Elevation Oncology Reports First Quarter 2024 Financial Results and Highlights Recent Business Achievements
Elevation Oncology, Inc. reported its first-quarter 2024 financial results, highlighting recent business achievements. The company raised $44.2 million year-to-date through an ATM facility, extending its cash runway into 2026. Enrollment in the Phase 1 clinical trial of EO-3021 is ongoing in the U.S. and Japan, with initial safety and efficacy data expected by mid-3Q 2024. Preclinical proof-of-concept data for the HER3-ADC program was presented at the AACR Annual Meeting, with the company on track to nominate a development candidate in 2H 2024.
Raised $44.2 million year-to-date through ATM facility, extending cash runway into 2026.
Presented preclinical proof-of-concept data for HER3-ADC program at AACR Annual Meeting.
On track to nominate a development candidate for HER3-ADC program in 2H 2024.
Net loss for the first quarter of 2024 was $10.7 million.
Decrease in R&D expenses for the first quarter of 2024 was primarily due to decreased clinical trial expenses.
General and administrative expenses decreased in the first quarter of 2024 primarily due to decreased administrative costs.
-- Enrollment ongoing in Phase 1 clinical trial of EO-3021 in the
-- Presented preclinical proof-of-concept data for HER3-ADC program at AACR Annual Meeting; on-track to nominate development candidate in 2H 2024 --
-- Raised
"In recent months, we focused on advancing our growing pipeline of differentiated ADCs, each with broad therapeutic potential, and extending our cash runway into 2026, beyond upcoming milestones for EO-3021 and our HER3-ADC program," said Joseph Ferra, President and Chief Executive Officer of Elevation Oncology. "At AACR, we shared preclinical proof-of-concept data from our HER3-ADC program, demonstrating HER3-dependent cell killing and robust anti-tumor activity. These data support continued development of our HER3-ADC program, and we look forward to nominating a development candidate later this year."
Mr. Ferra continued, "In parallel, we continue to enroll patients in our Phase 1 clinical trial of EO-3021 in the
Recent Business Achievements
- In April 2024, Elevation Oncology presented preclinical proof-of-concept data from its HER3-ADC program at the American Association for Cancer Research (AACR) Annual Meeting. The data showed HER3-dependent cell killing and robust anti-tumor activity in a patient-derived xenograft model of pancreatic cancer with high HER3 expression, highlighting the therapeutic potential of Elevation Oncology's HER3-ADC program across a range of HER3-expressing cancers.
Expected Upcoming Milestones
EO-3021:
- Share details on planned Phase 1 combination study evaluating EO-3021 in the first half of 2024.
- Provide update from ongoing Phase 1 clinical trial of EO-3021 at a corporate event by mid-third quarter 2024, including initial safety and efficacy data from at least three dose cohorts.
- Additional data expected in the first half of 2025.
HER3-ADC:
- Nominate development candidate from HER3-ADC program in the second half of 2024.
First Quarter 2024 Financial Results
As of March 31, 2024, the Company had cash, cash equivalents and marketable securities totaling
Research and development (R&D) expenses for the first quarter of 2024 were
General and administrative (G&A) expenses for the first quarter of 2024 were
Net loss for the first quarter of 2024 was
Financial Outlook
Elevation Oncology expects its existing cash, cash equivalents and marketable securities as of March 31, 2024, together with the
About Elevation Oncology, Inc.
Elevation Oncology is an innovative oncology company focused on the discovery and development of selective cancer therapies to treat patients across a range of solid tumors with significant unmet medical needs. We are leveraging our antibody-drug conjugate (ADC) expertise to advance a novel pipeline, initially targeting two clinically validated targets in oncology, Claudin 18.2 and HER3. Our lead candidate, EO-3021, is a potential best-in-class ADC designed to target Claudin 18.2 and is currently being evaluated in a Phase 1 trial (NCT05980416) in patients with advanced, unresectable or metastatic solid tumors likely to express Claudin 18.2 including gastric, gastroesophageal junction, pancreatic or esophageal cancers. Additionally, we expect to nominate a development candidate for our second program, a HER3-targeting ADC for the treatment of patients with solid tumors that overexpress HER3, in 2024. For more information, visit www.ElevationOncology.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, anticipated clinical and preclinical development activities, expected timing of announcements of clinical and preclinical results and trial details, potential benefits of Elevation Oncology's product candidates, potential market opportunities for Elevation Oncology's product candidates, the ability of Elevation Oncology's product candidates to treat their targeted indications and Elevation Oncology's expectations about its cash runway. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. These forward-looking statements may be accompanied by such words as "aim," "anticipate," "believe," "could," "estimate," "expect," "forecast," "goal," "intend," "may," "might," "plan," "possible," "potential," "will," "would," and other words and terms of similar meaning. Although Elevation Oncology believes that the expectations reflected in such forward-looking statements are reasonable, Elevation Oncology cannot guarantee future events, results, actions, levels of activity, performance or achievements, and the timing and results of biotechnology development and potential regulatory approval are inherently uncertain. Forward-looking statements are subject to risks and uncertainties that may cause Elevation Oncology's actual activities or results to differ significantly from those expressed in any forward-looking statement, including risks and uncertainties related to Elevation Oncology's ability to advance its product candidates, the timing and results of preclinical studies and clinical trials, approvals and commercialization of product candidates, the receipt and timing of potential regulatory designations, Elevation Oncology's ability to fund development activities and achieve development goals, Elevation Oncology's ability to protect intellectual property, Elevation Oncology's ability to establish and maintain collaborations with third parties, and other risks and uncertainties described under the heading "Risk Factors" in documents Elevation Oncology files from time to time with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of this press release, and Elevation Oncology undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof.
Elevation Oncology Investor Contact
Hannah Deresiewicz, 212-362-1200
EVP, Managing Director, Stern Investor Relations, Inc.
hannah.deresiewicz@sternir.com
Selected Financial Information | ||||||
(In thousands, except share and per share data) | ||||||
(unaudited) | ||||||
Three months ended March 31, | ||||||
2024 | 2023 | |||||
Statement of Operations items: | ||||||
Operating expenses: | ||||||
Research and development | $ | 6,011 | $ | 7,292 | ||
General and administrative | 3,858 | 4,346 | ||||
Restructuring charges | — | 5,107 | ||||
Total operating expenses | 9,869 | 16,745 | ||||
Loss from operations | (9,869) | (16,745) | ||||
Other income (expense): | ||||||
Interest income (expense), net | 115 | (309) | ||||
Loss on extinguishment of debt | (942) | — | ||||
Total other income (expense), net | (827) | (309) | ||||
Loss before income taxes | (10,696) | (17,054) | ||||
Income tax expense | 11 | 5 | ||||
Net loss | $ | (10,707) | $ | (17,059) | ||
Net loss per share, basic and diluted | $ | (0.23) | $ | (0.72) | ||
Weighted average common shares outstanding, basic and diluted | 47,371,882 | 23,618,559 | ||||
Selected Financial Information | ||||||
(In thousands, except share and per share data) | ||||||
(unaudited) | ||||||
Selected Balance Sheet items: | March 31, 2024 | December 31, 2023 | ||||
Cash, cash equivalents and marketable securities | $ | 104,051 | $ | 83,107 | ||
Working capital1 | 105,553 | 83,819 | ||||
Total assets | 108,961 | 89,091 | ||||
Long-term debt, net of discount | 30,809 | 30,137 | ||||
Total stockholders' equity | 75,818 | 54,809 | ||||
1 We define working capital as current assets less current liabilities. |
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SOURCE Elevation Oncology
FAQ
<p>What were Elevation Oncology's cash, cash equivalents, and marketable securities as of March 31, 2024?</p>
As of March 31, 2024, Elevation Oncology had $104.1 million in cash, cash equivalents, and marketable securities.
<p>What clinical trial is Elevation Oncology currently enrolling patients in?</p>
Elevation Oncology is currently enrolling patients in the Phase 1 clinical trial of EO-3021 in the U.S. and Japan.
<p>What milestone is Elevation Oncology expected to achieve in the second half of 2024?</p>
Elevation Oncology is expected to nominate a development candidate from its HER3-ADC program in the second half of 2024.
