Main Events in the First Six Months of 2026

Portfolio

The charts below provide an overview of our R&D pipeline in immunology comprising our product candidates that are in development as of the date of this report’s publication.

Immunology

We are advancing a pipeline of T-cell engagers, anchored by gamgertamig, a potential first and best-in-class BCMAxCD3 T-cell engager for autoimmune indications. Gamgertamig is being developed in collaboration with Gilead. We also in-licensed a preclinical portfolio of three additional autoimmune and inflammatory focused programs originally from Ouro with an opt-in for Gilead for a 50/50 profit split post clinical proof-of-concept for $75 million per program.

First Quarter 2026

See our Q1 2026 press release.

Second Quarter 2026 and Post-Period Update

Corporate

• Our name change to Lakefront Biotherapeutics was effective as of May 8, 2026, and the ticker on Euronext and NASDAQ (ADRs) was changed to LKFT.

• We appointed Eric Hedrick, MD, as Chief Medical Officer. This expanded leadership role supports our strategic transformation following its acquisition of Ouro Medicines’ operational assets announced on June 4, 2026. Eric will report to Henry Gosebruch, CEO, and joined our Management Committee.

• We announced the initiation of a €50 million share repurchase program on June 9, 2026. Repurchases under the program may be made no later than December 31, 2026. The program was entered into with Morgan Stanley & Co International PLC. The purchased shares are held as treasury shares. As of June 30, 241,904 shares were repurchased at an average price of €25.1261.

• Paulo Fontoura resigned from the Board of Directors following Sanofi’s announcement of his appointment as Global Head of R&D at Sanofi on June 22, 2026.

Immunology Portfolio

• We completed, together with Gilead Sciences (Gilead), the acquisition of Ouro Medicines (Ouro). We will collaborate on the development of gamgertamig, a potential first-in-class and best-in-class T-cell engager in autoimmune diseases.

• Gamgertamig has been granted both Fast Track and Orphan Drug Designation by the U.S. FDA for the treatment of autoimmune hemolytic anemia (AIHA) and immune thrombocytopenia (ITP) and is expected to enter registrational studies in 2027.

• Ongoing Lakefront-sponsored clinical trials of gamgertamig in autoimmune diseases are actively enrolling, and expansion of the clinical trials program is anticipated in 2027.

  • Phase 1b study with gamgertamig in patients with autoimmune cytopenias (including ITP and AIHA) (NCT07083960), active in Australia and the United States.

  • Phase 1b study with gamgertamig in seropsoitive autoimmune diseases (including idiopathic inflammatory myositis, Sjögren’s disease, pemphigus vulgaris (PV), and pemphigus foliaceus (PF)) (NCT07229144) active in Australia, New Zealand, Czech Republic, and Japan.

  • Expect to initiate proof-of-concept basket studies assessing gamgertamig in additional autoimmune diseases in 2027.

• In addition, Keymed is conducting a number of company-sponsored studies in Greater China with gamgertamig in both malignant and autoimmune indications.

• At the International Society on Thrombosis and Haemostasias (ISTH) 2026 Congress in Paris, we presented a poster on the effects of gamgertamig in a patient with active antiphospholipid antibody syndrome and concurrent autoimmune thrombocytopenia (click here to access the poster).

• Additionally, we in-licensed a preclinical portfolio of three autoimmune and inflammatory programs originally from Ouro with an opt-in for Gilead for a 50/50 profit split post clinical proof-of-concept for $75 million per program.

• GLPG3667 has completed the GALARISSO and GALACELA studies¹:

  • The Phase 2 GALARISSO study in dermatomyositis (DM) has completed the 24-week open-label extension with sustained efficacy and safety consistent with previously reported results.

  • The Phase 2 GALACELA study in systemic lupus erythematosus (SLE) has completed with continued favorable safety at 48 weeks; the trial did not meet the 32-week primary endpoint and comparable 48-week secondary endpoint.

  • As part of our ongoing efforts to maximize the value of the GLPG3667 program for both patients and the Company, we are evaluating all strategic options.

1 Galapagos Announces Topline Results from Two Phase 3-Enabling Studies with Selective TYK2 Inhibitor GLPG3667 in Dermatomyositis and Systemic Lupus Erythematosus – Lakefront Biotherapeutics

Oncology CAR-T Cell Therapy Update

• We announced in January 2026 the start of the wind-down of our cell therapy activities. The wind-down remains on schedule and is expected to be substantially completed by the end of the third quarter of 2026.

• To support long-term patient follow-up, the HESPERIA study continues to monitor safety of all patients treated in the discontinued parent studies; associated spending is expected to remain minimal.

Financial Guidance

• Following the closing of the Ouro transaction and the related impact to cash, we expect our year end 2026 cash and financial investments balance to be in the range of €1.975 billion to €2.050 billion. This guidance includes the announced €50 million share buyback program, which was not considered in the previous guidance range.

• We forecast having at least €1.6 billion of our cash remaining for additional strategic transactions and other capital allocation priorities following funding the portfolio to first gamgertamig approval.

• All figures assume an EUR/USD exchange rate of 1.175, consistent with year-end 2025 and prior guidance. As of June 30, 2026, the EUR/USD exchange rate was 1.1394. 

• These estimates are subject to change and depend on exchange rate fluctuations, and future business development activity.