lvtx-6k_20210816.htm

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 6-K

 

REPORT OF FOREIGN ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

OF THE SECURITIES EXCHANGE ACT OF 1934

For the month of August 2021

(Commission File No. 001-40241)

 

LAVA Therapeutics N.V.

(Translation of registrant’s name into English)

 

 

Yalelaan 60

3584 CM Ultrecht, The Netherlands

 

(Address of principal executive offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F   Form 40-F  

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b) (1):

    Yes      No  

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b) (7):

    Yes      No  

 

 

 

 

 


 

 

INCORPORATION BY REFERENCE

 

Exhibits 99.1 and 99.2 to this Report on Form 6-K (this “Report”) shall be deemed to be incorporated by reference into the registration statement on Form S-8 (File no. 333-256655) of LAVA Therapeutics N.V. (the “Company”) (including any prospectuses forming a part of such registration statement) and to be a part thereof from the date on which this report is filed, to the extent not superseded by documents or reports subsequently filed or furnished.

 

Exhibit 99.3 to this Report is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act.

 

RISK FACTORS

 

 

Our business faces significant risks. You should carefully consider all of the information set forth in this Report and in our other filings with the United States Securities and Exchange Commission, or the SEC. Our business, financial condition, results of operations and growth prospects could be materially adversely affected by any of these risks. This report also contains forward-looking statements that involve risks and uncertainties. Our results could materially differ from those anticipated in these forward-looking statements, as a result of certain factors including the risks described in our other SEC filings.

 

 

EXHIBIT LIST

 

Exhibit

 

Description

99.1

 

Unaudited Condensed Consolidated Interim Financial Statements as of and for the Three and Six Months Ended June 30, 2021

99.2

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations as of and for the Three and Six Months Ended June 30, 2021

99.3

 

Press Release dated August 16, 2021

 


 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized.

 

 

 

 

 

LAVA Therapeutics, N.V.

 

(Registrant)

 

Date: August 16, 2021

 

By:

/s/ Edward Smith

 

 

Edward Smith

 

 

Chief Financial Officer

 

 

 

 

 

 

 

lvtx-ex991_6.htm

Exhibit 99.1

 

 

LAVA THERAPEUTICS N.V.

INDEX TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

 

 

 

Page

Condensed Consolidated Interim Statements of Loss and Comprehensive Loss for the Three and Six Months Ended June 30, 2021 and 2020 (unaudited)

 

2

Condensed Consolidated Interim Statements of Financial Position as of June 30, 2021 and December 31, 2020 (unaudited)

 

3

Condensed Consolidated Interim Statements of Changes in Equity for the Three and Six Months Ended June 30, 2021 and 2020 (unaudited)

 

4

Condensed Consolidated Interim Statements of Cash Flows for the Six Months Ended June 30, 2021 and 2020 (unaudited)

 

5

Notes to the Unaudited Condensed Consolidated Interim Financial Statements

 

6

 

 

 

 

 

 

 

 

 

 

 


 

Condensed Consolidated Interim Statements of Loss

and Comprehensive Loss

(in thousands, except share and per share amounts) (unaudited)

 

 

 

 

 

Three Months Ended

June 30,

 

 

Six Months Ended

June 30,

 

 

 

Notes

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and license revenue

 

6

 

897

 

 

592

 

 

1,818

 

 

592

 

Total revenue

 

 

 

 

897

 

 

 

592

 

 

 

1,818

 

 

 

592

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

7

 

 

(4,506

)

 

 

(3,074

)

 

 

(20,245

)

 

 

(6,010

)

General and administrative

 

8

 

 

(1,858

)

 

 

(672

)

 

 

(3,273

)

 

 

(1,353

)

Total operating expenses

 

 

 

 

(6,364

)

 

 

(3,746

)

 

 

(23,518

)

 

 

(7,363

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating loss

 

 

 

 

(5,467

)

 

 

(3,154

)

 

 

(21,700

)

 

 

(6,771

)

Interest expense, net

 

 

 

 

(156

)

 

 

(57

)

 

 

(264

)

 

 

(108

)

Foreign currency exchange loss, net

 

 

 

 

(136

)

 

 

(261

)

 

 

(347

)

 

 

(268

)

Total non-operating expenses

 

 

 

 

(292

)

 

 

(318

)

 

 

(611

)

 

 

(376

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss before income tax

 

 

 

 

(5,759

)

 

 

(3,472

)

 

 

(22,311

)

 

 

(7,147

)

Income tax (expense) benefit

 

 

 

 

(25

)

 

 

3

 

 

 

(47

)

 

 

 

Net loss

 

 

 

(5,784

)

 

(3,469

)

 

(22,358

)

 

(7,147

)

Foreign currency translation adjustment

 

 

 

 

(893

)

 

 

 

 

 

(404

)

 

 

 

Total comprehensive loss

 

 

 

(6,677

)

 

(3,469

)

 

(22,762

)

 

(7,147

)

Net loss per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per share, basic and diluted

 

 

 

(0.23

)

 

(7.75

)

 

(1.64

)

 

(15.97

)

Weighted average common shares outstanding, basic and diluted

 

 

 

 

25,523,501

 

 

 

447,525

 

 

 

13,641,062

 

 

 

447,525

 

 

 

 

 

 

2

 


 

Condensed Consolidated Interim Statements of Financial Position

(in thousands)

 

 

 

 

 

 

 

June 30,

 

 

December 31,

 

 

 

Notes

 

2021

 

 

2020

 

 

 

 

 

(unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

Non-current assets

 

 

 

 

 

 

 

 

 

 

Property and equipment, net

 

 

 

923

 

 

906

 

Right-of-use assets

 

 

 

 

236

 

 

 

311

 

Deferred tax assets

 

 

 

 

15

 

 

 

 

Non-current assets and security deposits

 

 

 

 

612

 

 

 

626

 

Total non-current assets

 

 

 

 

1,786

 

 

 

1,843

 

Current assets

 

 

 

 

 

 

 

 

 

 

Trade receivables and other

 

 

 

 

360

 

 

 

929

 

Prepaid expenses and other current assets

 

 

 

 

4,162

 

 

 

95

 

Deferred offering costs

 

 

 

 

 

 

 

661

 

VAT receivable

 

 

 

 

266

 

 

 

274

 

Cash and cash equivalents

 

 

 

 

128,354

 

 

 

12,881

 

Total current assets

 

 

 

 

133,142

 

 

 

14,840

 

Total assets

 

 

 

134,928

 

 

16,683

 

Equity and Liabilities

 

 

 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

 

 

 

 

Share capital

 

 

 

3,093

 

 

 

Share premium

 

 

 

 

 

 

 

35,159

 

Equity-settled employee benefits reserve

 

 

 

 

2,195

 

 

 

801

 

Foreign currency translation reserve

 

 

 

 

(751

)

 

 

(347

)

Additional paid-in capital

 

 

 

 

162,813

 

 

 

 

Accumulated deficit

 

 

 

 

(51,764

)

 

 

(29,406

)

Total equity

 

 

 

 

115,586

 

 

 

6,207

 

Non-current liabilities

 

 

 

 

 

 

 

 

 

 

Deferred revenue

 

6

 

 

 

 

 

1,480

 

Lease liabilities

 

 

 

 

122

 

 

 

221

 

License liabilities

 

5

 

 

4,437

 

 

 

 

Borrowings

 

 

 

 

3,262

 

 

 

2,935

 

Total non-current liabilities

 

 

 

 

7,821

 

 

 

4,636

 

Current liabilities

 

 

 

 

 

 

 

 

 

 

Trade payables and other

 

 

 

 

1,820

 

 

 

760

 

Lease liabilities

 

 

 

 

244

 

 

 

168

 

License liabilities

 

5

 

 

4,637

 

 

 

 

Accrued expenses and other current liabilities

 

 

 

 

1,608

 

 

 

1,362

 

Deferred revenue

 

6

 

 

3,212

 

 

 

3,550

 

Total current liabilities

 

 

 

 

11,521

 

 

 

5,840

 

Total liabilities

 

 

 

 

19,342

 

 

 

10,476

 

Total equity and liabilities

 

 

 

134,928

 

 

16,683

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3

 


 

 

Condensed Consolidated Interim Statements of Changes in Equity

(in thousands, except share and per share amounts) (unaudited)

 

 

 

 

 

Preference

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Note

 

Series A

shares

 

 

Series A

Share

premium

 

 

Series B

shares

 

 

Series B

Share

premium

 

 

Series C

shares

 

 

Series C

Share

premium

 

 

Ordinary

share

shares

 

 

Share

capital

 

 

Equity-

settled

employee

benefits

reserves

 

 

Foreign

currency

translation

reserve

 

 

APIC

 

 

Accumulated

deficit

 

 

Total

 

Balance at April 1, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

25,114,162

 

 

3,014

 

 

1,341

 

 

142

 

 

154,954

 

 

(45,980

)

 

113,471

 

Loss for the period

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,784

)

 

 

(5,784

)

Issuance of Greenshoe common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

425,712

 

 

 

51

 

 

 

 

 

 

 

 

 

4,887

 

 

 

 

 

 

4,938

 

Issuance of VUmc common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

235,664

 

 

 

28

 

 

 

 

 

 

 

 

 

2,972

 

 

 

 

 

 

3,000

 

Foreign currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(893

)

 

 

 

 

 

 

 

 

(893

)

Share-based compensation expense

 

9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

854

 

 

 

 

 

 

 

 

 

 

 

 

854

 

Balance at June 30, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

25,775,538

 

 

3,093

 

 

2,195

 

 

(751

)

 

162,813

 

 

(51,764

)

 

115,586

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preference

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Note

 

Series A

shares

 

 

Series A

Share

premium

 

 

Series B

shares

 

 

Series B

Share

premium

 

 

Series C

shares

 

 

Series C

Share

premium

 

 

Ordinary

share

shares

 

 

Share

capital

 

 

Equity-

settled

employee

benefits

reserves

 

 

Foreign

currency

translation

reserve

 

 

APIC

 

 

Accumulated

deficit

 

 

Total

 

Balance at January 1, 2021

 

 

 

 

1,037,595

 

 

629

 

 

 

3,899,766

 

 

16,001

 

 

 

4,133,805

 

 

18,529

 

 

 

281,775

 

 

 

 

801

 

 

(347

)

 

 

 

(29,406

)

 

6,207

 

Loss for the period

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(22,358

)

 

 

(22,358

)

Share split

 

 

 

 

 

 

 

(124

)

 

 

 

 

 

(468

)

 

 

 

 

 

(497

)

 

 

 

 

 

1,123

 

 

 

 

 

 

 

 

 

(34

)

 

 

 

 

 

 

Issuance of Series C preferred shares, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,945,221

 

 

 

50,581

 

 

 

 

 

 

1,193

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

51,774

 

Repurchase of Series A and common shares

 

 

 

 

(718,250

)

 

 

(349

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(165,750

)

 

 

(106

)

 

 

 

 

 

 

 

 

(4,153

)

 

 

 

 

 

(4,608

)

Conversion of Preference shares

 

 

 

 

(319,345

)

 

 

(156

)

 

 

(3,899,766

)

 

 

(15,533

)

 

 

(14,079,026

)

 

 

(68,613

)

 

 

18,298,137

 

 

 

 

 

 

 

 

 

 

 

 

 

84,302

 

 

 

 

 

 

 

Issuance of common stock in initial public offering, net

 

1,4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,700,000

 

 

 

804

 

 

 

 

 

 

 

 

 

74,839

 

 

 

 

 

 

75,643

 

Issuance of Greenshoe common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

425,712

 

 

 

51

 

 

 

 

 

 

 

 

 

4,887

 

 

 

 

 

 

4,938

 

Issuance of VUmc common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

235,664

 

 

 

28

 

 

 

 

 

 

 

 

 

2,972

 

 

 

 

 

 

3,000

 

Foreign currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(404

)

 

 

 

 

 

 

 

 

(404

)

Share-based compensation expense

 

9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,394

 

 

 

 

 

 

 

 

 

 

 

 

1,394

 

Balance at June 30, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

25,775,538

 

 

3,093

 

 

2,195

 

 

(751

)

 

162,813

 

 

(51,764

)

 

115,586

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


4

 


 

 

Condensed Consolidated Interim Statements of Changes in Equity

(in thousands, except share and per share amounts) (unaudited)

 

 

 

 

 

 

Preference

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Note

 

Series A

shares

 

 

Series A

Share

premium

 

 

Series B

shares

 

 

Series B

Share

premium

 

 

Series C

shares

 

 

Series C

Share

premium

 

 

Ordinary

share

shares

 

 

Share

capital

 

 

Equity-

settled

employee

benefits

reserves

 

 

Foreign

currency

translation

reserve

 

 

APIC

 

 

Accumulated

deficit

 

 

Total

 

Balance at April 1, 2020

 

 

 

 

1,755,845

 

 

1,065

 

 

 

3,899,766

 

 

16,001

 

 

 

 

 

 

 

 

447,525

 

 

 

 

476

 

 

 

 

 

 

(15,857

)

 

1,685

 

Loss for the period

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,469

)

 

 

(3,469

)

Share-based compensation expense

 

9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

98

 

 

 

 

 

 

 

 

 

 

 

 

98

 

Balance at June 30, 2020

 

 

 

 

1,755,845

 

 

1,065

 

 

 

3,899,766

 

 

16,001

 

 

 

 

 

 

 

 

447,525

 

 

 

 

574

 

 

 

 

 

 

(19,326

)

 

(1,686

)