# Lakefront Biotherapeutics NV (LKFT.US)

Canonical: https://gigainvestors.com/s/LKFT

Analysis as of: 2026-10-16T07:29:52.045Z. Financial observations: FY2015–FY2026.

Listing currency: USD. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $29.93 per share; close as of 2026-10-15.

Estimated value: low $73.34 per share, central $78.25 per share, high $84.78 per share. Buy at or below the central value $78.25 per share. Valuation as of 2026-10-16T07:29:52.045Z; scenarios are not confidence intervals.

## Checklist

### understandable: fail

- 5 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 5

- Operating margin variation: 2.39×

Chart: Operating margin; fiscal year observations.

- FY2017: -0.71×

- FY2018: -0.17×

- FY2019: 0.44×

- FY2020: -0.37×

- FY2021: -0.73×

- FY2022: -0.54×

- FY2023: -0.37×

- FY2024: -0.68×

- FY2025: 0.45×

- LTM to Jun 2026: 0.62×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: -3.6%

- ROIC, second-lowest year: -26.4%

- Years with nonpositive capital: 6

- Capital spending / revenue: 0.0%

- ROIC including acquisitions, ten-year median: -3.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -1.5%

- FY2017: -7.0%

- FY2018: -3.1%

- FY2019: 36.4%

- FY2020: -26.4%

- FY2021: -33.1%

- FY2022: -4.1%

- FY2023: -2.0%

- FY2024: -5.1%

- FY2025: >100%

### economics: pass

- Owner earnings / net income, 5-yr: 1.29×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 368M

- Net income, five-year total: EUR 285M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 1.9 pp

- Working capital / revenue, change between three-year averages: 14.5 pp

- Working capital / revenue, final three-year average: -2.4%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.92×

- FY2022: 0.87×

- FY2023: 1.12×

- FY2024: 0.72×

- FY2025: 1.13×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -3.1% vs -2.0%

- Per-share earnings: -2.34 to 3.21 (three-year endpoint medians)

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 6.3%

- Ordinary dilution, 5-year annual growth: 0.2%

- Market cap gain: EUR -786M

- Cumulative retained earnings: EUR 323M

- Diluted shares, 10-year annual growth: 6.3%

- Diluted shares, 5-year annual growth: 0.2%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: EUR 5.55

- Per-share value, starting three-year median: EUR -2.34

- Per-share value, ending three-year median: EUR 3.21

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 198M

- Cumulative net income, 10 years: EUR 39M

- ROIC, first three-year median: -3.1%

- ROIC, last three-year median: -2.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 1.14

- FY2017: EUR -2.34

- FY2018: EUR -0.56

- FY2019: EUR 2.49

- FY2020: EUR -4.69

- FY2021: EUR -1.58

- FY2022: EUR -3.32

- FY2023: EUR 3.21

- FY2024: EUR 1.12

- FY2025: EUR 4.87

### accounting: fail

- Sloan accruals exceed 10%

- earnings not backed by cash

- Sloan accruals: 17.0%

- Receivables to sales index (DSRI): 0.41×

- Restructuring years, last five: 0

- Earnings backed by cash: No

- Operating cash / earnings: -0.80×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -17.1%

- FY2017: 2.4%

- FY2018: 7.9%

- FY2019: -50.4%

- FY2020: 2.1%

- FY2021: 7.7%

- FY2022: 6.0%

- FY2023: 14.2%

- FY2024: 9.5%

- FY2025: 17.0%

## Holders

- [David Einhorn](https://gigainvestors.com/GLRE): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 56% since Jan 2022 · sales -10.9%

Story as of 2026-10-16T09:59:04.788Z; price observation 2026-10-15.

### Sales · FY2025–2026

sales -10.9%; source https://www.sec.gov/Archives/edgar/data/1421876/000110465926035163/glpg-20251231x20f.htm; observed 2026-03-26.

- FY2017: EUR 127M 

- FY2018: EUR 279M 

- FY2019: EUR 835M 

- FY2020: EUR 478M 

- FY2021: EUR 234M 

- FY2022: EUR 241M 

- FY2023: EUR 240M 

- FY2024: EUR 276M 

- FY2025: EUR 1.1B 

- FY2026: EUR 991M 

### Gross margin · FY2025

gross margin 97.3%; source https://www.sec.gov/Archives/edgar/data/1421876/000110465926035163/glpg-20251231x20f.htm; observed 2026-03-26.

- FY2024: 87.4% 

- FY2025: 97.3% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in biotechnology; annual sales are EUR 1.1 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1421876/000110465926035163/glpg-20251231x20f.htm (filed 2026-03-26); FY2025: revenue 1112248000; grossProfit 1082512000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); LKFT.US: 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.

### Why customers stay

Margins ranged from 87.4% to 100% during 2023–25; it lost 3.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-26); FY2023: grossProfit / revenue = 100%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-26); FY2024: grossProfit / revenue = 87.4%.

- Source: https://www.sec.gov/Archives/edgar/data/1421876/000110465926035163/glpg-20251231x20f.htm (filed 2026-03-26); FY2025: grossProfit / revenue = 97.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-26); 10-year return on capital observations [[2016,-0.015080011292368951],[2017,-0.07010290595182571],[2018,-0.030630620243459125],[2019,0.3636417426497127],[2020,-0.26369155106433867],[2021,-0.3305870817621721],[2022,-0.040635006418943714],[2023,-0.020451920423847178],[2024,-0.05115309759370377],[2025,2.048709828998713]]; median -0.03563281333120142. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid no dividends in 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-26); FY2016: growth capex 0; upkeep 0; owner earnings 58194000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-26); FY2019: growth capex 0; upkeep 0; owner earnings 162293000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-26); FY2023: growth capex 0; upkeep 19273000; cash acquisitions 7000000; owner earnings 236066000. Growth capex plus acquisitions / owner earnings = 0.029652724238136793.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-26); FY2024: growth capex 15850314.420236558; upkeep 66259685.57976344; cash acquisitions 8949000; owner earnings 53321314.42023656. Growth capex plus acquisitions / owner earnings = 0.46509195600070763.

- Source: https://www.sec.gov/Archives/edgar/data/1421876/000110465926035163/glpg-20251231x20f.htm (filed 2026-03-26); FY2025: growth capex 0; upkeep 13859000; cash acquisitions 0; owner earnings 362900000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-26); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 25.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); LKFT.US SharesStats.PercentInsiders = 25.446999999999996 percentage points; cache date 2026-10-15.

### What the price says

The price is 1.6 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-26); Closing price 29.93 USD; reporting-to-trading FX 1.12043; FY2025 annual sales per share 16.878583243546746; price multiple 1.582654067127559. FY2025 cash earnings/share 5.507079229706967. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $60.62 per share

- 2016-11: $59.12 per share

- 2016-12: $64.19 per share

- 2017-01: $65.10 per share

- 2017-02: $70.55 per share

- 2017-03: $86.19 per share

- 2017-04: $86.86 per share

- 2017-05: $82.33 per share

- 2017-06: $76.52 per share

- 2017-07: $79.35 per share

- 2017-08: $92.49 per share

- 2017-09: $101.75 per share

- 2017-10: $97.48 per share

- 2017-11: $88.18 per share

- 2017-12: $93.76 per share

- 2018-01: $118.22 per share

- 2018-02: $104.21 per share

- 2018-03: $99.76 per share

- 2018-04: $89.13 per share

- 2018-05: $101.83 per share

- 2018-06: $92.18 per share

- 2018-07: $109.52 per share

- 2018-08: $101.36 per share

- 2018-09: $112.43 per share

- 2018-10: $102.73 per share

- 2018-11: $100.72 per share

- 2018-12: $91.74 per share

- 2019-01: $102.64 per share

- 2019-02: $97.62 per share

- 2019-03: $117.78 per share

- 2019-04: $115.00 per share

- 2019-05: $113.64 per share

- 2019-06: $128.93 per share

- 2019-07: $173.40 per share

- 2019-08: $168.17 per share

- 2019-09: $152.66 per share

- 2019-10: $183.97 per share

- 2019-11: $195.81 per share

- 2019-12: $206.83 per share

- 2020-01: $222.88 per share

- 2020-02: $211.36 per share

- 2020-03: $195.92 per share

- 2020-04: $220.45 per share

- 2020-05: $202.78 per share

- 2020-06: $197.29 per share

- 2020-07: $184.14 per share

- 2020-08: $133.16 per share

- 2020-09: $141.91 per share

- 2020-10: $116.48 per share

- 2020-11: $122.61 per share

- 2020-12: $98.98 per share

- 2021-01: $104.30 per share

- 2021-02: $82.60 per share

- 2021-03: $77.09 per share

- 2021-04: $77.77 per share

- 2021-05: $76.14 per share

- 2021-06: $68.89 per share

- 2021-07: $60.54 per share

- 2021-08: $58.82 per share

- 2021-09: $52.61 per share

- 2021-10: $52.99 per share

- 2021-11: $48.58 per share

- 2021-12: $55.13 per share

- 2022-01: $67.50 per share

- 2022-02: $66.23 per share

- 2022-03: $62.02 per share

- 2022-04: $58.18 per share

- 2022-05: $55.01 per share

- 2022-06: $55.80 per share

- 2022-07: $50.91 per share

- 2022-08: $50.06 per share

- 2022-09: $42.64 per share

- 2022-10: $45.54 per share

- 2022-11: $39.77 per share

- 2022-12: $44.38 per share

- 2023-01: $44.17 per share

- 2023-02: $37.49 per share

- 2023-03: $38.64 per share

- 2023-04: $39.00 per share

- 2023-05: $41.36 per share

- 2023-06: $40.66 per share

- 2023-07: $42.35 per share

- 2023-08: $37.89 per share

- 2023-09: $34.55 per share

- 2023-10: $33.44 per share

- 2023-11: $37.43 per share

- 2023-12: $40.65 per share

- 2024-01: $37.57 per share

- 2024-02: $35.11 per share

- 2024-03: $32.20 per share

- 2024-04: $28.45 per share

- 2024-05: $27.82 per share

- 2024-06: $24.78 per share

- 2024-07: $26.67 per share

- 2024-08: $29.12 per share

- 2024-09: $28.79 per share

- 2024-10: $26.44 per share

- 2024-11: $27.64 per share

- 2024-12: $27.50 per share

- 2025-01: $23.00 per share

- 2025-02: $26.08 per share

- 2025-03: $25.12 per share

- 2025-04: $26.92 per share

- 2025-05: $28.76 per share

- 2025-06: $27.99 per share

- 2025-07: $32.82 per share

- 2025-08: $31.44 per share

- 2025-09: $34.64 per share

- 2025-10: $31.78 per share

- 2025-11: $31.32 per share

- 2025-12: $32.70 per share

- 2026-01: $33.88 per share

- 2026-02: $33.66 per share

- 2026-03: $30.00 per share

- 2026-04: $27.83 per share

- 2026-05: $28.35 per share

- 2026-06: $29.98 per share

- 2026-07: $27.21 per share

- 2026-08: $28.50 per share

- 2026-09: $29.65 per share

- 2026-10: $29.93 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/1421876/000110465926035163/glpg-20251231x20f.htm); period 2025-12-31, filed 2026-03-26.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.