Elevation Oncology Discontinues Lead Drug and Cuts Workforce

Elevation Oncology is discontinuing development of EO-3021, its lead Claudin 18.2 antibody-drug conjugate (ADC) for gastric and gastroesophageal junction cancers124.
The decision was based on disappointing Phase 1 trial results, which showed an objective response rate of only 22.2% in 36 evaluable patients24.
The company is laying off approximately 70% of its workforce, including Chief Medical Officer Valerie Malyvanh Jansen124.
Elevation will now focus on advancing EO-1022, a preclinical HER3 ADC for solid tumors24.
The restructuring is expected to extend the company's cash runway into the second half of 202624.
Elevation's stock price fell by 42% following the announcement510.
The company is evaluating strategic options to maximize shareholder value24.

Sources:

1. https://www.bizjournals.com/boston/news/2025/03/21/elevation-oncology-cuts-most-staff.html

2. https://www.prnewswire.com/news-releases/elevation-oncology-to-discontinue-development-of-eo-3021-advancing-eo-1022-while-evaluating-strategic-options-302406229.html

4. https://www.fiercebiotech.com/biotech/elevation-drops-sole-clinical-stage-adc-over-poor-phase-1-data-lays-70-staff

5. https://www.bioworld.com/articles/718390-elevation-buries-claudin-182-adc-for-cancer-slashes-staff-by-70

10. https://www.barchart.com/story/news/31524062/elevation-oncology-plunges-42-on-ending-development-of-lead-drug