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Share Name | Share Symbol | Market | Type |
---|---|---|---|
LAVA Therapeutics NV | NASDAQ:LVTX | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.08 | 2.77% | 2.97 | 2.98 | 3.18 | 3.10 | 2.80 | 2.88 | 179,814 | 23:07:00 |
“We are pleased with the clinical development progress of our lead product candidates. We continue to enroll patients in our LAVA-051 trial focused on hematologic malignancies, and we look forward to presenting updated interim data from the dose escalation phase of this trial at the 2022 American Society of Clinical Oncology (ASCO) Annual Meeting in June,” said Stephen Hurly, president and chief executive officer of LAVA Therapeutics. “We are also excited about the continued progress of our lead solid tumor program, LAVA-1207, as we recently dosed the first metastatic castration-resistant prostate cancer patients in our Phase 1/2a clinical trial. We will continue to enroll patients in this dose escalation trial and announce initial data later this year.”
Recent Pipeline and Business Highlights
LAVA-051Gammabody that targets CD1d-expressing tumors, including multiple myeloma, chronic lymphocytic leukemia and acute myeloid leukemia (AML)
LAVA-1207Gammabody that targets the prostate-specific membrane antigen (PSMA) to trigger the potent and preferential killing of PSMA-positive tumor cells, including metastatic castration-resistant prostate cancer (mCRPC)
Early-Stage Gammabody Pipeline Development
LAVA-1223, a Gammabody directed at the epidermal growth factor receptor (EGFR) for the treatment of solid tumors
LAVA-1266, a CD123 Gammabody for the treatment of hematologic malignancies
Business Update
First Quarter Financial Results
LAVA Therapeutics N.V. | ||||||||
Condensed Consolidated Statements of Loss (unaudited) | ||||||||
(in thousands, except share and per share amounts) | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2022 | 2021 | |||||||
Revenue: | ||||||||
Research and license revenue | $ | 1,000 | $ | 1,000 | ||||
Total revenue | 1,000 | 1,000 | ||||||
Operating expenses: | ||||||||
Research and development | (7,601 | ) | (18,712 | ) | ||||
General and administrative | (4,298 | ) | (1,727 | ) | ||||
Total operating expenses | (11,899 | ) | (20,439 | ) | ||||
Operating loss | (10,899 | ) | (19,439 | ) | ||||
Total non-operating expenses | 403 | (279 | ) | |||||
Loss before income tax | (10,496 | ) | (19,718 | ) | ||||
Income tax expense | (59 | ) | (24 | ) | ||||
Loss for the year | $ | (10,555 | ) | $ | (19,742 | ) | ||
Foreign currency translation adjustment | (2,216 | ) | (1,076 | ) | ||||
Total comprehensive loss | $ | (12,771 | ) | $ | (20,818 | ) | ||
Loss per share: | ||||||||
Loss per share, basic and diluted | $ | (0.41 | ) | $ | (12.14 | ) | ||
Weighted average common shares outstanding, basic and diluted | 25,775,538 | 1,626,598 |
Condensed Consolidated Statements of Financial Position (unaudited) | ||||||||||
(in thousands) | ||||||||||
March 31, | December 31, | |||||||||
2022 | 2021 | |||||||||
Assets: | ||||||||||
Non-current assets | $ | 2,818 | $ | 2,742 | ||||||
Other current assets | 2,534 | 3,302 | ||||||||
Cash, cash equivalents and investments | 124,156 | 133,203 | ||||||||
Total assets | $ | 129,508 | $ | 139,247 | ||||||
Equity and Liabilities: | ||||||||||
Total Equity | $ | 108,409 | $ | 118,367 | ||||||
Deferred revenue | 485 | 1,527 | ||||||||
Lease liabilities | 587 | 581 | ||||||||
License liabilities | 9,870 | 10,056 | ||||||||
Borrowings | 4,509 | 4,284 | ||||||||
Trade payables and other | 2,656 | 2,553 | ||||||||
Accrued expenses and other current liabilities | 2,992 | 1,879 | ||||||||
Total liabilities | 21,099 | 21,880 | ||||||||
Total equity and liabilities | $ | 129,508 | $ | 139,247 | ||||||
About LAVA TherapeuticsLAVA Therapeutics N.V. is a clinical stage immuno-oncology company utilizing its proprietary Gammabody™ platform to develop a portfolio of bispecific gamma delta T cell engagers for the potential treatment of solid and hematological malignancies. The Company utilizes bispecific antibodies engineered to selectively kill cancer cells by triggering Vγ9Vδ2 (Vgamma9 Vdelta2) T cell antitumor effector functions upon cross-linking to tumor-associated antigens. LAVA-051, the Company’s lead candidate for the treatment of multiple myeloma, chronic lymphocytic leukemia and acute myeloid leukemia, is enrolling patients in a Phase 1/2a clinical study (NCT04887259). A Phase 1/2a clinical study to evaluate LAVA-1207 in patients with metastatic castration-resistant prostate cancer (mCRPC) is also enrolling (NCT05369000). For more information, please visit www.lavatherapeutics.com, and follow us on LinkedIn, Twitter and YouTube.
LAVA’s Cautionary Note on Forward-Looking StatementsThis press release contains forward-looking statements, including with respect to the company’s anticipated growth and clinical development plans, including the timing of clinical trials. Words such as “anticipate,” “believe,” “could,” “will,” “may,” “expect,” “should,” “plan,” “intend,” “estimate,” “potential” and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. These forward-looking statements are based on LAVA’s expectations and assumptions as of the date of this press release and are subject to various risks and uncertainties that may cause actual results to differ materially from these forward-looking statements. Forward-looking statements contained in this press release include, but are not limited to, statements about the preclinical data, clinical development and scope of clinical trials, and the potential use of our product candidates to treat various tumor targets. Many factors, risks and uncertainties may cause differences between current expectations and actual results including, among other things, the timing and results of our research and development programs and preclinical and clinical trials, our ability to obtain regulatory approval for and commercialize our product candidates, our ability to leverage our initial programs to develop additional product candidates using our Gammabody™ platform, and the failure of LAVA’s collaborators to support or advance collaborations or our product candidates. The COVID-19 pandemic may disrupt our business and that of the third parties on which we depend, including delaying or otherwise disrupting our clinical trials and preclinical studies, manufacturing and supply chain, or impairing employee productivity. In addition, there may be adverse effects on our business condition and results from general economic and market conditions and overall fluctuations in the United States and international equity markets, including deteriorating market conditions due to investor concerns regarding inflation and hostilities between Russia and Ukraine. LAVA assumes no obligation to update any forward-looking statements contained herein to reflect any change in expectations, even as new information becomes available.
CONTACTSInvestor Relationsir@lavatherapeutics.com
Argot Partners (IR/Media)212-600-1902lava@argotpartners.com
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