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EO

Elevation Oncology, Inc. (ELEV)·Q4 2024 Earnings Summary

Executive Summary

  • Q4 2024 GAAP net loss was $10.4M (EPS -$0.18) vs $7.9M (EPS -$0.17) in Q4 2023; sequentially improved from Q3 2024 net loss of $12.9M (EPS -$0.22) as operating spend moderated . Versus Street proxies, EPS beat by $0.04 vs a -$0.22 consensus (S&P Global data unavailable; MarketBeat proxy used) .
  • R&D expense rose to $6.6M (Q4) from $4.7M YoY; G&A was $4.0M vs $3.3M YoY, reflecting increased clinical activity and personnel costs .
  • Year-end cash, cash equivalents and marketable securities were $93.2M; management guided runway into 2026 .
  • Pipeline: dosing began in EO-3021 combination cohorts in January 2025; additional monotherapy data targeted for 2Q 2025 and initial combo data for 4Q 2025/1Q 2026. However, post-quarter, the company discontinued EO-3021 on March 20, 2025 after updated efficacy fell short—an important negative catalyst that resets the equity narrative toward EO-1022 and strategic alternatives .

What Went Well and What Went Wrong

  • What Went Well
    • Initiated EO-3021 combination cohorts with PD‑1 (dostarlimab) and VEGFR2 (ramucirumab); management emphasized a first‑mover advantage in 1L/2L gastric/GEJ and “more combinable” profile for EO‑3021 .
    • Preclinical data showed synergistic tumor growth inhibition with VEGFR2 or PD‑1 inhibitors (e.g., TGI 88.2% with DC101 combo vs 20.1% EO‑3021 alone) supporting the combination strategy .
    • Cash runway reiterated into 2026, providing multi‑year funding visibility pre‑discontinuation decision .
  • What Went Wrong
    • Operating expenses rose YoY: R&D $6.6M vs $4.7M; G&A $4.0M vs $3.3M, driving a larger YoY quarterly net loss ($10.4M vs $7.9M) despite sequential improvement vs Q3 .
    • No revenue contribution; results remain driven by OpEx and financing dynamics (press release focused on expenses, net loss and cash), underscoring reliance on clinical milestones for valuation .
    • Subsequent to Q4, updated Phase 1 data led to EO‑3021 discontinuation (ORR 22.2% in CLDN18.2‑enriched patients), a material setback that eliminates previously guided 2025/2026 combo readouts as catalysts and shifts focus to EO‑1022 .

Financial Results

MetricQ4 2023Q2 2024Q3 2024Q4 2024
Net Loss ($USD Millions)$7.899 $10.461 $12.881 $10.436
GAAP EPS (Basic & Diluted)-$0.17 -$0.18 -$0.22 -$0.18
R&D Expense ($USD Millions)$4.691 $6.551 $9.388 $6.647
G&A Expense ($USD Millions)$3.255 $4.412 $3.841 $3.995

Notes:

  • Company did not disclose revenue figures in its Q4/FY24 press release or 8‑K; reported results focus on operating expenses, net loss and cash balances .

Balance Sheet and Liquidity

MetricDec 31, 2023Jun 30, 2024Sep 30, 2024Dec 31, 2024
Cash, Cash Equivalents & Marketable Securities ($USD Millions)$83.107 $110.849 $103.070 $93.184
Total Assets ($USD Millions)$89.091 $114.597 $106.302 $95.626
Long‑term Debt, net ($USD Millions)$30.137 $30.916 $31.021 $31.134
Total Stockholders’ Equity ($USD Millions)$54.809 $80.918 $69.355 $60.025

Vs. Estimates (EPS)

MetricConsensusActualSurprise
GAAP EPS (Q4 2024)-$0.22 -$0.18 +$0.04 (Beat)

S&P Global consensus was unavailable via our tool due to missing mapping; MarketBeat is used here as a proxy source for consensus .

Guidance Changes

MetricPeriod/TimingPrevious Guidance (Q3 2024)Current Guidance (Q4 2024)Change
Cash RunwayLiquidityInto 2026 Into 2026 Maintained
EO‑3021 Monotherapy Data1H 2025Additional data in 1H 2025 Additional data in 2Q 2025 Narrowed timing (specific 2Q)
EO‑3021 Combo Cohorts Start4Q 2024/Jan 2025Initiate dosing in 4Q 2024 Dosing ongoing (initiated Jan 2025) Achieved/ongoing
EO‑3021 Combo Initial Data4Q 2025/1Q 2026Not specified in Q3Initial data 4Q 2025 or 1Q 2026 New item
EO‑1022 Preclinical Data1H/2Q 2025Nominate candidate in 4Q 2024 (no timing for data) Present preclinical data at AACR in 2Q 2025 New timing
EO‑1022 IND2026Candidate nomination by 4Q 2024 IND in 2026 New item

Post‑quarter development: On March 20, 2025, ELEV discontinued EO‑3021, invalidating the EO‑3021‑related 2025/2026 milestones above .

Earnings Call Themes & Trends

Transcript for a Q4 2024 earnings call was not available in our document set; themes below reflect company press releases across the last three quarters.

TopicPrevious Mentions (Q-2: Q2 2024)Previous Mentions (Q-1: Q3 2024)Current Period (Q4 2024)Trend
EO‑3021 Monotherapy Efficacy/SafetyInitial Phase 1 dose‑escalation data: ORR 42.8% in CLDN18.2‑enriched pts; favorable safety (no neutropenia or peripheral neuropathy/hypoesthesia) Reinforced preliminary efficacy and “more combinable” profile; dose expansion initiated Additional monotherapy data targeted for 2Q 2025 Data maturation toward expansion readout; later discontinued post‑quarter
Combination Strategy (VEGFR2/PD‑1)Announced plan; clinical supply agreements with Lilly (ramucirumab) and GSK (dostarlimab) Plan to initiate combo dosing in 4Q 2024; preclinical combo data planned at ESMO‑IO Dosing ongoing (Jan 2025); preclinical synergy highlighted Executed initiation; strategic emphasis on combinability
Regulatory—Fast Track designation for EO‑3021 (Sep 2024) —Regulatory momentum in Q3; no new Q4 items
Pipeline Expansion (EO‑1022 HER3 ADC)Planned nomination in 2H 2024 On‑track to nominate in 4Q 2024 EO‑1022 nominated (Dec 12, 2024); preclinical data planned 2Q 2025; IND in 2026 Advancing second program and platform
Liquidity/RunwayCash $110.8M; runway into 2026 Cash $103.1M; runway into 2026 Cash $93.2M; runway into 2026 Gradual cash draw; runway maintained

Management Commentary

  • “We continue to advance our Claudin 18.2 ADC program, EO‑3021…evaluating EO‑3021 in combinations with approved therapies in the first‑ and second‑line settings, where we have a first‑mover advantage…while also progressing our monotherapy cohort toward an additional data readout in the second quarter of 2025.” — Joseph Ferra, President & CEO .
  • “We introduced prospective Claudin 18.2 testing…to further enhance our understanding of the patients most likely to benefit…We believe both EO‑3021 and EO‑1022 have the potential to elevate cancer care.” — Joseph Ferra .
  • Preclinical combination data “exhibited statistically superior TGI” vs monotherapy arms, supporting the combo strategy .

Q&A Highlights

  • An earnings call transcript for Q4 2024 was not available in our document set or via our transcript search; therefore, there are no Q&A excerpts to summarize. We reviewed the 8‑K and press releases in full for financials and commentary .

Estimates Context

  • S&P Global consensus data were unavailable in our tool for ELEV due to a missing CIQ mapping (unable to retrieve estimates).
  • Proxy consensus from MarketBeat indicates Q4 2024 GAAP EPS consensus of -$0.22 vs reported -$0.18, a $0.04 beat; revenue estimates were not indicated (consistent with development‑stage focus) .
  • Given the subsequent discontinuation of EO‑3021, future estimate revisions (EPS, OpEx trajectory) would likely reflect lower R&D spend and pipeline focus on EO‑1022 rather than the prior combo development plan .

Key Takeaways for Investors

  • Q4 EPS beat versus proxy consensus on lower sequential OpEx; R&D decreased from Q3 as the program transitioned post‑dose escalation, though YoY OpEx remained higher given pipeline investment .
  • Liquidity remained solid at $93.2M with runway into 2026, providing optionality despite the subsequent EO‑3021 discontinuation .
  • The strategy pivot post‑quarter is material: discontinuing EO‑3021 removes near‑term clinical catalysts and shifts value to EO‑1022 preclinical progress and strategic alternatives under evaluation .
  • Expect OpEx to reset lower in 2025 after workforce reductions and program closure, potentially extending runway but raising execution risk around rebuilding the pipeline around EO‑1022 .
  • Near‑term stock drivers moved from EO‑3021 readouts (previously 2Q25/4Q25‑1Q26) to EO‑1022 preclinical data cadence, cash preservation and any strategic transaction outcomes .
  • Without revenue and with clinical pivot, trading likely remains event‑driven; watch for updates on EO‑1022 IND timing and any partnership/M&A developments .

Supporting Documents and Data Sources:

  • Q4/FY24 8‑K and press release (Mar 6, 2025): financials, milestones, liquidity .
  • Q3 2024 8‑K and press release (Nov 6, 2024): prior quarter financials, milestones .
  • Q2 2024 8‑K and press release (Aug 6, 2024): prior quarter financials, initial EO‑3021 data .
  • Other Q4‑period press releases: preclinical combo data (Dec 5, 2024), EO‑1022 nomination (Dec 12, 2024) .
  • Post‑quarter update: EO‑3021 discontinuation (Mar 20, 2025) .