Elevation Oncology, Inc. reported its financial results for the third quarter ended September 30, 2024, showing cash, cash equivalents, and marketable securities totaling $103.1 million. This represents an increase from $83.1 million at December 31, 2023, primarily due to $44.2 million raised through its at-the-market (ATM) facility in the first half of 2024.
Research and development (R&D) expenses for the third quarter of 2024 increased to $9.4 million from $7.4 million in the prior year, reflecting continued investment in lead and pipeline programs. The company reported a net loss of $12.9 million for the quarter, compared to a net loss of $10.6 million for the same period in 2023.
Elevation Oncology expects its existing cash position to fund current operations into 2026. The company also highlighted progress with EO-3021, including initial Phase 1 data reported in August showing a 42.8% confirmed objective response rate, and the initiation of the dose expansion portion of the Phase 1 trial.
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