Elevation Oncolo Stock Price, News & Analysis

Elevation Oncology, Inc. (former Nasdaq: ELEV) is an oncology company focused on the discovery and development of selective cancer therapies for patients with solid tumors that have significant unmet medical needs. According to multiple company communications, Elevation Oncology concentrates on antibody-drug conjugates (ADCs) and other targeted approaches designed to treat patients across a range of solid tumors characterized by specific molecular features.

In its more recent public disclosures, Elevation Oncology describes itself as an oncology company leveraging its ADC expertise to advance a pipeline initially focused on two clinically validated targets in oncology: Claudin 18.2 and HER3. Over time, the company has emphasized the development of EO-3021, a Claudin 18.2 ADC, and EO-1022, a HER3 ADC, as key programs intended for patients with advanced or metastatic solid tumors.

Core development programs

Elevation Oncology has reported that EO-3021 is a Claudin 18.2-targeting ADC being evaluated in a Phase 1 clinical trial for patients with advanced, unresectable or metastatic gastric and gastroesophageal junction (GEJ) adenocarcinoma that express Claudin 18.2. Company updates describe EO-3021 as a differentiated ADC comprised of an immunoglobulin G1 monoclonal antibody targeting Claudin 18.2 and a monomethyl auristatin E (MMAE) payload with a cleavable linker, site-specifically conjugated to provide a defined drug-to-antibody ratio. Claudin 18.2 is described as a specific isoform of Claudin 18 that can become accessible to targeting agents during malignant transformation of gastric epithelial cells.

In subsequent news, Elevation Oncology announced that it elected to discontinue development of EO-3021 following analysis of Phase 1 clinical data. The company reported that, although EO-3021 showed an objective response rate and a disease control rate in a biomarker-enriched gastric and GEJ cancer population and was observed to be generally well tolerated, the updated efficacy data did not meet its internal threshold for success relative to other Claudin 18.2 ADCs in development. In connection with this decision, Elevation Oncology implemented a workforce reduction and indicated that it would focus its resources on other opportunities while evaluating strategic options.

Elevation Oncology has also highlighted EO-1022 as a HER3-targeting ADC in preclinical development. Company materials describe EO-1022 as consisting of seribantumab, a fully human IgG2 anti-HER3 monoclonal antibody, site-specifically conjugated at glycan to an MMAE payload with a defined drug-to-antibody ratio. EO-1022 is being developed for the treatment of HER3-expressing solid tumors, including breast cancer and non-small cell lung cancer, and is described as progressing through preclinical development with an investigational new drug (IND) application expected in 2026, based on the company’s own forward-looking statements in its press releases.

Scientific and technological focus

Across its communications, Elevation Oncology emphasizes a focus on selective cancer therapies and precision approaches that are informed by tumor biology. In earlier descriptions, the company stated that it sought to make genomic tests actionable by developing drugs that inhibit specific alterations identified as drivers of disease, and that it aimed to match unique genomic testing results with purpose-built precision medicines.

More recently, the company has underscored its use of site-specific ADC technologies. For EO-1022, Elevation Oncology has reported that it licensed a site-specific ADC technology platform from Synaffix B.V., including GlycoConnect and HydraSpace technologies and a linker-payload described as SYNstatin E. The company has stated that EO-1022 leverages this platform and seribantumab’s internalization properties to deliver MMAE to HER3-expressing cancer cells in preclinical models. Elevation Oncology has also reported preclinical proof-of-concept data for EO-1022, including in vitro and in vivo findings in HER3-expressing solid tumor models.

Corporate developments and acquisition

On June 9, 2025, Elevation Oncology announced that it had entered into a definitive merger agreement with Concentra Biosciences, LLC. Under this agreement, Concentra agreed to acquire Elevation Oncology for a cash payment per share of Elevation Oncology common stock plus a non-tradeable contingent value right (CVR), as described in the company’s press release. The transaction structure included a tender offer by a wholly owned subsidiary of Concentra to acquire all outstanding shares of Elevation Oncology common stock, followed by a merger.

According to a Form 8-K dated July 23, 2025, the tender offer was completed and Merger Sub merged with and into Elevation Oncology, with Elevation Oncology continuing as the surviving corporation and becoming a wholly owned subsidiary of Concentra. The filing states that, at the effective time of the merger, each outstanding share of Elevation Oncology common stock (other than specified excluded shares) was converted into the right to receive the consideration described in the offer, and that equity awards and certain warrants were treated in accordance with the merger agreement.

In connection with the completion of the merger, Elevation Oncology notified The Nasdaq Stock Market LLC of the transaction and requested suspension of trading in its common stock and the filing of a Form 25 to remove the shares from listing and registration on Nasdaq. A Form 25 filed on July 23, 2025, identifies Elevation Oncology, Inc. as the issuer and the Nasdaq Stock Market LLC as the exchange, and states that the common stock is being removed from listing and registration. A subsequent Form 15 filed on August 4, 2025, certifies the termination of registration of Elevation Oncology’s common stock under Section 12(g) of the Securities Exchange Act of 1934 and the suspension of certain reporting obligations, noting an approximate number of holders of record of one as of the certification date.

Regulatory and reporting status

Before the merger and delisting, Elevation Oncology filed annual, quarterly, and current reports, as well as other documents, with the U.S. Securities and Exchange Commission (SEC), and its common stock was registered under Section 12(b) of the Exchange Act and listed on Nasdaq under the symbol ELEV. Following the completion of the merger with Concentra Biosciences, the Form 25, and the Form 15, Elevation Oncology’s common stock is no longer listed on Nasdaq and its registration under Section 12(b) and Section 12(g) has been removed or terminated as described in those filings. The company continues as a private, wholly owned subsidiary of Concentra Biosciences.

Historical context

Historically, Elevation Oncology has described itself as an oncology company founded on the belief that patients with cancer should understand what drives the growth of their disease and have access to therapeutics designed to address those drivers. Earlier descriptions referenced seribantumab as a key component of its development efforts and highlighted the company’s interest in precision medicine approaches that align targeted therapies with specific tumor characteristics.

Over time, the company’s public materials have shifted toward a focus on ADC programs targeting Claudin 18.2 and HER3 in solid tumors, including gastric/GEJ cancer and HER3-expressing cancers such as certain breast and lung cancers. Elevation Oncology’s communications consistently emphasize the goal of addressing significant unmet medical needs in oncology through selective, biology-driven therapies.

Company status for investors and researchers

For investors and researchers reviewing Elevation Oncology under the former ticker ELEV, it is important to note that, based on the Form 8-K dated July 23, 2025, the Form 25 dated July 23, 2025, and the Form 15 dated August 4, 2025, Elevation Oncology is no longer a standalone publicly traded company. Its common stock has been acquired through a merger with a subsidiary of Concentra Biosciences, delisted from Nasdaq, and deregistered under the Exchange Act. The ELEV symbol therefore represents a former public listing of a company that now operates as a wholly owned subsidiary within a private structure.