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

Core Insights - LAVA Therapeutics is focusing on maximizing shareholder value in 2025 by evaluating strategic options while continuing patient enrollment in the Phase 1 study of LAVA-1266, a treatment for acute myeloid leukemia and myelodysplastic syndrome [2][3] Corporate Highlights - The Phase 1 trial of LAVA-1266 is designed to target CD123+ tumor cells for hematological malignancies, evaluating safety, tolerability, pharmacokinetics, pharmacodynamics, immunogenicity, and preliminary anti-tumor activity [3] - LAVA has partnered with Johnson & Johnson and Pfizer for additional programs, with ongoing Phase 1 trials targeting CD33 and EGFR respectively [4][5] - A restructuring plan was adopted to extend capital resources, resulting in a 30% reduction in workforce to support strategic evaluations and the LAVA-1266 study [4][10] Financial Results - As of December 31, 2024, LAVA reported a cash balance of $76.6 million, expected to fund operations into 2027 [4][10] - Revenue from contracts with customers increased to $5.0 million for Q4 2024, up from $0.4 million in Q4 2023, and $12.0 million for the year ended 2024, compared to $6.8 million in 2023 [10][11] - The net loss for Q4 2024 was $3.8 million, compared to a net loss of $6.4 million in Q4 2023, with a total net loss of $25.1 million for the year 2024, down from $41.9 million in 2023 [10][11] Pipeline Overview - LAVA's pipeline includes three clinical-stage bispecific gamma-delta T cell engagers: LAVA-1266 for CD123+ cancers, PF-08046052 for EGFR, and JNJ-89853413 for hematological cancers [15] - The ongoing studies involve dose escalation and expansion segments to evaluate safety and preliminary anti-tumor activity across various cancer types [5][15]