Elevation Oncology (ELEV) TD Cowen 45th Annual Healthcare Conference summary

Strategic focus and pipeline overview

• Leveraging advancements in ADC technology to develop differentiated antibody-drug conjugates targeting unmet needs in oncology, with EO-3021 (Claudin 18.2 ADC) as the lead program and EO-1022 (HER3 ADC) in preclinical development.

• EO-3021 demonstrated robust anti-tumor activity and a differentiated safety profile, supporting its development in gastric and GEJ cancers across multiple lines of therapy.

• EO-1022 aims to address a range of solid tumors using site-specific conjugation and MMAE payload, with preclinical data expected in the first half of 2025 and IND submission planned for 2026.

• Strategic partnerships with GSK and Eli Lilly enable combination studies in first- and second-line gastric cancer, respectively.

• Focus on expanding the clinical pipeline and maximizing opportunities in both monotherapy and combination settings.

Clinical development and data updates

• EO-3021 phase one expansion is ongoing, focusing on two dose levels, with additional monotherapy data expected in the first half of 2025 and combination data in late 2025 or early 2026.

• Initial data showed a 42.8% overall response rate at a 20% Claudin 18.2 expression cutoff, with no responses below this threshold, guiding future enrollment criteria.

• Safety profile of EO-3021 is notable for absence of peripheral neuropathy and neutropenia, differentiating it from other Claudin 18.2 ADCs and supporting its use in combinations.

• Combination studies with ramucirumab and dostarlimab are underway, with patient enrollment started earlier in 2024.

• Approximately 35 biomarker-positive patients with a median follow-up of six months will be included in the upcoming data update.

Market opportunity and competitive landscape

• Second-line gastric cancer represents a $1 billion market opportunity, with current standard of care showing a 28% response rate, leaving room for improvement.

• ADC approach allows treatment of a broader range of Claudin 18.2 expression compared to naked monoclonal antibodies, potentially expanding the addressable patient population.

• Recent approval of Astellas' Claudin 18.2 antibody highlights the growing importance of this target, but significant unmet need remains.

• Differentiated safety and efficacy profiles position EO-3021 as a strong candidate for new standards of care in both first- and second-line settings.

• HER3 ADC program aims to provide alternatives for patients refractory to existing HER3-targeted therapies, leveraging unique payload and conjugation technology.