Elevation Oncology, Inc. reported its financial results for the first quarter ended March 31, 2025, on May 15, 2025. The company ended the quarter with $80.7 million in cash, cash equivalents, and marketable securities, a decrease from $93.2 million at December 31, 2024.
Subsequent to the quarter, on May 2, 2025, Elevation Oncology voluntarily prepaid its outstanding Term Loan of $32.3 million, including principal, interest, fees, and expenses, fully discharging its debt obligations. This prepayment significantly impacts the company's cash position, with an estimated $30 million to $35 million in cash, cash equivalents, and marketable securities as of June 30, 2025.
Research and development expenses for Q1 2025 were $6.9 million, an increase from $6.0 million in Q1 2024, primarily due to increased preclinical development costs for EO-1022. The company reported a net loss of $14.2 million for the quarter, compared to $10.7 million in the prior year, and incurred $3.4 million in restructuring charges related to the EO-3021 program closure and workforce reduction. Despite the reduced cash balance, the company still expects its cash runway to extend into the second half of 2026.
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