At the 67th annual meeting of the American Society of Hematology, Galapagos NV presented new Phase 2 data from the ATALANTA-1 study. This study assesses the CAR T cell therapy, GLPG5101, in patients with relapsed or refractory mantle cell lymphoma (MCL). The results indicate high rates of complete responses and minimal residual disease negativity, with durable responses. As of September 2, 2025, 26 patients had undergone leukapheresis, and 25 had received an infusion of GLPG5101, with a dropout rate of 4%.
Intention to Discontinue Cell Therapy Operations
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Galapagos reiterated its intention to discontinue its cell therapy operations, as announced on October 21, 2025. The company continues to conduct its ongoing clinical studies and may consider any viable proposals for the acquisition of all or part of its cell therapy business during this cessation process.
About GLPG5101
GLPG5101 is a second-generation anti-CD19/4-1BB CAR-T candidate product, evaluated for its safety, efficacy, and the feasibility of its decentralized manufacturing in the ATALANTA-1 study. The primary objective of Phase 2 is to assess the objective response rate, while secondary objectives include the complete response rate, duration of response, and overall survival. The study is currently recruiting patients in the United States and Europe.
SectorPharmacie et biotechnologies›Biotechnologies
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Context
Period
Period: S1 2026
Key reported figures
Revenue: 18,6 millions d'euros
Quarterly revenue: 18,6 millions d'euros
Revenue growth: -86,7 %
Net income: 16,6 millions d'euros
Guidance from the release
Maintain year-end 2026 cash guidance of ~€2B, forecast at least €1.6B remaining after portfolio funding
Risks mentioned
Wind-down of cell therapy activities remains ongoing with completion expected by Q3 2026, representing significant portfolio contraction and operational disruption
Collaboration revenues declined 96% year-over-year to €4.5M (from €121.8M in H1 2025) due to full deferred revenue recognition from Gilead platform agreement in 2025
Heavy dependence on gamgertamig development success and regulatory approval timeline; clinical development delays or unfavorable data could materially impact capital allocation and company viability
Opportunities identified
Acquisition of Ouro Medicines completed in June 2026, combining Lakefront and Gilead teams to accelerate gamgertamig development with expected additional proof-of-concept basket studies in autoimmune indications during 2027
Gamgertamig has received Fast Track and Orphan Drug Designation from FDA for AIHA and ITP, with registrational studies expected to commence in 2027
Lakefront maintains strong capital position with €2.24B in cash and investments as of June 30, 2026, providing substantial dry powder (€1.6B minimum) for strategic transactions after portfolio funding to first approval
Outlook / guidance
Expected revenue: 2 013 millions d'euros
Management commentary: Maintain year-end 2026 cash and financial investments balance guidance of ~€2B, and now includes €50M share repurchase. Lakefront forecasts having at least €1.6 billion of its cash remaining for additional strategic transactions and other capital allocation priorities.
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
