Elevation Oncology to Discontinue Development of EO-3021; Advancing EO-1022, While Evaluating Strategic Options

Core Insights - Elevation Oncology has decided to discontinue the development of EO-3021, a Claudin 18.2 ADC, due to insufficient efficacy data despite a reasonable safety profile [1][3] - The company will continue to advance EO-1022, a HER3 ADC, with plans to present preclinical data at the AACR Annual Meeting in 2025 and file an IND application in 2026 [1][7] - A workforce reduction of approximately 70% is being implemented, with estimated costs of around $3 million associated with this restructuring [4][6] Development Updates - EO-3021 demonstrated an objective response rate (ORR) of 22.2% and a disease control rate (DCR) of 72.2% in a Phase 1 trial involving 36 evaluable patients [2] - The safety profile of EO-3021 was generally well-tolerated, with minimal hematological toxicity and no peripheral neuropathy observed [2] Financial Position - As of December 31, 2024, Elevation Oncology reported cash, cash equivalents, and marketable securities totaling $93.2 million, which is expected to fund operations into the second half of 2026 [6]