-- Enrollment ongoing in Phase 1 clinical trial of EO-3021 in the U.S. and Japan; expect to announce initial safety and efficacy data by mid-3Q 2024, with additional data in 1H 2025 -- -- Presented preclinical proof-of-concept data for HER3-ADC program at AACR Annual Meeting; on-track to nominate development candidate in 2H 2024 -- -- Raised $44.2 million year-to-date through ATM facility, extending cash runway into 2026 -- BOSTON, May 2, 2024 /PRNewswire/ -- Elevation Oncology, Inc. (NASDAQ:ELEV), an innovative oncology company focused on the discovery and development of selective cancer therapies to treat patients across a range of solid tumors with significant unmet medical needs, today announced financial results for the quarter ended March 31, 2024, and highlighted recent business achievements. "In recent months, we focused on advancing our growing pipeline of differentiated ADCs, each with broad therapeutic potential, and extending our cash runway into 2026, beyond upcoming milestones for EO-3021 and our HER3-ADC program," said Joseph Ferra, President and Chief Executive Officer of Elevation Oncology. "At AACR, we shared preclinical proof-of-concept data from our HER3-ADC program, demonstrating HER3-dependent cell killing and robust anti-tumor activity. These data support continued development of our HER3-ADC program, and we look forward to nominating a development candidate later this year." Mr. Ferra continued, "In parallel, we continue to enroll patients in our Phase 1 clinical trial of EO-3021 in the U.S. and Japan. We remain on track to share details of our planned EO-3021 combination study in the first half of 2024, as well as initial safety and efficacy data from our ongoing trial by mid-third quarter, as we work to change the treatment paradigm for patients living with Claudin 18.2-expressing tumors, who are in significant need of new therapeutic options." Recent Business Achievements In April 2024, Elevation Oncology presented preclinical proof-of-concept data from its HER3-ADC program at the American Association for Cancer Research (AACR) Annual Meeting. The data showed HER3-dependent cell killing and robust anti-tumor activity in a patient-derived xenograft model of pancreatic cancer with high HER3 expression, highlighting the therapeutic potential of Elevation Oncology's HER3-ADC program across a range of HER3-expressing cancers. Expected Upcoming Milestones EO-3021: Share details on planned Phase 1 combination study evaluating EO-3021 in the first half of 2024. Provide update from ongoing Phase 1 clinical trial of EO-3021 at a corporate event by mid-third quarter 2024, including initial safety and efficacy data from at least three dose cohorts. Additional data expected in the first half of 2025. HER3-ADC: Nominate development candidate from HER3-ADC program in the second half of 2024. First Quarter 2024 Financial Results As of March 31, 2024, the Company had cash, cash equivalents and marketable securities totaling $104.1 million, compared to $83.1 million as of December 31, 2023. The increase in cash reflects net proceeds of $29.7 million, which Elevation Oncology raised through its at-the-market (ATM) facility in the first quarter of 2024, partially offset by cash used to fund operating activities. Subsequent to the first quarter of 2024, Elevation Oncology raised an additional $14.5 million through its ATM facility. Research and development (R&D) expenses for the first quarter of 2024 were $6.0 million, compared to $7.3 million for the first quarter 2023. The decrease in R&D expenses in the first quarter of 2024 was primarily due to decreased clinical trial expenses associated with Elevation Oncology's former lead program, partially offset by increased clinical trial expenses associated with the ongoing EO-3021 Phase 1 trial. General and administrative (G&A) expenses for the first quarter of 2024 were $3.9 million, compared to $4.3 million for the first quarter 2023. The decrease in G&A expenses in the first quarter of 2024 was primarily due to decreased administrative costs, including directors' and officers' insurance, and decreased personnel costs, including stock-based compensation. Net loss for the first quarter of 2024 was $10.7 million, compared to $17.1 million for the first quarter of 2023. Financial Outlook Elevation Oncology expects its existing cash, cash equivalents and marketable securities as of March 31, 2024, together with the $14.5 million in net proceeds raised under its ATM facility subsequent to the first quarter of 2024, to be sufficient to fund its current operations into 2026. About Elevation Oncology, Inc. Elevation Oncology is an innovative oncology company focused on the discovery and development of selective cancer therapies to treat patients across a range of solid tumors with significant unmet medical needs. We are leveraging our antibody-drug conjugate (ADC) expertise to advance ...