Lakefront Biotherapeutics (LKFT) said Tuesday it has launched a share repurchase program of up to 50 million Euros, with repurchases to be conducted in the open market through December 31.

The program is being executed with Morgan Stanley as counterparty, the company said.

The buyback forms part of a broader authorization of up to $150 million in share repurchases tied to the company's transaction with Gilead, announced in March 2026, CFO Aaron Cox said.

Lakefront said it may suspend or terminate the program at any time.