Elevation Oncology (ELEV) Q4 2024 earnings summary

Executive summary

• Advanced Claudin 18.2 ADC EO-3021 program with ongoing Phase 1 trials in monotherapy and combination settings for advanced gastric/GEJ cancer, with initial combination data expected in late 2025 or early 2026.

• HER3 ADC EO-1022 nominated as a development candidate for HER3-expressing solid tumors; preclinical data to be presented in 2Q 2025 and IND filing planned for 2026.

Financial highlights

• Cash, cash equivalents, and marketable securities totaled $93.2M as of December 31, 2024, up from $83.1M at year-end 2023, reflecting $44.2M raised via ATM facility.

• R&D expenses were $6.6M for Q4 2024 (up from $4.7M in Q4 2023) and $28.6M for FY 2024 (up from $25.4M in FY 2023), driven by increased clinical trial activity.

• G&A expenses were $4.0M for Q4 2024 (up from $3.3M in Q4 2023) and $16.1M for FY 2024 (up from $14.9M in FY 2023), mainly due to higher personnel and professional fees.

• Net loss was $10.4M for Q4 2024 (vs. $7.9M in Q4 2023) and $44.5M for FY 2024 (vs. $45.7M in FY 2023).

Outlook and guidance

• Cash position expected to fund operations into 2026.

• Additional monotherapy data for EO-3021 expected in 2Q 2025; initial combination data in 4Q 2025 or 1Q 2026.

• Preclinical data for EO-1022 to be presented in 2Q 2025; IND filing planned for 2026.