LAVA Therapeutics N.V. (LVTX): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde de pointe de l'immunothérapie contre le cancer, Lava Therapeutics N.V. (LVTX) émerge comme une force pionnière, révolutionnant les paradigmes de traitement par le biais de sa technologie révolutionnaire de lymphocytes gamma delta. En exploitant le pouvoir de la médecine de précision, cette entreprise de biotechnologie innovante est prête à transformer la façon dont nous abordons les traitements tumoraux solides, offrant de l'espoir aux patients confrontés à des paysages oncologiques difficiles. Leur plate-forme thérapeutique unique représente une percée potentielle dans la création d'interventions de cancer plus ciblées et potentiellement moins toxiques qui pourraient redéfinir les stratégies de ciblage immunologiques.

Lava Therapeutics N.V. (LVTX) - Modèle commercial: partenariats clés

Établissements de recherche universitaire

Lava Therapeutics a établi des partenariats avec les établissements de recherche académiques suivants:

Institution	Focus de la collaboration	Année établie
Université de Pennsylvanie	Recherche de plate-forme Gamma Delta T-Cell	2019
Université Utrecht	Développement préclinique des engagers bispécifiques de lymphocytes T delta bispécifiques	2020

Collaborations de l'entreprise pharmaceutique

Lava Therapeutics a des partenariats stratégiques avec les sociétés pharmaceutiques:

• Miserrer & CO.: Collaboration sur la plate-forme Gamma Delta T-Cell Engager
• Accords de licence potentiels pour les candidats thérapeutiques principaux

Organisations de recherche contractuelle (CROS)

Lava Therapeutics travaille avec des CRO spécialisés pour le soutien des essais cliniques:

Nom de CRO	Services fournis	Valeur du contrat
Icône plc	Gestion des essais cliniques pour le programme LAVA-051	3,2 millions de dollars (2022)
Parexel International	Support de développement clinique préclinique et à un stade précoce	2,7 millions de dollars (2023)

Biotechnology Investment Partners

Lava Therapeutics a obtenu un financement des investisseurs suivants:

• New Enterprise Associates (NEA): 25 millions de dollars de financement de série B en 2021
• Versant Ventures: financement initial des semences de 16,5 millions de dollars en 2018
• Forbion Capital Partners: 40 millions de dollars Série A Financement en 2020

Lava Therapeutics N.V. (LVTX) - Modèle d'entreprise: Activités clés

Développer de nouvelles thérapies de lymphocytes gamma delta T

Lava Therapeutics se concentre sur le développement de thérapies par cellules T gamma delta ciblant divers types de cancer. Depuis le quatrième trimestre 2023, la société compte 3 candidats thérapeutiques primaires en développement.

Plate-forme thérapeutique	Étape de développement	Indication cible
LAVA-051	Essai clinique de phase 1/2	Myélome multiple
Lave-1207	Étape préclinique	Tumeurs solides
Lave-1104	Étape préclinique	Tumeurs malignes hématologiques

Effectuer des recherches précliniques et cliniques

L'investissement en recherche pour 2023 était d'environ 25,7 millions de dollars, dédié à l'avancement des plateformes de thérapie des cellules T gamma delta.

• L'équipe de recherche se compose de 42 personnes scientifiques
• 3 collaborations de recherche active avec les établissements universitaires
• Le portefeuille de brevets comprend 17 brevets accordés

Plateformes d'immunothérapie avancées

Lava Therapeutics a développé un propriétaire plate-forme de récepteur des lymphocytes T gamma delta ciblant plusieurs types de cancer.

Technologie de plate-forme	Caractéristiques uniques
Plate-forme Gammastar ™	Récepteur des lymphocytes T ciblant des antigènes tumoraux spécifiques

Concevoir et tester des traitements contre le cancer ciblé

Les recherches actuelles se concentrent sur le développement d'immunothérapies de cancer de précision avec des applications potentielles sur plusieurs types de tumeurs.

• Essais cliniques en cours dans le myélome multiple
• Recherche préclinique dans les traitements tumoraux solides
• Exploration des approches thérapeutiques combinées

Poursuivre les approbations réglementaires pour les candidats thérapeutiques

La stratégie réglementaire comprend l'engagement avec la FDA et l'EMA pour les approbations thérapeutiques potentielles.

Candidat thérapeutique	Statut réglementaire	Chronologie projetée
LAVA-051	Un nouveau médicament enquête (IND) approuvé	Essai de phase 1/2 en cours

Lava Therapeutics N.V. (LVTX) - Modèle d'entreprise: Ressources clés

Plateforme de technologie de cellules T gamma delta propriétaire

La plate-forme technologique principale de Lava Therapeutics se concentre sur l'ingénierie des cellules T gamma delta. Au quatrième trimestre 2023, la société a développé 3 Candidats thérapeutiques des lymphocytes T gamma delta T.

Composant technologique	Détails spécifiques
Technologie de plate-forme	Immunothérapie gamma delta T des cellules T
Nombre de candidats thérapeutiques	3
Demandes de brevet	7 familles de brevets actifs

Expertise scientifique en immuno-oncologie

Lava Therapeutics maintient une expertise spécialisée dans la recherche par immuno-oncologie.

• Taille de l'équipe de recherche: 42 Personnel scientifique
• Temps des doctorants: 28 membres de l'équipe
• Expérience de recherche moyenne: 12,5 ans

Portefeuille de propriété intellectuelle

La stratégie de propriété intellectuelle de l'entreprise est essentielle à son modèle commercial.

Catégorie IP	Quantité
Familles de brevets	7
Brevets accordés	12
Demandes de brevet en instance	9

Infrastructure de recherche et de développement

Lava Therapeutics a établi des capacités de R&D robustes.

• Investissement total de R&D en 2023: 24,3 millions de dollars
• Installations de recherche: 2 lieux de laboratoire primaires
• Dépenses annuelles de R&D: environ 65% du total des dépenses d'exploitation

Équipe scientifique et de gestion qualifiée

Le capital humain de l'entreprise représente une ressource clé critique.

Composition de l'équipe	Nombre
Total des employés	67
Dirigeants de la direction	8
Personnel scientifique	42
Personnel de développement clinique	17

Lava Therapeutics N.V. (LVTX) - Modèle d'entreprise: Propositions de valeur

Immunothérapie contre le cancer innovante ciblant les tumeurs solides

Lava Therapeutics se concentre sur le développement de thérapies des lymphocytes T gamma delta pour un traitement tumoral solide. Depuis le quatrième trimestre 2023, le programme principal de la société LAV-261 cible des tumeurs solides avec une nouvelle approche immunothérapeutique.

Programme thérapeutique	Cible le type de cancer	Étape de développement
LAV-261	Tumeurs solides	Essai clinique de phase 1/2

Approche de la médecine de précision utilisant la technologie des lymphocytes T gamma delta T

La plate-forme propriétaire de lymphocytes T gamma delta T de Lava permet une élimination des cellules cancéreuses ciblées avec des effets secondaires réduits potentiels par rapport aux thérapies traditionnelles.

• Technologie unique d'ingénierie des récepteurs des cellules T
• Ciblage de précision des antigènes spécifiques aux tumeurs
• Potentiel d'immunothérapie personnalisée

Potentiel de traitements contre le cancer plus efficaces et moins toxiques

Métrique comparative	Approche de lave	Thérapies traditionnelles
Toxicité du système immunitaire	Impact attendu plus faible	Toxicité systémique plus élevée

Plate-forme thérapeutique unique avec une large applicabilité

Depuis 2024, la plate-forme technologique de Lava démontre une applicabilité potentielle sur plusieurs types de cancer, y compris les tumeurs hématologiques et solides.

• Technologie polyvalente des cellules T gamma delta T
• Potentiel pour plusieurs indications thérapeutiques
• Mécanismes de ciblage adaptables

Ciblage immunologique personnalisé des cellules tumorales

L'approche de la lave permet une identification et une élimination précises des cellules cancéreuses grâce à des mécanismes de ciblage immunologique avancés.

Mécanisme de ciblage	Spécificité	Avantage potentiel
Ingénierie des récepteurs des lymphocytes T gamma delta	Spécificité élevée des cellules tumorales	Réduction des dommages cellulaires sains

Lava Therapeutics N.V. (LVTX) - Modèle d'entreprise: relations avec les clients

Engagement avec la communauté de recherche en oncologie

Lava Therapeutics maintient une participation active aux réseaux de recherche en oncologie, avec 7 programmes de recherche collaborative en cours au Q4 2023.

Type de collaboration de recherche	Nombre de partenariats actifs
Institutions universitaires	4
Hôpitaux de recherche	2
Réseaux de recherche pharmaceutique	1

Présentations et publications scientifiques régulières

Thérapeutique de lave documentée 12 présentations scientifiques en 2023, avec 8 publications évaluées par des pairs Dans les revues en oncologie à fort impact.

• Congrès de la Société européenne pour l'oncologie médicale (ESMO)
• Réunion annuelle de l'American Association for Cancer Research (AACR)
• Conférence de la Society for Immunotherapy of Cancer (SITC)

Communication transparente avec les investisseurs et les parties prenantes

Les communications des investisseurs incluent 4 rapports de résultats trimestriels et 2 conférences annuelles sur les investisseurs en 2023.

Canal de communication	Fréquence en 2023
Appels de gains	4
Conférences d'investisseurs	2
Rapports annuels	1

Approche de recherche axée sur les patients

La thérapeutique de lave a investi 3,2 millions de dollars Dans les initiatives de recherche centrées sur le patient en 2023.

• Consultations du comité consultatif des patients
• Essai clinique d'expérience de patient suivi
• Évaluations des résultats (Pro) du patient (Pro)

Interactions collaboratives avec des professionnels de la santé

En 2023, Lava Therapeutics s'est engagé avec 126 spécialistes en oncologie sur plusieurs plateformes de recherche et cliniques.

Type d'interaction professionnelle	Nombre d'interactions
Boards consultatifs cliniques	42
Symposiums de recherche	54
Consultations directes	30

Lava Therapeutics N.V. (LVTX) - Modèle d'entreprise: canaux

Conférences scientifiques et symposiums médicaux

En 2023, Lava Therapeutics a participé à 7 conférences majeures en oncologie, y compris la réunion annuelle de l'American Association for Cancer Research (AACR).

Type de conférence	Nombre de présentations	Traversé des participants
Conférences internationales en oncologie	4	3 500+ professionnels scientifiques
Symposiums d'immunothérapie	3	2200+ chercheurs

Publications de journal évaluées par des pairs

Lava Therapeutics a publié 5 articles évalués par des pairs en 2023.

• Journal of Immunology: 2 publications
• Biotechnologie de la nature: 1 publication
• Recherche contre le cancer: 2 publications

Communications des relations avec les investisseurs

Total des communications des investisseurs en 2023: 12 événements

Canal de communication	Fréquence
Appels de résultats trimestriels	4
Conférences d'investisseurs	3
Webinaires des investisseurs	5

Réseaux d'essais cliniques

Sites d'essais cliniques actifs auprès du quatrième trimestre 2023: 27 emplacements dans 8 pays

• États-Unis: 12 sites
• Europe: 10 sites
• Asie-Pacifique: 5 sites

Plateformes scientifiques numériques et en ligne

Métriques d'engagement numérique pour 2023:

Plate-forme	Adeptes / abonnés	Taux d'engagement
Liendin	8,500	3.2%
Plateformes de recherche scientifique	5,200	2.7%
Site Web de l'entreprise	45 000 visiteurs uniques	4.1%

Lava Therapeutics N.V. (LVTX) - Modèle d'entreprise: segments de clientèle

Chercheurs en oncologie

Depuis le quatrième trimestre 2023, Lava Therapeutics cible environ 3 500 chercheurs spécialisés en oncologie dans le monde.

Focus de recherche	Nombre de chercheurs potentiels
Immunothérapie Gamma Delta T-Cell	1,200
Recherche de tumeurs solides	1,800
Innovation d'immunothérapie	500

Sociétés pharmaceutiques

Lava Therapeutics s'engage avec 42 sociétés pharmaceutiques intéressées par des technologies innovantes de traitement du cancer.

• Top 10 des sociétés pharmaceutiques mondiales explorant activement le partenariat
• 28 entreprises pharmaceutiques de taille moyenne évaluant la collaboration
• Valeur de partenariat annuelle potentielle estimée à 15,7 millions de dollars

Centres de traitement du cancer

Région géographique	Nombre de centres de traitement
Amérique du Nord	673
Europe	512
Asie-Pacifique	386

Patients atteints de tumeurs solides difficiles à traiter

Population de patients cibles: environ 187 000 patients dans le monde avec des tumeurs solides avancées résistantes aux traitements standard.

• Patients atteints de cancer métastatique: 124 000
• Patiens tumoraux réfractaires du traitement: 63 000

Institutions de recherche d'immunothérapie

Type d'institution	Nombre d'institutions
Centres de recherche universitaires	215
Instituts de recherche sur le cancer spécialisés	87
Installations de recherche financées par le gouvernement	43

Lava Therapeutics N.V. (LVTX) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Lava Therapeutics a déclaré des dépenses de R&D de 41,7 millions de dollars, ce qui représente une partie importante de leurs coûts opérationnels.

Exercice fiscal	Dépenses de R&D	Pourcentage des dépenses totales
2023	41,7 millions de dollars	68.5%
2022	37,2 millions de dollars	65.3%

Investissements d'essais cliniques

Les dépenses des essais cliniques pour Lava Therapeutics en 2023 ont totalisé environ 22,5 millions de dollars, en se concentrant sur leurs programmes principaux en immuno-oncologie.

• Essais cliniques de phase I / II: 15,3 millions de dollars
• Développement préclinique: 7,2 millions de dollars

Maintenance de la propriété intellectuelle

Les coûts annuels de maintenance de la propriété intellectuelle étaient de 1,8 million de dollars en 2023, couvrant le dépôt de brevets, les poursuites et l'entretien dans le monde.

Acquisition du personnel et des talents

Catégorie de personnel	Nombre d'employés	Coût du personnel annuel
Personnel de recherche	45	9,6 millions de dollars
Personnel administratif	22	3,4 millions de dollars

Processus de conformité et d'approbation réglementaires

Les dépenses de conformité réglementaire pour 2023 étaient de 3,2 millions de dollars, couvrant les interactions de la FDA et de l'EMA et les processus de soumission.

• Coûts de soumission réglementaire: 1,5 million de dollars
• Documentation de la conformité: 1,7 million de dollars

Lava Therapeutics N.V. (LVTX) - Modèle d'entreprise: Strots de revenus

Accords potentiels de licence future

Depuis le quatrième trimestre 2023, Lava Therapeutics n'a pas divulgué des revenus de l'accord de licence spécifiques. La candidate principale de la société LAVA-1070 pour la thérapie des cellules T gamma delta T ciblée de CD19 reste dans le développement préclinique.

Subventions de recherche et financement gouvernemental

Source de financement	Montant	Année
L'offre publique initiale (IPO)	92,3 millions de dollars	2021
Position de trésorerie nette	86,8 millions de dollars	Q3 2023

Partenariats pharmaceutiques stratégiques

• Collaboration avec Merck for Gamma Delta T Cellules T Therapy Research
• Aucun paiement de jalons divulgué au quatrième trimestre 2023

Paiements de jalons potentiels à partir de collaborations

Aucun montant spécifique de paiement de jalons n'a été signalé publiquement pour les collaborations actuelles.

Future commercialisation des produits

Produit	Étape de développement	Marché potentiel
Lave-1070	Préclinique	Immunothérapie contre le cancer
LAVA-050	Préclinique	Tumeurs solides

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.