Core Insights - LAVA Therapeutics is advancing its Gammabody® platform, focusing on bispecific gamma delta T cell engagers for cancer treatment, with significant updates expected in 2024 [2][12] Pipeline Developments - LAVA-1207 is in Phase 1/2a trials targeting metastatic castration-resistant prostate cancer (mCRPC), with a combination arm with pembrolizumab set to begin in Q2 2024 [3][5] - Pfizer's PF-08046052 is in Phase 1, representing a potential first-in-class therapy for solid tumors, with a $7 million milestone achieved in March 2024 [5][9] - LAVA-1266 is on track for an Investigational New Drug (IND) submission in Q2 2024, aimed at treating hematological malignancies [3][5] Financial Performance - As of March 31, 2024, LAVA reported cash and investments totaling $94.6 million, a slight decrease from $95.6 million at the end of 2023, providing a runway into 2026 [4][7] - Revenue for Q1 2024 was $7.0 million, a significant increase from $1.2 million in Q1 2023, primarily due to a milestone payment from Pfizer [9][10] - Operating loss for Q1 2024 was $1.95 million, a substantial improvement compared to a loss of $13.54 million in Q1 2023 [8][9] Operational Highlights - The company has successfully implemented step dosing in the LAVA-1207 trial, resulting in no ≥ Grade 2 Cytokine Release Syndrome (CRS) events reported since the change [2][6] - The company is evaluating the combination of LAVA-1207 with low dose IL-2 to enhance treatment efficacy [6][12]
LAVA Provides Business Updates and Reports First Quarter 2024 Financial Results