Lakefront Biotherapeutics NV (LKFT)

Galapagos NV is a Belgian biotechnology company, incorporated in 1999 and based in Mechelen, that aims to bring medicines to patients with serious diseases. Its current strategy combines dealmaking expertise with capital to identify, acquire and advance clinical-stage opportunities, using a modality-agnostic approach. It prioritizes oncology and immunology & inflammation programs with clear clinical proof-of-concept. The company operates as a single segment, and in March 2026 it proposed changing its name to Lakefront Biotherapeutics NV, subject to shareholder approval.

At December 31, 2025, the clinical pipeline had three candidates: GLPG3667, an oral TYK2 inhibitor in Phase 2 studies in dermatomyositis (GALARISSO) and systemic lupus erythematosus (GALACELA); GLPG5101, a decentralized-manufactured CD19 CAR-T in Phase 1/2 for relapsed/refractory non-Hodgkin lymphoma; and GLPG5301, a BCMA CAR-T in Phase 1 for relapsed/refractory multiple myeloma. In December 2025 the GALARISSO study met its primary endpoint, while GALACELA missed its primary endpoint at Week 32, with Week 48 data expected in the second quarter of 2026. The company is evaluating strategic alternatives for GLPG3667. In January 2026 the Board decided to wind down all cell therapy activities, including the two CAR-T studies and early-stage programs, with completion expected by the end of the third quarter of 2026. Once that is complete, GLPG3667 will be the only pipeline asset. Net revenues in 2025 were €1,112.2 million, mostly from releasing €1,069.0 million of deferred income tied to the collaboration agreement with Gilead. The company previously transferred its Jyseleca® business to Alfasigma, which closed in January 2024. It receives potential milestones of up to €120 million and earn-outs on European sales, and that business is reported as discontinued operations. In 2022 it acquired CellPoint B.V. and AboundBio, Inc.

Gilead is a long-standing partner and owns more than 25% of the company's equity. The company's Option, License and Collaboration Agreement with Gilead provides a framework for both internal and externally sourced opportunities. The company held about €3.0 billion in cash, cash equivalents and financial investments at the end of 2025, and expects Jyseleca® royalties and earn-outs to continue into the mid-2030s. It also holds equity stakes in private biotech companies and real estate.

After the wind-down, the company plans a lean organization headquartered in Mechelen, with about 35 to 40 professionals in Mechelen, Chicago and San Francisco. The wind-down affects about 365 employees across Europe, the U.S. and China, and will close the sites in Leiden, Basel, Princeton, Pittsburgh and Shanghai. The company relies on patents and trade secrets to protect its candidates; for GLPG3667 it holds granted and pending patents in the U.S., Europe, Japan, Australia and other regions, with expected expiries from 2038 to 2043. Capital expenditures were €13.9 million in 2025, and the fiscal year ends December 31.