LAVA Reports First Quarter 2025 Financial Results, Provides Business Update

Core Insights - LAVA Therapeutics is focused on delivering shareholder value through strategic alternatives and has initiated a restructuring plan that includes workforce reduction and closure of its Netherlands operations [2][5][9] - The company is advancing its clinical pipeline, particularly LAVA-1266, which is in a Phase 1 trial targeting CD123+ tumor cells for hematological malignancies [3][6][14] - Financial results for Q1 2025 show a net loss of $3.5 million, with cash and short-term investments totaling $66.6 million, expected to fund operations into 2027 [4][9][11] Corporate Updates - The company has implemented a significant reduction in workforce, approximately 30%, to align resources with its focus on LAVA-1266 [9][10] - A repayment waiver of $5.2 million was secured from the Netherlands Enterprise Agency, aiding in financial restructuring [2][9] - The closure of the Utrecht facility is expected to incur approximately $0.9 million in expenses, while the termination of the lease in Den Bosch is projected to cost around $2.0 million [9][10] Financial Performance - Revenue from contracts with customers was zero for Q1 2025, compared to $7.0 million in Q1 2024, which included a milestone payment from Pfizer [6][9] - Research and development expenses decreased to $4.2 million in Q1 2025 from $5.6 million in Q1 2024, primarily due to lower clinical costs [9][10] - The company reported a comprehensive loss of $2.5 million for Q1 2025, compared to a loss of $1.7 million in Q1 2024 [10][12] Clinical Pipeline - LAVA-1266 is currently enrolling patients in a Phase 1 trial in Australia and Spain, targeting relapsed/refractory acute myeloid leukemia (AML) and myelodysplastic syndrome (MDS) [6][14] - Johnson & Johnson's partnered program, JNJ-89853413, is also in a Phase 1 trial for hematological cancers, with a milestone payment of $5 million received in Q4 2024 [6][9] - Pfizer's partnered program, PF08046052, is in a Phase 1 trial for advanced solid tumors, with a clinical development milestone of $7 million received in Q1 2024 [6][9]