On November 2, 2023, Elevation Oncology Inc (ELEV, Financial) announced its financial results for the third quarter ended September 30, 2023. The company also highlighted recent business achievements, including the ongoing enrollment in the Phase 1 clinical trial evaluating EO-3021 in patients with advanced solid tumors likely to express Claudin 18.2.
Financial Highlights
Elevation Oncology's cash, cash equivalents, and marketable securities totaled $94.8 million as of September 30, 2023, compared to $90.3 million as of December 31, 2022. The increase in cash reflects net proceeds of approximately $46.5 million from Elevation Oncology’s underwritten public offering, which closed in June 2023, partially offset by cash used to fund operating activities.
Research and development (R&D) expenses for the third quarter 2023 were $7.4 million, compared to $34.3 million for the third quarter 2022. The decrease in R&D expenses in the third quarter of 2023 was primarily due to the cost related to the license agreement between Elevation Oncology and a subsidiary of CSPC Pharmaceutical Group Limited for rights to develop and commercialize EO-3021, which was recorded in the third quarter of 2022.
General and administrative (G&A) expenses for the third quarter 2023 were $3.5 million, compared to $4.2 million for the third quarter 2022. The decrease in G&A expenses in the third quarter of 2023 was primarily due to a decrease in administrative costs, including directors’ and officers’ insurance.
Net loss for the third quarter 2023 was $10.6 million, compared to $38.8 million for the third quarter 2022.
Business Achievements and Outlook
In August 2023, Elevation Oncology began enrolling patients in its Phase 1 clinical trial of EO-3021. The company expects to report preliminary safety and anti-tumor activity data during the first half of 2025.
Looking ahead, Elevation Oncology expects its existing cash, cash equivalents, and marketable securities as of September 30, 2023, to be sufficient to fund its current operations into the second half of 2025.
About Elevation Oncology Inc (ELEV, Financial)
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. The company's lead candidate, EO-3021, is a potential best-in-class antibody drug conjugate (ADC) designed to target Claudin 18.2.
Explore the complete 8-K earnings release (here) from Elevation Oncology Inc for further details.
