Elevation Oncology Q1 2024 Financial Results and Business Highlights

Elevation Oncology, Inc., a progressive oncology company dedicated to developing selective cancer therapies for various solid tumors with significant unmet needs, has announced its financial results for the quarter ending March 31, 2024, along with its recent business milestones. The company has been making strides in enhancing its therapeutic offerings and ensuring financial stability through 2026.

Joseph Ferra, President and CEO of Elevation Oncology, highlighted the company's recent endeavors in advancing its pipeline of antibody-drug conjugates (ADCs) and securing sufficient financial resources. A notable achievement presented at the AACR Annual Meeting was the preclinical proof-of-concept data from their HER3-ADC program. This data demonstrated HER3-dependent cell killing and significant anti-tumor activity, supporting the further development of this program. Elevation Oncology aims to nominate a development candidate for the HER3-ADC program in the second half of 2024.

Simultaneously, the company continues to enroll patients in a Phase 1 clinical trial of EO-3021 in the United States and Japan. EO-3021 targets Claudin 18.2 and is being tested in patients with advanced, unresectable, or metastatic solid tumors. Initial safety and efficacy data from this trial are expected by mid-third quarter 2024, with additional data anticipated in the first half of 2025. The company plans to share details of a combination study evaluating EO-3021 in the first half of 2024.

Elevation Oncology's financial performance for the first quarter of 2024 shows a promising outlook. The company reported cash, cash equivalents, and marketable securities totaling $104.1 million as of March 31, 2024, an increase from $83.1 million at the end of 2023. This financial boost was facilitated by net proceeds of $29.7 million raised through its at-the-market (ATM) facility. Additionally, an extra $14.5 million was raised after the first quarter, extending their cash runway into 2026.

The company reported a decrease in research and development (R&D) expenses to $6.0 million for the first quarter of 2024, down from $7.3 million in the same period in 2023. This reduction was primarily due to decreased clinical trial expenses associated with a previous lead program, partially counterbalanced by ongoing costs related to the EO-3021 Phase 1 trial. General and administrative (G&A) expenses also decreased to $3.9 million in the first quarter of 2024 from $4.3 million in the same quarter of the previous year. This decrease was attributed to lower administrative costs and personnel-related expenses, including stock-based compensation. Consequently, the net loss for the first quarter of 2024 narrowed to $10.7 million from $17.1 million in the first quarter of 2023.

Elevation Oncology remains committed to developing innovative cancer therapies, leveraging its expertise in ADCs to address tumors expressing Claudin 18.2 and HER3. As the company moves forward with its clinical and preclinical development activities, it aims to provide new treatment options for patients with significant unmet medical needs.