Elevation Oncology, Inc. announced on March 20, 2025, its decision to discontinue the development of EO-3021, its Claudin 18.2 antibody-drug conjugate (ADC). This decision was based on updated efficacy data from the Phase 1 trial, which showed an objective response rate (ORR) of 22.2% and a disease control rate (DCR) of 72.2% in 36 evaluable patients, not meeting the company's success criteria.
Following this discontinuation, Elevation Oncology is implementing a workforce reduction of approximately 70%, with estimated cash payments and costs of about $3 million. As part of this restructuring, Chief Medical Officer Valerie Malyvanh Jansen, M.D., Ph.D., will step down effective March 31, 2025.
The company will now focus on advancing its potentially differentiated HER3 ADC, EO-1022, with preclinical data expected at the AACR Annual Meeting next month and an Investigational New Drug (IND) application planned for 2026. In parallel, Elevation Oncology has initiated a process to evaluate strategic options to maximize shareholder value, while maintaining a cash runway into the second half of 2026 based on its $93.2 million cash position as of December 31, 2024.
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