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Elevation Oncology Reports Promising Developments in Cancer Therapies

Elevation Oncology, Inc. (Nasdaq: ELEV) celebrated a productive end to the fiscal year 2024, offering a comprehensive overview of their financial outcomes and several key business strides in cancer treatment. With a clear mission of addressing the significant unmet needs for patients battling solid tumors, the company continues to advance its innovative approach to oncology through its leading candidate, EO-3021.

The company is currently conducting an ongoing Phase 1 clinical trial to evaluate EO-3021 with two approved therapies: ramucirumab and dostarlimab. The drug aims to target Claudin 18.2, a compelling target for various cancers, particularly advanced gastric and gastroesophageal junction cancers. President and CEO, Joseph Ferra, remarked on the progress, stating, "The competitive anti-tumor activity and favorable safety profile demonstrated thus far indicate that EO-3021 could significantly benefit a broad patient population."

Financial Results Overview

For the quarter ending December 31, 2024, Elevation Oncology reported cash and equivalents amounting to $93.2 million—an increase from $83.1 million the previous year. The new capital was largely a result of a $44.2 million net gain from an at-the-market facility initiated in early 2024.

Research and development (R&D) expenses reflected a rise to $6.6 million in Q4, up from $4.7 million in the same period of 2023. This increase is indicative of greater investment into EO-3021 and associated trials. Over the full year, R&D expenses were recorded at $28.6 million, which also reflects a growth from $25.4 million the previous year.

General and administrative (G&A) expenses also rose, with a Q4 total of $4.0 million compared to $3.3 million in Q4 2023, highlighting increased personnel expenses and stock compensation allocations. Overall for the year, G&A expenses totaled $16.1 million against $14.9 million in 2023. The net loss reported in Q4 was $10.4 million versus $7.9 million in Q4 2023.

Clinical Trials and Future Milestones

Elevation Oncology has made substantial advancements in its clinical approach. The introduction of prospective Claudin 18.2 expression testing in January 2025 allows for an improved patient screening method, likely enhancing the trial's effectiveness. The ongoing trial segment for monotherapy is positioned to enroll patients with moderate tumor expression, thereby broadening its reach and providing valuable information for future studies.

In December 2024, the company reported compelling preclinical proof of concept results, indicating that EO-3021, when used in combination therapies, achieves statistically significant tumor growth inhibition compared to monotherapy options. These insights were shared during the ESMO Immuno-Oncology Annual Congress 2024.

Looking forward, the company aims to report more details on EO-3021’s safety and efficacy in the second quarter of 2025, while initial data from combination cohorts is anticipated by Q4 2025 or Q1 2026.

In addition to EO-3021, Elevation Oncology is advancing its HER3 ADC, EO-1022, targeting solid tumors that express HER3, with expected preclinical data presentations slated for the American Association for Cancer Research (AACR) Annual Meeting in 2025.

Commitment to Addressing Cancer

Elevation Oncology remains committed to its innovative cancer therapeutic development, advancing both EO-3021 and EO-1022, with the goal of elevating cancer care standards. As they look ahead to 2025, the company is eager to leverage its unique ADC capabilities, providing hope and improved outcomes for patients facing challenging cancer diagnoses.

For additional information regarding Elevation Oncology’s financial performance and research endeavors, please visit ElevationOncology.com.