Elevation Oncology Stops Gastric Cancer Study, Slashes Staff By 70%

On Thursday, Elevation Oncology, Inc. ELEV elected to discontinue the development of EO-3021, a Claudin 18.2 antibody-drug conjugate (ADC).

The company was developing a treatment for advanced, unresectable or metastatic gastric and gastroesophageal junction cancers.

The decision came due to disappointing data from the dose escalation and expansion stages of Elevation Oncology’s Phase 1 trial.

Treatment with EO-3021 as monotherapy demonstrated an objective response rate of 22.2% (1 confirmed complete response and 7 confirmed partial responses) and a disease control rate of 72.2% among 36 evaluable patients with gastric or GEJ cancer and Claudin 18.2 in ≥20% of tumor cells at IHC 2+/3+.

Also Read: Elevation Oncology: Promising Cancer Therapies Earn Analyst Praise

In the safety analysis of all enrolled patients (n=85), treatment with EO-3021 was observed to be generally well-tolerated.

Treatment with EO-3021 did not meet the company’s “bar for success,” said Elevation Oncology CEO Joseph Ferra.

Elevation Oncology will continue to advance EO-1022, a HER3 ADC for patients with HER3-expressing solid tumors. The company plans to file an Investigational New Drug (IND) application in 2026.

In parallel, the company is initiating a process to evaluate strategic options to maximize shareholder value.

Elevation Oncology is implementing a workforce reduction of approximately 70%. The layoffs will result in total cash payments and costs of approximately $3 million.

As part of this reduction, Elevation Oncology’s Chief Medical Officer, Valerie Malyvanh Jansen, will step down, effective March 31.

Elevation Oncology expects that its cash, cash equivalents, and marketable securities of $93.2 million as of Dec. 31, will be sufficient to fund its operations into the second half of 2026.

Price Action: ELEV stock is down 47.1% at 25 cents at the last check Thursday. 

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