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 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, Claudin 18.2 ADC and is currently being evaluated in the dose expansion portion of a Phase 1 trial (NCT05980416) in patients with advanced, unresectable or metastatic gastric/gastroesophageal adenocarcinoma that express Claudin 18.2. 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, 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 and Media Contact

Gracie Tong

Senior Director, Investor Relations and Corporate Communications

gtong@elevationoncology.com

 
                     Selected Financial Information 
            (In thousands, except share and per share data) 
                              (unaudited) 
 
                                    Three months ended September 30, 
                                    ------------------------------------ 
                                           2024               2023 
                                    -------------------  --------------- 
Statement of Operations items: 
Operating expenses: 
 Research and development            $            9,388  $         7,422 
 General and administrative                       3,841            3,498 
   Total operating expenses                      13,229           10,920 
                                        ---------------   -------------- 
Loss from operations                           (13,229)         (10,920) 
Other income (expense): 
 Interest income (expense), net                     360              295 
                                        ---------------   -------------- 
   Total other income (expense), 
    net                                             360              295 
                                        ---------------   -------------- 
Loss before income taxes                       (12,869)         (10,625) 
Income tax expense                                   12               11 
                                        ---------------   -------------- 
Net loss                             $         (12,881)  $      (10,636) 
                                        ===============   ============== 
Net loss per share, basic and 
 diluted                             $           (0.22)  $        (0.23) 
                                        ===============   ============== 
Weighted average common shares 
 outstanding, basic and diluted              59,108,724       46,842,489 
                                        ===============   ============== 
 
 
                      Selected Financial Information 
             (In thousands, except share and per share data) 
                               (unaudited) 
 
Selected Balance Sheet items:    September 30, 2024    December 31, 2023 
                                 --------------------  ------------------- 
Cash, cash equivalents and 
 marketable securities             $          103,070    $          83,107 
Working capital(1)                             99,397               83,819 
Total assets                                  106,302               89,091 
Long-term debt, net of discount                31,021               30,137 
Total stockholders' equity                     69,355               54,809 
 
 
 
1. We define working capital as current assets less current liabilities. 
 

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SOURCE Elevation Oncology

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November 06, 2024 07:30 ET (12:30 GMT)