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Elevation Oncology(ELEV) - 2024 Q4 - Annual Results
ELEVElevation Oncology(ELEV)2025-03-06 21:52

Financial Performance - As of December 31, 2024, Elevation Oncology had cash, cash equivalents, and marketable securities totaling 93.2million,anincreasefrom93.2 million, an increase from 83.1 million as of December 31, 2023, reflecting net proceeds of 44.2millionraisedthroughitsat−the−marketfacility[5].−Thenetlossforthefourthquarterof2024was44.2 million raised through its at-the-market facility[5]. - The net loss for the fourth quarter of 2024 was 10.4 million, compared to a net loss of 7.9millionforthefourthquarterof2023[8].−ElevationOncology′stotaloperatingexpensesfortheyearendedDecember31,2024,were7.9 million for the fourth quarter of 2023[8]. - Elevation Oncology's total operating expenses for the year ended December 31, 2024, were 44.7 million, slightly down from 45.4 million in 2023[15]. Research and Development - Research and development (R&D) expenses for the fourth quarter of 2024 were 6.6 million, up from 4.7 million in the fourth quarter of 2023, with total R&D expenses for the year at 28.6 million compared to 25.4millionin2023[6].−PreclinicaldataforHER3ADCEO−1022willbepresentedattheAACRAnnualMeetinginthesecondquarterof2025,withanINDapplicationplannedfor2026[10].−ElevationOncologyexpectstoreportadditionalsafetyandefficacydatafromtheongoingPhase1clinicaltrialofmonotherapyEO−3021inthesecondquarterof2025[10].−InitialdatafromthecombinationcohortsofthePhase1clinicaltrialofEO−3021isexpectedtobereportedinthefourthquarterof2025orthefirstquarterof2026[10].−ThecompanyimplementedprospectiveClaudin18.2expressiontestinginJanuary2025aspartofthepatientscreeningprocessforitsongoingPhase1trialofEO−3021[3].ClinicalTrialResults−ThecombinationofEO−3021withaPD−1inhibitorshowedatumorgrowthinhibition(TGI)of79.925.4 million in 2023[6]. - Preclinical data for HER3 ADC EO-1022 will be presented at the AACR Annual Meeting in the second quarter of 2025, with an IND application planned for 2026[10]. - Elevation Oncology expects to report additional safety and efficacy data from the ongoing Phase 1 clinical trial of monotherapy EO-3021 in the second quarter of 2025[10]. - Initial data from the combination cohorts of the Phase 1 clinical trial of EO-3021 is expected to be reported in the fourth quarter of 2025 or the first quarter of 2026[10]. - The company implemented prospective Claudin 18.2 expression testing in January 2025 as part of the patient screening process for its ongoing Phase 1 trial of EO-3021[3]. Clinical Trial Results - The combination of EO-3021 with a PD-1 inhibitor showed a tumor growth inhibition (TGI) of 79.9%, compared to 33.8% for EO-3021 alone[9]. General and Administrative Expenses - General and administrative (G&A) expenses for the fourth quarter of 2024 were 4.0 million, compared to 3.3 million in the fourth quarter of 2023, with total G&A expenses for the year at 16.1 million versus $14.9 million in 2023[7].