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LICR FUND INC
NEW YORK, NY · EIN 133573053 · Form 990 · FY2024 · NTEE H110 · Medical Research · Very Large (>$50M) · ludwigcancerresearch.org
revenue
$79.0M
expenses
$69.0M
net assets
$1.9B
employees
0
program ratio
88%
mission · from form 990

LICR FUND, INC. IS A SUPPORTING ORGANIZATION OF THE LUDWIG INSTITUTE FOR CANCER RESEARCH LTD.

profile · synthesized from sources

LICR FUND INC is a supporting organization for the Ludwig Institute for Cancer Research Ltd., providing financial support to advance cancer research. It funds scientific projects and initiatives at leading institutions such as Harvard Medical School and supports the Ludwig Institute's global network of researchers. The organization focuses on enabling breakthroughs in cancer biology, immunotherapy, and early detection through strategic grants.

irs program accomplishments · form 990 part iii · fy2020

What they reported doing

  1. #1 primary $750K
    AS A SUPPORTING ORGANIZATION OF THE INSTITUTE, THE FUND ALSO PROVIDES SUPPORT INDIRECTLY TO THE INSTITUTE BY SUPPORTING PROJECTS THAT BENEFIT THE WORK OF THE INSTITUTE. A $750,000 GRANT WAS MADE TO THE PRESIDENT AND FELLOWS OF HARVARD COLLEGE, A MASSACHUSETTS EDUCATIONAL, CHARITABLE CORPORATION, FOR THE BENEFIT OF HARVARD MEDICAL SCHOOL TO ESTABLISH A CURRENT USE FUND KNOWN AS THE LUDWIG TUMOR ATLAS FUND IN ORDER TO SUPPORT RESEARCH BEING CONDUCTED WITHIN THE HARVARD PROGRAM IN THERAPEUTIC SCIENCE AT HARVARD MEDICAL SCHOOL. THIS WORK AT HARVARD MEDICAL SCHOOL SUPPORTED BY THE LUDWIG TUMOR ATLAS FUND WILL BE AN INTEGRAL COMPONENT OF THE RESEARCH ENTERPRISE OF THE NETWORK OF LUDWIG CENTERS AND BRANCHES ESTABLISHED THROUGHOUT THE US AND INTERNATIONALLY, INCLUDING THE LUDWIG CENTER AT HARVARD.
named programs · 1 · from sources

What they call their work

Ludwig Tumor Atlas Fund
Supports research at Harvard Medical School’s Program in Therapeutic Science to advance understanding of tumor biology and contribute to the Ludwig Center’s broader research network
activities · 3 groups

What they do

  • Cancer Research Funding 2 activities
    • Awards grants to academic institutions for cancer research
      Funds research initiatives at major academic institutions, such as Harvard Medical School, through targeted grants like the $750,000 Ludwig Tumor Atlas Fund to advance therapeutic science.
    • Establishes and funds specialized research laboratories
      Creates and supports dedicated research laboratories, including the Ludwig Laboratory for Cell Therapy at Weill Cornell Medicine under George Coukos, to advance cell therapy and other cancer-focused scientific work.
  • Biomedical Research and Innovation 2 activities
    • Conducts fundamental and translational cancer research
      Carries out diverse research programs including studies on tumor microenvironments, early cancer detection, immunotherapies, oncogenes like MYC, HIF pathways, epithelial-mesenchymal transition, genome mapping, glioblastoma, cytokine signaling, and molecular imaging of immunotherapies in living subjects.
    • Facilitates commercialization of cancer research
      Advances clinical application of discoveries by forming partnerships with biopharma companies, establishing start-up biotechnology firms, and facilitating acquisitions of spin-off companies by pharmaceutical firms.
  • Endowment and Gift Fund Management 1 activity
    • Manages endowment assets to fund cancer research
      Oversees a $1.5 billion investment fund to provide sustainable funding for the Ludwig Institute for Cancer Research, preserving purchasing power while meeting core spending needs through responsible asset management.
financials · form 990 · fy2024
revenue
Total revenue$79.03M
Contributions & grants$24K0%
Program service revenue$00%
Investment income$79.00M100%
Other revenue$0
expenses
Total expenses$69.04M
Program expenses88%
Admin / overhead12%
Fundraising0%
Salaries & benefits$263K
Grants paid out$61.00M
Largest expense lineProfessional Fees
balance sheet
Total assets$1.94B
Cash$18.02M
Investments$1.90B
Liabilities$6.68M
Net assets$1.93B
Liquid reserves332.8 mo
3 years on record · 2020–2024 · YoY revenue +132.3%
leadership · form 990 part vii · fy2024

Who runs it

paid leadership · 13
NameTitleHours/wkCompensation
XING CHEN DIRECTOR, PRESIDENT, CIO 39 $1.20M
DR CHI VAN DANG DIRECTOR 2 $1.18M
EDWARD A MCDERMOTT JR DIR, BOARD CHAIR (FROM 7/24) 2 $671K
AVANTIKA PATEL VICE PRESIDENT 40 $640K
CHRISTOPHER T CONROY TREASURER 28 $378K
ALEXANDER BORISSOV SECRETARY 3 $364K
JOHN L NOTTER DIR, BOARD CHAIR (END 6/24) 2 $115K
DR JEDD D WOLCHOK DIRECTOR 2 $96K
JOHN D GORDAN III DIRECTOR 1 $96K
ALEXANDRA JOHNSON DIRECTOR 2 $41K
DR NANCY ELLEN DAVIDSON DIRECTOR 2 $41K
JUDGE BARBARA S JONES DIRECTOR 2 $41K
NICOLAS KILLEN DIRECTOR 2 $41K
relationships · 39

Who they work with

  • AbbVie Partner — Developing antibody drug conjugate therapeutics derived from Ludwig's mAb806 antibody.
  • Ark Therapeutics Group Partner — Acquired Lymphatix in 2008.
  • Audit Committee of the Institute’s Board of Directors Government — Responsible for receiving and reviewing reports of concerns and violations within the organization.
  • CHUV Partner — Collaborated with Ludwig Lausanne on development of NeoTIL T cell therapy.
  • Cancer Research UK Partner — Conducted joint research at the former London Branch; clinical partner with Vaccitech Oncology Limited.
  • Caprion Biosciences Partner — Acquired Serametrix and rebranded it as CellCarta.
  • Circadian Technologies Ltd Partner — Acquired Vegenics and rebranded it as Opthea Ltd.
  • Exact Sciences Government — Acquired Base Genomics and is applying its TAPS technology to cancer diagnostics.
  • GSK Partner — Collaborating with iTeos Therapeutics on development of EOS-448 antibody.
  • Harvard Center Network — Part of the Ludwig Cancer Research network, as referenced in retreat attendance.
  • Harvard Center Partner — Collaborative research center within the Ludwig Cancer Research network.
  • Institute of Cancer Research Partner — Collaborated on PI3K inhibitor research at the former London Branch.
  • Johns Hopkins University Partner — Hosts the laboratory of Chi Van Dang, CEO and Scientific Director of the Ludwig Institute for Cancer Research.
  • Ludwig Institute for Cancer Research Network — Core beneficiary of the LICR Fund, Inc., receiving sustainable funding for its operations.
  • Ludwig Institute for Cancer Research Partner — Manages the endowment assets of the Ludwig Institute for Cancer Research.
  • Ludwig Institute for Cancer Research Ltd Network — Supporting organization relationship; LICR FUND INC provides indirect support to the Ludwig Institute for Cancer Research Ltd by funding aligned research initiatives.
  • Ludwig MIT Network — Part of the Ludwig Cancer Research network, formerly led by Richard Hynes.
  • Ludwig MIT Partner — Collaborative research center within the Ludwig Cancer Research network.
  • Ludwig Oxford Network — Part of the Ludwig Cancer Research network, where Richard White leads research.
  • Ludwig Oxford Partner — Collaborative research center within the Ludwig Cancer Research network.
  • Ludwig start-up biotechnology companies Partner — Establishes start-up biotechnology companies to develop and commercialize Ludwig's scientific discoveries and technologies.
  • Memorial Sloan Kettering Cancer Center Partner — Collaborates with Ludwig Oxford on research into melanoma cell behavior under physical confinement.
  • Memorial Sloan Kettering Cancer Center Partner — Collaborates with Ludwig Oxford’s Richard White on melanoma research.
  • Merck Partner — Collaborating with Portage Biotech (formerly iOx Therapeutics) on clinical development of iNKT agonist.
  • Mersana Therapeutics Partner — Developing XMT-1536, an antibody drug conjugate based on RebmAB200 (MX35) antibody from Ludwig research.
  • Pfizer Partner — Collaborating to advance a candidate immunotherapy into clinical trials.
  • Portage Biotech Inc Partner — Acquired iOx Therapeutics and continues clinical development of its iNKT agonist.
  • President and Fellows of Harvard College Partner — Receives grant funding from LICR FUND INC to support cancer research at Harvard Medical School via the Ludwig Tumor Atlas Fund.
  • Roche Partner — Collaborates with Pilatus Biosciences on clinical trials of PLT012; acquired Piramed Ltd.
  • University of Helsinki Partner — Partnered through Licentia Ltd to co-found Vegenics and Lymphatix.
+ 9 more
strategies · 4

How they approach the work

Named approaches extracted from this org’s sources. Where others share an approach, follow it to see the full set of orgs running it.

  • Disease-Agnostic Clinical Trial Design
    methodology: disease-agnostic-basket-trials
    By employing disease-agnostic basket trials to test pathway-targeting therapies across multiple cancer types, we improve therapeutic precision and accelerate drug development because targeting molecular pathways rather than tumor location enables more efficient validation of treatments across diverse cancers.
  • Globally Diversified Endowment Management
    methodology: endowment_management
    By using a long-term, globally diversified investment strategy across high-quality assets, we ensure sustainable and risk-adjusted returns that maintain the financial health of the organization and secure stable funding for cancer research because diversification mitigates volatility and supports enduring grantmaking capacity.
  • Startup Translation Model
    methodology: startup_translation_model
    By launching startup companies around promising scientific discoveries, we translate research into patient benefit and generate sustainable funding for future research because equity stakes in successful ventures create a self-reinforcing cycle of innovation and financial return.
  • Translational Research Pipeline
    methodology: translational_research
    By pursuing innovative research across the full spectrum—from laboratory discovery to clinical application—we advance cancer prevention and control because integrating basic and applied science accelerates the development of effective interventions.