Elevation Oncology reports Q1 EPS (23c), consensus (20c)

Elevation Oncology expects existing cash, cash equivalents and marketable securities as of March 31, together with the $14.5M in net proceeds raised under its ATM facility subsequent to Q1, to be sufficient to fund its current operations into 2026. “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 CEO Joseph Ferra. “At AACR, we shared preclinical proof-of-concept data from our HER3-ADC program, demonstrating HER3-dependent cell killing and robust anti-tumor activity. These data support continued development of our HER3-ADC program, and we look forward to nominating a development candidate later this year. In parallel, we continue to enroll patients in our Phase 1 clinical trial of EO-3021 in the U.S. and Japan. We remain on track to share details of our planned EO-3021 combination study in the first half of 2024, as well as initial safety and efficacy data from our ongoing trial by mid-third quarter, as we work to change the treatment paradigm for patients living with Claudin 18.2-expressing tumors, who are in significant need of new therapeutic options.”