Lakefront Biotherapeutics N.V.
LKFTHealthcare|Biotechnology|BE
$33.45
-0.11 (-0.33%)
DCF Value
$50.09
Tangible Book / Share
$49.36
Graham Number
$90.77
Cash / Share
$45.26
Financials
Financial Snapshot
Market Cap
$2.19B
Enterprise Value
$1.88B
Revenue (TTM)
$990.6M
Net Income (TTM)
$596.6M
Cash & Investments
$2.24B
Net Cash
$2.23B
Free Cash Flow (TTM)
-$197.4M
Operating CF (TTM)
-$192.8M
Debt/Equity
0.00
Cash Runway & Burn Rate
Cash on Hand
$2.24B
Quarterly Burn
$48.2M
Monthly Burn
$16.1M
Est. Runway
~46.4 quarters
| Metric | Trend | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|
| Cash & Investments | — | — | — | — | $3.00B | $2.24B | |
| Operating Cash Flow | — | — | — | — | -$257.5M | -$192.8M | |
| Free Cash Flow | — | — | — | — | -$271.3M | -$197.4M | |
| Capital Expenditure | — | — | — | — | -$13.9M | -$4.6M | |
| Financing Cash Flow | — | — | — | — | -$3.3M | -$2.2M |
R&D Spending
R&D (TTM)
$237.9M
R&D Intensity
24.0%
R&D Growth vs Prior
-48.2%
| Metric | Trend | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|
| Revenue | $234.4M | $241.2M | $239.7M | $275.6M | $1.11B | $990.6M | |
| R&D Expense | $320.5M | $269.8M | $241.3M | $335.5M | $459.4M | $237.9M | |
| R&D % of Revenue | 136.7% | 111.8% | 100.7% | 121.7% | 41.3% | 24.0% | |
| SG&A | $131.5M | $103.3M | $94.3M | $96.9M | $112.0M | $107.7M |
Income Statement
| Metric | Trend | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|
| Revenue | $234.4M | $241.2M | $239.7M | $275.6M | $1.11B | $990.6M | |
| Cost of Revenue | $320.5M | $0.00 | $0.00 | $34.9M | $29.7M | $50.7M | |
| Gross Profit | -$86.1M | $241.2M | $239.7M | $240.8M | $1.08B | $939.8M | |
| R&D | $320.5M | $269.8M | $241.3M | $335.5M | $459.4M | $237.9M | |
| SG&A | $131.5M | $103.3M | $94.3M | $96.9M | $112.0M | $107.7M | |
| Operating Income | -$171.6M | -$131.1M | -$88.3M | -$188.3M | $501.4M | $609.9M | |
| Interest Expense | $8.7M | $9.2M | $1.8M | $911.0K | $2.2M | $0.00 | |
| Pretax Income | -$119.4M | -$70.8M | $5.6M | -$3.1M | $300.9M | $577.7M | |
| Net Income | -$103.2M | -$218.0M | $211.7M | $74.1M | $320.9M | $596.6M | |
| EPS (Diluted) | -1.84 | -3.32 | 3.21 | 1.12 | 4.87 | 9.05 | |
| EBITDA | -$163.3M | $3.9M | $51.0M | $43.3M | $359.0M | $536.4M | |
| Shares Out. (M) | 65.50 | 65.66 | 65.88 | 66.14 | 65.90 | 70.11 |
Balance Sheet
| Metric | Trend | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | — | — | — | — | $87.9M | $135.9M | |
| Short-Term Investments | — | — | — | — | $2.91B | $2.10B | |
| Total Current Assets | — | — | — | — | $3.08B | $2.31B | |
| Total Assets | — | — | — | — | $3.41B | $3.35B | |
| Total Current Liabilities | — | — | — | — | $152.9M | $70.3M | |
| Long-Term Debt | — | — | — | — | $0.00 | $0.00 | |
| Total Liabilities | — | — | — | — | $170.7M | $87.5M | |
| Stockholders' Equity | — | — | — | — | $3.24B | $3.25B | |
| Retained Earnings | — | — | — | — | $210.6M | $233.9M |
Cash Flow Statement
| Metric | Trend | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | — | — | — | — | -$257.5M | -$192.8M | |
| Capital Expenditure | — | — | — | — | -$13.9M | -$4.6M | |
| Free Cash Flow | — | — | — | — | -$271.3M | -$197.4M | |
| Investing Cash Flow | — | — | — | — | $288.8M | $190.9M | |
| Financing Cash Flow | — | — | — | — | -$3.3M | -$2.2M | |
| Issuance of Stock | — | — | — | — | $0.00 | $0.00 | |
| Repurchase of Stock | — | — | — | — | $0.00 | $0.00 | |
| Net Debt Issuance | — | — | — | — | -$3.3M | -$2.2M | |
| Stock Based Comp. | — | — | — | — | $24.0M | $0.00 | |
| Net Change in Cash | — | — | — | — | $23.6M | -$71.7M |
Dilution Tracker
Shares Outstanding
65M
5-Year Share Growth
+0.6%
Stock Issuance (TTM)
$0.00
| Metric | Trend | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 65.50 | 65.66 | 65.88 | 66.14 | 65.90 | 70.11 | |
| Change vs Prior % | — | 0.2% | 0.3% | 0.4% | -0.4% | 6.4% | |
| Stock Issuance | — | — | — | — | $0.00 | $0.00 | |
| Stock Repurchase | — | — | — | — | $0.00 | $0.00 | |
| Stock Based Comp. | — | — | — | — | $24.0M | $0.00 |
Margins & Profitability
| Metric | Trend | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|
| Gross Margin % | -36.7% | 100.0% | 100.0% | 87.4% | 97.3% | 94.9% | |
| Operating Margin % | -73.2% | -54.3% | -36.8% | -68.3% | 45.1% | 61.6% | |
| Net Margin % | -44.0% | -90.4% | 88.3% | 26.9% | 28.9% | 60.2% | |
| EBITDA Margin % | -69.7% | 1.6% | 21.3% | 15.7% | 32.3% | 54.2% | |
| FCF Margin % | — | — | — | — | -24.4% | -19.9% | |
| ROE % | 0.0% | 0.0% | 0.0% | 0.0% | 9.9% | 16.9% | |
| ROA % | 0.0% | 0.0% | 0.0% | 0.0% | 9.4% | 14.5% | |
| ROIC % | 0.0% | 0.0% | 0.0% | 0.0% | 15.4% | 11.6% | |
| R&D / Revenue % | 136.7% | 111.8% | 100.7% | 121.7% | 41.3% | 24.0% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | 0.0% | 2.9% | -0.6% | 15.0% | 303.5% | |
| Gross Profit | 0.0% | 380.1% | -0.6% | 0.4% | 349.6% | |
| Operating Income | 0.0% | 23.6% | 32.7% | -113.4% | 366.2% | |
| Net Income | 0.0% | -111.2% | 197.1% | -65.0% | 333.1% | |
| EPS (Diluted) | 0.0% | -80.4% | 196.7% | -65.1% | 334.8% | |
| Operating Cash Flow | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Free Cash Flow | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| R&D Expense | 0.0% | -15.8% | -10.6% | 39.0% | 37.0% | |
| SG&A Expense | 0.0% | -21.4% | -8.8% | 2.8% | 15.6% | |
| Total Assets | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Book Value / Share | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Debt | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Diluted Shares | 0.0% | 0.2% | 0.3% | 0.4% | -0.4% |
Valuation
P/E (TTM)4.01
10Y Low / Med / High5.71 / 11.46 / 23.71
P/S1.86
10Y Low / Med / High1.65 / 10.11 / 11.58
P/B0.60
EV/EBITDA5.43
EV/Revenue1.81
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$50.09
Tangible Book / Share
$49.36
Net Current Assets / Share
$44.92
Graham Number
$90.77
Graham Net-Net
$44.20
Cash / Share
$45.26
| Metric | Trend | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|
| P/E Ratio | -26.35 | -12.48 | 11.46 | 23.71 | 5.71 | 4.01 | |
| P/S Ratio | 11.58 | 11.28 | 10.11 | 6.37 | 1.65 | 1.86 | |
| P/B Ratio | 0.00 | 0.00 | 0.00 | 0.00 | 0.57 | 0.60 | |
| EV/EBITDA | 0.00 | 0.00 | 0.00 | 0.00 | 4.88 | 5.43 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 1.58 | 1.81 |
Analyst Estimates & Quality
Altman Z-Score
15.20
Safe
Piotroski F-Score
5
Moderate
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $32.2M | $39.4M | $32.8M |
| Net Income | -$167.3M | -$158.6M | -$197.9M |
| EPS | $-2.54 | $-2.41 | $-3.00 |
| # Analysts (EPS) | 2 | 2 | 1 |