Lakefront Biotherapeutics NV (LKFT)

Price$28.46Cached quoteAs of 2026-09-17 18:34 UTC

AI: Undervalued

Price checkThe stock trades below the company’s large cash cushion, leaving pipeline value priced conservatively.

Research confirms Lakefront Biotherapeutics NV trades as LKFT on Euronext Amsterdam and Brussels, with LKFT ADRs on the Nasdaq Global Select Market. Citi’s depositary records show a 1:1 ordinary-share-to-ADR ratio. Using roughly 65.9 million issued shares, Nasdaq equity value is about $1.8 billion. At June 30, cash and financial investments were €2.24 billion, about $2.55 billion at the company’s stated period-end exchange rate. That cash-over-market-value gap is the clearest undervaluation signal, although development and deal commitments will consume part of the cash.

Big pictureReported profit masks an operating loss, but cash runway looks unusually durable for biotechnology.

For the first half of 2026, Lakefront produced only €18.6 million of net revenue and an operating loss of €107.2 million. Net profit of €16.6 million mainly reflected €123.2 million of financial income, including investment and currency gains, so headline earnings overstate core profitability. Operational cash burn—money used by the business after excluding acquisitions and similar items—was €63.6 million. Management guides to €1.975-€2.050 billion of year-end cash and investments and forecasts at least €1.6 billion remaining after funding the portfolio to first gamgertamig approval.

Business strengthA strong balance sheet and Gilead partnership reduce financing risk, while clinical concentration remains high.

June 30 total liabilities were only €87.6 million, including about €6.4 million of lease liabilities, with no material bank or bond debt shown. Liquidity is strong, but Lakefront could owe up to $250 million of its share of Ouro milestones as development and regulatory triggers are reached, and June purchase commitments were about €82 million. The Gilead structure shares risk: Lakefront runs Phase 1/2 gamgertamig studies, while Gilead leads registrational and later-stage work plus commercialization outside Keymed territories. Clinical concentration remains the main weakness, especially after GLPG3667’s lupus study missed its primary endpoint.

What could change the storyClinical proof and disciplined capital use could unlock value; weak data or costly deals could erase it.

Bull case: gamgertamig shows durable efficacy and safety, enters registrational studies in 2027, Gilead carries later-stage and commercial spending, and management deploys surplus cash only into high-return assets. Bear case: trial results disappoint, timelines slip, or another expensive acquisition consumes the cash discount. Biotechnology is not economically cyclical like autos, but valuation is catalyst-cyclical: trial and regulatory events can move shares sharply. Buybacks reduce the share count economically; issued shares stayed flat through June, although executive options, RSUs and PSUs create future dilution risk.

AI: News

Buyback keeps shrinking floatLakefront repurchased another 132,014 shares, extending its €50 million capital-return program through early September.

The company said purchases made from August 31 through September 4 cost €3.28 million, and treasury holdings reached 1,293,338 ordinary shares at the September 4 close. The program runs no later than year-end 2026. For shareholders, this is modestly accretive because fewer shares remain economically outstanding, but the cash spent on repurchases competes with clinical development and future acquisitions.

FDA orphan designation expandsFDA orphan status for gamgertamig in pemphigus adds regulatory support to the lead autoimmune program.

On August 24, the FDA granted Orphan Drug Designation to gamgertamig for pemphigus, adding to prior Fast Track and orphan designations in autoimmune hemolytic anemia and immune thrombocytopenia. The designation can provide development incentives for rare diseases, but it is not an approval or proof of efficacy. Lakefront said autoimmune trials are actively enrolling and the program is expected to expand in 2027, with registrational studies targeted for that year.

Half-year reset clarifiedHalf-year results showed lower operating burn, strong liquidity, and a clearer post-Ouro development strategy.

On August 10, Lakefront reported €18.6 million of first-half net revenue, a €107.2 million operating loss, and €2.24 billion of cash and financial investments after a €733.5 million net cash outflow for the Ouro acquisition. Management maintained year-end liquidity guidance of €1.975-€2.050 billion, now including the €50 million buyback, and forecast at least €1.6 billion remaining after funding the portfolio to first gamgertamig approval. Financing risk looks low, but core earnings remain negative.

Loading local price history

Revenue

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Net income

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Free cash flow

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Revenue	€1.11B	€275.6M	€239.7M	€241.2M	€234.4M	€478.1M	€834.9M	€278.7M	€127.1M	€129.5M	€39.6M
Gross profit	€1.08B	€240.8M	€239.7M	€229.2M	€232.8M	—	—	—	—	—	—
Gross margin	97.33%	87.35%	100.00%	94.99%	99.30%	—	—	—	—	—	—
Research & development	€459.4M	€335.5M	€241.3M	€269.8M	€320.5M	€523.7M	€420.1M	€316.2M	€218.5M	€139.6M	€129.7M
Operating expenses	€787.5M	€429.1M	€328.0M	€360.2M	€404.3M	€708.9M	€517.0M	€354.7M	€245.7M	€163.1M	€150.0M
Operating income	€295.0M	−€188.3M	−€88.3M	−€131.1M	−€171.6M	−€178.6M	€368.7M	−€47.1M	−€89.8M	−€11.5M	−€89.4M
Operating margin	26.53%	−68.33%	−36.82%	−54.32%	−73.20%	−37.37%	44.17%	−16.89%	−70.66%	−8.87%	−226.08%
EBITDA	€359.0M	€43.3M	€51.0M	€3.9M	—	−€159.9M	€381.2M	−€42.0M	−€85.5M	−€7.3M	—
EBITDA margin	32.27%	15.72%	21.29%	1.60%	—	−33.46%	45.66%	−15.07%	−67.29%	−5.64%	—
Net income	€320.9M	€74.1M	€211.7M	−€218.0M	−€103.2M	−€305.4M	€149.8M	−€29.3M	−€115.7M	€54.0M	−€118.4M
Net profit margin	28.85%	26.88%	88.31%	−90.36%	−44.04%	−63.89%	17.95%	−10.50%	−91.04%	41.70%	−299.29%
Basic EPSper basic share	€4.87	€1.12	€3.21	-€3.32	-€1.58	-€4.69	€2.60	-€0.56	-€2.34	€1.18	-€3.32
Diluted EPSper diluted share	€4.87	€1.12	€3.21	-€3.32	-€1.58	-€4.69	€2.49	-€0.56	-€2.34	€1.14	-€3.32

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of LKFT
Holder	Shares held
GILEAD SCIENCES, INC.	16.71M
TANG CAPITAL MANAGEMENT LLC	3.79M
Madison Avenue Partners, LP	3.45M
Prosight Management, LP	2.04M
EcoR1 Capital, LLC	1.67M
AMERIPRISE FINANCIAL INC	1.27M
DME Capital Management, LP	482.75K
RENAISSANCE TECHNOLOGIES LLC	407.8K
BlackRock, Inc.	338.15K
Point72 Asset Management, L.P.	269.81K
D. E. Shaw & Co., Inc.	197.84K
MILLENNIUM MANAGEMENT LLC	181.09K
UBS Group AG	168.15K
SUSQUEHANNA INTERNATIONAL GROUP, LLP	151.89K
DAFNA Capital Management LLC	130.18K
CITADEL ADVISORS LLC	88.34K
TWO SIGMA INVESTMENTS, LP	81.75K
NORGES BANK	76.88K
ALPS ADVISORS INC	65.52K
GOLDMAN SACHS GROUP INC	56.58K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)0$0.00 disclosed value

No insider transactions transactions were reported in the stored SEC coverage.

Review ownership filings at SEC.gov ↗

Community posts

View community

It’s quiet here.

No posts about LKFT yet. Start the conversation.

Write the first post

Lakefront Biotherapeutics NV (LKFT)

Financial charts

Financial statements

Owners

Insider buys & sells

Community posts

It’s quiet here.