Lakefront Biotherapeutics SEC Filings

Lakefront Biotherapeutics reports progress under its share repurchase program announced on June 9, 2026. The company bought back 83,530 ordinary shares on Euronext Amsterdam between June 22 and June 26, 2026 for a total of €2,108,045.52, at an average price of €25.24 per share.

As of market close on June 26, 2026, Lakefront holds 199,734 of its own ordinary shares. The Belgium-based biotechnology company, formerly known as Galapagos, continues to build a clinical-stage portfolio in immunology and inflammation, including its BCMAxCD3 T-cell engager candidate gamgertamig.

Lakefront Biotherapeutics reported progress under its previously announced share repurchase program, buying back 77,667 ordinary shares between 15 and 19 June 2026. The company paid an average of €24.6586 per share, for a total consideration of €1,915,162.13 across Euronext trades during this period.

After these transactions, Lakefront held 116,204 of its own ordinary shares as of market close on 19 June 2026. The company reiterates that repurchases form part of its capital management strategy, while also reminding investors that any plans to repurchase shares involve forward-looking statements and are subject to various risks and uncertainties described in its SEC filings.

Madison Avenue-affiliated investors report beneficial ownership of 3,606,203 Ordinary Shares of Lakefront Biotherapeutics. The Schedule 13G states the group (Madison Avenue International LP, Madison Avenue Partners LP, EMAI Management, Madison Avenue GP, Caraway Jackson Investments LLC and Eli Samaha) may be deemed to beneficially own 3,606,203 shares as of June 23, 2026, representing approximately 5.5% of the class based on 65,897,071 Ordinary Shares outstanding as of December 31, 2025. The filing lists shared voting and dispositive power of 3,606,203 shares across the reporting persons and includes a Joint Filing Agreement. The reporting persons disclaim beneficial ownership except to the extent of pecuniary interest.

Lakefront Biotherapeutics reported that, under its share repurchase program announced on June 9, 2026, it bought back 38,537 ordinary shares between June 9 and June 12, 2026. The shares were repurchased at an average price of €24.7764, for a total of €954,808.90.

As of market close on June 12, 2026, Lakefront holds 38,537 of its own ordinary shares. The company describes itself as a biotechnology business with a clinical-stage portfolio in immunology and inflammation, including the BCMAxCD3 T-cell engager gamgertamig for autoimmune diseases.

Lakefront Biotherapeutics announced a share repurchase program under which it may buy back ordinary shares for up to €50 million. The program runs until December 31, 2026 and is conducted through Morgan Stanley & Co International PLC, following terms approved at the April 28, 2026 Extraordinary Shareholders’ Meeting.

The company notes this is an initial step under a broader transaction with Gilead that allows repurchases of up to $150 million of shares, subject to distributable reserves. Repurchased shares will be held as treasury shares, and Lakefront can suspend or stop the program, with updates provided as required by law.

Lakefront Biotherapeutics appointed Eric Hedrick, MD, as Chief Medical Officer, expanding its leadership team during a strategic transformation that follows the acquisition of Ouro Medicines’ operational assets announced on June 4, 2026.

Hedrick, who joined Lakefront in July 2025, has 25 years of experience developing successful therapies at several biotechnology companies. He will report to CEO Henry Gosebruch, join the Management Committee, and lead development of gamgertamig and future clinical programs within Lakefront’s oncology and immunology-focused R&D pipeline.

Lakefront Biotherapeutics and Gilead Sciences have completed the acquisition of Ouro Medicines, adding the T cell engager gamgertamig (OM336) to their autoimmune pipelines. Gilead acquired all Ouro equity for $1,675 million plus up to $500 million in milestones, with Lakefront and Gilead splitting these payments equally.

Gamgertamig is a BCMAxCD3 T cell engager in Phase 2 with U.S. FDA Fast Track and Orphan Drug Designations and is expected to enter registrational studies as early as 2027. Lakefront takes on Phase 1/2 development while Gilead leads later-stage and commercialization, paying Lakefront tiered royalties of 20%–23% on net sales.

Lakefront also in-licensed three preclinical autoimmune programs with a Gilead opt-in for $75 million per program and a 50/50 profit split post proof-of-concept. The deal modifies the existing OLCA, allowing Lakefront to deploy at least $500 million of its cash independently, including up to $150 million for share buybacks, and the company expects a year-end 2026 cash balance of about €2B.

Lakefront Biotherapeutics reported that Bank of America Corporation crossed a key ownership threshold under Belgian transparency rules. On May 13, 2026, Bank of America and its affiliates moved above 5% of Lakefront’s voting rights through a mix of shares and derivatives.

As of May 20, 2026, Bank of America held 623,434 direct voting rights and 5,502,802 equivalent financial instruments, together representing 9.30% of Lakefront’s currently outstanding 65,897,071 shares. The position is spread across several entities, including BofA Securities and Merrill Lynch International, via rights of use, recall, options, and swaps.

Galapagos (to be renamed Lakefront Biotherapeutics) swung to profitability in Q1 2026 and unveiled a major autoimmune collaboration with Gilead. Net profit was €14.5 million versus a €153.4 million loss a year earlier, helped by €77.7 million in net financial income and much lower R&D and restructuring costs. Total net revenues fell to €6.5 million from €75.0 million as prior Gilead platform revenue fully ran off.

The company agreed a Framework Agreement linked to Gilead’s planned acquisition of Ouro Medicines, co-funding an upfront payment of $1.675 billion and up to $500 million in milestones, of which Galapagos’ share of the upfront is $837.5 million (~€713 million). Galapagos will co-develop BCMAxCD3 T cell engager gamgertamig and receive 20%–23% royalties on Gilead’s net sales.

Management guides 2026 Ouro-related cash spend of approximately €775–€790 million and expects year-end 2026 cash and financial investments of €1.975–€2.050 billion, down from €2.98 billion at March 31, 2026 but still leaving a majority of its current ~€3 billion cash for further deals and capital returns. The company is winding down its cell therapy activities, with one-time cash restructuring costs still expected at €125–€175 million, and will rebrand as Lakefront Biotherapeutics with new ticker LKFT from May 8, 2026.