shares by June 30, 2026, at an average price of €25.1261. The purchases fall under a €50 million share repurchase program announced on June 9, 2026, which may run no later than December 31, 2026. The company changed its name from Galapagos effective May 8, 2026, and its ADRs now trade under LKFT.
Who runs the buyback
The program was entered into with Morgan Stanley & Co International PLC, and the purchased shares are held as treasury shares. The release names no other bank, broker or legal adviser for the program. Chief Financial Officer Aaron Cox said the company expects the buyback to be completed by year end.
Guidance that now includes the buyback
Lakefront says it keeps its year-end 2026 cash and financial investments guidance at about €2 billion. The detailed range it gives is €1.975 billion to €2.050 billion, and that range includes the €50 million buyback, which the previous range did not. The company forecasts at least €1.6 billion remaining for additional strategic transactions and other capital allocation after funding the portfolio to first approval of gamgertamig.
The guidance assumes a EUR/USD rate of 1.175. The release says the rate was 1.1394 at June 30, 2026, and that the estimates depend on exchange rate moves and future business development. Financial investments, cash and cash equivalents stood at €2,239.5 million at the end of the first half, compared with €3,091.5 million in the same period of 2025.
A net profit built on gains
Total net revenues for the first half of 2026 were €18.6 million, down from €140.3 million. The 2025 figure included €115.1 million of revenue from the exclusive access rights Gilead holds to the drug discovery platform, which was fully released at the end of 2025. Royalty income from Gilead on Jyseleca was €4.5 million, against €5.6 million a year earlier.
The operating loss narrowed to €107.2 million from €215.7 million. Research and development expenses fell to €56.5 million from €278.0 million, as cell therapy spending dropped during the wind-down. The company reported a net profit of €16.6 million, but that result depends on €97.1 million of fair value and exchange gains. Those include €52.4 million of fair value changes on financial investments and €38.8 million of unrealized currency gains on dollar-denominated cash. The operating loss of €107.2 million sits underneath those gains.
The clinical programs
The company's CEO, Henry Gosebruch, says emerging gamgertamig data reflect durability and consistent responses in the most recent cohorts. The release gives no response rates or patient counts for that data, and it promises more data later this year. The lead asset, gamgertamig, is in two Lakefront-sponsored Phase 1b studies, one in autoimmune cytopenias including ITP and AIHA, and one in seropositive autoimmune diseases. Proof-of-concept basket studies in additional indications are planned for 2027. Keymed runs separate studies in Greater China.
The release also reports on GLPG3667, a TYK2 inhibitor. The GALARISSO study in dermatomyositis completed a 24-week open-label extension, with efficacy and safety that the company says were consistent with earlier results. The GALACELA study in lupus did not meet its 32-week primary endpoint. The release says results on the comparable 48-week secondary endpoint were similar. Lakefront says it is evaluating all strategic options for the program.
Lakefront also in-licensed three preclinical programs from Ouro, with an option for Gilead to join on a 50/50 profit split after clinical proof of concept, for $75 million per program. The release does not say what that figure covers. In June, Lakefront and Gilead closed the acquisition of Ouro Medicines, and Lakefront's cash fell to €2,239.5 million from €2,998.0 million at December 31, 2025. The cell therapy wind-down remains on schedule for completion by the end of the third quarter of 2026.
Board and management
Eric Hedrick was appointed Chief Medical Officer and joined the management committee. Paulo Fontoura resigned from the board after Sanofi announced his appointment as Global Head of R&D on June 22, 2026.