LAVA Therapeutics was acquired by XOMA Royalty Corporation in November 2025. The company continues to enroll in the Phase 1 clinical study evaluating the safety and pharmacokinetics of LAVA-1266 in hematologic malignancies, including acute myeloid leukemia (AML) and myelodysplastic syndrome (MDS), and supports partnerships with Pfizer and Johnson and Johnson. LAVA's pipeline includes three internal and partnered clinical-stage bispecific gamma-delta T cell engagers including LAVA 1266, targeting CD123+ cancers; PF-08046052, targeting EGFR; and JNJ-89853413, targeting hematological cancers.
Cyborg Score Rationale
The company built a proprietary Gammabody® platform that big pharma—Johnson & Johnson and Pfizer—bet on despite reporting zero revenue in the first two quarters of 2025. However, the company faced significant challenges including pipeline setbacks, strategic repositioning, and ultimately acquisition by XOMA Royalty in November 2025, indicating execution and valuation challenges despite strong technology partnerships.
Top Insights
The company initiated a process to review strategic options focused on maximizing shareholder value and implemented cost curtailment including workforce reduction.
In 2024, LAVA Therapeutics's revenue was $11.98 million, an increase of 77.01% compared to the previous year's $6.77 million.
A $5.0 million milestone payment from Johnson and Johnson was received, extending cash runway into 2027 based on a cash balance of $78.9 million as of September 30, 2024.
Contingent value rights (CVRs) represent the future of their bispecific T cell engagers like LAVA-1266 following the XOMA Royalty acquisition.
Named Competitors
CAR-T Cell Therapies — Engineered T cell therapies for hematologic malignancies