Elevation Oncology (ELEV) Piper Sandler 36th Annual Healthcare Conference summary

Pipeline overview and strategic focus

• Focused on developing selective cancer therapies using advancements in ADC technology to address unmet needs in oncology.

• Lead program EO-3021 targets Claudin 18.2, overexpressed in GI tumors, with a site-specific conjugation approach to minimize toxicities.

• EO-3021 in-licensed in 2022, with global rights outside Greater China; uses MMAE payload for improved stability and safety.

• Phase one data showed robust anti-tumor activity and a favorable safety profile, supporting both monotherapy and combination strategies.

• Pipeline includes a HER3 ADC program, with a development candidate to be named by year-end and IND-enabling studies to follow.

Clinical data and development plans

• August phase one data for EO-3021 showed a 43.8% overall response rate in Claudin 18.2 enriched patients, with limited toxicity.

• Expansion phase of the trial is ongoing, with additional data expected in the first half of 2025.

• Combination studies with ramucirumab (second line) and dostarlimab (first line) to begin enrollment by year-end.

• Dose escalation started at 1 mg/kg, with current expansion at 2 and 2.5 mg/kg.

• Anti-emetic pretreatment reduced GI-related adverse events, improving tolerability.

Competitive landscape and differentiation

• EO-3021 targets a broader patient population (20% cutoff, 2+/3+), covering 60% of advanced gastric/GEJ cases.

• Site-specific conjugation to glutamine provides a stable DAR of 2, reducing MMAE-associated toxicities compared to traditional cysteine-based ADCs.

• Safety profile supports potential for combination regimens, unlike Topo-based ADCs with higher heme toxicity.

• Zolbetuximab, a monoclonal antibody, is limited to high expressors (35-40% of patients); EO-3021 aims for broader efficacy and improved outcomes.

• Collaboration with CSPC in China provides real-time data insights, though public disclosures are independent.