Elevation Oncology, Inc. reported a net loss of $44.5 million for the year ended December 31, 2024, compared to a net loss of $45.7 million in 2023. Research and development expenses increased by $3.2 million to $28.6 million in 2024, primarily due to increased clinical trial expenses for EO-3021 and in-licensing costs for EO-1022. General and administrative expenses rose by $1.2 million to $16.1 million, mainly driven by higher professional fees and personnel expenses. Restructuring charges, totaling $5.1 million in 2023, were not present in 2024.
The company's lead product candidate, EO-3021, showed a 42.8% confirmed objective response rate (ORR) in a biomarker-enriched population in its Phase 1 clinical trial, as of June 10, 2024. The trial involved 32 patients, with a median age of 65 and a median of three prior lines of therapy. EO-3021 demonstrated a differentiated safety profile with minimal hematological and hepatotoxicity and no peripheral neuropathy. Preclinical data also indicated the combination potential of EO-3021 with VEGFR2 or PD-1 inhibitors. The company holds worldwide development and commercialization rights for EO-3021 outside Greater China.
Elevation Oncology is also developing EO-1022, a HER3 ADC, with preclinical proof-of-concept data announced in April 2024. The company expects to present preclinical data for EO-1022 in the second quarter of 2025 and submit an IND application in 2026. A license agreement with Synaffix B.V. grants Elevation global access to Synaffix's site-specific ADC technology platform for EO-1022 development. The company does not own manufacturing facilities and relies on third-party manufacturers for clinical and potential commercial supplies.
As of December 31, 2024, Elevation Oncology had 34 full-time employees, five of whom held M.D. and/or Ph.D. degrees. The company operates as a remote-first company. The company's cash, cash equivalents, and marketable securities totaled $93.2 million as of December 31, 2024, but the company anticipates needing additional funding to meet its capital requirements over the next 12 months. The company has utilized at-the-market offerings and a loan facility with K2 HealthVentures LLC to secure funding.
The company acknowledges substantial risks, including the uncertainty of obtaining regulatory approvals for its product candidates, intense competition, reliance on third-party manufacturers, and the need for substantial additional funding. The company's financial statements include a going concern qualification due to its operating losses and the uncertainty of securing future funding. The company's outlook is contingent upon successful clinical trials, regulatory approvals, and securing sufficient funding for continued operations and commercialization.
About Elevation Oncology, Inc.
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