LAVA Therapeutics is a clinical-stage immuno-oncology company developing bispecific antibodies that engage gamma delta (gd) T cells to fight cancer. LAVA's core technology is its proprietary Gammabody platform, which produces bispecific T cell engagers — antibodies with one arm that binds to a tumor-associated antigen and another that recruits the patient's own Vg9Vd2 T cells. When both arms bind simultaneously, the T cell activates and kills the tumor cell. LAVA's lead internal candidate, LAVA-1266, targets CD123, a protein expressed on blood cancers including AML and MDS, and entered Phase 1 in late 2024. LAVA also has two partnered programs: JNJ-89853413 (CD33, partnered with J&J) and PF-08046052 (EGFR-expressing solid tumors, partnered with Pfizer), both of which are advancing at the partners' cost. LAVA generates revenue through upfront payments, milestones, and royalties from these partnerships rather than product sales. The Pfizer deal included a $50M upfront payment and up to ~$650M in potential milestones; the J&J deal has yielded $17.5M to date with up to ~$195M in additional milestones. LAVA does not own manufacturing facilities. Following a ~30% workforce reduction in early 2025, LAVA is focused on capital preservation, advancing LAVA-1266 toward initial proof-of-concept data by year-end 2025, and evaluating strategic alternatives including partnerships, licensing, or a sale.