GLPG

• Henry Gosebruch marks one-year anniversary as CEO, team transformed, portfolio repositioned, name changed to Lakefront Biotherapeutics. - New board chair Gino Santini with extensive pharma experience. - Entered binding agreement with Gilead regarding Oral Medicines portfolio, including on Oro's lead program Gemgur Demeke. - Q1 2026 revenues from supply and collaboration, R&D expenses reduced, operating loss improved, net profit due to net financial income. - Expect to spend 60 - 75 million euros on ORO-related cash expenditures in 2026, with total ORO-related cash expenditures 775 - 790 million euros, and one-time cash costs 125 - 175 million euros for wind down of cell therapy activities, expecting to end the year with 1.975 - 2.05 billion euros of cash and cash equivalents. - New name Lakefront Biotherapeutics symbolizes new beginning, to be listed as LKFT on Euronext and NASDAQ from May 8th.

• Expect to spend 60 to 75 million euros on ORO-related cash expenditures in 2026, with total ORO-related cash expenditures 775 to 790 million euros. - One-time cash costs related to wind down of cell therapy activities expected to be 125 to 175 million euros. - Expect to end 2026 with 1.975 to 2.05 billion euros of cash and cash equivalents. - Company remains robustly funded, with majority of current cash remaining for additional strategic transactions and other capital allocation priorities.

Total net revenues in Q1 2026 were 6.5 million euros, down from 75 million euros in Q1 2025. Revenues in Q1 2026 were primarily from 4.9 million euros in supply revenues from Giseleca inventory sales to Alpha Sigma and 1.6 million euros in collaboration revenues from royalties from Gilead. R&D expenses decreased to 31 million euros, operating loss improved to 63.7 million euros from 158.7 million euros last year, net financial income was 77.7 million euros leading to a net profit of 14.5 million euros. Financial investments and cash and cash equivalents totaled 2,982.2 million euros on March 31st, 2026, compared to 3,297 million euros on March 31, 2025.

Q: Brian Abrahams from RBC Capital Markets asked about dose ranging data, B cell depletion depth and durability, CRS rate reductions, registrational trial selection and size.

A: Henry and Eric responded, mentioning data to show rapid onset, deep depletion, good durability, dose and schedule to minimize CRS and infectious risk, and Oro team working on identifying doses for Phase 3.

Q: Judah from Morgan Stanley asked about space evolution and development plans.

A: Henry responded, saying they believe Gamgur Demike is best alternative, others investing in space is good for patients, Oro team picked interesting indications with timing advantage.

Q: Phil Nadeau from TD Cohen asked about Gamgirtimic differentiation and indication prioritization.

A: Eric talked about molecule's cd3 binding arm detuning and potent BCMA binding, Dan talked about indication selection based on mechanistic hypothesis, clinical need, and capital efficiency.

Q: Sean McCutcheon from Raymond James asked about BD optionality and infection risk.

A: Henry talked about flexibility and high hurdle for BD deals, Eric talked about infectious risk related to B-cell depletion duration.

Q: Matthijs Gerts Donau from KEBCS asked about Galapagos 3667 program.

A: Henry said they are analyzing options for 3667, process advanced but not commenting further.