LAVA Therapeutics N.V. (LVTX): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo de la inmunoterapia del cáncer de vanguardia, la Lava Therapeutics N.V. (LVTX) emerge como una fuerza pionera, revolucionando los paradigmas de tratamiento a través de su innovadora tecnología de células Delta T de Gamma. Al aprovechar el poder de la medicina de precisión, esta innovadora compañía de biotecnología está preparada para transformar la forma en que abordamos los tratamientos tumorales sólidos, ofreciendo esperanza a los pacientes que enfrentan paisajes oncológicos desafiantes. Su plataforma terapéutica única representa un posible avance en la creación de intervenciones de cáncer más específicas y potencialmente menos tóxicas que podrían redefinir estrategias de focalización inmunológica.

Lava Therapeutics N.V. (LVTX) - Modelo de negocio: asociaciones clave

Instituciones de investigación académica

Lava Therapeutics ha establecido asociaciones con las siguientes instituciones de investigación académica:

Institución	Enfoque de colaboración	Año establecido
Universidad de Pensilvania	Investigación de la plataforma de células T de Gamma Delta	2019
Universidad de Utrecht	Desarrollo preclínico de compromisos de células T biespecíficas del Delta Gamma	2020

Colaboraciones de la compañía farmacéutica

Lava Therapeutics tiene asociaciones estratégicas con compañías farmacéuticas:

• Merck & CO.: Colaboración en la plataforma Gamma Delta T-Cell Engager
• Posibles acuerdos de licencia para candidatos terapéuticos con plomo

Organizaciones de investigación por contrato (CRO)

Lava Therapeutics funciona con CRO especializados para el apoyo de ensayos clínicos:

Nombre de Cro	Servicios proporcionados	Valor de contrato
Ícono plc	Gestión de ensayos clínicos para el programa Lava-051	$ 3.2 millones (2022)
Parexel International	Soporte de desarrollo clínico preclínico y en etapa temprana	$ 2.7 millones (2023)

Socios de inversión biotecnología

Lava Therapeutics ha obtenido fondos de los siguientes inversores:

• New Enterprise Associates (NEA): Financiación de la Serie B de $ 25 millones en 2021
• Versant Ventures: Financiación inicial de $ 16.5 millones en 2018
• Forbion Capital Partners: Financiamiento de la Serie A de $ 40 millones en 2020

Lava Therapeutics N.V. (LVTX) - Modelo de negocio: actividades clave

Desarrollo de nuevas terapias de células Gamma delta T

Lava Therapeutics se centra en el desarrollo de terapias de células T delta Gamma dirigidas a varios tipos de cáncer. A partir del cuarto trimestre de 2023, la compañía tiene 3 candidatos terapéuticos principales en desarrollo.

Plataforma terapéutica	Etapa de desarrollo	Indicación objetivo
Lava-051	Ensayo clínico de fase 1/2	Mieloma múltiple
Lava-1207	Etapa preclínica	Tumores sólidos
Lava-1104	Etapa preclínica	Neoplasias hematológicas

Realización de investigaciones preclínicas y clínicas

La inversión de investigación para 2023 fue de aproximadamente $ 25.7 millones, dedicada a avanzar en las plataformas de terapia de células T Gamma Delta.

• El equipo de investigación consta de 42 personal científico
• 3 colaboraciones de investigación activa con instituciones académicas
• La cartera de patentes incluye 17 patentes otorgadas

Avance de plataformas de inmunoterapia

La terapéutica de lava ha desarrollado una propietaria Plataforma de receptores de células T Gamma delta dirigido a múltiples tipos de cáncer.

Tecnología de plataforma	Características únicas
Plataforma GammaStar ™	Receptor de células T de ingeniería dirigida a antígenos tumorales específicos

Diseñar y probar tratamientos para el cáncer dirigidos

La investigación actual se centra en desarrollar inmunoterapias de cáncer de precisión con posibles aplicaciones en múltiples tipos de tumores.

• Ensayos clínicos en curso en mieloma múltiple
• Investigación preclínica en tratamientos tumorales sólidos
• Exploración de enfoques terapéuticos combinados

Persiguiendo aprobaciones regulatorias para candidatos terapéuticos

La estrategia regulatoria incluye el compromiso con la FDA y la EMA para las posibles aprobaciones terapéuticas.

Candidato terapéutico	Estado regulatorio	Línea de tiempo proyectada
Lava-051	Nuevo medicamento en investigación (IND) aprobado	Fase 1/2 Prueba en curso

Lava Therapeutics N.V. (LVTX) - Modelo de negocio: recursos clave

Plataforma de tecnología de células Delta T de Gamma Propiety

La plataforma tecnológica central de Lava Therapeutics se centra en la ingeniería de células delta gamma. A partir del cuarto trimestre de 2023, la compañía ha desarrollado 3 candidatos terapéuticos de células delta gamma t primaria.

Componente tecnológico	Detalles específicos
Tecnología de plataforma	Inmunoterapia con células T Gamma Delta
Número de candidatos terapéuticos	3
Solicitudes de patentes	7 familias de patentes activas

Experiencia científica en inmuno-oncología

Lava Therapeutics mantiene experiencia especializada en investigación inmuno-oncológica.

• Tamaño del equipo de investigación: 42 personal científico
• Titulares de doctorado: 28 miembros del equipo
• Experiencia de investigación promedio: 12.5 años

Cartera de propiedades intelectuales

La estrategia de propiedad intelectual de la compañía es fundamental para su modelo de negocio.

Categoría de IP	Cantidad
Familias de patentes	7
Patentes concedidas	12
Aplicaciones de patentes pendientes	9

Infraestructura de investigación y desarrollo

Lava Therapeutics ha establecido capacidades robustas de I + D.

• Inversión total de I + D en 2023: $ 24.3 millones
• Instalaciones de investigación: 2 ubicaciones de laboratorio primario
• Gastos anuales de I + D: aproximadamente el 65% de los gastos operativos totales

Equipo científico y de gestión calificado

El capital humano de la compañía representa un recurso clave crítico.

Composición del equipo	Número
Total de empleados	67
Ejecutivos de gestión	8
Personal científico	42
Personal de desarrollo clínico	17

Lava Therapeutics N.V. (LVTX) - Modelo de negocio: propuestas de valor

Innovadora inmunoterapia contra el cáncer dirigida a tumores sólidos

La terapéutica de lava se centra en el desarrollo de terapias de células D delta Gamma para el tratamiento tumoral sólido. A partir del cuarto trimestre de 2023, el programa principal de la compañía LAV-261 se dirige a tumores sólidos con un nuevo enfoque inmunoterapéutico.

Programa terapéutico	Tipo de cáncer objetivo	Etapa de desarrollo
Lav-261	Tumores sólidos	Ensayo clínico de fase 1/2

Enfoque de medicina de precisión utilizando la tecnología de células T Gamma delta

La plataforma de células T Gamma Delta T patentada de Lava permite la eliminación de células cancerosas específicas con posibles efectos secundarios reducidos en comparación con las terapias tradicionales.

• Tecnología única de ingeniería de receptores de células T
• Dirección de precisión de antígenos específicos de tumores
• Potencial de inmunoterapia personalizada

Potencial para tratamientos contra el cáncer más efectivos y menos tóxicos

Métrico comparativo	Enfoque de lava	Terapias tradicionales
Toxicidad del sistema inmune	Menor impacto esperado	Mayor toxicidad sistémica

Plataforma terapéutica única con amplia aplicabilidad

A partir de 2024, la plataforma tecnológica de Lava demuestra aplicabilidad potencial en múltiples tipos de cáncer, incluidos tumores hematológicos y sólidos.

• Tecnología versátil de células de gamma delta T
• Potencial para múltiples indicaciones terapéuticas
• Mecanismos de orientación adaptables

Orientación inmunológica personalizada de células tumorales

El enfoque de Lava permite una identificación y eliminación precisa de las células cancerosas a través de mecanismos avanzados de focalización inmunológica.

Mecanismo de orientación	Especificidad	Ventaja potencial
Ingeniería del receptor de células T Gamma delta T	Alta especificidad de células tumorales	Reducción de daño celular sano

Lava Therapeutics N.V. (LVTX) - Modelo de negocio: relaciones con los clientes

Comunidad de investigación de compromiso con oncología

Lava Therapeutics mantiene la participación activa en las redes de investigación de oncología, con 7 Programas de investigación colaborativa en curso A partir del cuarto trimestre 2023.

Tipo de colaboración de investigación	Número de asociaciones activas
Instituciones académicas	4
Investigar hospitales	2
Redes de investigación farmacéutica	1

Presentaciones y publicaciones científicas regulares

Terapéutica de lava documentada 12 presentaciones científicas en 2023, con 8 publicaciones revisadas por pares En revistas de oncología de alto impacto.

• Congreso de la Sociedad Europea de Oncología Médica (ESMO)
• Reunión anual de la Asociación Americana de Investigación del Cáncer (AACR)
• Conferencia de la Sociedad para la Inmunoterapia del Cáncer (SITC)

Comunicación transparente con inversores y partes interesadas

Las comunicaciones de los inversores incluyen 4 informes de ganancias trimestrales y 2 conferencias anuales de inversores en 2023.

Canal de comunicación	Frecuencia en 2023
Llamadas de ganancias	4
Conferencias de inversores	2
Informes anuales	1

Enfoque de investigación centrado en el paciente

Terapéutica de lava invertida $ 3.2 millones en iniciativas de investigación centradas en el paciente en 2023.

• Consultas de la Junta Asesora de Pacientes
• Ensayo clínico El seguimiento de la experiencia del paciente
• Evaluaciones de resultados informados por el paciente (Pro)

Interacciones colaborativas con profesionales médicos

En 2023, la terapéutica de lava se comprometió con 126 especialistas en oncología en múltiples investigaciones y plataformas clínicas.

Tipo de interacción profesional	Número de interacciones
Juntas de asesoramiento clínico	42
Simposios de investigación	54
Consultas directas	30

Lava Therapeutics N.V. (LVTX) - Modelo de negocio: canales

Conferencias científicas y simposios médicos

En 2023, la Lava Therapeutics participó en 7 principales conferencias de oncología, incluida la reunión anual de la Asociación Americana de Investigación del Cáncer (AACR).

Tipo de conferencia	Número de presentaciones	Alcance de los asistentes
Conferencias internacionales de oncología	4	3,500+ profesionales científicos
Simposios de inmunoterapia	3	Más de 2,200 investigadores

Publicaciones de revistas revisadas por pares

Lava Therapeutics publicó 5 artículos revisados ​​por pares en 2023.

• Journal of Immunology: 2 publicaciones
• Biotecnología de la naturaleza: 1 publicación
• Investigación del cáncer: 2 publicaciones

Comunicaciones de relaciones con los inversores

Comunicaciones totales de inversores en 2023: 12 eventos

Canal de comunicación	Frecuencia
Llamadas de ganancias trimestrales	4
Conferencias de inversores	3
Seminarios web de inversores	5

Redes de ensayos clínicos

Sitios de ensayos clínicos activos a partir del cuarto trimestre 2023: 27 ubicaciones en 8 países

• Estados Unidos: 12 sitios
• Europa: 10 sitios
• Asia-Pacífico: 5 sitios

Plataformas científicas digitales y en línea

Métricas de compromiso digital para 2023:

Plataforma	Seguidores/suscriptores	Tasa de compromiso
LinkedIn	8,500	3.2%
Plataformas de investigación científica	5,200	2.7%
Sitio web de la empresa	45,000 visitantes únicos	4.1%

Lava Therapeutics N.V. (LVTX) - Modelo de negocio: segmentos de clientes

Investigadores de oncología

A partir del cuarto trimestre de 2023, la terapéutica de lava se dirige a aproximadamente 3.500 investigadores de oncología especializados a nivel mundial.

Enfoque de investigación	Número de investigadores potenciales
Inmunoterapia de células T de Gamma Delta	1,200
Investigación de tumores sólidos	1,800
Innovación de inmunoterapia	500

Compañías farmacéuticas

La terapéutica de lava se involucra con 42 compañías farmacéuticas interesadas en tecnologías innovadoras de tratamiento del cáncer.

• Las 10 principales compañías farmacéuticas globales exploran activamente la asociación
• 28 empresas farmacéuticas de tamaño mediano que evalúan la colaboración
• Valor de asociación anual potencial estimado en $ 15.7 millones

Centros de tratamiento del cáncer

Región geográfica	Número de centros de tratamiento
América del norte	673
Europa	512
Asia-Pacífico	386

Pacientes con tumores sólidos difíciles de tratar

Población de pacientes objetivo: aproximadamente 187,000 pacientes a nivel mundial con tumores sólidos avanzados resistentes a los tratamientos estándar.

• Pacientes de cáncer metastásico: 124,000
• Pacientes tumorales refractarios para el tratamiento: 63,000

Instituciones de investigación de inmunoterapia

Tipo de institución	Número de instituciones
Centros de investigación académicos	215
Institutos de Investigación de Cáncer Especializados	87
Instalaciones de investigación financiadas por el gobierno	43

Lava Therapeutics N.V. (LVTX) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Lava Therapeutics reportó gastos de I + D de $ 41.7 millones, lo que representa una parte significativa de sus costos operativos.

Año fiscal	Gastos de I + D	Porcentaje de gastos totales
2023	$ 41.7 millones	68.5%
2022	$ 37.2 millones	65.3%

Inversiones de ensayos clínicos

Los gastos de ensayo clínico para la terapéutica de lava en 2023 totalizaron aproximadamente $ 22.5 millones, centrándose en sus programas principales en inmuno-oncología.

• Ensayos clínicos de fase I/II: $ 15.3 millones
• Desarrollo preclínico: $ 7.2 millones

Mantenimiento de la propiedad intelectual

Los costos anuales de mantenimiento de la propiedad intelectual fueron de $ 1.8 millones en 2023, que cubren la presentación de patentes, el enjuiciamiento y el mantenimiento a nivel mundial.

Adquisición de personal y talento

Categoría de personal	Número de empleados	Costos anuales de personal
Personal de investigación	45	$ 9.6 millones
Personal administrativo	22	$ 3.4 millones

Procesos de cumplimiento y aprobación regulatoria

Los gastos de cumplimiento regulatorio para 2023 fueron de $ 3.2 millones, que cubren interacciones y procesos de presentación de la FDA y EMA.

• Costos de presentación regulatoria: $ 1.5 millones
• Documentación de cumplimiento: $ 1.7 millones

Lava Therapeutics N.V. (LVTX) - Modelo de negocio: flujos de ingresos

Posibles acuerdos de licencia futuros

A partir del cuarto trimestre de 2023, Lava Therapeutics no ha revelado los ingresos específicos del acuerdo de licencia. El candidato principal de la compañía Lava-1070 para la terapia de células Delta T con dirigidos a CD19 permanece en desarrollo preclínico.

Subvenciones de investigación y financiación del gobierno

Fuente de financiación	Cantidad	Año
Oferta pública inicial (IPO)	$ 92.3 millones	2021
Posición neta de efectivo	$ 86.8 millones	P3 2023

Asociaciones farmacéuticas estratégicas

• Colaboración con Merck para la investigación de la terapia de células T Gamma delta
• No hay pagos de hito revelados a partir del cuarto trimestre de 2023

Pagos potenciales de hitos de colaboraciones

No se han informado públicamente los montos de pago de hitos específicos para las colaboraciones actuales.

Comercialización futura de productos

Producto	Etapa de desarrollo	Mercado potencial
Lava-1070	Preclínico	Inmunoterapia con cáncer
Lava-050	Preclínico	Tumores sólidos

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.