Elevation Oncology, Inc. announced its financial results for the fourth quarter and full year ended December 31, 2024, on March 6, 2025. The company reported cash, cash equivalents, and marketable securities totaling $93.2 million as of December 31, 2024, an increase from $83.1 million at the end of 2023, primarily due to $44.2 million raised through its ATM facility in the first half of 2024.
Research and development (R&D) expenses for the fourth quarter of 2024 were $6.6 million, up from $4.7 million in the prior year, driven by increased clinical trial expenses for EO-3021. For the full year 2024, R&D expenses were $28.6 million, compared to $25.4 million in 2023. The net loss for the fourth quarter was $10.4 million, and the full-year net loss was $44.5 million.
The company reiterated its expectation that its cash position will be sufficient to fund current operations into 2026. Elevation Oncology also provided updates on its pipeline, including ongoing dosing in EO-3021 combination cohorts and plans to present preclinical data for EO-1022 at the AACR Annual Meeting 2025, with an IND application for EO-1022 expected in 2026.
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