LAVA Therapeutics Reports $12.1 Million Net Loss and Revenue Decline in First Half of 2025

LAVA Therapeutics N.V. reported a net loss of $12.1 million for the six months ended June 30, 2025, compared to a net loss of $8.9 million for the same period in 2024. The company did not generate any revenue during the first half of 2025, a significant decline from $6.99 million in revenue recorded in the prior year, primarily due to the absence of milestone payments from its collaboration agreements with Pfizer and Johnson & Johnson. Total operating expenses decreased to $14.9 million from $18.4 million year-over-year, driven by reduced research and development costs, which fell to $8.9 million from $11.6 million, reflecting the discontinuation of the LAVA-1207 clinical trial.

In terms of financial position, LAVA's cash and cash equivalents decreased to $26.4 million as of June 30, 2025, down from $35.0 million at the end of 2024. The company’s total assets also declined to $60.5 million from $80.8 million, while total liabilities decreased to $40.6 million from $53.1 million. The reduction in liabilities was largely attributed to the forgiveness of a $5.2 million loan from the Dutch government, which was recognized as a gain on extinguishment in the financial statements.

Strategically, LAVA has undergone significant organizational changes, including a restructuring plan initiated in February 2025, which involved a workforce reduction of approximately 30%. This restructuring aimed to align resources with the company's focus on its remaining clinical programs. Additionally, LAVA announced the discontinuation of its Phase 1 clinical trial for LAVA-1266 in August 2025, further streamlining its operations. The company is currently evaluating strategic alternatives, including a potential acquisition by XOMA Royalty Corporation, as outlined in a share purchase agreement signed on August 3, 2025.

Operationally, LAVA's research and development expenses for the second quarter of 2025 were $4.7 million, a decrease from $6.0 million in the same quarter of 2024. The company has not reported any new customer counts or user statistics, as it remains focused on clinical trials rather than commercial sales. The company’s employee headcount has been reduced as part of its restructuring efforts, although specific figures were not disclosed in the filing.

Looking ahead, LAVA Therapeutics anticipates that its current cash and cash equivalents will be sufficient to fund operations for at least the next twelve months. However, the company acknowledges the need for additional capital to support its research and development activities and to explore strategic alternatives. The outcome of the proposed acquisition by XOMA and the ongoing evaluation of its clinical programs will significantly influence LAVA's future financial and operational trajectory.