Elevation Oncology reported a net loss per share of USD 0.37 in Q2 2023, missing analyst expectations by 15.6%. Net loss for the quarter decreased by 49.3% YoY to USD 10.1 million. Elevation Oncology is a clinical-stage company that does not generate any drug sales.

The company achieved a few milestones for the quarter, such as 1) highlighting first-in-human Phase I clinical data of SYSA1801 (EO-3021) and 2) completing public offering of common stock in June 2023, raising approximately USD 46.5 million in net proceeds.

Operating expenses for the quarter were USD 9.8 million (down 51.1% YoY). The decrease in operating expenses for Q2 2023 was mainly attributable to the reduction in R&D expenses (down 63.1% YoY), primarily due to the decrease in costs related to manufacturing clinical supply of seribantumab for use in the CRESTONE clinical trial. Further, administration costs for Q2 2023 was USD 3.8 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.