Elevation Oncology(US:ELEV)2022-05-04 16:00Financial Performance - The company reported net losses of $17.3 million for the three months ended March 31, 2022, compared to $5.1 million for the same period in 2021, resulting in an accumulated deficit of $72.5 million as of March 31, 2022[103]. - Total operating expenses for the three months ended March 31, 2022, were $17.368 million, an increase of 242% compared to $5.086 million for the same period in 2021[123]. - Net loss for the three months ended March 31, 2022, was $17.275 million, compared to a net loss of $5.091 million for the same period in 2021, reflecting an increase of 239%[123]. - Cash used in operating activities during the three months ended March 31, 2022, was $14.024 million, up from $9.477 million in the same period in 2021[131]. - Cash used in investing activities for the three months ended March 31, 2022, was $79.271 million, primarily due to cash investment in marketable securities[129]. - The company has not generated any revenue from product sales and does not expect to do so for several years[125]. - The company incurred significant operating losses since inception, with expectations of continued losses for several years as it develops its product candidates[103]. Expenses - Research and development expenses increased to $13.6 million for the three months ended March 31, 2022, from $4.1 million in the same period of 2021, primarily due to a $7.2 million increase in manufacturing costs for seribantumab[121]. - General and administrative expenses rose to $3.8 million for the three months ended March 31, 2022, compared to $1.0 million for the same period in 2021, driven by increased personnel and administrative costs[122]. - Future capital requirements will depend on the progress of clinical trials and the development of product candidates, with significant expenses anticipated[135]. - The company may be obligated to pay up to $54.5 million in milestone payments related to the development and commercialization of seribantumab[143]. Cash Position - The company has cash, cash equivalents, and marketable securities of $132.1 million as of March 31, 2022, expected to fund operations into the fourth quarter of 2023[104]. - As of March 31, 2022, the company had cash, cash equivalents, and marketable securities totaling $132.1 million, expected to fund operations into Q4 2023[134]. - Cash provided by financing activities during the three months ended March 31, 2022, was less than $0.1 million, primarily from stock option exercises[130]. - The company expects to finance operations through public or private equity or debt financings, as well as potential collaborations[139]. - The company may need to raise additional capital in the future to continue its drug development and commercialization efforts[104]. Clinical Development - The company is conducting the Phase 2 CRESTONE trial for seribantumab, targeting advanced solid tumors with NRG1 fusions, with initial clinical data expected to be presented at ASCO 2022[99]. - The company anticipates submitting a Biologics License Application (BLA) under an accelerated approval pathway if the CRESTONE trial meets its primary endpoint[99]. - The company plans to expand its drug development pipeline beyond seribantumab by leveraging partnerships and exploring additional precision oncology assets[100]. - The ongoing COVID-19 pandemic has presented challenges but has not yet interrupted patient enrollment in the CRESTONE clinical trial[106].