LAVA Reports Second Quarter 2025 Financial Results and Provides Corporate Update

Core Viewpoint - LAVA Therapeutics N.V. has entered into a definitive agreement to be acquired by XOMA Royalty Corporation, with the acquisition aimed at maximizing shareholder value while ensuring the continued success of LAVA's business [2][3][6]. Acquisition Details - The acquisition involves a cash tender offer for LAVA's common shares priced between $1.16 and $1.24 per share, which includes a contingent value right for potential future payments related to partnered and unpartnered programs [3][6]. - The tender offer is expected to commence by August 15, 2025, with the closing anticipated in the fourth quarter of 2025, subject to customary conditions [3][6]. Program Updates - LAVA has decided to discontinue the LAVA-1266 program for acute myeloid leukemia and myelodysplastic syndrome, initiating a wind-down of this clinical trial [4][6]. - The company continues to advance partnered programs with Johnson & Johnson and Pfizer, both in Phase 1 trials targeting specific cancer indications [5][7][8]. Financial Performance - For the second quarter of 2025, LAVA reported zero revenue from contracts with customers, compared to $7.0 million in the same period of 2024, which was primarily from a milestone payment from Pfizer [12]. - Research and development expenses decreased to $4.7 million in Q2 2025 from $5.9 million in Q2 2024, attributed to restructuring and reduced clinical activities [12]. - The net loss for Q2 2025 was $8.6 million, slightly higher than the $8.3 million loss in Q2 2024, resulting in a net loss per share of $0.32 compared to $0.31 [12][13]. Balance Sheet Overview - As of June 30, 2025, LAVA had total current assets of $60.5 million, down from $79.3 million at the end of 2024, with cash and cash equivalents at $26.4 million [15][16]. - Total liabilities were reported at $40.6 million, with shareholders' equity decreasing to $19.9 million from $27.7 million at the end of 2024 [15][16].