L5HD

[L5HD @geert1815]

@peter_mantas I think you missed some big clues on $LKFT Peter….

[Peter Mantas @peter_mantas]

$LKFT A really interesting setup with a new name $GILD

[PickAlpha @PickAlphaAI]

4/8: Gilead and Lakefront close Ouro Medicines acquisition; GILD pays $1.675B upfront plus up to $500M milestones to add OM336 (gamgertamig) to inflammation pipeline; Lakefront earns 20%–23% royalties. $GILD $LKFT $XBI $IBB

[L5HD @geert1815]

$LKFT Data week 48 coming soon. Lakefront to present ar Eural 2026. Dr. Rohit Aggarwal wil present during poster Tour. In DM P = < 0,05 statistical significance. First press release june 4th. Partner deal end of June. Stock will reach > $ 40,-. Phase-II clinical trials in OM336.

[Finsee @Finsee_main]

$LKFT Q1 2026 earnings: A €3 Billion Shell No More: The Ouro Era Begins

Galapagos—now rebranding as Lakefront Biotherapeutics—is officially executing its pivot. Legacy revenue essentially evaporated this quarter (down 91% YoY) as the deferred income from the old Gilead platform deal ran dry. The real story, however, is capital deployment. The company is using its massive cash pile to fund half of Gilead's $1.675B acquisition of Ouro Medicines. This brings gamgertamig (OM336), a highly promising T cell engager for autoimmune diseases, into the pipeline. While Q1 printed a €14.5M net profit, it was entirely driven by €64.3M in FX and fair value gains on its USD-heavy cash reserves. Operating losses remain steep at €63.7M. Consequently, cash levels, which had been stable around €3B, are reversing direction and will plummet to roughly €2B by year-end as the Ouro upfront payment and legacy cell therapy wind-down costs hit the balance sheet.

Full article with charts - link in bio

🐂 𝐁𝐮𝐥𝐥 𝐂𝐚𝐬𝐞
• 𝐓𝐫𝐚𝐧𝐬𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐯𝐞 𝐂𝐥𝐢𝐧𝐢𝐜𝐚𝐥 𝐀𝐬𝐬𝐞𝐭 𝐀𝐜𝐪𝐮𝐢𝐫𝐞𝐝 — Gamgertamig (OM336) has Fast Track and Orphan Drug Designation for severe autoimmune diseases (AIHA, ITP). Acquiring an operating business with a clear, near-term path to registrational studies (2027) gives the company a much-needed new identity.
• 𝐔𝐧𝐥𝐨𝐜𝐤𝐢𝐧𝐠 𝐈𝐧𝐝𝐞𝐩𝐞𝐧𝐝𝐞𝐧𝐭 𝐂𝐚𝐩𝐢𝐭𝐚𝐥 — The Ouro deal amends the restrictive Gilead collaboration, designating $500M of Galapagos' cash for R&D or independent strategic transactions. Crucially, up to $150M of this can be used for share repurchases, providing a direct lever to close the stock's discount to cash.

🐻 𝐁𝐞𝐚𝐫 𝐂𝐚𝐬𝐞
• 𝐌𝐚𝐬𝐬𝐢𝐯𝐞 𝐔𝐩𝐜𝐨𝐦𝐢𝐧𝐠 𝐂𝐚𝐬𝐡 𝐁𝐮𝐫𝐧 — The company's €3B safety net is shrinking fast. The Ouro deal requires an $837.5M upfront payment plus €60-€75M in 2026 operating/transaction expenses. Add €125-€175M in cell therapy wind-down costs, and the year-end cash balance will compress by roughly a third.
• 𝐑𝐞𝐯𝐞𝐧𝐮𝐞 𝐏𝐢𝐩𝐞𝐥𝐢𝐧𝐞 𝐢𝐬 𝐃𝐫𝐲 — With the Gilead discovery platform deferred revenue fully recognized in late 2025, total net revenues plummeted 91% YoY to just €6.5M. The company is effectively pre-revenue again, relying entirely on clinical execution and its balance sheet.

⚖️ 𝐕𝐞𝐫𝐝𝐢𝐜𝐭: ⚪
Neutral. The company successfully executed the exact type of BD deal it promised, bringing in a high-potential autoimmune asset. However, the price tag is staggering, and the transition from a cash-rich holding company back to a cash-burning biotech carries substantial execution risk.

𝐊𝐞𝐲 𝐓𝐡𝐞𝐦𝐞𝐬

🟢 𝐓𝐡𝐞 𝐆𝐚𝐦𝐠𝐞𝐫𝐭𝐚𝐦𝐢𝐠 (𝐎𝐌𝟑𝟑𝟔) 𝐆𝐫𝐨𝐰𝐭𝐡 𝐄𝐧𝐠𝐢𝐧𝐞 [NEW]
The Ouro acquisition brings gamgertamig (OM336), a BCMAxCD3 T cell engager, into the portfolio. By redirecting T cells toward BCMA-expressing plasma cells, it offers a precision approach to B cell depletion in autoimmune conditions. With transformative efficacy seen in Phase 1/2 for AIHA and ITP, and registrational trials expected by 2027, this specific technology represents the company's new primary growth driver.

🟢 𝐑𝐞𝐧𝐞𝐠𝐨𝐭𝐢𝐚𝐭𝐞𝐝 𝐆𝐢𝐥𝐞𝐚𝐝 𝐀𝐠𝐫𝐞𝐞𝐦𝐞𝐧𝐭 𝐅𝐫𝐞𝐞𝐬 𝐔𝐩 𝐂𝐚𝐩𝐢𝐭𝐚𝐥 [NEW]
A crucial secondary benefit of the Ouro transaction is the amendment of the legacy Gilead Option, License, and Collaboration Agreement. It frees up $500M for independent business development, of which $150M is earmarked for potential share repurchases. This restores financial agility and gives management a tool to combat the stock's persistent discount to net asset value.

🟢 𝐑&𝐃 𝐂𝐨𝐬𝐭 𝐁𝐚𝐬𝐞 𝐃𝐫𝐚𝐬𝐭𝐢𝐜𝐚𝐥𝐥𝐲 𝐑𝐞𝐬𝐞𝐭 [NEW]
The brutal restructuring of 2025 is showing in the P&L. R&D expenses decelerated massively, falling 83% YoY from €182.7M in 25Q1 to just €31.0M in 26Q1. This lean cost structure is essential before the company takes on Ouro's development costs (which Galapagos must fund entirely through the initiation of registrational trials).

🔴 𝐂𝐞𝐥𝐥 𝐓𝐡𝐞𝐫𝐚𝐩𝐲 𝐖𝐢𝐧𝐝-𝐃𝐨𝐰𝐧 𝐒𝐭𝐢𝐥𝐥 𝐁𝐥𝐞𝐞𝐝𝐢𝐧𝐠 𝐂𝐚𝐬𝐡 [NEW]
Despite the forward-looking BD narrative, the ghost of the cell therapy division remains. The company reaffirmed that the wind-down will only be substantially complete by Q3 2026, costing another €125M to €175M in cash this year. This drag contradicts the narrative of a clean, swift slate.

🔴 𝐌𝐚𝐜𝐫𝐨: 𝐇𝐞𝐚𝐯𝐲 𝐃𝐞𝐩𝐞𝐧𝐝𝐞𝐧𝐜𝐲 𝐨𝐧 𝐔𝐒𝐃/𝐄𝐔𝐑 𝐅𝐗 𝐑𝐚𝐭𝐞𝐬
With the company transitioning to a US-centric BD strategy, it holds $2.55B in USD (up from $2.16B at year-end 2025). This heavy concentration creates immense volatility below the operating line. Q1 2026 printed a net profit solely because of €23.8M in unrealized currency exchange gains and €40.0M in positive fair value changes. A weakening dollar would reverse these gains instantly.

🔴 𝐋𝐞𝐠𝐚𝐜𝐲 𝐓𝐘𝐊𝟐 𝐀𝐬𝐬𝐞𝐭 (𝐆𝐋𝐏𝐆𝟑𝟔𝟔𝟕) 𝐒𝐭𝐢𝐥𝐥 𝐢𝐧 𝐋𝐢𝐦𝐛𝐨
While management acted decisively on Ouro, the legacy GLPG3667 program remains unresolved. The company is 'evaluating all strategic options' while waiting for final Week 48 GALACELA SLE data in Q2 2026. This prolonged uncertainty ties up internal focus and highlights an inability to swiftly monetize older assets.

⚪ 𝐂𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐞 𝐑𝐞𝐛𝐫𝐚𝐧𝐝𝐢𝐧𝐠 𝐭𝐨 𝐋𝐚𝐤𝐞𝐟𝐫𝐨𝐧𝐭 𝐁𝐢𝐨𝐭𝐡𝐞𝐫𝐚𝐩𝐞𝐮𝐭𝐢𝐜𝐬 [NEW]
Approved at the EGM, the name change to Lakefront Biotherapeutics (ticker: LKFT) officially severs ties with the Galapagos legacy. Along with Gino Santini taking over as Chair of the Board, it visually and structurally cements the 'SpinCo' pivot initiated by CEO Henry Gosebruch over the last year.

𝐎𝐭𝐡𝐞𝐫 𝐊𝐏𝐈𝐬

𝐂𝐨𝐥𝐥𝐚𝐛𝐨𝐫𝐚𝐭𝐢𝐨𝐧 𝐑𝐞𝐯𝐞𝐧𝐮𝐞𝐬: €1.6 million
Reversing. Down 97% YoY from €61.2M. The deferred income related to the Gilead drug discovery platform was fully released in 2025. Moving forward, the company has virtually no recurring collaboration revenue until new partnerships yield milestones or royalties.

𝐒𝐮𝐩𝐩𝐥𝐲 𝐑𝐞𝐯𝐞𝐧𝐮𝐞𝐬: €4.9 million
Decelerating. Down 64% YoY from €13.8M. This relates entirely to the legacy supply of Jyseleca to Alfasigma under a transition agreement, a low-margin operation (Cost of Sales was €4.8M, yielding a gross profit of practically zero).

𝐍𝐞𝐭 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐈𝐧𝐜𝐨𝐦𝐞: €77.7 million
Accelerating. Up from just €2.4M a year ago. Driven by €12.9M in pure interest income and €64.3M in fair value/FX adjustments. This is currently the company's only source of profitability, masking a €63.7M operating loss.

𝐆𝐮𝐢𝐝𝐚𝐧𝐜𝐞

𝐅𝐘𝟐𝟔 𝐘𝐞𝐚𝐫-𝐄𝐧𝐝 𝐂𝐚𝐬𝐡 𝐚𝐧𝐝 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭𝐬: €1.975 - €2.050 billion
Decelerating. Management slashed this estimate from their previous Q4 2025 guidance of €2.775B - €2.850B. The roughly €800M downward revision directly reflects the aggressive deployment of capital for the Ouro acquisition and the consequent reduction in future interest income.

𝟐𝟎𝟐𝟔 𝐎𝐮𝐫𝐨-𝐑𝐞𝐥𝐚𝐭𝐞𝐝 𝐂𝐚𝐬𝐡 𝐒𝐩𝐞𝐧𝐝: €775 - €790 million
Accelerating capital deployment. This includes the $837.5M upfront payment to Gilead, plus one-time transaction and operating costs for integrating the ~20 Ouro employees, assuming a mid-year close.

𝟐𝟎𝟐𝟔 𝐂𝐞𝐥𝐥 𝐓𝐡𝐞𝐫𝐚𝐩𝐲 𝐖𝐢𝐧𝐝-𝐃𝐨𝐰𝐧 𝐑𝐞𝐬𝐭𝐫𝐮𝐜𝐭𝐮𝐫𝐢𝐧𝐠 𝐂𝐨𝐬𝐭𝐬: €125 - €175 million
Stable. The company maintained its previous guidance for these one-time cash costs. The wind-down is expected to be substantially complete by the end of Q3 2026.

𝐊𝐞𝐲 𝐐𝐮𝐞𝐬𝐭𝐢𝐨𝐧𝐬

𝐎𝐮𝐫𝐨 𝐈𝐧𝐭𝐞𝐠𝐫𝐚𝐭𝐢𝐨𝐧 𝐓𝐢𝐦𝐞𝐥𝐢𝐧𝐞
You are absorbing roughly 20 Ouro employees and inheriting ongoing Phase 1/2 trials. Given the extensive restructuring of the past year, how prepared is the current R&D infrastructure to seamlessly transition Gamgertamig into registrational trials by 2027?

𝐒𝐡𝐚𝐫𝐞 𝐑𝐞𝐩𝐮𝐫𝐜𝐡𝐚𝐬𝐞 𝐄𝐱𝐞𝐜𝐮𝐭𝐢𝐨𝐧
With the new $150M authorization for share repurchases freed up from the Gilead agreement, how aggressive will you be in deploying this capital in the near term, given the stock's persistent discount to your €2B projected year-end cash balance?

𝐊𝐞𝐲𝐌𝐞𝐝 𝐌𝐢𝐥𝐞𝐬𝐭𝐨𝐧𝐞 𝐕𝐢𝐬𝐢𝐛𝐢𝐥𝐢𝐭𝐲
Galapagos is responsible for 25% of the up to $610M in milestones owed to KeyMed for Gamgertamig. How are these milestones weighted (clinical vs. commercial), and what specific cash outflow should we model for this over the next 24-36 months?

𝐆𝐋𝐏𝐆𝟑𝟔𝟔𝟕 𝐌𝐨𝐧𝐞𝐭𝐢𝐳𝐚𝐭𝐢𝐨𝐧
With final Week 48 data for GLPG3667 in SLE expected in Q2 2026, will you require a partnership or divestiture immediately upon readout, or are you willing to fund any further advancement yourselves given the new autoimmune focus brought by Ouro?

[L5HD @geert1815]

@sjonreijers @euronext €. 30,- cash per aandeel eind 2026 en een gratis call oo Outo OM366, ik zit long! Eind 2027 € 100,- of € 10,-

[L5HD @geert1815]

@JDB_trading Wat is het nieuws?

[L5HD @geert1815]

@ArendJanKamp De volgende stap wordt verkoop van het 50% belang van de founders…

[L5HD @geert1815]

@ArendJanKamp Een exit door de founders is nu ook niet meer waarschijnlijk. Koers kan terug naar 4,00-4,50.

[L5HD @geert1815]

@JDB_trading €45,- cash per aandeel. Rit je naar € 35,- zie ik wel gebeuren!

[L5HD @geert1815]

@JDB_trading Kan je eens kijken naar #kendrion Jan?

[L5HD @geert1815]

@hellen_der @TheDailyTurbo Wanneer wordt de overname van #kendrion aangekondigd……eind februari is mijn hok

[L5HD @geert1815]

@JDB_trading Jan kan je eens naar #kendrion kijken? Lijkt ook uit te breken.

[L5HD @geert1815]

@ArendJanKamp Weer geen omzet groei in 2026, maar krimp. De worst wordt weer een jaar verhangen. Ze hebben geen pricing power, vandaar de reorganisaties. Dit wordt een uitkots moment. Nu ook duidelijk waarom Harold zijn eigen aandelen inkoop van €10mln heeft gestaakt. Dit wordt weer 5,xx

[L5HD @geert1815]

@sjonreijers De teleurstelling zit in de outlook voor 2026, opnieuw geen groei. Koers kan weer richting €5,00 zakken.

[JDB @JDB_trading]

$GALA $GLPG #Galapagos heel ander momentum dan vorig jaar....

[L5HD @geert1815]

@JDB_trading $glpg maakt zich op voor een nieuwe poging door bovenkant Bollinger…..prrrttt op naar de € 34,00!

[L5HD @geert1815]

@JDB_trading $GLPG dreigt bollinger te breken Jan….

[L5HD @geert1815]

@_le_Lounge Long $GLPG target € 38,00

[L5HD @geert1815]

@sjonreijers Ik ben los op € 7,00. Hele mooie rit geweest. Wat aangekocht in Galapagos en Kendrion van de opbrengst.