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LAVA Reports Fourth Quarter and Full Year 2024 Financial Results and Provides a Business Update

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UTRECHT, The Netherlands and PHILADELPHIA, March 28, 2025 (GLOBE NEWSWIRE) — LAVA Therapeutics N.V. (NASDAQ: LVTX, “LAVA,” “the Company”), a clinical-stage immuno-oncology company focused on developing its proprietary Gammabody® platform of bispecific gamma delta T cell engagers, today announced recent corporate highlights and financial results for the fourth quarter and year ended December 31, 2024.

“LAVA’s approach to maximize shareholder value in 2025 will focus on evaluating strategic options while continuing to enroll patients in our ongoing Phase 1 study of LAVA-1266, and supporting our pharma partnerships,” said Steve Hurly, Chief Executive Officer of LAVA. “The Phase 1 study of LAVA-1266 as a potential treatment for acute myeloid leukemia and myelodysplastic syndrome is progressing. Looking ahead, with a strong cash balance, we believe LAVA is well-positioned to unlock strategic opportunities, and we look forward to updating investors with our progress throughout the year.”

Portfolio Highlights

LAVA-1266 – Phase 1 Trial (ACTRN12624001214527)

Designed to target CD123+ tumor cells for the treatment of hematological malignancies

Johnson & Johnson (J&J) Partnered Program (JNJ-89853413) – Phase 1 Trial (NCT06618001)

Designed to target CD33 and gamma delta T cells with a bispecific gamma delta T cell engager

Pfizer Partnered Program (PF08046052) – Phase 1 Trial (NCT05983133) 

Potential first-in-class epidermal growth factor receptor (EGFR) and bispecific gamma delta T cell receptor-targeted therapy for solid tumors

Fourth Quarter and Year-End 2024 Financial Results

                       
LAVA Therapeutics N.V.
Condensed Consolidated Statements of Operations and Comprehensive Loss
(in thousands, except share and per share amounts) (unaudited)
                       
  Three Months Ended   Year Ended
  December 31,    December 31, 
  2024      2023   2024      2023  
Revenue:                        
Revenue from contracts with customers $ 4,990   $ 353   $ 11,982   $ 6,769
Total revenue   4,990     353     11,982     6,769
Cost and expenses:                        
Cost of revenue   —     (155)     —     (3,482)
Research and development   (8,568)     (2,302)     (28,450)     (32,559)
General and administrative   (3,344)     (3,300)     (13,225)     (14,122)
Total cost and expenses   (11,912)     (5,758)     (41,675)     (50,163)
Operating loss   (6,922)     (5,405)     (29,693)     (43,394)
Other income (expense), net                      
Interest income   863     1,002     3,758     3,672
Interest expense   (125)     (117)     (515)     (470)
Foreign currency exchange gain (loss), net   2,688     (1,851)     1,966     (1,422)
Total other income (expense), net   3,427     (966)     5,209     1,780
Net loss before taxes   (3,495)     (6,370)     (24,484)     (41,614)
Income tax expense, net   (379)     (37)     (630)     (257)
Net loss $ (3,874)   $ (6,408)   $ (25,114)   $ (41,871)
Other comprehensive (expense) income:                      
Foreign currency translation adjustment   (2,054)     2,159     (1,758)     2,075
Comprehensive loss $ (5,928)   $ (4,249)   $ (26,872)   $ (39,796)
                       
                         
Net loss per share, basic and diluted $ (0.14)   $ (0.24)   $ (0.94)   $ (1.57)
Weighted-average common shares outstanding, basic and diluted   26,866,931     26,769,937     26,834,422     26,732,556
                       
                       
             
LAVA Therapeutics N.V.
Condensed Consolidated Balance Sheets
(in thousands) (unaudited)
             
    As of December 31,
    2024      2023
Assets               
Current assets:            
Cash and cash equivalents   $ 35,015   $ 44,231
Short-term investments     41,561     51,340
Prepaid expenses     1,072     1,627
Other current assets     1,649     1,699
Total current assets     79,297     98,897
Property and equipment, net     1,002     1,602
Operating lease right-of-use assets     441     855
Other non-current assets     91     319
Total assets   $ 80,831   $ 101,673
Liabilities and shareholders’ equity            
Current liabilities:            
Accounts payable   $ 2,722   $ 4,446
Accrued expenses and other current liabilities     10,083     4,751
Borrowings     4,886     5,282
Current portion of operating lease liabilities     315     415
Total current liabilities     18,006     14,894
Non-current portion of deferred revenue     35,000     35,000
Non-current portion of operating lease liabilities     80     415
Total liabilities     53,086     50,309
Commitments and contingencies            
Shareholders’ equity:            
Common stock     3,717     3,715
Additional paid-in capital     211,656     208,405
Accumulated deficit     (174,973)     (149,859)
Accumulated other comprehensive loss     (12,655)     (10,897)
Total shareholders’ equity     27,745     51,364
Total liabilities and shareholders’ equity   $ 80,831   $ 101,673
             

About LAVA Therapeutics

LAVA Therapeutics N.V. is a clinical-stage immuno-oncology company focused on advancing its proprietary Gammabody® platform to develop a portfolio of bispecific gamma-delta T cell engagers for the potential treatment of solid tumors and hematologic malignancies. The Company utilizes bispecific antibodies engineered to selectively kill cancer cells by triggering Vγ9Vδ2 (Vgamma9 Vdelta2) T cell anti-tumor effector functions upon cross-linking to tumor-associated antigens.

LAVA’s pipeline includes three internal and partnered clinical-stage bispecific gamma-delta T cell engagers for the treatment of solid tumor and hematological cancers including LAVA 1266, targeting CD123+ cancers (ACTRN12624001214527); PF-08046052, targeting EGFR (NCT05983133); and JNJ-89853413, targeting hematological cancers (NCT06618001). The pipeline also includes preclinical programs. For more information on LAVA, please visit our website at www.lavatherapeutics.com or follow us on LinkedIn, X, and YouTube.

Gammabody® is a registered trademark of LAVA Therapeutics N.V.

LAVA’s Cautionary Note on Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “anticipate”, “believe”, “could”, “will”, “may”, “expect”, “should”, “plan”, “intend”, “estimate”, “potential”, “suggests”, and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. These forward-looking statements are based on LAVA’s expectations and assumptions as of the date of this press release and are subject to various risks and uncertainties that may cause actual results to differ materially from these forward-looking statements. Forward-looking statements contained in this press release include but are not limited to statements relating to LAVA’s evaluation of strategic alternatives and transactions to maximize shareholder value, LAVA’s ability to preserve capital and the sufficiency of cash on hand, the reduction in force, as well as the therapeutic potential, development strategy and potential uses of LAVA’s product candidates, including LAVA-1266, the timing of initiation of clinical trials and achievement of clinical milestones, LAVA’s cash runway and the sufficiency of resources to pursue development activities, progress and data from clinical trials, and the ability of LAVA’s product candidates to treat various tumor targets and improve patient outcomes, among others. Many factors, risks and uncertainties may cause differences between current expectations and actual results, including, among other things, the Company’s ability to leverage its initial programs to develop additional product candidates using its Gammabody® platform, the failure of LAVA’s collaborators to support or advance collaborations or LAVA’s product candidates, the timing and results of LAVA’s research and development programs and preclinical and clinical trials, the possibility that clinical trials may fail to establish sufficient efficacy, the risk that adverse events or safety signals may occur in clinical trials, the risk that results obtained in preclinical studies or clinical trials to date may not be indicative of results obtained in ongoing or future trials, the risk that adverse regulatory actions or other setbacks could occur in clinical trials even after promising results in earlier clinical trials or preclinical studies, the Company’s ability to obtain regulatory approval for and commercialize its product candidates, LAVA’s ability to identify any strategic alternatives or if so identified, be able to consummate any such transactions on terms acceptable to LAVA and its shareholders, and the risk that setbacks in development could occur as a result of the difficulty and uncertainty of pharmaceutical product development and other factors. There may be adverse effects on the Company’s business condition and results from general economic and market conditions and overall fluctuations in the United States and international equity markets, including as a result of inflation, heightened interest rates, recent and potential future pandemics and other health crises, and hostilities, including the Russian invasion of Ukraine and the conflict in the Middle East.  These and other risks are described in greater detail under the caption “Risk Factors” in LAVA’s most recent Annual Report on Form 10-K and other filings the Company makes with the Securities and Exchange Commission. LAVA assumes no obligation to update any forward-looking statements contained herein to reflect any change in expectations, even as new information becomes available.

CONTACTS
Investor Relations
ir@lavatherapeutics.com

LifeSci Advisors (IR/Media)
Joyce Allaire
Jallaire@lifesciadvisors.com


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