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Elevation Oncology Inc. (ELEV+7.65%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's focus on the development of selective cancer therapies, leveraging its expertise in antibody-drug conjugates (ADCs) to advance its pipeline, including lead product candidate EO-3021 and second product candidate EO-1022.
EO-3021, targeting Claudin 18.2, is in a Phase 1 trial for advanced gastric/gastroesophageal junction cancers. Initial data showed a 42.8% objective response rate in a biomarker-enriched population. Further data is expected in 2025.
EO-3021 has received orphan drug designation for gastric and pancreatic cancer and Fast Track designation for advanced gastric/GEJ cancer. Worldwide development rights, excluding Greater China, are retained by Elevation.
EO-1022 targets HER3-expressing tumors and is in preclinical development. An IND application is planned for 2026, with preclinical data expected in 2025.
The filing outlines the company's strategy to advance its lead candidates, explore strategic collaborations, and maximize commercial potential globally.
Elevation Oncology reported a net loss of $44.5 million for 2024, with an accumulated deficit of $240.5 million. Cash, cash equivalents, and marketable securities totaled $93.2 million as of December 31, 2024.
The company highlights risks including reliance on third-party manufacturers, competition, regulatory challenges, and the need for additional financing to continue operations.
Elevation Oncology's management team is noted for its experience in oncology drug discovery and development, supported by scientific advisors and partners.
The company operates as a remote-first organization, with its principal executive offices located in Boston, Massachusetts.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Elevation Oncology Inc. annual 10-K report dated March 6, 2025. To report an error, please email earnings@qz.com.