Elevation Oncolo Stock Price, News & Analysis

Elevation Oncology (NASDAQ: ELEV) reported Q1 2025 financial results and business updates. The company presented preclinical data for EO-1022, their HER3 antibody-drug conjugate (ADC), showing promising stability and anti-tumor activity for HER3-expressing solid tumors. Key financial metrics include: $80.7 million in cash and equivalents at Q1 end, net loss of $14.2 million vs $10.7 million in Q1 2024, and expected cash runway into 2H 2026. The company implemented significant changes, including a 70% workforce reduction and discontinuation of EO-3021 development. R&D expenses increased to $6.9 million, up from $6.0 million YoY. Elevation Oncology prepaid $32.3 million in loan obligations and expects $30-35 million in cash by June 2025. The company is currently evaluating strategic alternatives to maximize shareholder value.

Elevation Oncology (ELEV) has unveiled preclinical proof-of-concept data for EO-1022, their novel HER3 antibody-drug conjugate (ADC), at the AACR Annual Meeting 2025. EO-1022 is designed with glycan site-specific conjugation and MMAE payloads to treat various solid tumors.

The preclinical data demonstrates that EO-1022 features enhanced stability and anti-tumor activity compared to benchmark HER3 ADCs. Key findings include:

• High stability in human serum with a homogenous drug-to-antibody ratio of 4
• Minimal free payload exposure compared to other HER3 ADCs
• Potent in vitro cytotoxicity dependent on HER3 expression levels
• Anti-tumor activity across various HER3 expression levels, including low HER3-expressing EGFR-mutant lung cancer

The company plans to file an Investigational New Drug (IND) application for EO-1022 in 2026, targeting HER3-expressing tumors, including breast cancer and non-small cell lung cancer.

Elevation Oncology (ELEV) announced it will present preclinical data for EO-1022, its novel HER3 antibody drug conjugate (ADC), at the AACR Annual Meeting 2025 in Chicago. EO-1022 combines seribantumab, a human IgG2 anti-HER3 monoclonal antibody, with monomethyl auristatin E (MMAE) payload using Synaffix's site-specific conjugation technology.

The company is developing EO-1022 for treating HER3-expressing solid tumors, specifically targeting breast cancer and non-small cell lung cancer. The presentation will showcase the first preclinical data for this therapeutic candidate, which features a drug-to-antibody ratio of 4. Elevation Oncology plans to file an Investigational New Drug (IND) application in 2026.

Elevation Oncology (NASDAQ: ELEV) announced the discontinuation of EO-3021, its Claudin 18.2 antibody-drug conjugate (ADC) for gastric and gastroesophageal junction cancers, following Phase 1 trial results showing a 22.2% objective response rate, deemed insufficient for competitive positioning.

The company will focus on advancing EO-1022, a HER3 ADC for HER3-expressing solid tumors, with plans to present preclinical data at AACR Annual Meeting 2025 and file an IND in 2026. A significant restructuring includes a 70% workforce reduction, with estimated costs of $3 million.

The company's Chief Medical Officer will step down effective March 31, 2025. With $93.2 million in cash and equivalents as of December 31, 2024, Elevation expects to fund operations into second half of 2026 while evaluating strategic options to maximize shareholder value.

Elevation Oncology (NASDAQ: ELEV) reported its Q4 and full-year 2024 financial results, highlighting progress in its cancer therapy programs. The company's lead program, Claudin 18.2 ADC EO-3021, is advancing with ongoing combination therapy trials for gastric/GEJ cancer, with initial data expected in Q4 2025 or Q1 2026.

Key financial metrics include:

• Cash position of $93.2 million as of December 31, 2024
• Q4 2024 R&D expenses increased to $6.6 million from $4.7 million in Q4 2023
• Q4 2024 net loss of $10.4 million compared to $7.9 million in Q4 2023

The company implemented prospective Claudin 18.2 expression testing and initiated dosing in combination cohorts with dostarlimab and ramucirumab. Additionally, Elevation nominated HER3 ADC EO-1022 as a development candidate for HER3-expressing solid tumors, with plans to file an IND application in 2026. Current cash runway extends into 2026.

Elevation Oncology (Nasdaq: ELEV), an innovative oncology company focused on developing selective cancer therapies for patients with solid tumors and significant unmet medical needs, has announced its participation in two upcoming investor conferences in March 2025.

The company will participate in:

• The TD Cowen 45th Annual Health Care Conference with a fireside chat on Tuesday, March 4, 2025 at 9:10 AM ET in Boston, MA
• The Leerink Global Biopharma Conference with a fireside chat on Tuesday, March 11, 2025 at 8:40 AM ET in Miami, FL

Live webcasts and replays of both fireside chats will be available on the Events page of Elevation Oncology's Investor Relations website at https://investors.elevationoncology.com.

Elevation Oncology (NASDAQ: ELEV) has announced significant progress in its cancer therapy programs. The company has initiated dosing in a Phase 1 clinical trial combining its Claudin 18.2 ADC EO-3021 with ramucirumab or dostarlimab for advanced gastric/GEJ cancer patients.

Initial monotherapy data from August 2024 showed promising results with a 42.8% confirmed overall response rate in a biomarker-enriched population, demonstrating competitive efficacy and a differentiated safety profile. The company is now focusing on first- and second-line treatment of advanced gastric/GEJ cancer.

Key upcoming milestones include additional monotherapy data from dose escalation and expansion cohorts in 1H 2025, initial combination cohort data in 4Q 2025 or 1Q 2026, and preclinical data presentation for HER3 ADC EO-1022 in 1H 2025. The company's current cash position is expected to fund operations into 2026.

Elevation Oncology (ELEV) has nominated EO-1022 as its HER3 ADC development candidate for treating HER3-expressing solid tumors. EO-1022 combines seribantumab, an anti-HER3 monoclonal antibody, with an MMAE payload using Synaffix's technology platform. The company has secured a global license agreement with Synaffix for their GlycoConnect®, HydraSpace®, and SYNstatin E™ technologies.

HER3 is expressed in various cancers including breast cancer, EGFR-mutant non-small cell lung cancer, and pancreatic cancer. The company plans to present preclinical data in 1H 2025 and file an IND application in 2026. Seribantumab has already demonstrated a well-tolerated safety profile in over 900 patients across multiple studies.

Elevation Oncology (ELEV) presented preclinical data demonstrating enhanced anti-tumor activity when combining their EO-3021 Claudin 18.2 antibody-drug conjugate (ADC) with VEGFR2 or PD-1 inhibitors. Key findings show:

- Combination with VEGFR2 inhibitor achieved 88.2% tumor growth inhibition vs 20.1% for EO-3021 alone
- Combination with PD-1 inhibitor reached 79.9% tumor growth inhibition vs 33.8% for EO-3021 alone
- 92% complete response rate in mice with PD-1 inhibitor combination vs 50% for EO-3021 monotherapy

The company plans to initiate combination trials with ramucirumab and dostarlimab in Q4 2024 for gastric/GEJ cancer patients, while continuing monotherapy trials with additional data expected in H1 2025.