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

Core Insights - LAVA Therapeutics is focused 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][5] - The company reported a cash balance of $76.6 million as of December 31, 2024, which is expected to fund operations into 2027 [5][9] Clinical Development Highlights - LAVA-1266 is currently in a Phase 1 trial targeting CD123+ tumor cells for hematological malignancies, evaluating safety, tolerability, pharmacokinetics, pharmacodynamics, immunogenicity, and preliminary anti-tumor activity [3][6] - The partnered program with Johnson & Johnson (JNJ-89853413) is also in a Phase 1 trial, targeting CD33 and gamma delta T cells, with a development milestone of $5 million received in Q4 2024 [4][5] - Pfizer's partnered program (PF08046052) is in a Phase 1 trial for solid tumors, with a clinical development milestone of $7 million received in Q1 2024 [5][9] Financial Performance - Revenue from contracts with customers increased to $5.0 million in Q4 2024 from $0.4 million in Q4 2023, and for the full year, revenue rose to $12.0 million from $6.8 million [9][10] - Research and development expenses for Q4 2024 were $8.6 million, up from $2.3 million in Q4 2023, primarily due to costs associated with the discontinuation of LAVA-1207 [9][10] - The net loss for Q4 2024 was $3.8 million, compared to a net loss of $6.4 million in Q4 2023, with a full-year net loss of $25.1 million compared to $41.9 million in 2023 [9][10] Workforce and Restructuring - The company adopted a restructuring plan in February 2025, resulting in a 30% reduction in workforce to extend capital resources and focus on strategic options and the Phase 1 study for LAVA-1266 [5][9]