Elevation Oncology Reports First Quarter 2024 Financial Results and Highlights Recent Business Achievements
-- Enrollment ongoing in Phase 1 clinical trial of EO-3021 in the
-- Presented preclinical proof-of-concept data for HER3-ADC program at AACR Annual Meeting; on-track to nominate development candidate in 2H 2024 --
-- Raised
"In recent months, we focused on advancing our growing pipeline of differentiated ADCs, each with broad therapeutic potential, and extending our cash runway into 2026, beyond upcoming milestones for EO-3021 and our HER3-ADC program," said
Recent Business Achievements
- In
April 2024 ,Elevation Oncology presented preclinical proof-of-concept data from its HER3-ADC program at theAmerican Association for Cancer Research (AACR) Annual Meeting. The data showed HER3-dependent cell killing and robust anti-tumor activity in a patient-derived xenograft model of pancreatic cancer with high HER3 expression, highlighting the therapeutic potential ofElevation Oncology's HER3-ADC program across a range of HER3-expressing cancers.
Expected Upcoming Milestones
EO-3021:
- Share details 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 at a corporate event by mid-third quarter 2024, including initial safety and efficacy data from at least three dose cohorts.
- Additional data expected in the first half of 2025.
HER3-ADC:
- Nominate development candidate from HER3-ADC program in the second half of 2024.
First Quarter 2024 Financial Results
As of
Research and development (R&D) expenses for the first quarter of 2024 were
General and administrative (G&A) expenses for the first quarter of 2024 were
Net loss for the first quarter of 2024 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 Contact
EVP, Managing Director,
hannah.deresiewicz@sternir.com
Selected Financial Information |
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(In thousands, except share and per share data) |
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(unaudited) |
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Three months ended |
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2024 |
|
2023 |
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Statement of Operations items: |
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
Research and development |
|
$ |
6,011 |
|
$ |
7,292 |
General and administrative |
|
|
3,858 |
|
|
4,346 |
Restructuring charges |
|
|
— |
|
|
5,107 |
Total operating expenses |
|
|
9,869 |
|
|
16,745 |
Loss from operations |
|
|
(9,869) |
|
|
(16,745) |
Other income (expense): |
|
|
|
|
|
|
Interest income (expense), net |
|
|
115 |
|
|
(309) |
Loss on extinguishment of debt |
|
|
(942) |
|
|
— |
Total other income (expense), net |
|
|
(827) |
|
|
(309) |
Loss before income taxes |
|
|
(10,696) |
|
|
(17,054) |
Income tax expense |
|
|
11 |
|
|
5 |
Net loss |
|
$ |
(10,707) |
|
$ |
(17,059) |
Net loss per share, basic and diluted |
|
$ |
(0.23) |
|
$ |
(0.72) |
Weighted average common shares outstanding, basic and diluted |
|
|
47,371,882 |
|
|
23,618,559 |
Selected Financial Information |
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(In thousands, except share and per share data) |
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(unaudited) |
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|
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|
|
|
|
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Selected Balance Sheet items: |
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|
|
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Cash, cash equivalents and marketable securities |
|
$ |
104,051 |
|
$ |
83,107 |
Working capital1 |
|
|
105,553 |
|
|
83,819 |
Total assets |
|
|
108,961 |
|
|
89,091 |
Long-term debt, net of discount |
|
|
30,809 |
|
|
30,137 |
Total stockholders' equity |
|
|
75,818 |
|
|
54,809 |
|
1 We define working capital as current assets less current liabilities. |
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