Springs New Hope

Flame Biosciences developed a pipeline of monoclonal antibodies targeting cancer and inflammatory diseases. The company raised significant funding ($100 million in a common stock offering three years prior to acquisition), with institutional investors including Rock Springs Capital and T. Rowe Price Associates. In January 2023, it was acquired by Leap Therapeutics in an all-stock deal that transferred its assets—including two main antibody programs—to Leap. Shareholders received shares of Leap plus contingent value rights on future licensing proceeds from the two lead therapies. The combined entity continues under the leadership of Leap’s management team, with an extended cash runway into mid-2025.