SCHEDULE: Gilde Healthcare Reduces LAVA Therapeutics Stake Below 5%

Sentiment:

Beneficial Ownership Amendment 22 October 2025 4:32 PM

Gilde Healthcare has reduced its beneficial ownership in LAVA Therapeutics N.V. to 3.9% after selling over 1.9 million common shares.

Worse than expectedA significant institutional investor, Gilde Healthcare, has reduced its beneficial ownership in LAVA Therapeutics N.V. from above 5% to 3.9%. This action is generally perceived as a negative signal by the market, indicating a potential lack of conviction or a strategic divestment, which could lead to decreased investor confidence and downward pressure on the stock price.

Summary

Cooperatieve Gilde Healthcare IV U.A. and its affiliated reporting persons (collectively, "Gilde Healthcare") have filed Amendment No. 3 to their Schedule 13D.
The amendment reflects the sale of 1,933,030 Common Shares of LAVA Therapeutics N.V. in open market transactions between October 20, 2025, and October 21, 2025.
As of October 21, 2025, Gilde Healthcare ceased to beneficially own more than 5% of LAVA Therapeutics' outstanding Common Shares.
Gilde Healthcare now beneficially owns 1,014,751 Common Shares, representing approximately 3.9% of the Issuer's outstanding Common Shares.
The Issuer had 26,305,295 Common Shares outstanding as of August 8, 2025, according to its Form 10-Q filed on August 13, 2025.

Sentiment

Score: 4

Explanation: The sentiment is slightly negative as a major investor has significantly reduced its stake, which can be interpreted as a lack of confidence or a strategic exit, potentially impacting investor perception and stock performance.

Positives

Negatives

A significant institutional investor, Gilde Healthcare, has reduced its beneficial ownership stake in LAVA Therapeutics N.V. from above 5% to 3.9%.
This reduction could be perceived by the market as a loss of confidence or a strategic exit by a major investor, potentially leading to downward pressure on the Issuer's stock price.

Risks

Future Outlook

Management Comments

Industry Context

This filing reflects a standard investment fund activity of adjusting portfolio holdings. It does not provide specific insights into broader industry trends or LAVA Therapeutics' competitive position within the biotech sector.

Comparison to Industry Standards

Management Changes

Role	Previous Person	New Person	Effective Date	Reason

Corporate Governance

Change Type	Description	Effective Date	Impact Assessment

Legal Proceedings

Related Party Transactions

Stakeholder Impact

Shareholders: The reduction in a significant institutional investor's stake may lead to decreased investor confidence and potential downward pressure on the share price.
Company Management: May need to address market concerns regarding the divestment by a major investor.

Next Steps

Key Dates

Date	Description
2021-03-21	Initial Statement on Schedule 13D filed.
2025-08-08	Date for which 26,305,295 Common Shares were outstanding, as reported in the Issuer's Form 10-Q.
2025-08-13	Issuer's Quarterly Report on Form 10-Q filed with the SEC.
2025-10-14	Amendment No. 1 to Schedule 13D filed.
2025-10-17	Amendment No. 2 to Schedule 13D filed.
2025-10-20	Gilde Healthcare sold 1,000,000 Common Shares at $1.4647 per share; Date of event requiring this filing.
2025-10-21	Gilde Healthcare sold 933,030 Common Shares at $1.4664 per share; Reporting Persons ceased to beneficially own more than 5% of outstanding Common Shares.
2025-10-22	Date of signature for Amendment No. 3 to Schedule 13D.

Recommendation

hold

The reduction of a significant stake by a major institutional investor like Gilde Healthcare often signals a re-evaluation of the investment thesis or a strategic portfolio adjustment. While not necessarily indicative of fundamental issues with LAVA Therapeutics, it warrants a 'hold' recommendation for existing investors to assess the market's reaction and any further company-specific news. New investors should exercise caution and conduct further due diligence before initiating a position, as this could indicate a lack of strong upside conviction from a previously significant holder.

Keywords

LAVA Therapeutics, Gilde Healthcare, Schedule 13D, beneficial ownership, stake reduction, common shares, biotech, investment fund

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