Elevation Oncology, Inc. (NASDAQ: ELEV) has reported its financial results for the third quarter that ended on September 30, 2024, and highlighted various recent accomplishments. The company, focused on developing selective cancer therapies for patients with unmet medical needs, has made substantial progress with its potentially best-in-class Claudin 18.2 antibody-drug conjugate (ADC), EO-3021.
The third quarter saw Elevation Oncology advancing into the dose expansion part of the Phase 1 trial for EO-3021, with additional monotherapy data expected in the first half of 2025. The company is also set to present preclinical data on the combination potential of EO-3021 with VEGFR2 or PD-1 inhibitors at the ESMO Immuno-Oncology Annual Congress 2024 in December. Combining efforts, Elevation Oncology plans to start dosing in the combination part of the Phase 1 trial of EO-3021 in the fourth quarter of 2024, along with naming a development candidate for the HER3-ADC program in the same period.
Notable Business Achievements
Elevation Oncology revealed that the U.S. Food and Drug Administration (FDA) granted Fast Track designation to EO-3021 in September 2024 for treating advanced or metastatic gastric and gastroesophageal junction cancer expressing Claudin 18.2. This designation is intended to expedite the development and review of therapeutics targeting serious conditions with unmet medical needs.
Moreover, promising initial clinical data from EO-3021’s ongoing Phase 1 trial showcased encouraging efficacy and a differentiated safety profile in patients with various solid tumors expressing Claudin 18.2, such as gastric, GEJ, pancreatic, or esophageal cancers.
Financial Overview
As of September 30, 2024, Elevation Oncology’s cash, cash equivalents, and marketable securities totaled $103.1 million, reflecting an increase from $83.1 million as of December 31, 2023. The rise in cash primarily resulted from net proceeds of $44.2 million raised through its at-the-market facility earlier in 2024. Research and development expenses for the third quarter amounted to $9.4 million, with general and administrative expenses at $3.8 million.
Looking Ahead
Elevation Oncology anticipates that its current financial resources will suffice to support its operations into 2026. The company remains focused on advancing its pipeline and potential breakthrough therapies while aiming to effectively address unmet medical needs in the oncology space.
Disclaimer: This forward-looking statement may be subject to risks and uncertainties, as outlined under the “Risk Factors” section in documents filed by Elevation Oncology with the Securities and Exchange Commission.
For more details about EO-3021 and Elevation Oncology’s advancements, visit their official website.
The financial information associated with the article is as follows:
– Operating expenses for Q3 2024 detailed research and development costs of $9.4 million and general and administrative expenses of $3.8 million.
– Net loss for Q3 2024 was $12.9 million.
For further specific financial data and detailed financial statements, please refer to Elevation Oncology’s official filings.
Gracie Tong
Senior Director, Investor Relations and Corporate Communications
gtong@elevationoncology.com
This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Elevation Oncology’s 8K filing here.
About Elevation Oncology
Elevation Oncology, Inc, an oncology company, focuses on the discovery and development of cancer therapies to treat patients across a range of solid tumors with significant unmet medical needs. The company's lead candidate is EO-3021, an antibody-drug conjugate designed to target Claudin 18.2, a clinically validated molecular target.
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