LVG_2025-AnnualReport_Issuu

ANNUAL REPORT 2025

page 21

Innovators of theYear Craig Meyer, Silvia Blemker and Joseph Hart have changed the game.

Where Research Gets Real

Launching UVA-Born Ideas into the Marketplace OUR MISSION: To grow and guide UVA innovations while improving lives on Grounds and around the world.

Accelerate

Develop

We provide resources and expertise to support the entrepreneurial and investment process

We connect and promote innovations to our partners and industry

We navigate the legal and patenting process to protect ideas developed at UVA

Engage

We work with creators to discover an innovation’s smartest path to IMPACT

TABLE OF CONTENTS

Protect

04 Welcome 06 LVG Staff 07 FY25 Performance 12 FY25 Patents 14 LVG Seed Fund 18 Inside LVG 19 New Ventures 20 Innovators of the Year

IMAGE: 2024 INNOVATORS OF THE Y E AR CR AIG ME Y ER, JO SEPH HART AND SILVIA BLEMKER

Welcome

There we were, in the Governor’s office in Downtown Richmond on August 13, the leaders of six university tech transfer offices signing an initiative aimed at making commercialization in the commonwealth easier. Years from now, I hope we look back on it as a watershed moment.

UNIVERSITY OF VIRGINIA LICENSING & VENTURES GROUP

Since arriving here four years ago, one of my goals has been to make LVG business-friendly and easier to work with—and I believe the “Lab-to-Launch” initiative can do just that.

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This year, I worked closely with Virginia Innovation Partnership Corporation (VIPC) and the Governor’s office on the initiative to accelerate university research commercialization and technology transfer. Eventually, all six major research universities in Virginia signed up for this initiative. The initiative will create Virginia’s first-ever standardized Fast-Track License agreement to commercialize university research, while also expanding opportunities to connect with talent and capital from the private sector.

The Virginia Fast-Track License for startups standardizes key terms, while offering some of the most founder-friendly economic terms. This will make the process easier, faster, less costly, and more transparent for scientists, inventors, and entrepreneurs.

At the same time, startups that spin off from universities using the Virginia Fast-Track License

are eligible for a grant award of up to $50,000 from VIPC toward upfront out-of-pocket university commercialization costs.

The program also provides additional funding for LVG’s Entrepreneur-in-Residence program, which connects seasoned industry executives with entrepreneurs and startup teams.

Lastly, the program will further attract private sector investment for university startup spin-offs by engaging with venture capital funds and investor networks, evaluating potential partnership opportunities through VIPC’s Virginia Invest platform. With the support it will provide to early-stage startups and university innovation, it could be a game-changer, paving the way for countless homegrown companies to have positive impacts on society, while also spurring economic growth in the commonwealth.

But even before this initiative, LVG was on an upward trajectory. This year, we had increases in invention disclosures, deals and new ventures (see page 7), achieving a near-record number of both deals and startups.

In January, we launched the Enterprise Studio in partnership with UVA Innovates. Led by UVA professor and LVG board member Mike Lenox, the Studio is envisioned as the place for faculty, research staff and research graduate students to bring their ideas for commercial solutions that impact the world.

WELCOME

Board of Directors The Enterprise Studio serves all schools at UVA. Guided by experienced entrepreneurs and staffed with advisors, it serves as a long-term thought partner to evaluate whether commercialization is the right path for ideas, and it helps navigate the UVA/LVG network of commercialization services and resources.

In just the first six months of operation, the Studio had 32 active projects from seven schools/units at UVA; played a role in the increase in our invention disclosures; and was involved with three of the eight launched startups out of LVG. I’m excited for what a full year of operation will contribute to our pipeline and our ability to serve the UVA research enterprise. When you combine these positive developments from the Studio with the Lab to Launch initiative, the future looks extremely bright.

Peter M. Grant II (COL ’78, DARDEN ’86) Chair Founding Partner, Anchormarck Holdings LLC Erik L. Hewlett, M.D. Professor Emeritus, Medicine, Infectious Disease and International Health UVA School of Medicine John S. Lazo, Ph.D. Pharmacology, UVA School of Medicine Chief Scientific Officer, KeViRx, Inc. Michael J. Lenox, Ph.D. (ENGR ’93) Senior Associate Dean and Chief Strategy Officer, Tayloe Murphy Professor of Business Administration, UVA Darden School of Business Jeffrey Martens, Ph.D. Senior Associate Dean for Research UVA School of Medicine Lori L. McMahon, Ph.D. UVA Vice President for Research The Honorable Paul R. Michel, J.D. (LAW ’66) Former Chief Judge of the U.S. Court of Appeals for the Federal Circuit Ron Newbold, Ph.D. CEO, Empire Discovery Institute Richard Tadler (McIntire, ’78) Former Chairman, TA Associates

RICHARD W. CHYLLA EXECUTIVE DIRECTOR

Jennifer L. West Dean, Nancy and Neal Wade Professor of Engineering and Applied Science UVA School of Engineering and Applied Science

2025 ANNUAL REPORT

Kwame Ulmer (M.S. ENGR ’98, DARDEN ’15) Principal, Ulmer Ventures

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I N S I D E LV G

Leadership

LVG Staff Robert J. Creeden Managing Director, UVA LVG Seed Fund & New Ventures

Joshua P. Mauldin Director, Licensing

Jill Simandl Director of Finance and Operations

Jim Zuffoletti Enterprise Studio Managing Director

Cortney L. Mushill Licensing Manager

Jay Hyun-Jung Lee Licensing Associate

Johnathon Dooley Licensing Associate

Lakshmi Narayanan Licensing Analyst

Vince Gray Licensing Analyst

Robert J. Decker Senior Patent & General Counsel

Paul Coaker Legal Assistant

Whitelaw Reid Manager of Strategic Communications

Mary Anderson Royalties & Compliance Analyst

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Seed Fund & New Ventures Matthew D. Rannals Principal

Dawn Kidd Commercialization Program Manager

Operations

UNIVERSITY OF VIRGINIA LICENSING & VENTURES GROUP

Legal

Licensing

Richard W. Chylla Executive Director

Sari Rizek Information & Compliance Manager

Elizabeth Boucher Office Manager & Executive Assistant

2025 PERFORMANCE

2025 Performance

8 48 91 168 271 $1.3M $17.9M $5.58M

University of Virginia research, across disciplines, schools and institutes on Grounds, yields discoveries and inventions with commercial potential every year.

LVG engages these ideas and stewards them toward the marketplace through evaluation, business development, patent protection, transactions with new and existing companies and seed fund investments to yield returns for UVA and enrich and improve lives.

New Ventures

U.S. Patents Issued

Licensing Deals

Invention Disclosures

Patents Filed

Invested from the LVG Seed Fund

Leveraged by the LVG Seed Fund

Annual Revenue

F Y2 5 PE R F O R MAN C E

Invention Disclosures

10%

COLLEGE OF ARTS & SCIENCES

UNIVERSITY OF VIRGINIA LICENSING & VENTURES GROUP

Biology Chemistry Psychology

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32%

SCHOOL OF ENGINEERING & APPLIED SCIENCE

Biomedical Engineering Chemical Engineering Civil & Environmental Engineering Computer Science Electrical & Computer Engineering Engineering & Society Materials Science & Engineering Mechanical & Aerospace Engineering Systems and Information Engineering

School of Law Architecture Commerce Data Science McIntire School Biocomplexity Initiative Research Computing

4% OTHER

F Y2 5 PE R F O R MAN C E

52%

In FY25, UVA innovators brought forward 168 ideas and discoveries with the potential to improve lives.

SCHOOL OF MEDICINE

2%

SCHOOL OF EDUCATION & HUMAN DEVELOPMENT

Microbiology Molecular Physics & Biophysics Neuroscience Neurology Obstetrics & Gynecology Ophthalmology Orthopedics Otolaryngology Pathology Pediatrics Pharmacology Pulmonary Psychiatry and Neurobehavioral Sciences Radiation Research Surgery Urology

2025 ANNUAL REPORT

Anesthesiology Beirne B. Carter Center Biomedical Engineering Cardiology Center for Diabetes Technology Cell Biology Center for Membrane & Cell Physiology Core Facilities Cardiovascular Medicine Endocrinology Gastroenterology Health Systems Technology Services Hematology & Oncology Infectious Disease Medical Center Therapy Services Medical Center Be Safe Medical Center MICU

9

F Y2 5 PE R F O R MAN C E

Licensing Deals Industry Partners LVG executed 91 commercial transactions with industry partners from around the world.

California Massachusetts

Virginia / 12

Maryland North Carolina New Jersey

United States / 67

New York

UNIVERSITY OF VIRGINIA LICENSING & VENTURES GROUP

Maine

10

Pennsylvania Oklahoma Michigan Washington

Germany

Switzerland

Italy

Netherlands

Taiwan

South Korea

Japan

United Kingdom

World / 11

F Y2 5 PE R F O R MAN C E

Industries Represented

Biotech

Nonprofit

Communications

Pharmaceuticals

Electronics

Quantum Computing

Government, Healthcare

Research Reagents

Life Sciences

Semiconductors

Marketing

Therapeutics

Medical Devices

University

Mobile App Development

UVA Translational Research Funds

The Licensing & Ventures Group plays an integral role in UVA’s sophisticated translational research infrastructure. Translational research involves moving knowledge and discovery gained from the basic sciences to its application in clinical and community settings.

Coulter Translational Research Partnership

Ivy Biomedical Innovation Fund

LaunchPad for Diabetes

Accelerating Innovation Fund

Year Founded

2006

2008

2009

2024

Applications

280

345

155

19

Projects Funded

124

75

91

8

2025 ANNUAL REPORT

UVA has four ongoing philanthropically funded translational research programs that support biomedical innovation. While each fund has different parameters and oversight, all proposals are evaluated on their potential path to delivering improvements in healthcare.

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F Y 2 5 PA T E N T S

UNIVERSITY OF VIRGINIA LICENSING & VENTURES GROUP

48 U.S. Patents Issued

12

US Patent Number

Title

Inventors

12,221,654

Serotonin Transporter Gene and Treatment of Opioid-Related Disorders

Johnson, Bankole A.

12,150,931

Molecular Genetic Approach to Treatment and Diagnosis of Alcohol and Drug Dependence

Johnson, Bankole A.

12,226,401

Molecular Genetic Approach to Treatment and Diagnosis of Alcohol and Drug Dependence

Johnson, Bankole A.

12,274,692

Molecular Genetic Approach to Treatment and Diagnosis of Alcohol and Drug Dependence

Johnson, Bankole A.

12,319,923

Increasing Trichome Density and Improving Transport of Metabolites in Plant Trichomes

Kudithipudi (Altria), Chengalrayan; Shen (Altria), Yanxin; Xu (Altria), Dongmei; Timko, Michael P.; Rabara, Roel Collamat

12,332,000

Heat Transfer Device for High Heat Flux Applications and Related Methods Thereof

Haj-Hariri, Hossein; Monazami, Reza

12,318,484

Pegylated Liposomes and Methods of Use

Fox (IDRI), Christopher B.; Lin (IDRI), Susan S.; Carter (IDRI), Darrick; Van Hoeven (IDRI), Neal; Abhyankar, Mayuresh M.; Petri, Jr., William A.

12,297,481

Amplifier System and Controls for Dielectrophoretic Tracking in Microfluidic Devices

Swami, Nathan; Rohani, Ali; Farmehini, Vahid; Varhue, Walter

12,031,896

Method and System for Impedance-Based Quantification and Microfluidic Control

Swami, Nathan; Varhue, Walter; Farmehini, Vahid

12,178,571

Method, System and Computer Program Product for Cgm-Based Prevention of Hypoglycemia Via Hypoglycemia Risk Assessment and Smooth Reduction Insulin Delivery

Kovatchev, Boris P.; Breton, Marc D.; Patek, Stephen D.

12,266,436

Method and System for the Safety, Analysis, and Supervision of Insulin Pump Action and Other Modes of Insulin Delivery in Diabetes

Breton, Marc D.; Patek, Stephen D.; Kovatchev, Boris P.; Karvetski, Colleen Hughes

12,324,682

Unified Platform for Monitoring and Control of Blood Glucose Levels in Diabetic Patients

Kovatchev, Boris P.; Keith-Hynes, Patrick T.; Breton, Marc D.; Patek, Stephen D.

12,285,589

Insulin Monitoring and Delivery System and Method for Cgm Based Fault Detection and Mitigation Via Metabolic State Tracking

Breton, Marc D.; Patek, Stephen D.; Kovatchev, Boris P.

12,057,233

Method, System, and Computer Readable Medium for Virtualization of a Continuous Glucose Monitoring Trace

Patek, Stephen D.; Breton, Marc D.

12,336,847

Method, System and Computer Readable Medium for Predictive Hypoglycemia Detection for Mild to Moderate Exercise

Breton, Marc D.; Ben-Brahim, Najib

12,209,961

Fiber-Optic Based Material Property Measurement System and Related Methods

Foley, Brian M.; Gaskins, John Ed; Hopkins, Patrick E.

12,092,595

Steady-State Thermo-Reflectance Method & System to Measure Thermal Conductivity

Braun, Jeffrey L.; Olson, David H.; Gaskins, John Ed; Hopkins, Patrick E.

12,054,523

Compositions and Related Methods for Modulating Alkaloid Production Bycontrolling PMT Promoter Activation Mediated by Transcriptional Factorserf and MYC

Timko, Michael P.; Rushton, Paul J.; Han, Sheng-Cheng; Zhang, Hongbo; Bokowiec, Marta T.

12,042,530

Target Peptides for Immunotherapy and Diagnostics

Hunt, Donald F.; Shabanowitz, Jeffrey; Malaker, Stacy A.; Engelhard, Victor H.; Ambakhutwala, Angela; Cummings, Kara L.; Obeng, Rebecca C.; Cobbold (U of Birm), Mark

12,336,323

Avalanche Photodiodes with Adaptive Quenching of Photocurrent

Zheng (U of Chicago), Jiyuan; Guha (U of Chicago), Supratik; Campbell, Joe C.

12,334,183

Memory Devices Including Processing-in-Memory Architecture Configured yo Provide Accumulation Dispatching and Hybrid Partitioning

Skadron, Kevin; Lenjani, Marzieh

12,287,770

Dynamic Random Access Memory-Based Content-Addressable Memory (DRAMCAM) Architecture for Exact Pattern Matching

Wu, Lingxi; Skadron, Kevin

12,060,401

Compositions and Methods for Treatment of Autoimmune and Inflammatory Diseases and Disorders

Sharma, Rahul; Okusa, Mark D.

12,064,469

Stable Peptide Compositions

Laurie, Gordon W.; Odrich, Marc; Carpenter (TS), Michelle; Gadek (TearSolutions), Thomas R.; Laskar (TearSolutions), Paul A.

US Patent Number

Title

Inventors

12,233,108

Compositions and Methods for Promoting Islet Viability and Enhancing Insulin Secretion

Laurie, Gordon W.; Brayman, Kenneth; Chhabra, Preeti; Ma, Mingyang; Teixeira, Karina; Gadek (TearSolutions), Thomas R.

12,076,344

T-Rapa Cells as Novel Effector Cell Type for Chimeric Antigen Receptor Therapy

Medin (MCW), Jeffrey A.; Oldham (MCW), Robyn A.; Fowler (MCW), Daniel H.; Felizardo, Tania

12,275,925

Bioreactor and Reseeding Chamber System and Related Methods Thereof

Cao, Yiqi; Luu, Lydia; Zhang, Wade; Christ, George J; Smith, Kimberly

12,234,229

Sphingosine Kinase Inhibitor Amidoxime Prodrugs

Thorpe (SphynKx), Steven Brandon; Santos (VTECH), Webster L.; Lynch, Kevin R.

12,326,448

Compositions and Methods for High-Sensitivity Immunoassays

Farhi, Leon S.; Klibanov, Alexander L.; Gaylinn, Bruce D.

12,270,781

Electrochemical Device for Identifying Electroactive Analyte and Related Methods Thereof

Yang, Cheng; Venton, B. Jill

12,187,687

Compositions and Uses Thereof

Hsu, Ku-Lung; Franks, Caroline Elise; Hahm, Heung Sik; Brulet, Jeffrey W.; Huang, Tao

12,305,377

System and Method for Disinfection of a Plumbing System Associated with Liquid Waste

Guilford, William H.; Mathers, Amy J.; Kotay, Shireen M.

12,262,766

Protective Vest Device and Related Method Thereof

Cady, Patricia A.

12,186,750

Slipchip Device for On-Chip Dilution and Size-Based Extraction of Protein Labeling Reagents

Pompano, Rebecca Rose; Kinman, Andrew

12,220,500

Compositions and Methods for Preparing and Using Non-Immunogenic Fast Annealing Microporous Annealed Particle Hydrogels

Griffin, Donald Richieri; Daniero, James J.; Pruett, Lauren Jae

12,059,429

Hornerin: A Novel Non-Vegf Mediated Angiogenic Protein Expressed in Both Human and Mouse Angiogenic Endothelial Cells and Human Pancreatic Cancer Cells

Kelly, Kimberly A.

12,227,515

In-Flow Photooxygenation of Aminothienopyridinones Generates Novel PTP4A3 Phosphatase Inhibitors

Lazo, John S.; Sharlow, Elizabeth; Wipf (PITT), Peter; Tasker (PITT), Nikhil R; Rastelli (PITT), Ettore J.

12,209,053

Cementitious Materials and Methods of Making and Using Thereof

Clarens, Andres F.; Plattenberger, Dan A.

12,226,453

Eosinophils Alleviate Lung Allograft Rejection Through Their Modulation of CD8+ T Cells

Krupnick, Alexander Sasha; Guo, Yizhan; Onyema, Oscar

12,202,839

In-Flow Photooxygenation of Aminothienopyridinones Generates Novel PTP4A3 Phosphatase Inhibitors

Lazo, John S.; Sharlow, Elizabeth; Wipf (PITT), Peter; Tasker (PITT), Nikhil R; Rastelli (PITT), Ettore J.

12,167,541

Method and System for Transfer Printing of Films

Xu, Baoxing; Zhang, Yue

12,334,221

System, Method and Computer Readable Medium for Video-Based Facial Weakness Analysis for Detecting Neurological Deficits

Rohde, Gustavo; Southerland, Andrew M.; Zhuang, Yan; Mcdonald, Mark; Uribe, Omar; Aldridge, Chad M.; Hassan, Mohamed Abul

12,319,967

Methods and Compositions for Diagnosing and Treating Prostate Cancer Based on Long Noncoding RNA Overlapping the LCK Gene That Regulates Prostate Cancer Cell Growth

Gioeli, Daniel G.

12,161,726

Biomimetic Vesicles and Uses Thereof

Kent, Kenneth Craig; Gong (Wisconsin), Shaoqin; Guo*, Lian-Wang; Wang*, Bowen; Chen (Wisconsin), Guojun; Urabe (Ohio State), Go

12,042,394

Patient-Specific Spinal Implants

Noshchenko (UC Denver), Andriy G.; Burger (UC Denver), Evalina; Patel (UC Denver), Vikas V.; Kleck (UC Denver), Christopher J.; Ma, Ji

12,115,182

Adenosine A2A Agonists for the Treatment of Cytokine Storm Syndrome

Lau (UMB), Christine; Zhao, Yunge; Linden*, Joel M.; Mann, Barbara J.; Chhabra, Preeti; Brayman, Kenneth; Feldman, Sanford H.

12,334,360

Laser Fabrication of Lead Selenide Thin Film

Harrison (US Navy), Joel; Gupta, Mool C.

12,296,198

System and Method to Compute a Pixel Sensitivity Map of an Imaging Device

Siebers, Jeffrey Vincent; Ahmed, Mahmoud

2025 ANNUAL REPORT

F Y 2 5 PA T E N T S

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LV G S E E D F U N D

LVG Seed Fund Our seventh year of operation saw multiple accomplishments within the portfolio including out third exit. At the same time, the portfolio operated efficiently in an environment focused on sustainability and capital effectiveness.

In our eighth year of operating the UVA LVG Seed Fund, a difficult fund-raising environment continued but we still managed to complete 15 deals and had our fourth exit.

In the market most funds once again turned their focus to supporting portfolio companies instead of making new investments. The Seed Fund followed this pattern, approving 13 follow-on investments and two new ones.

UNIVERSITY OF VIRGINIA LICENSING & VENTURES GROUP

We maintained our track record of working with strong co-investors, sustaining our 13-1 leverage on total Fundinvested dollars. Groups outside of Charlottesville, such as Genoa Capital, Arboretum Ventures, Lumira Angelini Bio Sciences, 3B Future Health Ventures, Cultivate (MD) Capital and Sante Ventures joined our investment syndicates and continued to support our portfolio companies.

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Our EIRs were active with technology development, taking on direct management roles with UVA technologies that have become companies. As in past years, we once again had an EIR become CEO of a portfolio company. Jeff Tennery became CEO of Warm Health, working with Dr. Rebecca Dillingham and Dr. Karen Ingersoll on growing the business. Warm Health develops and delivers evidencebased mHealth platforms that empower people living with chronic conditions and their healthcare providers to collaboratively improve health and well-being.

students gain the real-life experience of an investment fund associate.

During the past year, the Fund promoted Matt Rannals from Senior Associate to Principal. While doing outstanding work for the Fund, Matt also leads our I-Corps program as a national instructor. Matt and I-Corps Hub Coordinator Dawn Kidd completed two cohorts with more than 25 faculty and graduate student teams representing technologies from disciplines across Grounds.

The two new investments that we added to Fund II over the last year were Vasarya and Angara Bio. Vasarya is commercializing research developed by UVA biomedical engineering professor Tom Barker, developing a novel antibody therapeutic for the treatment of fibrotic diseases, including idiopathic pulmonary fibrosis.

We were joined by Portal Ventures in a seed round to continue work toward a lead development candidate selection and a larger second round. Angara’s technology was developed by Dr. Ken Hsu during his

The balance of the eight-person EIR team continues mentoring faculty and graduate students with their ongoing technology advancement of UVA research. Our EIRs are active participants in the core program and will adopt teams for outside program office hours and one-on-one mentoring, further supporting LVG, faculty and graduate students who want to accelerate their discoveries from the lab to the market. They also are active with our I-Corps team and lead teams in our “white board sessions.”

This year, we welcomed our eighth cohort of second-year students from UVA’s Darden School of Business to work with us in our Due Diligence in Seed Fund course, and we accepted our seventh summer of Darden interns from the Darden Venture Fellows Program. The Fund is fortunate to realize significant benefits from these students, while

BOB C RE E DE N MANAGING DIREC TOR

LV G S E E D F U N D

Existing portfolio companies continue to make solid progress.

Slate Bio, which was our first investment co-founded by an LVG EIR, Andrew Krouse, is based on research and development from Dr. Rahul Sharma from the UVA Division of Nephrology and Center for Immunity, Inflammation and Regenerative Medicine. Since my last message, the company has identified a development candidate and is in the process of raising a Series B round of $45 million led by Pfizer Ventures.

Navion, (formerly GenEp), founded by Dr. Manoj Patel from the UVA Department of Anesthesiology in collaboration with Andrew Krouse, is working on development of a novel dual sodium channel inhibitor for the treatment of epilepsy.

Navion is also making great progress, and the Fund made its largest single investment to date of $500,000 as part of a $3.8 million round alongside Lumira Angelini BioSciences Ventures and 3B Future Health Ventures.

One of our earliest portfolio companies, Tear Solutions, recently raised $5M to begin their first in-human trials for neurotrophic keratitis. The company has four sites enrolling and we were joined by Middleland Capital, Virginia Tech Carillion Fund and other existing investors in this critical funding.

Ceres Nanosciences continued to deliver innovative products based on its proprietary Nanotrap® technology to capture, concentrate and preserve low abundance analytes from any sample. The company is considered the leader in wastewater testing, with more than 20 sites across the U.S. using their particles. In the second quarter of 2024, the company introduced its Liquid Biopsy kit and started selling with its strategic partner, Streck, who also made a $3 million investment in the company.

Nanochon, founded by UVA alum Dr. Benjamin Holmes, has developed a 3-D printed, orthopedic, load-bearing implant that provides a scaffold for cartilage tissue growth. The Company is about to start its first in human trials in Canada and recently raised a $5M round to enable the trial and continue to meet manufacturing goals.

In early 2024, we were excited to announce our fourth exit from Fund I. Mission Secure was acquired by Service Now, a Virginia cyber-security company focused on protecting

Gerry Brunk (COL ’90), Managing Director, Lumira Capital Peter M. Grant II (COL ’78, DARDEN ’86), Partner, Anchormarck Holdings Dayna Grayson (ENGR ’99), Co-founder and General Partner of Construct Capital Kristin Gunther (DARDEN ’09), Principal, Revolution Growth Dr. K. Craig Kent, Executive Vice President for Health Affairs (ex-officio) Lori L. McMahon, Ph.D. Vice President for Research, UVA (ex-officio) Dr. Anthony Natale, Partner, Amzak Health

clients in energy, defense, maritime and critical infrastructure from cyberattacks.

Our Seed Fund Investment Committee continues to be the Fund’s greatest asset. These individuals, all UVA graduates and partners at larger venture firms, continue to assist us in evaluating opportunities, providing experience and guidance for the portfolio and have been a significant reason for the Fund’s success to date. We brought in Dr. Tony Natale, who has over 20 years of experience in healthcare venture capital as an investor, founder and operator. Prior to joining Amzak in 2023, Tony was a managing partner at Aperture Venture Partners and, previously, a partner at Prism Venture Partners and MDS Capital. He received a bachelor of arts degree from UVA, medical degree from the University of Florida and his MBA from Yale.

Big picture, we expect more funding challenges, but last quarter’s transactions give us optimism. We are excited to make additional investments from Fund II, while continuing to support our current portfolio and fulfilling our role in commercializing UVA innovation across Grounds.

2025 ANNUAL REPORT

tenure as an associate professor of chemistry at UVA. Now at the University of Texas at Austin. Dr. Hsu’s work focuses on developing small-molecule therapeutics that target RNAbinding proteins implicated in complex diseases. Our coinvestor in this funding was Sante Ventures.

Investment Committee

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LV G S E E D F U N D

LVG Seed Fund Portfolio

Merand Pharmaceuticals is developing a novel microRNA therapeutic (MicroRNA93 or miR93), shown to promote angiogenesis, to treat patients suffering from Peripheral Arterial Disease (PAD), a progressive circulatory issue affecting over 200 million people globally.

UVA Inventor: Dr. Brian Annex, M.D. Syndicate Partners: VTC Ventures

BrightSpec is a life science instrumentation company offering fast, precise analysis of trace level chemical components for applications in R&D, pharmaceuticals, fine chemicals, food and advanced manufacturing sectors.

Slate Bio. Inc. is developing paradigm-shifting engineered cytokines for immune modulation that induce persistent remission in Lupus and other autoimmune diseases. Slate’s product, SLT-518, is the first bi-specific engineered fusion of IL-2 to IL-33, and is uniquely positioned to improve the lives of those with autoimmune diseases.

UVA Inventor: Brooks Pate, Ph.D. (COL ’87)

UVA Inventor: Rahul Sharma, Ph.D

Syndicate Partners: Genoa Ventures, Arboretum Ventures

Syndicate Partner: Epidarex Capital

UNIVERSITY OF VIRGINIA LICENSING & VENTURES GROUP

Direct Spinal Therapeutics, Inc.

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Ceres Nanosciences is a life sciences company focused on incorporating its novel Nanotrap® particle technology into a range of diagnostic products and workflows with the ultimate goal of providing better patient outcomes.

The Nanotrap® particle technology can improve diagnostic testing by capturing, concentrating and preserving low abundance analytes from biological samples.

UVA Founder: Ross Dunlap (COM ’96) Syndicate Partners: Greybird Ventures, Pactolus Ventures

Direct Spinal Therapeutics, Inc. is a medical device company developing a Spinal Cord Stimulation (SCS) product-platform to enhance treatment for chronic back pain and other spinal cord injuries.

UVA Inventor: George Gillies, Ph.D. (ENGR ’76, ’80)

Nanochon is developing a novel implantable device for patients with limited mobility due to injury and joint pain.

Nanochon’s Chondograft is a functional cartilage implant made through a unique combination of synthetic nanomaterial and 3D-printing that harnesses the capacity of stem cells to self-repair tissue at the site of injury in the joint.

UVA Inventor: Benjamin Holmes, Ph.D. (SEAS ’09) Syndicate Partner: cultivate(MD) Capital Fund

TearSolutions’ first-in-class therapy is a synthetic form of the protein lacritin, called Lacripep™, which targets the causes of dry-eye disease.

The company completed Phase II clinical trials in 2020, which focused on patients with Primary Sjögren’s Syndrome.

GenEp, Inc. is a genetic epilepsy company focused on first-in-class ion channel modulators for treatment resistant genetic epilepsies. GenEp is bringing a precision medicine approach to epilepsy by targeting newly identified gain of function (GOF) mutations.

UVA Inventor: Gordon Laurie, Ph.D.

UVA Inventor: Manoj Patel, Ph.D

Syndicate Partners: Middleland Capital, Santen Ventures

Syndicate Partners: Angelini Lumira Biosciences Fund, 3B Future Health Fund

LVG Seed Fund II

Exits

NewCo NewCo has optioned a platform technology comprising a library of powerful probes for activity-based protein profiling, a unique means to measure the functional state of large numbers of enzymes in native biological systems that allows for identification of new drug targets and determination of inhibitor selectivity.

UVA Inventor: Ku-Lung Hsu, Ph.D.

Founded to commercialize research conducted by UVA Engineering Professor Barry Horowitz, Ph.D., Mission Secure is a leading control system cybersecurity company. The company’s patented MSi Platform and cyber advisory services protect clients in the energy, defense, autonomous systems, maritime and critical infrastructure industries prepare for and protect against cyber-attacks.

Acquired by: Service Now in 2025

CytoRecovery’s technologies are unique in their ability to sort, enrich, and recover cell populations in their native, untouched state, allowing confidence in downstream culture, analysis and use in biomedical research. Current application targets span oncology, neurology, regenerative medicine and more.

UVA Inventor: Nathan Swami, Ph.D. Syndicate Partner: VTC Ventures

Founded by Brendon Richardson (COM ’88) to commercialize global scale geospatial analytics, the company’s earthAI technology uses machine learning, big data computing and Earth-Observing satellites to easily access, analyze and extract actionable insights about the planet, providing global understanding for local impact.

Acquired by: NuView in 2024

Vasarya Therapeutics is developing targeted treatments for fibrotic disorders. Our novel therapeutic paradigm targets proteins that are only exposed in fibrotic tissue, allowing for inhibition of disease progression while avoiding toxicity associated with current, systemic standard of care therapies.

UVA Inventor: Tom Barker, Ph.D. Syndicate Partner: Portal Innovations

Warm Health Technology, Inc. is the sole licensee of PositiveLinks (PL), an evidence-based clinic-centered engagement in care program that employs a tailored smartphone app with an embedded digital social support community to help people living with chronic conditions reach their care goals.

UVA Inventors: Dr. Rebecca Dillingham and Dr. Karen Ingersoll

Founded to commercialize research conducted by Boris Kovatchev, Ph.D., Marc Breton, Ph.D, and the Center for Diabetes Technology at the UVA School of Medicine.

Acquired by: Dexcom, Inc. in 2018

Founded to commercialize a novel cardiovascular device to improve surgical accuracy developed

by UVA Associate Professor of Cardiovascular Medicine Scott Lim, M.D. Acquired by: Keystone Heart in 2020

I N S I D E LV G

Entrepreneurs in Residence

UNIVERSITY OF VIRGINIA LICENSING & VENTURES GROUP

Our cohort of EIRS includes leaders who are UVA alumni, founders and investors who possess business acumen, industry experience with early tech commercialization, strategic planning and fundraising. Two of the EIRs in our first cohort successfully launched and sold UVA startup companies.

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RO B I N H U M E

H E L E N B OY D

Robin has more than 20 years of deep scientific, strategic and operational experience in the biopharmaceutical industry, including early and late-stage drug development and commercialization.

Robin is recognized as a forward thinker in R&D strategy

Helen has nine years of experience in the energy industry, working in various finance positions at different subsidiaries of the Royal Dutch / Shell Group in both the U.K. and the U.S. Helen’s experience at Shell included working in corporate strategy, shipping

J I M P OW E R S

A N D R E W K RO U S E

Jim has more than 30 years of experience launching and building life science companies, evolving their business strategies, leveraging platform technologies and recruiting outstanding teams. Jim recently retired after 13 years serving as HemoShear Therapeutics’ first Chairman and CEO.

Andy has more than a decade of biotech investing and leadership experience with a track record of success as the founder and CEO of Tau Therapeutics, LLC, Xdynia LLC and venture-backed Cavion, Inc.

J E F F T E N N E RY

MIKE RAKER

Jeff is an innovative technology executive with more than 30 years of leadership in mobile and digital media.

He is the founder and visionary of Moonlighting, a leading blockchain ondemand hiring platform and one of the fastest growing freelance marketplaces in the world.

Mike is a technology executive with experience in large defense primes to startups/scale-ups in markets across the globe, including but not limited to the U.S., the U.K., Australia and NATO, including FOCI mitigation. He is experienced in developing innovative technology-driven business strategies.

J I M Z U F FO L E T T I

LESLIE J. WILLIAMS

Jim is a serial founder and executive with broad leadership and operating experience from co-founding businesses, business units and foundations from zero to one and beyond. He has experience with exits ranging from asset sale, divestiture to deka-corn IPO.

Leslie is a 25-year biopharmaceutical veteran and an experienced biotech CEO and board of directors’ member. She has experience in healthcare, management, business development, commercial product development and marketing and venture capital.

New Ventures MuscleMatrix, Inc

Stepping In 4 Respect, LLC

MuscleMatrix is developing a hydrogel that could change how medics treat traumatic injuries on the battlefield, as well as revolutionize surgical repairs for civilians with soft tissue injuries. The company’s patented semi-synthetic hyaluronic acid hydrogel is a structural scaffold that can be prepared as a hydrogel by in situ crosslinking, or as a lyophilized, terminally sterilized microporous dry scaffold for insertion into the injury.

Stepping in 4 Respect is a systems-based initiative for institutions that are committed to positively affecting the delivery of healthcare by creating a culture of respect and inclusion. The overall program is designed to provide two levels of engagement: institutional leadership and the healthcare and support teams comprised of faculty, staff, trainees and students.

U VA I N V E N T O R : J A N N B L A M E R

U VA I N V E N T O R : G E O R G E C H R I S T

Nouveau Biosciences Nouveau BioSciences deploys a proprietary technology that leverages high throughput chemical and genomic screening coupled to a bioinformatic capability to discover novel combinatorial therapies. It is then transitioned into an innovative nanochemistry platform to synthesize new derisked oncology drugs with improved tolerability, efficacy and pharmacologic disposition.

U VA I N V E N T O R : O W E N O ’C O N N O R

Thrive in3, LLC Thrive in3 makes research-based, accessible, and impactful resources that support children’s socialemotional and academic skills. The company’s STREAMin3 curriculum model launched to Virginia classrooms in 2016 through a partnership and support from the Virginia Department of Education.

Now the company offers a range of products and services aimed at helping all kids thrive.

U VA I N V E N T O R : A M A N D A W I L L I F O R D

Overa Therapeutics, Inc

Vasarya Therapeutics, Inc

Overa Therapeutics is developing novel cancer therapies based on targeted cancer-gamete antigens.

Their first target, SAS1B, was discovered at the University. The company is currently focused on a two-year research phase aimed at delivering a development candidate antibody-drug conjugate for testing in human trials.

Vasarya Therapeutics is developing targeted treatments for fibrotic disorders. Their novel therapeutic paradigm targets proteins that are only exposed in fibrotic tissue, allowing for inhibition of disease progression while avoiding toxicity associated with current, systemic standard of care therapies.

U VA I N V E N T O R : T O M B A R K E R

U VA I N V E N T O R : J O H N H E R R

Roversa equips every educator to be a STEM educator by providing a flexible robotics kit with easy-to-use curriculum, training and ongoing support. Roversa brings STEM alive with tools that grow with students through cross-curricular integration that enhances instruction and reinforces core standards. Roversa makes STEM stick with engaging and inclusive activities that encourage collaboration, creativity, and critical thinking—where students see the real-world applications of what they’re learning.

U VA I N V E N T O R S : E R I C B R E D D E R A N D K I M W I L K E N S

Lumadi, LLC Lumadi, LLC, no longer in existence, intended to commercialize novel polymer-metal-organicframework (MOF) composites that have the ability to capture carbon dioxide. The principal indication for Lumadi was CO2 removal from flue gas such as that at a power plant.

U VA I N V E N T O R : G I N O G I R I

2025 ANNUAL REPORT

Roversa Robotics LLC

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UNIVERSITY OF VIRGINIA LICENSING & VENTURES GROUP

THE

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Edlich-Henderson Innovator of the Year Award The highest honor bestowed on University of Virginia innovators, the Edlich-Henderson Innovator of the Year award recognizes an individual or team each year whose research discovery is making a major impact.

Named for UVA Professor Emeritus Dr. Richard F. Edlich and Christopher J. (“Goose”) Henderson, a veteran of privately owned financial services businesses, the award is a tribute to their enduring support of and commitment to the University and its innovators.

PREVIOUS WINNERS

Celebrating Impact Through Innovation

2023

Timothy Showalter, M.D.

2022

Marc Breton, M.D.

2021

Amy Mathers, M.D.

2020

Rebecca Dillingham, M.D. Karen Ingersoll, Ph.D.

2019 2018 2017 2016

Lee Ritterband, Ph.D. Jeffrey Elias, M.D. Brooks H. Pate, Ph.D. John A. Hossack, Ph.D. N. Scott Barker, Ph.D. Arthur W. Lichtenberger, Ph.D. Robert M. Weikle II, Ph.D.

2015

Benton H. Calhoun, Ph.D. James A. Smith, Ph.D.

2014

J. Randall Moorman, M.D. Douglas E. Lake, Ph.D.

2013

Marcia A. Invernizzi, Ph.D.

2012

Robin A. Felder, Ph.D.

2011

Boris P. Kovatchev, Ph.D.

2010

Kevin R. Lynch, Ph.D. Timothy L. Macdonald, Ph.D.

2009

John P. Mugler, Ph.D. James R. Brookeman, Ph.D.

2008

George T. Rodeheaver, Ph.D.

2007

Wladek Minor, Ph.D.

2006

George T. Gillies, Ph.D.

2005

Benjamin M. Gaston, M.D. John F. Hunt, Ph.D.

2004

Haydn N.G. Wadley, Ph.D.

2003

William A. Petri Jr., M.D., Ph.D. Barbara J. Mann, Ph.D.

2002

Joel M. Linden, Ph.D.

2001

Doris Kuhlmann-Wilsdorf, Ph.D.

2000

Ronald P. Taylor, Ph.D.

1999

John C. Herr, Ph.D.

1997

Richard L. Guerrant, M.D. Timothy L. Macdonald, Ph.D.

1996

Jessica J. Brand Patrice G. Guyenet, Ph.D. Richard D. Pearson, M.D. Janine C. Jagger, Ph.D.

1995

Donald F. Hunt, Ph.D. Jeffrey Shabanowitz, Ph.D. George C. Stafford Jr., Ph.D

1994

Gerald L. Mandell, M.D. Gail W. Sullivan

1993

Joseph Larner, M.D., Ph.D.

1992

Robert M. Berne, M.D. Luiz Belardinelli, M.D. Rafael Rubio, Ph.D.

Innovators of the Year

‘Springing’ Athletes to Better Health Through Revolutionary Tech

Springbok cofounders Craig Meyer, Silvia Blemker and Joseph Hart have created technology that is being used by the NBA, NFL, MLB and the Premier League.

I N N OVAT O R S O F T H E Y E A R

UNIVERSITY OF VIRGINIA LICENSING & VENTURES GROUP

What if a doctor could look at images of LeBron James’ legs and detect a weakened muscle that might make him more susceptible to a future injury? Having that knowledge could allow James to strengthen the area, avoid missing games and perhaps, in the long run, give the future NBA Hall of Famer a chance to play into his mid-40s.

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What if Los Angeles Dodger team doctors had been able to see a more detailed image of Shohei Ohtani’s elbow before he hurt it late in the 2023 season? Maybe Ohtani wins 20 games as a pitcher on top of his already historic 50-homer, 50-stolen-base season.

These types of scenarios are no longer out of the realm of possibility thanks to new technology created by Springbok, a Charlottesville company founded by UVA School of Engineering professors Silvia Blemker and Craig Meyer, along with former UVA School of Education kinesiology professor Joe Hart, who is now the Orthopaedics Vice Chair for Research at the University of North Carolina.

For many years, the gold standard for detecting athletic injuries was the MRI, but Springbok is totally changing the game with MuscleView, an AI-based muscle health analysis of MR images that received FDA clearance in 2024.

“Our technology provides important information about asymmetries, imbalances and areas of weakness that are used by clinicians to tailor training to meditate possible injury,” Blemker said. “Then in terms of recovering from injury, the tech is used to help personalize and target training for more efficient and effective recovery and return to sport.”

Currently, Springbok’s proprietary software—which was patented through LVG—is being used by players in the NBA, NFL, MLB and Premier League.

“

Springbok is a shining example of what can happen when a group of extremely smart people from various departments across Grounds get in a room together. richard chylla

I N N OVAT O R S O F T H E Y E A R

All this, plus the fact that Springbok’s technology is helping people with facioscapulohumeral muscular dystrophy, made Blemker, Meyer and Hart slam-dunk choices for UVA’s EdlichHenderson Innovator of the Year award.

“Springbok is a shining example of what can happen when a group of extremely smart people from various departments across Grounds get in a room together,” LVG Executive Director Richard W. Chylla said. “And the list of long-term applications for the technology is endless. It isn’t just for athletes.”

So, how does it work? Springbok turns black and white MRIs into color-coded 3-D renderings that measure and compare muscles to one another at a level of precision unavailable anywhere else in the world. On the renderings, muscles that are smaller than average are colored orange, average-sized muscles appear in gray and muscles that are larger than average are purple.

“The technology tells you exactly what every single individual muscle looks like and how that relates to your performance and injury recovery,” Hart said. “It can see things that a doctor can’t and evaluate muscle function in a way that no current clinical tool can evaluate.

learning, was able to reduce the amount of time to process each MRI scan from about 50 hours to one hour.

Hart said the technology has the potential to assist pro athletes and weekend warriors alike.

“Imagine going to the gym and the trainer telling you do this exercise and that exercise. Well, if the trainer knew exactly which muscle was smaller or bigger than normal, he or she could tell you the exercises that would most make use of that hour in the day you have to do your exercise,” Hart said.

“What we’ve learned is that when you go and get exercise recommendations from a therapist or doctor—they’re typically targeting the big muscles.

But sometimes the large muscles are fine. It’s the smaller muscles that are deficient and causing the symptoms, but without a measurement tool to identify those deficits, you cannot develop the best exercises to treat them.”

Springbok’s team is led by chief executive officer and cofounder Scott Magargee, chief technology officer Xue Feng, and also includes Savannah Benusa, Lara Riem, Matt Brown and several UVA alumni.

In addition to helping athletes, the technology can help identify the efficacy of a drug in relation to improving muscle mass and function. To that end, Springbok has partnered with the FSHD Global Research Foundation, which funds the world’s best medical research into facioscapulohumeral muscular dystrophy, a genetic muscle disorder that affects the face, shoulders and upper arms.

The origin of Springbok’s technology can be traced to research Blemker and Meyer did on children with cerebral palsy, supported by the UVA Coulter Translational Research Partnership. In looking to improve the children’s muscle balance, the engineering professors realized that doctors could get better surgical outcomes if they knew exactly which muscles to home in on, rather than, in many cases, simply observing a child’s gait.

“The technology will provide new clinical care tools that patients can see and then understand how their body is working,” said FSHD Managing Director Emma Weatherley. “We are hopeful that this enables targeted therapy programs to improve quality of life through a more informed disease management plan.”

“The sports cliché is that it’s a game of inches, but we’re proving that it’s really a game of cubic millimeters.”

“It was exciting that we were able to get such detailed quantitative information from so many muscles,” said Meyer, a professor of biomedical engineering in UVA’s School of Engineering & Applied Science, whose official appointment is in the School of Medicine “We were able to see and to quantify the difference between children with and without cerebral palsy in a way that had never been done before. This project launched us on a path to explore this technology in several other settings.”

Springbok’s breakthrough came when Feng created an algorithm and, leveraging artificial intelligence and machine

Blemker, Meyer and Hart see a bright future for Springbok.

“The ability to prescribe the most effective muscle treatments relies on precise measurements,” Hart said. “I think this is why Springbok will continue to succeed—we really are the best at quickly measuring and visualizing the sizes of each skeletal muscle in a way that’s easily understandable by patients and providers.”

2025 ANNUAL REPORT

In January, Springbok closed an oversubscribed $5 million funding round, which included participation from the NBA, as well as CAV Angels—the nonprofit club comprising UVA alumni, faculty, parents, students and friends of the University that invests exclusively in UVA-related companies and founders.

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UVA LVG ANNUAL REPORT 2025

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