Logotype for Elevation Oncology Inc

Elevation Oncology (ELEV) investor relations material

Elevation Oncology Q1 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Logotype for Elevation Oncology Inc
Q1 2025 earnings summary15 May, 2025

Executive summary

  • Net loss of $14.2 million for Q1 2025, up from $10.7 million in Q1 2024, with an accumulated deficit of $254.7 million as of March 31, 2025.

  • Discontinued EO-3021 development and implemented a 70% workforce reduction to focus resources and evaluate strategic alternatives.

  • Focus shifted to advancing EO-1022, a HER3-targeting ADC, with IND filing expected in 2026 and promising preclinical data presented at AACR 2025.

  • Workforce reduction resulted in $3.4 million in restructuring charges.

Financial highlights

  • Cash, cash equivalents, and marketable securities totaled $80.7 million as of March 31, 2025; expected to be $30M–$35M after loan prepayment and restructuring.

  • Research and development expenses were $6.9 million, up from $6.0 million year-over-year, mainly due to EO-1022 advancement.

  • General and administrative expenses were $4.0 million, slightly higher than $3.9 million in Q1 2024.

  • Net loss per share: $(0.24) for Q1 2025 vs. $(0.21) for Q1 2024.

  • Long-term debt was $31.3 million at quarter-end, fully prepaid in May 2025.

Outlook and guidance

  • Cash runway expected to fund operations into the second half of 2026, but additional capital will be needed for further development and commercialization.

  • IND filing for EO-1022 planned for 2026, with continued investment in preclinical and IND-enabling activities.

  • Company is evaluating strategic alternatives, including potential mergers, asset sales, or licensing deals.

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Frequently asked questions

Elevation Oncology, Inc. is a biotechnology company focused on the discovery and development of targeted cancer therapies. The company specializes in creating antibody-drug conjugates (ADCs) to treat patients with solid tumors that have significant unmet medical needs. Their lead candidate, EO-3021, targets the Claudin 18.2 protein, which is expressed in various cancers, including gastric and pancreatic cancers. Elevation Oncology aims to selectively deliver cytotoxic agents directly to cancer cells, thereby improving treatment efficacy while minimizing damage to healthy tissues. The company is headquartered in Boston, Massachusetts, and its shares are listed on the NASDAQ.

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