Elevation Oncology Stops Gastric Cancer Study, Slashes Staff By 70%

Core Viewpoint - Elevation Oncology has decided to discontinue the development of EO-3021, an antibody-drug conjugate for treating advanced gastric and gastroesophageal junction cancers, due to disappointing trial data [1][3]. Group 1: Clinical Trial Results - EO-3021 as a monotherapy showed an objective response rate of 22.2%, with 1 confirmed complete response and 7 confirmed partial responses among 36 evaluable patients [2]. - The disease control rate for EO-3021 was reported at 72.2% for patients with Claudin 18.2 expression in ≥20% of tumor cells [2]. - Despite being generally well-tolerated in a safety analysis of 85 enrolled patients, EO-3021 did not meet the company's success criteria [3]. Group 2: Strategic Decisions - The company will continue to develop EO-1022, a HER3 ADC for patients with HER3-expressing solid tumors, with plans to file an Investigational New Drug (IND) application in 2026 [3]. - Elevation Oncology is evaluating strategic options to maximize shareholder value and is implementing a workforce reduction of approximately 70%, resulting in costs of about $3 million [4]. Group 3: Financial Position - As of December 31, 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 [5]. - Following the announcement, ELEV stock experienced a decline of 47.1%, trading at 25 cents [5].