LAVA Therapeutics Granted Full Waiver for RVO Payment Obligation
LAVA Therapeutics (NASDAQ: LVTX) has secured a full waiver for its $5.1 million repayment obligation from the Netherlands Enterprise Agency (RVO) related to an Innovation Credit granted in 2019. The waiver, which eliminates outstanding debt, strengthens the company's balance sheet as part of its ongoing strategic review and cost optimization initiatives.
The Innovation Credit was originally awarded for the development of LAVA-051, with certain project assets and IP pledged as guarantee. The RVO program provides interest-bearing loans to support innovative program development according to specific criteria.
LAVA Therapeutics (NASDAQ: LVTX) ha ottenuto una completa esenzione dal rimborso di 5,1 milioni di dollari dall'Agenzia per l'Impresa dei Paesi Bassi (RVO) relativa a un Credito per l'Innovazione concesso nel 2019. Questa esenzione, che elimina il debito residuo, rafforza il bilancio dell'azienda nell'ambito della sua revisione strategica in corso e delle iniziative di ottimizzazione dei costi.
Il Credito per l'Innovazione era stato originariamente assegnato per lo sviluppo di LAVA-051, con alcuni asset di progetto e proprietà intellettuale dati in garanzia. Il programma RVO offre prestiti con interessi per sostenere lo sviluppo di programmi innovativi secondo criteri specifici.
LAVA Therapeutics (NASDAQ: LVTX) ha conseguido una exención total para su obligación de reembolso de 5,1 millones de dólares por parte de la Agencia para Empresas de los Países Bajos (RVO) relacionada con un Crédito de Innovación otorgado en 2019. Esta exención, que elimina la deuda pendiente, fortalece el balance de la compañía como parte de su revisión estratégica continua y sus iniciativas de optimización de costos.
El Crédito de Innovación fue concedido originalmente para el desarrollo de LAVA-051, con ciertos activos del proyecto y propiedad intelectual comprometidos como garantía. El programa RVO ofrece préstamos con intereses para apoyar el desarrollo de programas innovadores según criterios específicos.
LAVA Therapeutics (NASDAQ: LVTX)는 2019년에 부여된 혁신 크레딧과 관련하여 네덜란드 기업청(RVO)으로부터 510만 달러 상환 의무에 대한 전액 면제를 확보했습니다. 이 면제는 미지급 부채를 없애 회사의 재무구조를 강화하며, 지속적인 전략 검토 및 비용 최적화 이니셔티브의 일환입니다.
혁신 크레딧은 원래 LAVA-051 개발을 위해 수여되었으며, 특정 프로젝트 자산과 지적 재산권이 담보로 제공되었습니다. RVO 프로그램은 특정 기준에 따라 혁신 프로그램 개발을 지원하기 위해 이자가 부과되는 대출을 제공합니다.
LAVA Therapeutics (NASDAQ : LVTX) a obtenu une exonération totale de son obligation de remboursement de 5,1 millions de dollars auprès de l'Agence pour les Entreprises des Pays-Bas (RVO) concernant un Crédit Innovation accordé en 2019. Cette exonération, qui annule la dette restante, renforce le bilan de la société dans le cadre de sa révision stratégique en cours et de ses initiatives d'optimisation des coûts.
Le Crédit Innovation avait été initialement attribué pour le développement de LAVA-051, certains actifs du projet et la propriété intellectuelle ayant été mis en garantie. Le programme RVO propose des prêts à intérêt pour soutenir le développement de programmes innovants selon des critères spécifiques.
LAVA Therapeutics (NASDAQ: LVTX) hat von der Niederländischen Unternehmensagentur (RVO) einen vollständigen Erlass seiner Rückzahlungsverpflichtung in Höhe von 5,1 Millionen US-Dollar im Zusammenhang mit einem im Jahr 2019 gewährten Innovationskredit erhalten. Der Erlass, der die ausstehenden Schulden tilgt, stärkt die Bilanz des Unternehmens im Rahmen der laufenden strategischen Überprüfung und Kostenoptimierungsmaßnahmen.
Der Innovationskredit wurde ursprünglich für die Entwicklung von LAVA-051 vergeben, wobei bestimmte Projektvermögen und geistiges Eigentum als Sicherheit hinterlegt wurden. Das RVO-Programm bietet zinsbehaftete Darlehen zur Unterstützung der Entwicklung innovativer Programme nach bestimmten Kriterien.
- Full waiver of $5.1 million debt obligation improves balance sheet
- Elimination of outstanding debt enhances financial flexibility
- Company undergoing strategic review indicating potential challenges
- Implementation of cost optimization initiative suggests financial constraints
Exemption from the
Underscores focus on cost curtailment and strategic option evaluation
UTRECHT, The Netherlands and PHILADELPHIA, April 16, 2025 (GLOBE NEWSWIRE) -- LAVA Therapeutics N.V. (NASDAQ: LVTX, “LAVA,” “the Company”), a clinical-stage immuno-oncology company focused on developing its proprietary Gammabody® platform of bispecific gamma delta T cell engagers, today announced that the Netherlands Enterprise Agency (Rijksdienst voor Ondernemend Nederland, RVO) granted a full waiver of the final payment obligation related to the Innovation Credit, in the amount of
“As part of LAVA’s ongoing strategic review, we have implemented a targeted cost optimization initiative to enhance operational efficiency and financial flexibility,” said Steve Hurly, Chief Executive Officer of LAVA. “Securing the
The Netherlands Enterprise Agency (Rijksdienst voor Ondernemend Nederland, RVO) Innovation Credit provides financing in the form of an interest-bearing loan to support the development of innovative programs according to defined criteria. LAVA was awarded a Netherlands Innovation Credit in 2019 related to the development of LAVA-051 and pledged certain assets of that project, including certain intellectual property (IP), as a guarantee.
About LAVA Therapeutics
LAVA Therapeutics N.V. is a clinical-stage immuno-oncology company focused on advancing its proprietary Gammabody® platform to develop a portfolio of bispecific gamma-delta T cell engagers for the potential treatment of solid tumors and hematologic malignancies. The Company utilizes bispecific antibodies engineered to selectively kill cancer cells by triggering Vγ9Vδ2 (Vgamma9 Vdelta2) T cell anti-tumor effector functions upon cross-linking to tumor-associated antigens.
LAVA’s pipeline includes three internal and partnered clinical-stage bispecific gamma-delta T cell engagers for the treatment of solid tumor and hematological cancers including LAVA 1266, targeting CD123+ cancers (ACTRN12624001214527); PF-08046052, targeting EGFR (NCT05983133); and JNJ-89853413, targeting hematological cancers (NCT06618001). The pipeline also includes preclinical programs. For more information on LAVA, please visit our website at www.lavatherapeutics.com or follow us on LinkedIn, X, and YouTube.
Gammabody® is a registered trademark of LAVA Therapeutics N.V.
LAVA’s Cautionary Note on Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this press release other than statements of historical facts are “forward-looking statements”. Words such as “anticipate”, “believe”, “could”, “will”, “may”, “expect”, “should”, “plan”, “intend”, “estimate”, “potential”, “suggests”, 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 relating to LAVA’s initiatives to increase cost optimization and efficiencies. Many factors, risks and uncertainties may cause differences between current expectations and actual results, including, among other things, LAVA’s ability to leverage its initial programs to develop additional product candidates using its Gammabody® platform, the failure of LAVA’s collaborators to support or advance collaborations or LAVA’s product candidates, the timing and results of LAVA’s research and development programs and preclinical and clinical trials, the possibility that clinical trials may fail to establish sufficient efficacy, the risk that adverse events or safety signals may occur in clinical trials, the risk that results obtained in preclinical studies or clinical trials to date may not be indicative of results obtained in ongoing or future trials, the risk that adverse regulatory actions or other setbacks could occur in clinical trials even after promising results in earlier clinical trials or preclinical studies, LAVA’s ability to obtain regulatory approval for and commercialize its product candidates, LAVA’s ability to identify any strategic alternatives or if so identified, be able to consummate any such transactions on terms acceptable to LAVA and its shareholders, and the risk that setbacks in development could occur as a result of the difficulty and uncertainty of pharmaceutical product development and other factors. There may be adverse effects on LAVA’s business condition and results from general economic and market conditions and overall fluctuations in the United States and international credit and financial markets, including as a result of inflation, heightened interest rates, recent and potential future pandemics and other health crises, and hostilities, including the conflict in Ukraine and the conflict in the Middle East. These and other risks are described in greater detail under the caption “Risk Factors” in LAVA’s most recent Annual Report on Form 10-K and other filings LAVA makes with the U.S. Securities and Exchange Commission. LAVA assumes no obligation to update any forward-looking statements contained herein, whether as a result of any new information, future events, change in expectations or otherwise, except as otherwise required by law.
CONTACTS
Investor Relations
ir@lavatherapeutics.com
LifeSci Advisors (IR/Media)
Joyce Allaire
Jallaire@lifesciadvisors.com
FAQ
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