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Nature of Business
3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation Of Financial Statements [Abstract]  
Nature of Business

1. Nature of Business

Elevation Oncology, Inc. (the “Company”), which was formerly known as 14ner Oncology, Inc., was incorporated under the laws of the State of Delaware on April 29, 2019 (“Inception”). The Company 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 is leveraging its antibody-drug conjugate (“ADC”) expertise to advance EO-1022, which targets HER3, a validated target in oncology. EO-1022 is a potentially differentiated HER3 ADC being developed for the treatment of patients with HER3-expressing solid tumors, including breast cancer, non-small cell lung cancer and other solid tumors. EO-1022 is an ADC containing seribantumab, a fully human immunoglobulin G2 (“IgG2”) anti-HER3 monoclonal antibody (“mAb”), which is site-specifically conjugated at glycan to the monomethyl auristatin E (“MMAE”) payload with a drug-to-antibody ratio (“DAR”) of 4. In March 2025, the Company announced that it elected to discontinue development of EO-3021, a Claudin 18.2 ADC, and was initiating a process to evaluate strategic options to maximize shareholder value.

Risks and Uncertainties

The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations and the ability to secure additional capital to fund operations. Product candidates currently under development will require significant additional research and development efforts, including preclinical and clinical testing and regulatory approval, prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure, and extensive compliance-reporting capabilities.

There can be no assurance that the Company’s research and development of its product candidates will be successfully completed, that adequate protection for the Company’s intellectual property will be obtained, that any products developed will obtain necessary government regulatory approval or that any approved products will be commercially viable. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will generate significant revenue from product sales. The Company operates in an environment of rapid change in technology and substantial competition from pharmaceutical and biotechnology companies.

Liquidity

The Company has incurred recurring net losses since inception and has funded its operations to date through the proceeds from the sale of convertible preferred stock, proceeds from public offerings of common stock and warrants, and borrowings under a debt facility. The Company incurred net losses of $14.2 million and $10.7 million for the three months ended March 31, 2025 and 2024, respectively. As of March 31, 2025, the Company had an accumulated deficit of $254.7 million and cash, cash equivalents, and marketable securities totaling $80.7 million. The Company expects that its cash, cash equivalents and marketable securities will be sufficient to fund its operating expenses and capital expenditure requirements through at least 12 months from the issuance date of the condensed consolidated financial statements.

The accompanying condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. The condensed consolidated financial statements do not reflect any adjustments relating to the recoverability and reclassification of assets and liabilities that might be necessary if the Company is unable to continue as a going concern.