Elevation Oncology

Elevation Oncology is a clinical-stage biopharma company that studies emerging genomic research with academic institutions and diagnostic companies to identify genomic driver alterations, which it plans to convert into personalized treatments. 

Its leading drug candidate is seribantumab, a tumor-agnostic treatment for solid tumors that contain the NRG1 gene fusion, is in Phase II of its clinical trial. The drug received its Fast Track designation from the FDA in May 2022. In January 2023, the firm decided to pause further investment in the clinical development of seribantumab and will pursue further development only in collaboration with a partnership. Its other program, EO-3021 is a clinical-stage drug that targets the Claudin 18.2 protein biomarker to treat genomically defined solid tumors. This program was set to launch in clinical trials in 2023 after obtaining investigational new drug application FDA approval. The company has two additional undisclosed targets in the discovery stage.

Key customers and partnerships

In June 2021, the company partnered with genetic testing company Caris Life Sciences to identify mutation targets and develop therapeutics. In addition, the company obtained a licensing deal from CSPC Megalith Biopharmaceutical in July 2022 for the EO-3021 drug candidate for sale outside of Greater China. 

Funding and financials

The company began trading on the Nasdaq Global Select Market in June 2021 under the ticker symbol “ELEV", raising gross proceeds of USD 100 million via an initial public offering. Its latest funding round took place in June 2023 , where it announced an underwritten public offering, raising gross proceeds of approximately USD 50 million. The funds were used to fund the clinical development of EO-3021. 

For the year 2022 , the company reported a net loss of USD 95.1 million, worsening by almost 2x YoY. Elevation Oncology is a clinical-stage company that does not generate any drug sales. In Q2 2023 , net loss decreased by 49.3% YoY to USD 10.1 million. Cash and cash equivalents stood at USD 107.9 million at the end of June 2023, increasing from USD 90.3 million in December 2022, which it claims is sufficient to operate until the second half of 2025.