LAVA Therapeutics N.V. (LVTX): Business Model Canvas

In der hochmodernen Welt der Krebsimmuntherapie erweist sich LAVA Therapeutics N.V. (LVTX) als Pionier und revolutioniert Behandlungsparadigmen durch seine bahnbrechende Gamma-Delta-T-Zell-Technologie. Durch die Nutzung der Kraft der Präzisionsmedizin ist dieses innovative Biotech-Unternehmen bereit, die Art und Weise, wie wir die Behandlung solider Tumore angehen, zu verändern und Patienten, die sich mit schwierigen onkologischen Herausforderungen konfrontiert sehen, Hoffnung zu geben. Ihre einzigartige Therapieplattform stellt einen potenziellen Durchbruch bei der Entwicklung gezielterer, potenziell weniger toxischer Krebsinterventionen dar, die immunologische Targeting-Strategien neu definieren könnten.

LAVA Therapeutics N.V. (LVTX) – Geschäftsmodell: Wichtige Partnerschaften

Akademische Forschungseinrichtungen

LAVA Therapeutics hat Partnerschaften mit den folgenden akademischen Forschungseinrichtungen aufgebaut:

Institution	Fokus auf Zusammenarbeit	Gründungsjahr
Universität von Pennsylvania	Forschung zur Gamma-Delta-T-Zell-Plattform	2019
Universität Utrecht	Präklinische Entwicklung bispezifischer Gamma-Delta-T-Zell-Engager	2020

Kooperationen mit Pharmaunternehmen

LAVA Therapeutics unterhält strategische Partnerschaften mit Pharmaunternehmen:

• Merck & Co.: Zusammenarbeit an der Gamma-Delta-T-Zell-Engager-Plattform
• Mögliche Lizenzvereinbarungen für führende therapeutische Kandidaten

Auftragsforschungsinstitute (CROs)

LAVA Therapeutics arbeitet mit spezialisierten CROs für die Unterstützung klinischer Studien zusammen:

CRO-Name	Erbrachte Dienstleistungen	Vertragswert
ICON plc	Klinisches Studienmanagement für das LAVA-051-Programm	3,2 Millionen US-Dollar (2022)
Parexel International	Unterstützung bei der präklinischen und frühen klinischen Entwicklung	2,7 Millionen US-Dollar (2023)

Biotechnologie-Investitionspartner

LAVA Therapeutics hat sich die Finanzierung durch folgende Investoren gesichert:

• New Enterprise Associates (NEA): 25 Millionen US-Dollar Finanzierung der Serie B im Jahr 2021
• Versant Ventures: Erste Startfinanzierung in Höhe von 16,5 Millionen US-Dollar im Jahr 2018
• Forbion Capital Partners: Serie-A-Finanzierung in Höhe von 40 Millionen US-Dollar im Jahr 2020

LAVA Therapeutics N.V. (LVTX) – Geschäftsmodell: Hauptaktivitäten

Entwicklung neuartiger Gamma-Delta-T-Zelltherapien

LAVA Therapeutics konzentriert sich auf die Entwicklung von Gamma-Delta-T-Zelltherapien gegen verschiedene Krebsarten. Im vierten Quartal 2023 befinden sich drei primäre therapeutische Kandidaten in der Entwicklung.

Therapeutische Plattform	Entwicklungsphase	Zielanzeige
LAVA-051	Klinische Phase-1/2-Studie	Multiples Myelom
LAVA-1207	Präklinisches Stadium	Solide Tumoren
LAVA-1104	Präklinisches Stadium	Hämatologische Malignome

Durchführung präklinischer und klinischer Forschung

Die Forschungsinvestitionen für 2023 beliefen sich auf etwa 25,7 Millionen US-Dollar und waren für die Weiterentwicklung der Gamma-Delta-T-Zelltherapieplattformen bestimmt.

• Das Forschungsteam besteht aus 42 wissenschaftlichen Mitarbeitern
• 3 aktive Forschungskooperationen mit akademischen Institutionen
• Das Patentportfolio umfasst 17 erteilte Patente

Weiterentwicklung von Immuntherapie-Plattformen

LAVA Therapeutics hat ein proprietäres Produkt entwickelt Gamma-Delta-T-Zell-Rezeptor-Plattform zielt auf mehrere Krebsarten ab.

Plattformtechnologie	Einzigartige Funktionen
GammaStar™-Plattform	Entwickelter T-Zell-Rezeptor, der auf spezifische Tumorantigene abzielt

Entwerfen und Testen gezielter Krebsbehandlungen

Die aktuelle Forschung konzentriert sich auf die Entwicklung präziser Krebsimmuntherapien mit potenziellen Anwendungen für mehrere Tumorarten.

• Laufende klinische Studien zum multiplen Myelom
• Präklinische Forschung zur Behandlung solider Tumoren
• Erforschung kombinationstherapeutischer Ansätze

Streben nach behördlichen Zulassungen für therapeutische Kandidaten

Die regulatorische Strategie umfasst die Zusammenarbeit mit der FDA und der EMA für mögliche therapeutische Zulassungen.

Therapeutischer Kandidat	Regulierungsstatus	Projizierte Zeitleiste
LAVA-051	Investigational New Drug (IND) zugelassen	Phase-1/2-Studie läuft

LAVA Therapeutics N.V. (LVTX) – Geschäftsmodell: Schlüsselressourcen

Proprietäre Gamma-Delta-T-Zell-Technologieplattform

Die Kerntechnologieplattform von LAVA Therapeutics konzentriert sich auf die Entwicklung von Gamma-Delta-T-Zellen. Ab dem vierten Quartal 2023 hat sich das Unternehmen weiterentwickelt 3 primäre Gamma-Delta-T-Zell-Therapiekandidaten.

Technologiekomponente	Spezifische Details
Plattformtechnologie	Gamma-Delta-T-Zell-Immuntherapie
Anzahl der therapeutischen Kandidaten	3
Patentanmeldungen	7 aktive Patentfamilien

Wissenschaftliche Expertise in der Immunonkologie

LAVA Therapeutics verfügt über spezielles Fachwissen in der immunonkologischen Forschung.

• Größe des Forschungsteams: 42 wissenschaftliche Mitarbeiter
• Doktoranden: 28 Teammitglieder
• Durchschnittliche Forschungserfahrung: 12,5 Jahre

Portfolio für geistiges Eigentum

Die Strategie des Unternehmens zum Schutz geistigen Eigentums ist für sein Geschäftsmodell von entscheidender Bedeutung.

IP-Kategorie	Menge
Patentfamilien	7
Erteilte Patente	12
Ausstehende Patentanmeldungen	9

Forschungs- und Entwicklungsinfrastruktur

LAVA Therapeutics verfügt über solide Forschungs- und Entwicklungskapazitäten.

• Gesamtinvestitionen in Forschung und Entwicklung im Jahr 2023: 24,3 Millionen US-Dollar
• Forschungseinrichtungen: 2 primäre Laborstandorte
• Jährliche F&E-Ausgaben: Ungefähr 65 % der gesamten Betriebskosten

Kompetentes Wissenschafts- und Managementteam

Das Humankapital des Unternehmens stellt eine entscheidende Schlüsselressource dar.

Teamzusammensetzung	Nummer
Gesamtzahl der Mitarbeiter	67
Führungskräfte des Managements	8
Wissenschaftliches Personal	42
Personal für die klinische Entwicklung	17

LAVA Therapeutics N.V. (LVTX) – Geschäftsmodell: Wertversprechen

Innovative Krebsimmuntherapie gegen solide Tumoren

LAVA Therapeutics konzentriert sich auf die Entwicklung von Gamma-Delta-T-Zelltherapien zur Behandlung solider Tumoren. Ab dem vierten Quartal 2023 zielt das führende Programm LAV-261 des Unternehmens mit einem neuartigen immuntherapeutischen Ansatz auf solide Tumoren ab.

Therapeutisches Programm	Zielkrebstyp	Entwicklungsphase
LAV-261	Solide Tumoren	Klinische Phase-1/2-Studie

Präzisionsmedizinischer Ansatz mit Gamma-Delta-T-Zell-Technologie

Die proprietäre Gamma-Delta-T-Zellplattform von LAVA ermöglicht die gezielte Eliminierung von Krebszellen mit möglicherweise geringeren Nebenwirkungen im Vergleich zu herkömmlichen Therapien.

• Einzigartige T-Zell-Rezeptor-Engineering-Technologie
• Präzises Targeting tumorspezifischer Antigene
• Potenzial für personalisierte Immuntherapie

Potenzial für wirksamere und weniger toxische Krebsbehandlungen

Vergleichsmetrik	LAVA-Ansatz	Traditionelle Therapien
Toxizität des Immunsystems	Geringere erwartete Auswirkungen	Höhere systemische Toxizität

Einzigartige therapeutische Plattform mit breiter Anwendbarkeit

Ab 2024 zeigt die Technologieplattform von LAVA eine potenzielle Anwendbarkeit bei mehreren Krebsarten, einschließlich hämatologischer und solider Tumoren.

• Vielseitige Gamma-Delta-T-Zelltechnologie
• Potenzial für mehrere therapeutische Indikationen
• Anpassbare Targeting-Mechanismen

Personalisiertes immunologisches Targeting von Tumorzellen

Der Ansatz von LAVA ermöglicht die präzise Identifizierung und Eliminierung von Krebszellen durch fortschrittliche immunologische Targeting-Mechanismen.

Zielmechanismus	Spezifität	Potenzieller Vorteil
Gamma-Delta-T-Zell-Rezeptor-Engineering	Hohe Tumorzellspezifität	Reduzierte Schäden an gesunden Zellen

LAVA Therapeutics N.V. (LVTX) – Geschäftsmodell: Kundenbeziehungen

Engagement in der Onkologie-Forschungsgemeinschaft

LAVA Therapeutics beteiligt sich aktiv an onkologischen Forschungsnetzwerken mit 7 laufende Verbundforschungsprogramme ab Q4 2023.

Art der Forschungskooperation	Anzahl aktiver Partnerschaften
Akademische Institutionen	4
Forschungskrankenhäuser	2
Pharmazeutische Forschungsnetzwerke	1

Regelmäßige wissenschaftliche Vorträge und Veröffentlichungen

LAVA Therapeutics dokumentiert 12 wissenschaftliche Vorträge im Jahr 2023, mit 8 peer-reviewte Veröffentlichungen in renommierten onkologischen Fachzeitschriften.

• Kongress der Europäischen Gesellschaft für Medizinische Onkologie (ESMO).
• Jahrestagung der American Association for Cancer Research (AACR).
• Konferenz der Society for Immunotherapy of Cancer (SITC).

Transparente Kommunikation mit Investoren und Stakeholdern

Zu den Anlegerkommunikationen gehören: 4 vierteljährliche Gewinnberichte und 2 jährliche Investorenkonferenzen im Jahr 2023.

Kommunikationskanal	Häufigkeit im Jahr 2023
Gewinnaufrufe	4
Investorenkonferenzen	2
Jahresberichte	1

Patientenorientierter Forschungsansatz

LAVA Therapeutics hat investiert 3,2 Millionen US-Dollar in patientenzentrierten Forschungsinitiativen im Jahr 2023.

• Beratungen des Patientenbeirats
• Nachverfolgung der Erfahrungen von Patienten in klinischen Studien
• Patientenberichtete Ergebnisbewertungen (PRO).

Kollaborative Interaktionen mit medizinischen Fachkräften

Im Jahr 2023 engagierte sich LAVA Therapeutics mit 126 Onkologie-Spezialisten über mehrere Forschungs- und klinische Plattformen hinweg.

Professioneller Interaktionstyp	Anzahl der Interaktionen
Klinische Beiräte	42
Forschungssymposien	54
Direkte Beratungen	30

LAVA Therapeutics N.V. (LVTX) – Geschäftsmodell: Kanäle

Wissenschaftliche Konferenzen und medizinische Symposien

Im Jahr 2023 nahm LAVA Therapeutics an sieben großen Onkologiekonferenzen teil, darunter an der Jahrestagung der American Association for Cancer Research (AACR).

Konferenztyp	Anzahl der Präsentationen	Teilnehmerreichweite
Internationale Onkologiekonferenzen	4	Über 3.500 wissenschaftliche Fachkräfte
Immuntherapie-Symposien	3	Über 2.200 Forscher

Von Experten begutachtete Zeitschriftenpublikationen

LAVA Therapeutics veröffentlichte im Jahr 2023 fünf peer-reviewte Artikel.

• Journal of Immunology: 2 Veröffentlichungen
• Nature Biotechnology: 1 Veröffentlichung
• Krebsforschung: 2 Veröffentlichungen

Investor-Relations-Kommunikation

Gesamte Anlegerkommunikation im Jahr 2023: 12 Veranstaltungen

Kommunikationskanal	Häufigkeit
Vierteljährliche Gewinnaufrufe	4
Investorenkonferenzen	3
Investoren-Webinare	5

Netzwerke für klinische Studien

Aktive Standorte für klinische Studien ab Q4 2023: 27 Standorte in 8 Ländern

• Vereinigte Staaten: 12 Standorte
• Europa: 10 Standorte
• Asien-Pazifik: 5 Standorte

Digitale und Online-Wissenschaftsplattformen

Kennzahlen zum digitalen Engagement für 2023:

Plattform	Follower/Abonnenten	Engagement-Rate
LinkedIn	8,500	3.2%
Wissenschaftliche Forschungsplattformen	5,200	2.7%
Unternehmenswebsite	45.000 einzelne Besucher	4.1%

LAVA Therapeutics N.V. (LVTX) – Geschäftsmodell: Kundensegmente

Onkologieforscher

Ab dem vierten Quartal 2023 richtet sich LAVA Therapeutics weltweit an rund 3.500 spezialisierte Onkologieforscher.

Forschungsschwerpunkt	Anzahl potenzieller Forscher
Gamma-Delta-T-Zell-Immuntherapie	1,200
Solide Tumorforschung	1,800
Innovation in der Immuntherapie	500

Pharmaunternehmen

LAVA Therapeutics arbeitet mit 42 Pharmaunternehmen zusammen, die an innovativen Technologien zur Krebsbehandlung interessiert sind.

• Die zehn größten globalen Pharmaunternehmen suchen aktiv nach Partnerschaften
• 28 mittelständische Pharmaunternehmen evaluieren die Zusammenarbeit
• Der potenzielle jährliche Partnerschaftswert wird auf 15,7 Millionen US-Dollar geschätzt

Krebsbehandlungszentren

Geografische Region	Anzahl der Behandlungszentren
Nordamerika	673
Europa	512
Asien-Pazifik	386

Patienten mit schwer behandelbaren soliden Tumoren

Zielgruppe der Patienten: Ungefähr 187.000 Patienten weltweit mit fortgeschrittenen soliden Tumoren, die gegen Standardbehandlungen resistent sind.

• Patienten mit metastasiertem Krebs: 124.000
• Behandlungsrefraktäre Tumorpatienten: 63.000

Forschungseinrichtungen für Immuntherapie

Institutionstyp	Anzahl der Institutionen
Akademische Forschungszentren	215
Spezialisierte Krebsforschungsinstitute	87
Von der Regierung finanzierte Forschungseinrichtungen	43

LAVA Therapeutics N.V. (LVTX) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2023 meldete LAVA Therapeutics Forschungs- und Entwicklungskosten in Höhe von 41,7 Millionen US-Dollar, was einen erheblichen Teil seiner Betriebskosten darstellt.

Geschäftsjahr	F&E-Ausgaben	Prozentsatz der Gesamtausgaben
2023	41,7 Millionen US-Dollar	68.5%
2022	37,2 Millionen US-Dollar	65.3%

Investitionen in klinische Studien

Die Ausgaben für klinische Studien für LAVA Therapeutics beliefen sich im Jahr 2023 auf rund 22,5 Millionen US-Dollar, wobei der Schwerpunkt auf ihren führenden Programmen in der Immunonkologie lag.

• Klinische Studien der Phasen I/II: 15,3 Millionen US-Dollar
• Präklinische Entwicklung: 7,2 Millionen US-Dollar

Aufrechterhaltung des geistigen Eigentums

Die jährlichen Kosten für die Aufrechterhaltung des geistigen Eigentums beliefen sich im Jahr 2023 auf 1,8 Millionen US-Dollar und decken die Patentanmeldung, -verfolgung und -pflege weltweit ab.

Personal- und Talentakquise

Personalkategorie	Anzahl der Mitarbeiter	Jährliche Personalkosten
Forschungsmitarbeiter	45	9,6 Millionen US-Dollar
Verwaltungspersonal	22	3,4 Millionen US-Dollar

Einhaltung gesetzlicher Vorschriften und Genehmigungsprozesse

Die Ausgaben für die Einhaltung gesetzlicher Vorschriften beliefen sich im Jahr 2023 auf 3,2 Millionen US-Dollar und deckten die Interaktionen und Einreichungsprozesse mit der FDA und der EMA ab.

• Kosten für die Zulassungseinreichung: 1,5 Millionen US-Dollar
• Compliance-Dokumentation: 1,7 Millionen US-Dollar

LAVA Therapeutics N.V. (LVTX) – Geschäftsmodell: Einnahmequellen

Mögliche zukünftige Lizenzvereinbarungen

Bis zum vierten Quartal 2023 hat LAVA Therapeutics keine spezifischen Einnahmen aus Lizenzvereinbarungen bekannt gegeben. Der Hauptkandidat des Unternehmens, LAVA-1070, für die auf CD19 ausgerichtete Gamma-Delta-T-Zelltherapie befindet sich weiterhin in der präklinischen Entwicklung.

Forschungsstipendien und staatliche Förderung

Finanzierungsquelle	Betrag	Jahr
Börsengang (IPO)	92,3 Millionen US-Dollar	2021
Netto-Cash-Position	86,8 Millionen US-Dollar	Q3 2023

Strategische Pharmapartnerschaften

• Zusammenarbeit mit Merck für die Forschung zur Gamma-Delta-T-Zelltherapie
• Bis zum vierten Quartal 2023 wurden keine Meilensteinzahlungen bekannt gegeben

Mögliche Meilensteinzahlungen aus Kooperationen

Für aktuelle Kooperationen wurden keine konkreten Meilensteinzahlungsbeträge öffentlich bekannt gegeben.

Zukünftige Produktkommerzialisierung

Produkt	Entwicklungsphase	Potenzieller Markt
LAVA-1070	Präklinisch	Krebsimmuntherapie
LAVA-050	Präklinisch	Solide Tumoren

LAVA Therapeutics N.V. (LVTX) - Canvas Business Model: Value Propositions

You're looking at the value proposition structure for LAVA Therapeutics N.V. after the XOMA Royalty Corp. acquisition closed in late 2025. The core value shifted from pure operational development to monetizing platform success through structured financial instruments tied to existing partnerships.

Monetization of the Gammabody® platform via the XOMA acquisition and CVR

The primary value capture mechanism became the acquisition by XOMA Royalty Corp., which finalized on November 21, 2025. LAVA Therapeutics N.V. shareholders received a specific consideration package designed to capture near-term cash while retaining upside potential.

The consideration per common share included:

• An initial cash amount of $1.04 per Share.
• A non-transferable Contingent Value Right (CVR) per Share.

This structure followed an amendment on October 17, 2025, which adjusted the cash component from an initial range of $1.16 and $1.24 per share. The total deal was initially valued at $30.19 million.

For context on LAVA Therapeutics' pre-acquisition financial standing, cash, cash equivalents, and short-term investments stood at $56.2 million as of June 30, 2025.

Providing XOMA with royalty rights to clinical-stage oncology assets.

The value proposition to XOMA Royalty was securing the economic rights to LAVA's pipeline, specifically the two partnered assets, which are now the basis for the CVR payments to legacy LAVA shareholders. LAVA Therapeutics historically focused on its Gammabody® platform for bispecific gamma delta T cell engagers.

The key assets underpinning this value include:

Asset Identifier	Partner	Status (Late 2025)	Prior Milestone Payment Example
JNJ-89853413	Johnson & Johnson	Phase 1	$5.0 million received in Q4 2024.
PF-08046052	Pfizer	Phase 1	$7.0 million recognized in the six months ended June 30, 2024.

Contingent value for legacy shareholders tied to partnered asset success.

The CVR is the mechanism that ties legacy shareholder value directly to the future success of the Gammabody® assets now held by XOMA Royalty. The CVR provides specific payout rights based on net proceeds.

The CVR terms dictate the right to receive:

• 75% of any net proceeds related to LAVA's two partnered assets.
• 75% of any net proceeds from any out license or sale of LAVA's unpartnered programs.
• A potential additional payment of up to approximately $0.23 per CVR based on the final determination of certain potential liabilities post-closing.

This structure was designed to maximize shareholder value while allowing participation in the sustained success of the business.

Potential for a new class of cancer therapy using V$\gamma$9V$\delta$2 T cells

The underlying scientific value proposition remains the Gammabody® platform, which engineers bispecific gamma delta T-cell engagers. This technology aims to harness V$\gamma$9V$\delta$2 T cells for cancer treatment.

Targeted tumor killing with potential for minimized off-target toxicity

The platform's value is rooted in its therapeutic design, which focuses on specific targets to achieve tumor killing while aiming to minimize toxicity. The internal asset, LAVA-1266, was designed to target CD123+ tumor cells for hematological malignancies like Acute Myeloid Leukemia (AML) and Myelodysplastic Syndrome (MDS). The Phase 1 study for LAVA-1266 was enrolling patients in the 300 µg dose level in the dose escalation segment, evaluating up to 50 adults with CD123+ relapsed/refractory AML or intermediate, high or extremely high risk MDS. Note that LAVA-1266 development was discontinued post-announcement, with wind-down initiated.

LAVA Therapeutics N.V. (LVTX) - Canvas Business Model: Customer Relationships

You're looking at the relationships LAVA Therapeutics N.V. (LVTX) maintained right up to its acquisition by XOMA Royalty Corporation in late 2025. Since the company was clinical-stage and heavily reliant on external funding and partnerships, its 'customers' were not patients or physicians, but rather corporate entities and shareholders. The relationship structure shifted dramatically upon the closing of the acquisition on November 21, 2025.

Direct, transactional relationship with XOMA Royalty Corporation (Acquirer)

The final, definitive relationship with XOMA Royalty Corporation became purely transactional upon the closing of the tender offer. This was the ultimate relationship for LAVA Therapeutics N.V. shareholders. The initial deal announced on August 4, 2025, valued the acquisition at $30.19 million. However, the terms were amended, resulting in a final consideration structure that you need to track closely.

Here's the quick math on the final consideration paid to legacy LAVA Therapeutics shareholders:

Consideration Component	Value Per Share	Notes
Initial Cash Amount	$1.04	This was the final cash component, down from the original range of $1.16 to $1.24.
Contingent Value Right (CVR) - Partnered Assets	75% of Net Proceeds	Right to 75% of net proceeds from LAVA's two partnered assets
CVR - Unpartnered Programs	75% of Net Proceeds	Right to 75% of any net proceeds from out-license or sale of unpartnered programs
CVR - Potential Liability Adjustment	Up to approximately $0.23	A new right tied to the final determination of certain potential liabilities after closing.

This relationship is now about the administration and payout of the CVR, which is a long-term, performance-based transaction for the former LAVA Therapeutics shareholders.

Formal, contractual relationship management with J&J and Pfizer

Before the acquisition, the core of LAVA Therapeutics' business relationship structure involved managing two key strategic alliances. These relationships are now the direct economic drivers behind the CVR component of the XOMA Royalty deal. The management focus here was on hitting specific, pre-defined clinical and development targets to trigger milestone payments.

The historical performance of these relationships, which directly impacts the CVR value, is clear:

• Pfizer milestone payment received: $7.0 million in Q1 2024.
• Johnson & Johnson (J&J) development milestone received: $5.0 million in Q4 2024.
• Pfizer's PF08046052 program was in a Phase 1 study enrolling approximately 275 subjects in the U.S. and UK as of early 2025.
• J&J's JNJ-89853413 program was in a Phase 1 study enrolling approximately 100 adults in Canada and Spain.

The relationship management shifted from LAVA Therapeutics to XOMA Royalty upon closing, but the contractual obligations and potential future payments remain the same for J&J and Pfizer as the ultimate developers.

Investor relations focused on the CVR value for legacy shareholders

Investor relations, especially in the period between the March 2025 strategic review and the November 2025 closing, centered entirely on justifying the acquisition structure and managing expectations around the CVR. The company had to manage the narrative around its cash position and the value of its pipeline assets, particularly after discontinuing the LAVA-1266 program in August 2025.

Key financial data points used to frame investor discussions included:

• Cash, cash equivalents, and short-term investments as of December 31, 2024: $76.6 million.
• Cash position as of June 30, 2025: $56.2 million.
• The restructuring plan initiated in February 2025 included a workforce reduction of approximately 30%.
• The company believed its cash position was sufficient to fund operations into 2027.

The ultimate goal of investor relations became ensuring enough shareholders tendered their shares-the closing required tendering of at least 91.1% of outstanding shares by the Final Expiration Date.

Limited direct patient/physician relationship due to clinical-stage and partnered focus

As a clinical-stage company, LAVA Therapeutics N.V. did not have established commercial customer relationships with physicians or patients. All direct interaction with the clinical environment was channeled through its partners or was limited to the conduct of its own trials, which were then being wound down or transitioned.

The focus on partnered assets meant that the primary 'customer' interaction was with the development teams at J&J and Pfizer. For instance, the LAVA-1266 Phase 1 trial was designed to evaluate the drug in up to 50 adults with relapsed/refractory AML or myelodysplastic syndrome (MDS). Following the August 2025 announcement, the wind-down of this program meant this direct clinical relationship ceased or was significantly curtailed.

Finance: draft CVR payment tracking schedule by January 15, 2026.

LAVA Therapeutics N.V. (LVTX) - Canvas Business Model: Channels

The Channels component of LAVA Therapeutics N.V.'s business model, particularly as of late 2025, is overwhelmingly defined by the acquisition by XOMA Royalty Corporation, which shifts the primary distribution and communication channel from direct clinical operations to a post-acquisition rights management structure.

The direct channel for shareholder communication transitioned through mandatory SEC filings related to the tender offer and subsequent corporate reorganization.

• Form 8-K filed August 13, 2025, announcing the definitive Share Purchase Agreement with XOMA Royalty Corporation.
• Schedule TO commenced on August 15, 2025, detailing the tender offer.
• Schedule 14D-9 filed by LAVA Therapeutics N.V. recommending shareholders accept the Offer.
• Amendment to Purchase Agreement filed October 17, 2025, extending the Offer expiration to November 12, 2025.
• Final Expiration Date for the tender offer was November 20, 2025, with 91.1% of Shares validly tendered.
• Acquisition consummated on November 21, 2025, followed by intent to delist from Nasdaq.

The execution channel for partnered programs is now managed under the CVR (Contingent Value Right) structure, which dictates the flow of future financial upside.

The structure of the CVR, a key channel for realizing value from prior R&D, is detailed below:

Channel Component	Metric/Value	Associated Program/Event
Final Cash Consideration Per Share	$1.04 in cash	Acquisition closing on November 21, 2025
Initial Cash Consideration Per Share (Original Offer)	Between $1.16 and $1.24	Original Share Purchase Agreement terms
CVR Right to Partnered Proceeds	75% of net proceeds	LAVA's two partnered assets (Pfizer and J&J)
CVR Right to Unpartnered Proceeds	75% of net proceeds	Any out-license or sale of unpartnered programs
Maximum Potential CVR Payment	Up to approximately $0.23 per CVR	Dependent on final determination of certain potential liabilities
Minimum Net-Cash Closing Condition (Amended)	$24.5 million	Condition for the XOMA transaction to close

The clinical trial execution channel, while historically a primary channel for data generation, saw significant wind-down activity in 2025, impacting the LAVA-1266 program specifically.

• LAVA-1266 Phase 1 study was conducted in Australia as of January 10, 2025.
• The Pfizer partnered program (PF-08046052) Phase 1 trial was underway in the U.S. and UK.
• Development of LAVA-1266 was discontinued on August 4, 2025, initiating a program wind-down.

Revenue realization channels from existing collaborations, prior to the acquisition, generated specific milestone payments:

• $7.0 million milestone received from Pfizer in Q1 2024.
• $5.0 million development milestone received from J&J in Q4 2024 related to IND filing for JNJ-89853413.

LAVA Therapeutics N.V. (LVTX) - Canvas Business Model: Customer Segments

You're looking at the customer segments for LAVA Therapeutics N.V. right after the acquisition closed in late November 2025. The primary relationship has fundamentally shifted from serving external partners to satisfying the new owner and the rights holders from the transaction.

XOMA Royalty Corporation (Primary customer/owner of the future royalty stream)

XOMA Royalty Corporation became the sole owner following the successful tender offer and subsequent corporate reorganization, which was finalized on November 21, 2025. This entity is now the direct beneficiary of the underlying assets, making them the ultimate customer for the value generated by the former LAVA programs.

The transaction saw 23,956,708 Shares validly tendered, representing approximately 91.1% of the total outstanding Shares, by the Final Expiration Date of November 20, 2025. The minimum net-cash closing condition was amended to $24.5 million. The cash component paid to tendering shareholders was $1.04 per Share.

Large Pharmaceutical Companies (J&J, Pfizer) for co-development and licensing

Johnson & Johnson (J&J) and Pfizer remain critical entities because they hold the rights to LAVA's key partnered assets, which now feed the CVR stream for former LAVA shareholders. These companies are the direct customers for the licensed assets, driving the potential future value.

The Pfizer collaboration, initiated in September 2022, involved an upfront payment of $50.0 million received in October 2022. This program could yield up to approximately $650.0 million in potential development, regulatory, and commercial milestones. Pfizer also pays royalties ranging from high single-digit to mid-teen percentages on future sales. A clinical development milestone payment of $7.0 million was received from Pfizer in Q1 2024. For the six months ended June 30, 2024, revenue recognized from Pfizer was $7.0 million.

The Johnson & Johnson partnered program (JNJ-89853413) resulted in a development milestone payment of $5.0 million received in Q4 2024.

Financial performance related to these contracts shows a stark contrast pre-acquisition:

Period End Date	Revenue from Contracts with Customers
June 30, 2025	$0
June 30, 2024	$7.0 million

As of June 30, 2025, LAVA Therapeutics N.V. reported cash, cash equivalents, and short-term investments of $56.2 million. This was down from $76.6 million as of December 31, 2024.

Legacy LAVA Shareholders (recipients of the CVR)

These shareholders, who did not tender or were part of the remaining shares after the subsequent offering period, are now holders of a non-transferable Contingent Value Right (CVR). The CVR represents the right to receive certain future cash payments, which is a key component of their relationship with the acquiring entity.

The CVR terms entitle holders to:

• 75% of the net proceeds related to LAVA's two partnered assets.
• 75% of any net proceeds from any out-license or sale of LAVA's unpartnered programs.
• A new right to receive up to approximately $0.23 per CVR based on the final determination of certain potential liabilities.

The initial cash offer was $1.16 per share, plus an additional amount of up to $0.08 per share, totaling a range of $1.16 to $1.24 per share initially. This was later amended to a finalized cash amount of $1.04 per share.

Oncology Key Opinion Leaders and Clinical Investigators

While not direct paying customers in the traditional sense, the investigators and Key Opinion Leaders (KOLs) are essential customers for the clinical trial infrastructure, as their participation validates the science. The business model relied on their engagement to advance assets like LAVA-1266.

The LAVA-1266 Phase 1 study was designed to evaluate the drug in up to 50 adults with CD123+ relapsed/refractory AML or intermediate, high or extremely high risk MDS. The JNJ-89853413 Phase 1 trial was designed to evaluate the drug in approximately 100 adults with relapsed/refractory (R/R) AML or R/R higher risk of MDS. The PF-08046052 Phase 1 study intended to evaluate the therapy in approximately 275 subjects.

The company implemented a restructuring plan that included a reduction of approximately 30% of the global workforce to align resources. The cash position as of March 31, 2025, was $66.6 million, which the company believed was sufficient to fund operations into 2027.

LAVA Therapeutics N.V. (LVTX) - Canvas Business Model: Cost Structure

You're looking at the cost structure for LAVA Therapeutics N.V. as the company moved toward its acquisition by XOMA Royalty Corporation in late 2025. The cost base was clearly being managed down through strategic shifts.

The most significant driver of cost change was the discontinuation of programs, which directly impacted Research and Development (R&D). This strategic pivot led to significantly reduced Research and Development (R&D) expenses.

For the first half of 2025, the R&D spend reflected this reduction:

• R&D expenses for the six months ended June 30, 2025, totaled $8.9 million.
• This compares to R&D expenses of $11.6 million for the same period in 2024.
• For the quarter ended June 30, 2025, R&D was $4.7 million, down from $6.0 million in the prior year's quarter.

General and Administrative (G&A) expenses also saw a reduction as part of the streamlining efforts, though this was partially offset by transaction-related costs. Here are the figures for the first half of 2025:

Expense Category	Six Months Ended June 30, 2025 Amount	Quarter Ended June 30, 2025 Amount
General and Administrative (G&A) expenses	$6.0 million	$2.6 million
General and Administrative (G&A) expenses (Prior Year H1)	$6.8 million	$3.4 million

The cost structure included specific, non-recurring charges related to the major corporate actions taken in 2025. You see the impact of the restructuring plan, which was adopted in February 2025 to reduce costs and extend the cash runway.

• Restructuring costs associated with the workforce reduction and the closure of Netherlands operations were a key component.
• The company recorded $3.2 million of restructuring and impairment charges year-to-date as of June 30, 2025.
• The Board approved the elimination of remaining Netherlands employees by July 31, 2025, with expected expenses related to this specific Netherlands Closure restructuring estimated at approximately $2.0 million during the year ending December 31, 2025.

Finally, the pursuit of the XOMA acquisition and the subsequent delisting introduced specific professional service costs. While a total dollar amount for all related fees isn't explicitly broken out in the required format, the financial filings noted an increase in certain administrative costs:

The decrease in G&A expenses was partially offset by increased professional and consultant fees related to the Company's transition to US GAAP reporting, which is definitely a cost associated with the M&A activity and the move toward becoming a private entity under XOMA Royalty Corporation. Legal advisors for LAVA Therapeutics in the transaction included Cooley LLP and NautaDutilh N.V..

LAVA Therapeutics N.V. (LVTX) - Canvas Business Model: Revenue Streams

You're looking at the revenue picture for LAVA Therapeutics N.V. (LVTX) as of late 2025, which is dominated by the recent acquisition by XOMA Royalty Corporation. Honestly, for a clinical-stage company, the revenue streams shift entirely from potential drug development milestones to the realized value of the sale itself. Here's the quick math on what drives the current financial recognition for former LVTX shareholders and the company's final operational income before full integration.

The primary financial event driving revenue recognition for LAVA Therapeutics shareholders was the closing of the acquisition by XOMA Royalty Corporation on November 21, 2025. This transaction consolidated the company's assets and future potential into a defined cash payment plus a contingent right.

XOMA Acquisition Consideration Structure (Per Share)

Component	Value/Range	Status/Detail
Initial Cash Amount Range	$1.16 to $1.24	Original offer range per common share, later amended.
Final Cash Amount Received	$1.04	Actual cash paid per common share at closing on November 21, 2025.
Contingent Value Right (CVR)	One CVR per Share	Represents right to potential future cash payments.
CVR - Partnered Asset Proceeds Share	75%	Share of net proceeds from LAVA's two partnered assets.
CVR - Unpartnered Programs Share	75%	Share of net proceeds from any out-license or sale of unpartnered programs.
CVR - Potential Liability Adjustment	Up to approximately $0.23 per CVR	New right based on final determination after closing of certain potential liabilities.

For the period leading up to the acquisition close, LAVA Therapeutics' operational revenue from its core business was effectively nil, reflecting the company's transition phase and focus on the strategic review process. This is a key point for understanding the pre-close financial health.

• Revenue from contracts with customers was zero for the quarter ended June 30, 2025.
• Revenue from contracts with customers was zero for the six months ended June 30, 2025.

Still, the company generated some minor income from its treasury management activities, which is typical for a company holding significant cash reserves. As of March 31, 2025, LAVA Therapeutics held cash, cash equivalents, and short-term investments of $66.6 million, which was down from $76.6 million at the end of 2024.

You can see the interest income stream in the first half of 2025:

• Interest income for the first quarter ended March 31, 2025, was $713 thousand.
• Interest income for the second quarter ended June 30, 2025, was $607 thousand.
• Total interest income for the six months ended June 30, 2025, totaled $1,320 thousand (or $1.32 million).

Beyond the acquisition proceeds, the CVR structure is designed to capture the value of the previously established collaborations with major pharmaceutical partners. These represent contingent, non-guaranteed revenue streams tied to future clinical and commercial success, which now flow through the CVR mechanism to former LVTX shareholders.

Here are the details on the potential future milestone payments that underpin the CVR value:

• Johnson & Johnson (J&J) Agreement: LAVA was eligible to receive up to an aggregate of $195 million upon achievement of certain development and commercial milestones, plus tiered royalties. A $5.0 million development milestone was received in October 2024.
• Pfizer Agreement: LAVA was eligible to receive milestones of up to approximately $650 million upon achievement of development, regulatory, and commercial milestones, as well as royalties. A $7.0 million clinical development milestone payment was received in March 2024.

Finance: draft 13-week cash view by Friday.