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Lakefront Biotherapeutics

LKFT.AS
38
Biotechnology · Healthcare
Price
€24.98
+0.04 (+0.16%)
Market Cap
€1.64B
Exchange
Euronext Amsterdam
Winston Score
38
Winston is serious
Below-average fundamentals — multiple weak pillars.
Data as of Sep 19, 2026 · filings through Mar 31, 2026

§How the score breaks down

Quality
Weak
Growth
Mixed
Cash Flow
Weak
Stability
Exceptional
Valuation
Good
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§Winston Score History

The full picture

Lakefront Biotherapeutics NV, a biotechnology company, develops medicines focusing on oncology and immunology primarily in the United States and Europe. The company's pipeline products comprise GLPG3667, which is in a phase 2 clinical trial in dermatomyositis and systemic lupus erythematosus; GLPG5101, a CD19 CAR-T product candidate manufactured at point-of-care, currently in a phase 1/2 trial in relapsed/refractory non-hodgkin lymphoma; and GLPG5301, a BCMA CAR-T product candidate manufactured at point-of-care, currently in phase 1/2 in relapsed/refractory multiple myeloma. The company has collaboration agreements with Gilead Sciences, Inc. The company was formerly known as Galapagos NV and changed its name to Lakefront Biotherapeutics NV in May 2026. The company was incorporated in 1999 and is headquartered in Mechelen, Belgium.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-91.4% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+109.4% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

€417M/ year

↑ Rising (+24% vs prior year)

37.5% of revenue

2.1x the sector average (18%)

Investing heavily in future products and technology

Cash Runway

5+ years

Quarterly Free Cash Flow

↑ Burn rate improving

€3.2B cash & investments at current burn rate

Heavy R&D investment

Lakefront Biotherapeutics is putting 37% of revenue into R&D and that number is rising. That's 2.1x the sector average. With 10+ years of cash runway, they have time to let it pay off.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

+0.6% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 65.5M (2021) → 65.9M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
26.0%
Modest — 26.0% gross margin
Profit after running costs
Operating Margin
-999.6%
Losing money on operations — -999.6%
Return on the money invested
ROCE
11.7%
Below par — 11.7% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+262.2%
Fast-growing sales (+262.2% YoY)
Profit growth
EPS YoY
N/A
Data not available
How steady the profit is
EPS Consistency
3/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
-60%
Weak — only -60% of profit becomes cash
Spare cash per sale
FCF Margin
-28.9%
Burning cash (-28.9%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns
Debt / Equity
0.00
Conservative — low debt load (0.00)
Covers its interest
Interest Cover
171.26x
Comfortably covers interest (171.3x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
3.4x
Attractive valuation — P/E 3.4

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Not applicable for this business.
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