Elevation Oncology Reports Fourth Quarter and Full Year 2023 Financial Results and Highlights Recent Business Achievements
--Expanded ongoing Phase 1 clinical trial of EO-3021 globally, dosing first patient in
-- Preclinical proof-of-concept data for HER3-ADC program to be presented at AACR Annual Meeting; plan to nominate development candidate in 2024 –
-- Raised approximately
"We are entering 2024 with tremendous momentum across our pipeline of differentiated ADC therapies," said
"In parallel, we continue to advance our HER3-ADC program and look forward to sharing preclinical proof-of-concept data at AACR next month, which highlight the promising therapeutic potential of our program and support our plans to nominate a development candidate later this year. We look forward to continuing our efforts to advance important therapies for patients with significant unmet medical needs."
Recent Business Achievements
EO-3021: A differentiated antibody-drug conjugate (ADC) for the treatment of patients with advanced, unresectable or metastatic solid tumors likely to express Claudin 18.2, including gastric, gastroesophageal junction, pancreatic or esophageal cancers.
- In
February 2024 ,Elevation Oncology dosed the first patient inJapan in the ongoing Phase 1 clinical trial of EO-3021.
HER3-ADC: A HER3-targeting ADC for the treatment of patients with solid tumors that overexpress HER3.
- In
March 2024 ,Elevation Oncology announced plans to present preclinical proof of concept data from its HER3-targeting ADC program at theAmerican Association for Cancer Research (AACR) Annual Meeting, taking placeApril 5-10, 2024 , inSan Diego, CA. The abstract includes proof-of-concept data from in vitro and in vivo studies, which highlight the therapeutic potential ofElevation Oncology's HER3-ADC program across a range of HER3-expressing cancers.
Corporate:
-
Elevation Oncology recently announced the appointment of three new members to its Board of Directors.Darcy Mootz ., Ph.D. –Dr. Mootz is an experienced life sciences executive, who brings expertise across corporate strategy, corporate development, finance, and operations to the Board.- Julie M. Cherrington, Ph.D. –
Dr. Cherrington is an experienced life sciences executive, who brings insights and extensive experience advancing novel product candidates into the clinic and through commercialization to the Board. Alan Sandler , M.D. –Dr. Sandler is an accomplished leader in oncology and drug development, who brings experience leading clinical development and operations, regulatory affairs, drug safety and asset development strategy across industry and academia to the Board.
- In
March 2024 ,Elevation Oncology refinanced its debt facility with existing lender, K2 HealthVentures (K2HV). Under the refinanced debt facility, the interest-only payment period was extended fromMarch 1, 2025 , toJune 1, 2026 .Elevation Oncology issued a new common stock purchase warrant to an affiliate of K2HV, and certain terms relating to the lenders' conversion election were amended.
Expected Upcoming Milestones:
EO-3021:
- Share detail on planned Phase 1 combination study evaluating EO-3021 in the first half of 2024.
- Provide update from ongoing Phase 1 clinical trial of EO-3021 in mid-2024, with additional data expected in the first half of 2025.
HER3-ADC:
- Present preclinical proof-of-concept data on HER3-ADC program at the AACR Annual Meeting in
April 2024 . - Nominate development candidate from HER3-ADC program in 2024.
Fourth Quarter and Full Year 2023 Financial Results
As of
Research and development (R&D) expenses for the fourth quarter of 2023 were
General and administrative (G&A) expenses for the fourth quarter of 2023 were
Net loss for the fourth quarter of 2023 was
Financial Outlook
About
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 and trial details, potential benefits of
Elevation Oncology Investor and Media Contact
Senior Director,
cmasse@elevationoncology.com
Selected Financial Information (In thousands, except share and per share data) (unaudited) |
||||||||||||
|
||||||||||||
|
|
Year ended |
|
Three months ended |
||||||||
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||
Statement of Operations items: |
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
$ |
25,434 |
|
$ |
78,717 |
|
$ |
4,691 |
|
$ |
14,502 |
General and administrative |
|
|
14,904 |
|
|
15,832 |
|
|
3,255 |
|
|
4,035 |
Restructuring charges |
|
|
5,107 |
|
|
— |
|
|
— |
|
|
— |
Total operating expenses |
|
|
45,445 |
|
|
94,549 |
|
|
7,946 |
|
|
18,537 |
Loss from operations |
|
|
(45,445) |
|
|
(94,549) |
|
|
(7,946) |
|
|
(18,537) |
Other income (expenses), net |
|
|
(229) |
|
|
(506) |
|
|
56 |
|
|
(480) |
Loss before income taxes |
|
|
(45,674) |
|
|
(95,055) |
|
|
(7,890) |
|
|
(19,017) |
Income tax expense |
|
|
30 |
|
|
25 |
|
|
9 |
|
|
25 |
Net loss |
|
$ |
(45,704) |
|
$ |
(95,080) |
|
$ |
(7,899) |
|
$ |
(19,042) |
Net loss per share, basic and diluted |
|
$ |
(1.34) |
|
$ |
(4.09) |
|
$ |
(0.19) |
|
$ |
(0.82) |
Weighted average common shares outstanding, basic and diluted |
|
|
34,077,675 |
|
|
23,267,120 |
|
|
42,416,011 |
|
|
23,302,066 |
Selected Financial Information (In thousands, except share and per share data) (unaudited) |
||||||
|
||||||
|
|
|
||||
Selected Balance Sheet items: |
|
2023 |
|
2022 |
||
Cash, cash equivalents and marketable securities |
|
$ |
83,107 |
|
$ |
90,280 |
Working capital1 |
|
|
83,819 |
|
|
77,285 |
Total assets |
|
|
89,091 |
|
|
94,161 |
Long-term debt, net of discount |
|
|
30,137 |
|
|
29,435 |
Total stockholders' equity |
|
|
54,809 |
|
|
49,032 |
|
||||||
1 We define working capital as current assets less current liabilities. |
View original content to download multimedia:https://www.prnewswire.com/news-releases/elevation-oncology-reports-fourth-quarter-and-full-year-2023-financial-results-and-highlights-recent-business-achievements-302080055.html
SOURCE