Leap Therapeutics Reports Fourth Quarter and Full Year 2019 Financial Results Cambridge, MA

Leap Therapeutics Reports Fourth Quarter

and Full Year 2019 Financial Results

Cambridge, MA - March 16, 2020

- Leap Therapeutics, Inc. (Nasdaq:LPTX), a biotechnology company focused on developing targeted and immuno-oncology therapeutics,

today reported financial results for the fourth quarter and year ended December 31, 2019.

"We ended 2019 having made significant

progress in the clinical development of DKN-01 as both a monotherapy and in combination with other therapies as a treatment for

cancer. We've generated an abundance of data that continues to demonstrate DKN-01's activity against multiple difficult-to-treat

tumor types," said Christopher K. Mirabelli, Ph.D., President and Chief Executive Officer of Leap. "We've carried

this momentum into the new year, having achieved our top corporate goal of securing a strategic partner for development of DKN-01

in the Asia-Pacific region. We look forward to working with BeiGene to bring DKN-01 to patients in this geographic area where the

incidence of esophagogastric cancer is highly prevalent and to develop DKN-01 in combination with tizlelizumab, their anti-PD-1

DKN-01 Clinical Update

DKN-01 is a humanized monoclonal antibody

targeting the DKK1 protein, a Wnt pathway modulator. DKN-01, as a single agent, has achieved partial responses in three different

cancer indications. In combination with immune checkpoint inhibitors and with chemotherapy, DKN-01 has achieved overall response

rates and survival data that is greater than the historical benchmarks, particularly in biomarker targeted patient populations.

As part of the collaboration

with BeiGene, Leap plans to study the combination of DKN-01 and BeiGene's anti-PD-1 antibody, tislelizumab and will evaluate

approximately 40 DKK1-high patients with second-line GC or GEJ. In addition, Leap plans to evaluate the combination of DKN-01 with

tislelizumab and chemotherapy in approximately 20 patients with first-line GC/GEJ. These clinical trials are expected to initiate

in the first half of 2020.

In light of the global emergency

of the new coronavirus, COVID-19, the Society of Gynecologic Oncology will not conduct its 2020 Annual Meeting on Women's

Cancer, previously scheduled for March 28-31, 2020, in Toronto, Canada. Leap is currently awaiting additional information about

the oral presentation that was to be made at the conference and evaluating other data presentation opportunities for the study

in gynecologic cancers.

Selected Year-End and Fourth Quarter

2019 Financial Results

Net loss was $32.9 million for the year

ended December 31, 2019, compared to $23.1 million for the year ended December 31, 2018. This increase was primarily due to increased

research and development expenses and a change in warrant liability accounting.

Research and development expenses were

$24.4 million for the full year 2019, compared to $21.8 million for the same period in 2018. This increase was primarily due to

increased full-year clinical trial costs due to increased patient enrollment, payroll and stock-based compensation expense, offset

by reduced manufacturing expenses of our clinical product candidates and consulting expenses. Research and development expenses

were $5.7 million for the fourth quarter of 2019, compared to $6.9 million for the same period in 2018. This decrease was primarily

due to reduced clinical trial costs in the fourth quarter of 2019 resulting from the maturing of our clinical trials and from lower

manufacturing and consulting expenses.

General and administrative expenses were

$9.1 million for the full year 2019, compared to $8.9 million for the same period in 2018. General and administrative expenses

were $2.6 million for the fourth quarter of 2019, compared to $2.1 million for the same period in 2018. These increases were due

to increases in performance-based and stock-based compensation expense.

Cash, cash equivalents and marketable securities

totaled $3.9 million at December 31, 2019. Research and development incentive receivables totaled $0.2 million. Subsequent to the

financial year end, Leap completed a $27.0 million private placement and received $3.0 million from the agreement with BeiGene.

About Leap Therapeutics

Leap Therapeutics (Nasdaq:LPTX) is focused

on developing targeted and immuno-oncology therapeutics. Leap's most advanced clinical candidate, DKN-01, is a humanized monoclonal

antibody targeting the Dickkopf-1 (DKK1) protein, a Wnt pathway modulator. DKN-01 is in clinical trials in patients with esophagogastric,

hepatobiliary, gynecologic, and prostate cancers. Leap has formed a partnership with BeiGene, Ltd. for the rights to develop DKN-01

in Asia (excluding Japan), Australia, and New Zealand. For more information about Leap Therapeutics, visit http://www.leaptx.com

or our public filings with the SEC that are available via EDGAR at http://www.sec.gov or via https://investors.leaptx.com/.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking

statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934

and the Private Securities Litigation Reform Act of 1995, which involve risks and uncertainties. These statements include statements

regarding expectations with respect to the development and advancement of DKN-01, including the initiation, timing and design of

future studies, enrollment in future studies, potential for the receipt of future option exercise, milestones or royalty payments

from BeiGene, and other future expectations, plans and prospects. Although Leap believes that the expectations reflected in such

forward-looking statements are reasonable as of the date made, forward-looking statements are subject to known and unknown risks,

uncertainties and other factors that could cause actual results to differ materially from our expectations. Such risks and uncertainties

include, but are not limited to: the accuracy of our estimates regarding expenses, future revenues, capital requirements and needs

for financing; the outcome, cost, and timing of our product development activities and clinical trials; the uncertain clinical

development process, including the risk that clinical trials may not have an effective design or generate positive results; our

ability to obtain and maintain regulatory approval of our drug product candidates; the size and growth potential of the markets

for our drug product candidates; our ability to continue obtaining and maintaining intellectual property protection for our drug

product candidates; and other risks. Detailed information regarding factors that may cause actual results to differ materially

will be included in Leap Therapeutics' periodic filings with the SEC, including Leap's Annual Report on Form 10-K for the fiscal

year ended December 31, 2019, as filed with the SEC on March 16, 2020. Any forward-looking statements contained in this release

speak only as of its date. We undertake no obligation to update any forward-looking statements contained in this release to reflect

events or circumstances occurring after its date or to reflect the occurrence of unanticipated events.

is a registered trademark of Merck Sharp & Dohme Corp., a subsidiary of Merck & Co., Inc., Kenilworth, NJ,

USA. OPDIVO is a registered trademark of Bristol-Myers Squibb Company, New York, NY, USA. TECENTRIQ

is a registered trademark of Genentech, Inc., South San Francisco, CA.

Chief Financial Officer

Leap Therapeutics, Inc.

Statements of Operations

except share and per share amounts)

Leap Therapeutics, Inc.

Consolidated Balance Sheets

(in thousands, except share

and per share amounts)

Leap Therapeutics, Inc.

Condensed Consolidated Statements