LAVA Therapeutics N.V. (LVTX)

LAVA Therapeutics N.V. was a clinical-stage immuno-oncology company headquartered in Utrecht, the Netherlands. It was incorporated in 2016 as a spin-out associated with research on gamma delta T cells, and it developed bispecific antibodies designed to engage that class of immune cells to attack cancer.

The company's technology platform, called Gammabody, produced bispecific antibodies that bind a tumor-associated antigen on one arm and activate the Vgamma9-Vdelta2 subset of T cells on the other. Its candidates included LAVA-1207, studied in metastatic castration-resistant prostate cancer, and LAVA-051, studied in blood cancers such as chronic lymphocytic leukemia and multiple myeloma. Other candidates were directed at solid tumors and hematologic malignancies.

LAVA completed its initial public offering on Nasdaq in March 2021 under the symbol LVTX. It had a research collaboration and license agreement with Janssen Biotech, and it maintained clinical collaborations with academic institutions. As a clinical-stage company without product revenue, it depended on partner funding and capital markets to finance its trials.

In 2025 LAVA reprioritized its development programs and explored strategic alternatives as it sought to preserve cash. Its board ultimately agreed to a transaction with XOMA Royalty Corporation, a biotechnology royalty aggregator based in California.

Under the agreement, XOMA Royalty offered to acquire all outstanding LAVA shares in a tender offer for $1.04 per share in cash plus one non-transferable contingent value right entitling the holder to additional payments of up to $0.14 per share, depending on specified events related to LAVA's assets. The tender offer was subject to customary conditions.

XOMA Royalty announced the closing of the transactions to acquire LAVA in November 2025. LAVA's shares were removed from trading on the Nasdaq Global Market, and a Form 25 was filed with the SEC on November 21, 2025. LAVA became part of XOMA Royalty, whose common stock continues to trade on Nasdaq under the symbol XOMA.