Here are 1-3 brief analogies for LAVA Therapeutics (LVTX):

• Genentech for gamma-delta T cell cancer therapies.
• Amgen for gamma-delta T cell engagement.
• Bristol Myers Squibb for next-generation gamma-delta T cell immunotherapies.

• LAVA-051: A clinical-stage gamma-delta T-cell engager developed for the treatment of hematologic malignancies.
• LAVA-1207: A clinical-stage gamma-delta T-cell engager targeting PSMA for the treatment of metastatic castration-resistant prostate cancer and other PSMA-expressing solid tumors.
• LAVA-1223: A preclinical-stage gamma-delta T-cell engager targeting CD123 for the potential treatment of various solid tumors.

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Steve Hurly, M.S.c., M.B.A. Chief Executive Officer

Mr. Hurly brings nearly two decades of leadership experience in the life sciences industry. He served as President and Chief Executive Officer of Sesen Bio, a NASDAQ-listed, late-stage oncology firm. Prior to Sesen Bio, he was President and Chief Executive Officer of Viventia Bio Inc., a specialty pharmaceutical company that was acquired by Sesen Bio Inc. in September 2016. Mr. Hurly also has over 15 years of experience in the investment banking business, having served as Chief Executive Officer of Burrill & Co.'s merchant banking division and head of the life sciences investment banking practice at Boenning & Scattergood. He has served on the board of directors of PHusis Therapeutics Inc., a private targeted small molecule therapeutics company, since May 2011. LAVA Therapeutics itself is backed by several venture capital firms.

Fred M. Powell Chief Financial Officer and Principal Accounting Officer

Mr. Powell has over 20 years of global CFO experience in the biopharmaceutical industry. Most recently, he served as Executive Vice President and Chief Financial Officer of Antares Pharma, playing a strategic role in its successful $1.0 billion acquisition by Halozyme Therapeutics in May 2022. His previous CFO roles include Celator Pharmaceuticals (acquired by Jazz Pharmaceuticals), OraPharma, Inc. (acquired by Valeant Pharmaceuticals International), and BMP Sunstone Corporation (acquired by Sanofi-Aventis), demonstrating a pattern of involvement with companies that have been acquired.

Oxana Polyakova, Ph.D. Chief Scientific Officer

Dr. Polyakova is the Chief Scientific Officer of LAVA Therapeutics. She previously served as Chief Scientific Officer at LIfT BioSciences and was a founding scientist and Head of Discovery at Adaptate Biotherapeutics, a spin-out of GammaDelta Therapeutics. With over 20 years of experience, Dr. Polyakova has worked across multiple therapeutic modalities in both pharma and biotech, focusing on discovering biologics and developing cell therapies for Oncology indications.

Ton Adang, Ph.D. Chief Development Officer

Dr. Adang has held various research and development positions with increasing responsibilities at several biotech companies and at Merck/MSD, Schering-Plough, and Organon. He has held leadership roles in lead discovery and project management, guiding a product through U.S. Food and Drug Administration approval and developing new indications, as well as working with human vaccines, biosimilars, and in immuno-oncology.

Dr. Charles Morris, M.R.C.P. Chief Medical Officer

Dr. Morris is a medical oncologist with more than 25 years of experience in oncology drug development within the international biotech and pharmaceutical industry. He began his career at AstraZeneca, where he held roles such as global medical lead for Faslodex® (fulvestrant) through its approval for breast cancer.

The clear emerging threat for LAVA Therapeutics (LVTX) is the advancement and potential success of **allogeneic gamma-delta (γδ) T-cell therapies** being developed by other companies.

While LAVA Therapeutics focuses on developing bispecific Gammabody™ T-cell engagers to activate a patient's own endogenous γδ T-cells, companies such as Adicet Bio and Takeda (following its acquisition of GammaDelta Therapeutics) are developing allogeneic (off-the-shelf) γδ T-cell therapies, where engineered γδ T-cells are directly infused into patients. Both approaches aim to provide scalable, off-the-shelf γδ T-cell-based cancer immunotherapies.

If these allogeneic γδ T-cell therapies demonstrate superior efficacy, persistence, safety, or manufacturability in ongoing and future clinical trials, they could establish a dominant therapeutic modality for harnessing γδ T-cells in oncology. This would directly compete for patient populations, market share, and investor attention with LAVA's engager platform, posing a significant emerging threat by offering a potentially more impactful or broadly adopted alternative within the same therapeutic space.

LAVA Therapeutics (LVTX), a clinical-stage immuno-oncology company, is expected to drive future revenue growth over the next 2-3 years primarily through its strategic partnerships and the progression of its pipeline. As the company does not yet have commercialized products, its revenue streams are heavily reliant on collaboration agreements and potential outcomes from its recent strategic evaluation.

1. Contingent Value Rights (CVRs) Payouts from the XOMA Royalty Acquisition: With the anticipated closing of the XOMA Royalty acquisition in Q4 2025, LAVA Therapeutics' future revenue will be influenced by contingent value rights. These CVRs are directly tied to future proceeds from LAVA's existing collaboration agreements with Pfizer and Johnson & Johnson, as well as potential dispositions of LAVA-1266 assets.
2. Milestone Payments from Existing Collaboration Agreements: LAVA Therapeutics maintains collaboration agreements with Janssen (Johnson & Johnson) and Pfizer (for SGN-EGFRd2/LAVA-1223). These agreements typically include milestone payments triggered by the achievement of specific development or regulatory events for the partnered pipeline candidates, which will continue to be a source of revenue.
3. Revenue from Ongoing Research and Development Services for Existing Partners: Beyond milestone payments, LAVA Therapeutics generates revenue by providing research and development services as part of its collaboration agreements with Johnson & Johnson and Pfizer. This ongoing work contributes to the company's revenue stream.
4. New Collaboration or Licensing Agreements for LAVA-1266: Following a pipeline reprioritization, LAVA-1266, targeting hematologic malignancies, has become the company's primary internal strategic focus. Successful advancement of LAVA-1266 through clinical development could attract new collaboration or licensing partners, leading to potential upfront payments and future milestone revenues within the next 2-3 years.

Share Issuance

• LAVA Therapeutics completed its Initial Public Offering (IPO) in March 2021, generating approximately $100.5 million in gross proceeds from the sale of 6,700,000 common shares at $15.00 per share.
• As of November 3, 2025, the company had 26,305,295 ordinary shares outstanding.

Inbound Investments

• In September 2022, LAVA Therapeutics received a $50 million upfront payment from Pfizer as part of a collaboration agreement.
• The company recognized $7.0 million in revenue from Pfizer in the first quarter of 2024 due to the achievement of a clinical development milestone.
• LAVA Therapeutics received a $5.0 million development milestone payment from Johnson & Johnson in the fourth quarter of 2024.
• In May 2025, the company secured a $5.2 million repayment waiver from the Netherlands Enterprise Agency.

Capital Expenditures

• Research and development expenses were $28.5 million for the full year 2024, a decrease from $32.6 million in 2023, mainly due to reduced manufacturing costs and headcount reductions, partially offset by shutdown costs for LAVA-1207.
• In February 2025, LAVA Therapeutics adopted a restructuring plan, including a reduction of approximately 30% of its global workforce, to extend capital resources and align with strategic priorities.
• The company expected to incur approximately $0.9 million in expenses during the second quarter of 2025 related to lease termination due to the closure of its Netherlands operations.