Elevation Oncology Inc (ELEV) News & EventsELEVElevation Oncology Inc

Elevation enters into agreement to be acquired by Concentra for 36c per share

Elevation Oncology announced that it has entered into a definitive merger agreement with Concentra Biosciences, whereby Concentra will acquire Elevation Oncology for $0.36 in cash per share of Elevation Oncology common stock, plus one non-tradeable contingent value right, which represents the right to receive: 100% of the closing net cash in excess of $26.4 million; and (ii) 80% of any net proceeds received within five years following closing from any disposition of EO-1022 that occurs within one year following closing, each pursuant to the contingent value rights agreement.

Elevation Oncology reports Q1 EPS (24c), consensus (18c)

Estimates that it will have cash, cash equivalents and marketable securities of $30M-$35M as of June 30, 2025, which is expected to fund its current operations into the second half of 2026. "We recently presented preclinical proof-of-concept data for EO-1022, reaffirming its potential as a differentiated HER3 ADC, and supporting our goal of providing a safer and more effective option for patients with HER3-expressing solid tumors," said CEO Joseph Ferra. "In parallel, we are engaged in efforts to explore a range of strategic alternatives, with the objective of identifying and capitalizing on the opportunity that is in the best interest of our shareholders. We look forward to providing an update at the appropriate time."

Elevation Oncology to discontinue development of EO-3021; Advancing EO-1022

Elevation Oncology announced that it has elected to discontinue development of EO-3021. EO-3021 is a Claudin 18.2 antibody-drug conjugate, which Elevation Oncology was developing for the treatment of advanced, unresectable or metastatic gastric and gastroesophageal junction cancers. Elevation Oncology will continue to advance EO-1022, a HER3 ADC for the treatment of patients with HER3-expressing solid tumors, and, in parallel, is initiating a process to evaluate strategic options to maximize shareholder value. The decision to discontinue clinical development of EO-3021 was based on data from the dose escalation and expansion stages of Elevation Oncology's Phase 1 trial, in which treatment with EO-3021 as a monotherapy demonstrated an objective response rate of 22.2% and a disease control rate of 72.2% among 36 evaluable patients with gastric or GEJ cancer and Claudin 18.2 in greater than or equal to20% of tumor cells at IHC 2+/3+. In the safety analysis of all enrolled patients, treatment with EO-3021 was observed to be generally well-tolerated, with an adverse event profile consistent with previously reported data, including minimal hematological toxicity and hepatotoxicity, and no peripheral neuropathy/hypoesthesia. "We are deeply disappointed by these results from our Phase 1 trial. Despite continuing to demonstrate differentiated safety as a more combinable ADC, updated efficacy data suggest that treatment with EO-3021 does not meet our bar for success and is insufficient to provide patients a competitive benefit-risk profile compared to other Claudin 18.2 ADCs in development," said Joseph Ferra, President and CEO of Elevation Oncology. "Based on these data, we have decided to discontinue further development of EO-3021. I want to express my tremendous gratitude to the patients, physicians and site coordinators who participated in the EO-3021 clinical trial." Ferra continued, "We are turning our focus to our potentially differentiated HER3 ADC, EO-1022, which incorporates glycan site-specific conjugation and is designed to address significant and emerging unmet needs in many HER3-expressing cancers. We look forward to presenting preclinical data supporting its potential at the AACR Annual Meeting next month. In parallel, we are initiating efforts to evaluate strategic options for the company. With cash into the second half of 2026 and a disciplined operating strategy, we are well-positioned to advance EO-1022 while working to identify and capitalize on the best opportunities to maximize value for our stakeholders."