Shay Capital Discloses 2.6M Shares (9.9%) of LVTX in Schedule 13G

Rhea-AI Filing Summary

Shay Capital LLC and Shay Capital Holdings LLC reported beneficial ownership of 2,596,403 common shares of LAVA Therapeutics NV, representing 9.9% of the class as of the filing. The filers list Delaware as their place of organization and give a principal business address at 280 Park Avenue, 5th Floor West, New York, NY 10017. The filing includes a certification that the securities were not acquired or held to change or influence control of the issuer and notes an attached Joint Filing Agreement. The filing identifies the issuer's principal executive office in Utrecht, Netherlands, and provides the CUSIP N51517105.

Positive

• Substantial disclosed stake: Reporting persons hold 2,596,403 shares (9.9%) of LVTX, a material ownership position.

Negative

• None.

Insights

Financial Analyst

TL;DR: Shay Capital reports a sizable passive stake of 9.9% (2,596,403 shares) in LVTX.

The Schedule 13G discloses a near-10% position in LAVA Therapeutics NV, which is material in size but is reported under passive intent as certified by the filers. This indicates significant ownership without an expressed purpose to influence control. The disclosure provides clear ownership metrics and filing identifiers useful for tracking ownership trends or block holdings, but contains no operating, financial, or transaction-level detail beyond the stake and organizational information.

Corporate Governance Expert

TL;DR: The filing documents substantial passive ownership and a joint filing agreement, with no stated intent to change control.

The Schedule 13G includes an explicit certification that the shares were not acquired to influence control and references a Joint Filing Agreement as an exhibit. From a governance perspective, a 9.9% holding is large enough to warrant monitoring for potential engagement but, per this filing, the holders assert passive status. The document supplies the necessary identification and signature details but does not indicate any coordination beyond the joint filing.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

LAVA Therapeutics NV

(Name of Issuer)

Common shares, par value (euro) 0.12 per share

(Title of Class of Securities)

N51517105

(CUSIP Number)

09/19/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. N51517105

1

Names of Reporting Persons

Shay Capital LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 2,596,403.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,596,403.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,596,403.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.9 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP No. N51517105

1

Names of Reporting Persons

Shay Capital Holdings LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 2,596,403.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,596,403.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,596,403.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.9 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: LAVA Therapeutics NV
(b)	Address of issuer's principal executive offices: Yalelaan 62, Utrecht, NETHERLANDS, 3584 CM.
Item 2.
(a)	Name of person filing: Shay Capital LLC Shay Capital Holdings LLC Each a "Filer".
(b)	Address or principal business office or, if none, residence: The principal business address of each Filer is 280 Park Avenue, 5th Floor West, New York, NY 10017.
(c)	Citizenship: Shay Capital LLC and Shay Capital Holdings LLC - Delaware
(d)	Title of class of securities: Common shares, par value (euro) 0.12 per share
(e)	CUSIP No.: N51517105
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: See Item 9 of the cover page for each Filer.
(b)	Percent of class: See Item 11 of the cover page for each Filer.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See Item 5 of the cover page for each Filer.
	(ii) Shared power to vote or to direct the vote: See Item 6 of the cover page for each Filer.
	(iii) Sole power to dispose or to direct the disposition of: See Item 7 of the cover page for each Filer.
	(iv) Shared power to dispose or to direct the disposition of: See Item 8 of the cover page for each Filer.
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Shay Capital LLC

Signature:	Elan Foxman
Name/Title:	Chief Financial Officer
Date:	09/26/2025

Shay Capital Holdings LLC

Signature:	Elan Foxman
Name/Title:	Chief Financial Officer
Date:	09/26/2025

Exhibit Information

Exhibit 1: Joint Filing Agreement

FAQ

Who filed the Schedule 13G for LVTX?

The filing was made by Shay Capital LLC and Shay Capital Holdings LLC.

How many LAVA Therapeutics (LVTX) shares do the filers own?

They beneficially own 2,596,403 shares, representing 9.9% of the class.

Does the Schedule 13G state intent to influence control of LVTX?

The filing includes a certification that the securities were not acquired and are not held to change or influence control of the issuer.

What is the filers' principal business address?

The principal business address listed is 280 Park Avenue, 5th Floor West, New York, NY 10017.

What CUSIP is associated with this filing for LAVA Therapeutics?

The CUSIP provided in the filing is N51517105.