LAVA Therapeutics Reports $25.1 Million Net Loss and Revenue Growth to $12.0 Million for 2024

LAVA Therapeutics N.V., a clinical-stage immuno-oncology company, reported a net loss of $25.1 million for the year ended December 31, 2024, a significant decrease from the $41.9 million loss recorded in 2023. The company’s total revenue increased to $12.0 million, up from $6.8 million in the previous year, primarily driven by milestone payments from collaborations with Pfizer and Johnson & Johnson. The revenue from contracts with customers included $7.0 million from Pfizer related to a clinical milestone and $5.0 million from J&J following the filing of an Investigational New Drug application for JNJ-89853413.

In terms of operational changes, LAVA Therapeutics initiated a restructuring plan in February 2025, which included a workforce reduction of approximately 30% to better align resources with its focus on the lead product candidate, LAVA-1266. The company anticipates incurring around $1.0 million in restructuring expenses during the first half of 2025. As of December 31, 2024, LAVA had 34 full-time employees, a reduction from previous headcounts, and plans to further streamline operations as it evaluates strategic alternatives to maximize shareholder value.

LAVA Therapeutics is advancing its Gammabody platform, which focuses on bispecific gamma delta T cell engagers for cancer treatment. The company is currently conducting a Phase 1 clinical trial for LAVA-1266 in Australia, targeting CD123-positive hematological malignancies. The trial is open for recruitment, with the first patient dosed in December 2024 and an initial data readout expected by the end of 2025. However, the company discontinued its clinical trials for LAVA-1207 and LAVA-051 due to unmet internal benchmarks and strategic realignment.

The company’s financial position remains precarious, with an accumulated deficit of $175.0 million as of December 31, 2024. LAVA Therapeutics has indicated that it will require substantial additional funding to continue its operations and complete the development of its product candidates. The company has historically funded its operations through equity offerings and collaboration agreements, but it may need to seek additional capital sooner than anticipated due to ongoing operational costs and the need for further clinical trials.

Looking ahead, LAVA Therapeutics faces significant challenges in the competitive landscape of immuno-oncology, where many larger companies possess greater resources and experience. The company’s ability to successfully develop and commercialize its product candidates, particularly LAVA-1266, will depend on navigating regulatory approvals and achieving market acceptance. The ongoing strategic review and workforce reduction are part of efforts to extend capital resources and enhance operational efficiency, but the outcomes of these initiatives remain uncertain.