Elevation Oncology Announces Q2 2024 Financial Results and Business Highlights

Elevation Oncology, Inc., a pioneering company in the oncology sector known for its development of selective cancer therapies, has released its financial results for the second quarter ending June 30, 2024, while also sharing significant business milestones.

The company announced encouraging initial data from its Phase 1 clinical trial of EO-3021, a Claudin 18.2 antibody drug conjugate, which demonstrated a 42.8% confirmed objective response rate (ORR) in a subset of patients with Claudin 18.2-enriched gastric and gastroesophageal junction (GEJ) cancers. EO-3021 was also reported to have a differentiated safety profile, indicating its potential as a best-in-class therapy. This positive data supports the broader clinical development program for EO-3021, showing its potential to offer substantial benefits to patients with gastric or GEJ cancer.

Elevation Oncology is moving forward with the dose expansion portion of the Phase 1 trial and anticipates additional monotherapy data in the first half of 2025. The company has solidified clinical supply agreements with Lilly and GSK to evaluate EO-3021 in combination with ramucirumab and dostarlimab, expecting to begin the combination dosing by the end of 2024. Additionally, the company aims to nominate a development candidate for its HER3-ADC program in the latter half of 2024.

In the recent phase of the Phase 1 trial, EO-3021 was generally well-tolerated. The safety population consisted of 32 patients, and no major toxicities such as neutropenia or peripheral neuropathy were observed. Among patients with Claudin 18.2 in 20% or more of their tumor cells, an ORR of 42.8% was observed, including three confirmed partial responses and two cases of stable disease. For those with less than 20% Claudin 18.2 expression, the ORR was 0%, but the disease control rate (DCR) was 50%, with four cases of stable disease.

In June 2024, Elevation Oncology outlined plans to expand the ongoing Phase 1 trial to include two new cohorts for combination treatments targeting advanced gastric or GEJ cancer. These expansions will involve evaluating EO-3021 in combination with ramucirumab for second-line treatment and dostarlimab for frontline treatment, under the clinical supply agreements with Lilly and GSK.

For the second quarter of 2024, Elevation Oncology reported research and development (R&D) expenses of $6.6 million, up from $6.0 million in the same quarter of 2023. The increase was primarily due to higher expenses related to the EO-3021 clinical trial. General and administrative (G&A) expenses also increased to $4.4 million from $3.8 million, mainly due to higher professional fees and consultant usage. The net loss for the quarter was $10.5 million, compared to $10.1 million in the previous year.

The company's financial position remains strong, with cash, cash equivalents, and marketable securities totaling $110.8 million as of June 30, 2024, up from $83.1 million at the end of 2023. This increase is attributed to net proceeds of $44.2 million raised through an at-the-market (ATM) facility in the first half of 2024. Elevation Oncology projects that its current financial resources will be sufficient to fund operations into 2026.

Elevation Oncology will host a live conference call and webcast to discuss the initial EO-3021 safety and efficacy data. This call will provide an opportunity for stakeholders to gain deeper insights into the company's recent developments and future plans. EO-3021, also known as SYSA1801, is a promising antibody-drug conjugate targeting Claudin 18.2, and is currently in a Phase 1 trial for various advanced solid tumors. The company holds exclusive global rights to develop and commercialize EO-3021 outside of Greater China.