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BOSTON - Elevation Oncology, Inc. (NASDAQ:ELEV), a clinical-stage biotech company with a market capitalization of $22.7 million specializing in the development of selective cancer therapies, has announced new preclinical data for its novel HER3 antibody-drug conjugate (ADC), EO-1022. According to InvestingPro data, the company maintains a strong financial position with more cash than debt and a healthy current ratio of 21.2x. According to a press release statement, the data will be presented at the American Association for Cancer Research (AACR) Annual Meeting 2025, which started today in Chicago, Illinois.
EO-1022 is an ADC that targets HER3, a protein involved in the growth and spread of certain cancers. It combines seribantumab, a human anti-HER3 antibody, with a potent chemotherapy drug, monomethyl auristatin E (MMAE), using a site-specific glycan conjugation technique. This approach aims to deliver the drug directly to cancer cells while minimizing exposure to healthy cells, potentially reducing side effects.
Preclinical studies have shown EO-1022 to have greater stability and anti-tumor activity compared to existing HER3 ADCs. The findings indicate that EO-1022 could offer an improved safety profile and efficacy in treating various solid tumors, including breast cancer and non-small cell lung cancer. Two analysts have recently revised their earnings estimates upward for the upcoming period, suggesting growing confidence in the company’s development pipeline. Investors can access more detailed analyst coverage and 8 additional exclusive insights through InvestingPro.
Joseph Ferra, President and CEO of Elevation Oncology, expressed optimism about the potential of EO-1022 to address the significant unmet needs in cancer treatment. The company plans to file an Investigational New Drug (IND) application in 2026.
The press release also notes that EO-1022 leverages advanced ADC technology licensed from Synaffix B.V. and has been designed to exploit the desirable internalization properties of seribantumab.
Elevation Oncology is committed to advancing EO-1022 through preclinical development, with the goal of eventually bringing a new treatment option to patients with HER3-expressing solid tumors. With the company’s next earnings report due on May 1, 2025, and analysts setting price targets ranging from $0.70 to $1.60, investors seeking comprehensive financial analysis and real-time updates can explore InvestingPro’s advanced metrics and tools.
The information in this article is based on a press release statement from Elevation Oncology.
In other recent news, Elevation Oncology announced its decision to prepay a $30 million term loan ahead of schedule, which includes a prepayment fee and accrued interest, totaling approximately $32.2 million. This move demonstrates the company’s ability to manage its financial obligations proactively. Additionally, Elevation Oncology has ceased the development of its primary drug candidate, EO-3021, after Phase 1 trials showed an insufficient objective response rate. This decision led to a downgrade by Piper Sandler from Overweight to Neutral, with a revised price target of $0.70, down from $10.00. Citizens JMP also downgraded the company’s stock from Market Outperform to Market Perform due to the halted development. In response to the discontinuation of EO-3021, Elevation Oncology plans to focus on advancing EO-1022, a HER3 ADC, and is exploring strategic alternatives. The company has announced a 70% workforce reduction, which includes the departure of its Chief Medical Officer. Despite these challenges, Elevation Oncology expects its cash reserves to fund operations into the second half of 2026.
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