Lava Therapeutics N.V. (LVTX): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo de ponta da imunoterapia contra o câncer, a Lava Therapeutics N.V. (LVTX) surge como uma força pioneira, revolucionando os paradigmas de tratamento por meio de sua inovadora tecnologia de células T Gamma Delta. Ao aproveitar o poder da medicina de precisão, esta empresa inovadora de biotecnologia está pronta para transformar a maneira como abordamos tratamentos sólidos de tumores, oferecendo esperança a pacientes que enfrentam paisagens oncológicas desafiadoras. Sua plataforma terapêutica única representa um potencial avanço na criação de intervenções de câncer mais direcionadas e potencialmente menos tóxicas que podem redefinir estratégias de direcionamento imunológico.

Lava Therapeutics N.V. (LVTX) - Modelo de negócios: Parcerias -chave

Instituições de pesquisa acadêmica

A Lava Therapeutics estabeleceu parcerias com as seguintes instituições de pesquisa acadêmica:

Instituição	Foco de colaboração	Ano estabelecido
Universidade da Pensilvânia	Pesquisa de plataforma de células T Delta Gamma	2019
Universidade de Utrecht	Desenvolvimento pré-clínico de engajadores de células T gama biespecíficas	2020

Colaborações da empresa farmacêutica

A Lava Therapeutics possui parcerias estratégicas com empresas farmacêuticas:

• Merck & CO.: Colaboração na plataforma Gamma Delta T-Cell Engager
• Acordos de licenciamento em potencial para candidatos terapêuticos principais

Organizações de pesquisa contratada (CROs)

A Lava Therapeutics trabalha com CROs especializados para apoio aos ensaios clínicos:

Nome do CRO	Serviços prestados	Valor do contrato
Icon plc	Gerenciamento de ensaios clínicos para o programa LAVA-051	US $ 3,2 milhões (2022)
Parexel International	Suporte de desenvolvimento clínico pré-clínico e em estágio inicial	US $ 2,7 milhões (2023)

Parceiros de Investimento de Biotecnologia

A Lava Therapeutics garantiu financiamento dos seguintes investidores:

• New Enterprise Associates (NEA): financiamento de US $ 25 milhões da série B em 2021
• Ventuos Versantes: financiamento inicial de sementes de US $ 16,5 milhões em 2018
• Forbion Capital Partners: Financiamento da Série A de US $ 40 milhões em 2020

Lava Therapeutics N.V. (LVTX) - Modelo de negócios: Atividades -chave

Desenvolvendo novas terapias de células T Delta Gamma Delta

A Lava Therapeutics se concentra no desenvolvimento de terapias de células T Delta Gamma direcionadas a vários tipos de câncer. A partir do quarto trimestre de 2023, a empresa possui três candidatos terapêuticos primários em desenvolvimento.

Plataforma terapêutica	Estágio de desenvolvimento	Indicação alvo
Lava-051	Ensaio Clínico de Fase 1/2	Mieloma múltiplo
Lava-1207	Estágio pré -clínico	Tumores sólidos
Lava-1104	Estágio pré -clínico	Neoplasias hematológicas

Condução de pesquisa pré -clínica e clínica

O investimento em pesquisa para 2023 foi de aproximadamente US $ 25,7 milhões, dedicado ao avanço das plataformas de terapia de células T Delta Gamma.

• A equipe de pesquisa consiste em 42 pessoal científico
• 3 colaborações de pesquisa ativa com instituições acadêmicas
• O portfólio de patentes inclui 17 patentes concedidas

Avançando plataformas de imunoterapia

Lava Therapeutics desenvolveu um proprietário plataforma de receptor de células T delta gama direcionando vários tipos de câncer.

Tecnologia da plataforma	Recursos únicos
Plataforma Gammastar ™	Receptores de células T projetadas direcionando antígenos tumorais específicos

Projeto e teste de tratamentos de câncer direcionados

A pesquisa atual se concentra no desenvolvimento de imunoterapias com câncer de precisão com possíveis aplicações em vários tipos de tumores.

• Ensaios clínicos em andamento em mieloma múltiplo
• Pesquisa pré -clínica em tratamentos de tumores sólidos
• Exploração de abordagens terapêuticas combinadas

Buscando aprovações regulatórias para candidatos terapêuticos

A estratégia regulatória inclui o envolvimento com a FDA e a EMA para possíveis aprovações terapêuticas.

Candidato terapêutico	Status regulatório	Linha do tempo projetada
Lava-051	Novo medicamento investigacional (IND) aprovado	Estudo de fase 1/2 em andamento

Lava Therapeutics N.V. (LVTX) - Modelo de negócios: Recursos -chave

Plataforma de tecnologia de células T Delta Gamma Delta Proprietária

A plataforma tecnológica principal da Lava Therapeutics se concentra na engenharia de células T Delta Gamma Delta. A partir do quarto trimestre 2023, a empresa desenvolveu 3 Candidatos a terapêuticos de células T Gamma Primária Gamma.

Componente de tecnologia	Detalhes específicos
Tecnologia da plataforma	Imunoterapia de células T delta gama
Número de candidatos terapêuticos	3
Aplicações de patentes	7 famílias de patentes ativas

Experiência científica em imuno-oncologia

A Lava Therapeutics mantém experiência especializada em pesquisa de imuno-oncologia.

• Tamanho da equipe de pesquisa: 42 pessoal científico
• PhD titulares: 28 membros da equipe
• Experiência média de pesquisa: 12,5 anos

Portfólio de propriedade intelectual

A estratégia de propriedade intelectual da empresa é fundamental para seu modelo de negócios.

Categoria IP	Quantidade
Famílias de patentes	7
Patentes concedidas	12
Aplicações de patentes pendentes	9

Infraestrutura de pesquisa e desenvolvimento

A Lava Therapeutics estabeleceu recursos robustos de P&D.

• Investimento total de P&D em 2023: US $ 24,3 milhões
• Instalações de pesquisa: 2 locais de laboratório primário
• Despesas anuais de P&D: aproximadamente 65% do total de despesas operacionais

Equipe científica e de gerenciamento qualificada

O capital humano da empresa representa um recurso -chave crítico.

Composição da equipe	Número
Total de funcionários	67
Executivos de gerenciamento	8
Equipe científica	42
Pessoal de desenvolvimento clínico	17

Lava Therapeutics N.V. (LVTX) - Modelo de negócios: proposições de valor

Imunoterapia inovadora para câncer direcionando tumores sólidos

A terapêutica de lava concentra -se no desenvolvimento de terapias de células T delta gama para tratamento de tumores sólidos. A partir do quarto trimestre 2023, o programa principal da empresa LAV-261 tem como alvo tumores sólidos com uma nova abordagem imunoterapêutica.

Programa terapêutico	Tipo de câncer alvo	Estágio de desenvolvimento
LAV-261	Tumores sólidos	Ensaio Clínico de Fase 1/2

Abordagem de medicina de precisão usando a tecnologia Gamma Delta T Cell

A plataforma de células T Gamma Delta Telta de Lava permite a eliminação de células cancerígenas direcionadas com potenciais efeitos colaterais reduzidos em comparação com as terapias tradicionais.

• Tecnologia exclusiva de engenharia de receptores de células T
• Direcionamento de precisão de antígenos específicos do tumor
• Potencial para imunoterapia personalizada

Potencial para tratamentos de câncer mais eficazes e menos tóxicos

Métrica comparativa	Abordagem de lava	Terapias tradicionais
Toxicidade do sistema imunológico	Menor impacto esperado	Maior toxicidade sistêmica

Plataforma terapêutica exclusiva com ampla aplicabilidade

A partir de 2024, a plataforma de tecnologia da Lava demonstra aplicabilidade potencial em vários tipos de câncer, incluindo tumores hematológicos e sólidos.

• Tecnologia versátil de células T delta gama
• Potencial para múltiplas indicações terapêuticas
• Mecanismos de segmentação adaptáveis

Direcionamento imunológico personalizado de células tumorais

A abordagem da Lava permite identificação precisa e eliminação de células cancerígenas por meio de mecanismos avançados de direcionamento imunológico.

Mecanismo de direcionamento	Especificidade	Vantagem potencial
Engenharia de receptores de células T delta gama	Especificidade de células tumorais alta	Dano de célula saudável reduzida

Lava Therapeutics N.V. (LVTX) - Modelo de negócios: Relacionamentos do cliente

Engajamento com a comunidade de pesquisa oncológica

Lava Therapeutics mantém a participação ativa em redes de pesquisa oncológica, com 7 programas de pesquisa colaborativa em andamento A partir do quarto trimestre 2023.

Tipo de colaboração de pesquisa	Número de parcerias ativas
Instituições acadêmicas	4
Hospitais de pesquisa	2
Redes de pesquisa farmacêutica	1

Apresentações científicas regulares e publicações

Lava Therapeutics documentada 12 apresentações científicas em 2023, com 8 publicações revisadas por pares em periódicos de oncologia de alto impacto.

• Congresso da Sociedade Europeia de Oncologia Médica (ESMO)
• Reunião Anual da Associação Americana de Pesquisa do Câncer (AACR)
• Conferência da Sociedade de Imunoterapia do Câncer (SITC)

Comunicação transparente com investidores e partes interessadas

As comunicações dos investidores incluem 4 relatórios de ganhos trimestrais e 2 conferências anuais de investidores em 2023.

Canal de comunicação	Frequência em 2023
Chamadas de ganhos	4
Conferências de investidores	2
Relatórios anuais	1

Abordagem de pesquisa focada no paciente

Lava Therapeutics investiu US $ 3,2 milhões em iniciativas de pesquisa centradas no paciente em 2023.

• Consultas do conselho consultivo do paciente
• EXPERIÊNCIO DE PACIENTES DE TRABALHO CLÍNICO Rastreamento
• Avaliações de desfecho relatado pelo paciente (PRO)

Interações colaborativas com profissionais médicos

Em 2023, a terapêutica de lava envolvida com 126 Especialistas em oncologia em várias plataformas de pesquisa e clínica.

Tipo de interação profissional	Número de interações
Conselhos de consultoria clínica	42
Simpósios de pesquisa	54
Consultas diretas	30

Lava Therapeutics N.V. (LVTX) - Modelo de negócios: canais

Conferências científicas e simpósios médicos

Em 2023, a Lava Therapeutics participou de 7 principais conferências de oncologia, incluindo a reunião anual da American Association for Cancer Research (AACR).

Tipo de conferência	Número de apresentações	Retenção dos participantes
Conferências de Oncologia Internacional	4	3.500+ profissionais científicos
Simpósios de imunoterapia	3	2.200 mais de pesquisadores

Publicações de revistas revisadas por pares

A Lava Therapeutics publicou 5 artigos revisados ​​por pares em 2023.

• Jornal de Imunologia: 2 Publicações
• Biotecnologia da natureza: 1 publicação
• Pesquisa de câncer: 2 publicações

Comunicações de Relações com Investidores

Total de Comunicação de Investidores em 2023: 12 Eventos

Canal de comunicação	Freqüência
Chamadas de ganhos trimestrais	4
Conferências de investidores	3
Webinars de investidores	5

Redes de ensaios clínicos

Locais de ensaios clínicos ativos a partir do quarto trimestre 2023: 27 locais em 8 países

• Estados Unidos: 12 sites
• Europa: 10 locais
• Ásia-Pacífico: 5 sites

Plataformas científicas digitais e online

Métricas de engajamento digital para 2023:

Plataforma	Seguidores/assinantes	Taxa de engajamento
LinkedIn	8,500	3.2%
Plataformas de pesquisa científica	5,200	2.7%
Site da empresa	45.000 visitantes únicos	4.1%

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

Pesquisadores de oncologia

A partir do quarto trimestre 2023, a Lava Therapeutics tem como alvo aproximadamente 3.500 pesquisadores especializados em oncologia em todo o mundo.

Foco na pesquisa	Número de pesquisadores em potencial
Imunoterapia com células T Delta Gamma	1,200
Pesquisa de tumores sólidos	1,800
Inovação da imunoterapia	500

Empresas farmacêuticas

A Lava Therapeutics se envolve com 42 empresas farmacêuticas interessadas em tecnologias inovadoras de tratamento de câncer.

• As 10 principais empresas farmacêuticas globais exploram ativamente a parceria
• 28 empresas farmacêuticas de tamanho médio avaliando a colaboração
• Valor da parceria anual potencial estimado em US $ 15,7 milhões

Centros de Tratamento do Câncer

Região geográfica	Número de centros de tratamento
América do Norte	673
Europa	512
Ásia-Pacífico	386

Pacientes com tumores sólidos difíceis de tratar

População alvo de pacientes: aproximadamente 187.000 pacientes globalmente com tumores sólidos avançados resistentes a tratamentos padrão.

• Pacientes com câncer metastático: 124.000
• Pacientes tumorais refratários ao tratamento: 63.000

Instituições de pesquisa de imunoterapia

Tipo de instituição	Número de instituições
Centros de pesquisa acadêmica	215
Institutos especializados de pesquisa de câncer	87
Instalações de pesquisa financiadas pelo governo	43

Lava Therapeutics N.V. (LVTX) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Lava Therapeutics registrou despesas de P&D de US $ 41,7 milhões, representando uma parcela significativa de seus custos operacionais.

Ano fiscal	Despesas de P&D	Porcentagem do total de despesas
2023	US $ 41,7 milhões	68.5%
2022	US $ 37,2 milhões	65.3%

Investimentos de ensaios clínicos

As despesas de ensaios clínicos para terapêutica de lava em 2023 totalizaram aproximadamente US $ 22,5 milhões, concentrando-se em seus programas principais em imuno-oncologia.

• Ensaios clínicos de Fase I/II: US $ 15,3 milhões
• Desenvolvimento pré -clínico: US $ 7,2 milhões

Manutenção da propriedade intelectual

Os custos anuais de manutenção da propriedade intelectual foram de US $ 1,8 milhão em 2023, cobrindo o registro, a acusação e a manutenção de patentes globalmente.

Aquisição de pessoal e talento

Categoria de pessoal	Número de funcionários	Custos anuais de pessoal
Equipe de pesquisa	45	US $ 9,6 milhões
Equipe administrativo	22	US $ 3,4 milhões

Processos de conformidade e aprovação regulatórios

As despesas de conformidade regulatória para 2023 foram de US $ 3,2 milhões, cobrindo as interações e os processos de envio da FDA e da EMA.

• Custos de envio regulatório: US $ 1,5 milhão
• Documentação de conformidade: US $ 1,7 milhão

Lava Therapeutics N.V. (LVTX) - Modelo de negócios: fluxos de receita

Potenciais acordos futuros de licenciamento

No quarto trimestre 2023, a Lava Therapeutics não divulgou receitas específicas do contrato de licenciamento. O candidato líder da empresa Lava-1070 para a terapia de células T Delta Gamma Delta Target CD19 permanece em desenvolvimento pré-clínico.

Bolsas de pesquisa e financiamento do governo

Fonte de financiamento	Quantia	Ano
Oferta pública inicial (IPO)	US $ 92,3 milhões	2021
Posição líquida em dinheiro	US $ 86,8 milhões	Q3 2023

Parcerias farmacêuticas estratégicas

• Colaboração com Merck para pesquisa de terapia de células T Delta Gamma
• Nenhum pagamento de marco divulgado a partir do quarto trimestre 2023

Potenciais pagamentos marcantes de colaborações

Não foram relatados valores específicos de pagamento de marcos marcados para colaborações atuais.

Comercialização futura do produto

Produto	Estágio de desenvolvimento	Mercado potencial
Lava-1070	Pré -clínico	Imunoterapia contra o câncer
Lava-050	Pré -clínico	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.