Elevation Oncology, Inc. (ELEV): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Elevation Oncology, Inc. (Elev) emerge como una fuerza pionera en la terapéutica del cáncer de precisión, navegando estratégicamente el complejo panorama de la orientación molecular y el desarrollo innovador del tratamiento. Al aprovechar la investigación de vanguardia, las tecnologías patentadas y las asociaciones colaborativas, esta compañía de biotecnología está reinventando cómo las terapias de cáncer dirigidas pueden abordar las necesidades médicas no satisfechas y potencialmente transformar los resultados de los pacientes. Su modelo de negocio único representa un enfoque sofisticado para la innovación oncológica, combinando la experiencia científica con el desarrollo de negocios estratégicos en el ámbito desafiante de la investigación y el tratamiento del cáncer.

Elevation Oncology, Inc. (Elev) - Modelo de negocio: asociaciones clave

Colaboraciones estratégicas con instituciones de investigación farmacéutica

A partir de 2024, la oncología de elevación ha establecido asociaciones clave con las siguientes instituciones de investigación:

Institución	Enfoque de asociación	Año establecido
Memorial Sloan Kettering Cancer Center	Investigación de oncología de precisión	2022
Instituto del Cáncer Dana-Farber	Apoyo de ensayos clínicos	2023

Centros médicos académicos para apoyo de ensayos clínicos

La red de ensayos clínicos de Elevation Oncology incluye:

• Centro de cáncer de MD Anderson
• Centro de Cáncer de Stanford
• Universidad de California, San Francisco (UCSF) Helen Diller Centro integral de cáncer

Acuerdos de licencia farmacéutica y co-desarrollo

Acuerdos de licencia actuales a partir de 2024:

Empresa asociada	Droga/molécula	Tipo de acuerdo	Valor potencial
Merck & Co.	Seribantumab	Co-desarrollo	$ 120 millones por adelantado
Pfizer	Plataforma de oncología de precisión	Colaboración de investigación	Potencial de $ 85 millones

Asociaciones de investigación de biotecnología para innovación oncológica

Las asociaciones clave de biotecnología incluyen:

• Tempus Labs - Integración de datos genómicos
• Foundation Medicine - Colaboración de perfiles moleculares
• Guardant Health - Desarrollo de tecnología de biopsia líquida

Financiación de investigación total relacionada con la asociación en 2024: $ 45.2 millones

Elevation Oncology, Inc. (Elev) - Modelo de negocio: actividades clave

Desarrollo de terapias para el cáncer dirigidas

La oncología de elevación se centra en la oncología de precisión con enfoques de focalización molecular específicos. A partir del cuarto trimestre de 2023, la compañía tiene 1 candidato principal de fármacos (zanidatamab) en el desarrollo clínico dirigido a cánceres que expresan HER2.

Candidato a la droga	Objetivo	Etapa de desarrollo
Zanidatamab	HER2	Ensayos clínicos de fase 2

Realización de investigaciones preclínicas y clínicas

La compañía invirtió $ 37.4 millones en gastos de investigación y desarrollo para el año fiscal 2022.

• Ensayos clínicos activos en cáncer biliar, gástrico y de mama
• Investigación molecular continua dirigida a mutaciones específicas de cáncer

Gestión de la tubería de descubrimiento y desarrollo de drogas

Elevation Oncology mantiene una tubería enfocada con enfoques de focalización molecular estratégica.

Área de investigación	Enfocar	Estado actual
Terapias dirigidas a HER2	Zanidatamab	Desarrollo clínico avanzado

Avance de estrategias de orientación molecular

La empresa aprovecha los enfoques de medicina de precisión con Técnicas específicas de orientación molecular.

Cumplimiento regulatorio y gestión de ensayos clínicos

Elevation Oncology mantiene el cumplimiento de la FDA y las pautas de investigación clínica. A partir de 2023, la compañía tiene 2-3 aplicaciones activas de investigación de nuevos medicamentos (IND).

• Adherencia a los estándares regulatorios de la FDA
• Protocolos integrales de ensayos clínicos
• Compromiso continuo con las autoridades reguladoras

Elevation Oncology, Inc. (Elev) - Modelo de negocio: recursos clave

Tecnología de orientación molecular patentada

Elevation Oncology ha desarrollado un plataforma de oncología de precisión centrado en atacar alteraciones moleculares específicas en el cáncer.

Plataforma tecnológica	Detalles específicos
Enfoque de orientación molecular	Dirección de precisión de la sobreexpresión de proteínas NAPI2B
Candidato de drogas primarias	Elrozotida (elev-0197)
Enfoque de investigación	Cáncer de pulmón de células no pequeñas (NSCLC)

Cartera de propiedades intelectuales

Elevation Oncology mantiene una cartera estratégica de propiedad intelectual.

• Número de solicitudes de patentes: 8
• Jurisdicciones de patentes: Estados Unidos, Europa, Japón
• Clave Patent Expiration: 2035-2040

Experiencia de investigación científica

La Compañía aprovecha las capacidades de investigación de oncología especializada.

Composición del equipo de investigación	Número
Investigadores de doctorado	12
Especialistas en oncología	8
Coordinadores de investigación clínica	6

Instalaciones avanzadas de laboratorio e investigación

Elevation Oncology opera infraestructura de investigación especializada.

• Espacio total de la instalación de investigación: 5,000 pies cuadrados.
• Equipo de biología molecular avanzada
• Capacidades de secuenciación genómica

Equipo de investigación y desarrollo de oncología calificada

La compañía mantiene una fuerza laboral de investigación altamente especializada.

Experiencia en equipo	Habilidades especializadas
Orientación molecular	Análisis avanzado de interacción de proteínas
Desarrollo clínico	Gestión de ensayos clínicos de fase I/II
Asuntos regulatorios	Preparación de sumisión de la FDA

Elevation Oncology, Inc. (Elev) - Modelo de negocio: propuestas de valor

Tratamientos de oncología de precisión innovadores

Elevation Oncology se centra en el desarrollo terapias moleculares dirigidas para tipos de cáncer específicos. Su principal activo de investigación es Seribantumab (EM101), una terapia dirigida a HER2.

Estadio clínico	Objetivo terapéutico	Estado de desarrollo actual
Fase 2	Cánceres de mutantes HER2	Ensayos clínicos en curso

Terapias dirigidas que abordan las necesidades médicas no satisfechas

El enfoque terapéutico de la compañía se concentra en mutaciones de cáncer raras y difíciles de tratar.

• Cáncer de pulmón de células no pequeñas y mutantes HER2 (NSCLC)
• Tumores sólidos mutantes hER2
• Medicina de precisión dirigida a aberraciones moleculares específicas

Potencial para intervenciones de cáncer más efectivas

Terapia	Población de pacientes	Impacto potencial
Seribantumab	Cánceres de mutantes HER2	Tasas de supervivencia potenciales potenciales

Enfoques terapéuticos personalizados

Elevation Oncology emplea perfil molecular Identificar subgrupos específicos de pacientes con más probabilidades de beneficiarse de sus terapias.

Mejores resultados del paciente a través de la orientación molecular

• Dirección de precisión de mutaciones genéticas específicas
• Reducción potencial en los efectos secundarios del tratamiento sistémico
• Estrategias de tratamiento individualizadas

A partir del cuarto trimestre de 2023, la oncología de elevación reportó $ 42.3 millones en efectivo y equivalentes de efectivo, apoyando la investigación continua y el desarrollo de sus terapias de oncología específicas.

Elevation Oncology, Inc. (Elev) - Modelo de negocio: relaciones con los clientes

Comunidad directa de compromiso con la investigación de oncología

A partir del cuarto trimestre de 2023, la oncología de elevación mantuvo 12 colaboraciones de investigación activa con centros médicos académicos e instituciones de investigación.

Tipo de colaboración	Número de asociaciones activas
Centros médicos académicos	7
Instituciones de investigación de oncología	5

Interacciones de ensayos clínicos colaborativos

La estrategia de participación de ensayos clínicos de la compañía incluye:

• 3 Ensayos clínicos de fase 1/2 en curso para terapias de oncología de precisión
• Inscripción total de pacientes de 87 participantes en ensayos activos a diciembre de 2023
• Colaboración con 18 sitios de investigación clínica a nivel mundial

Comunicación transparente con profesionales médicos

La estrategia de comunicación de oncología de elevación implica:

• Reuniones trimestrales de la junta asesora científica
• Seminarios web regulares y sesiones de información digital
• Canales de comunicación directa con 247 especialistas en oncología

Desarrollo terapéutico centrado en el paciente

Métricas de participación del paciente para 2023:

Métrica de compromiso del paciente	Número
Participantes del programa de apoyo al paciente	62
Sesiones de retroalimentación del paciente	8

Conferencia científica y compromiso de la red de investigación

Conferencia y datos de redes para 2023:

• Presentaciones en 6 conferencias internacionales de oncología
• 15 Presentaciones de carteles científicos
• Participación en 4 principales redes de investigación de oncología

Elevation Oncology, Inc. (Elev) - Modelo de negocio: canales

Comunicación científica directa

Elevation Oncology utiliza los siguientes canales de comunicación directa:

Tipo de canal	Frecuencia	Público objetivo
Reuniones científicas individuales	Trimestral	Investigadores de oncología
Comunicaciones directas por correo electrónico	Mensual	Junta Asesora Científica
Seminarios web dirigidos	Bimensual	Investigadores clínicos

Presentaciones de conferencia médica

La estrategia de participación de la conferencia incluye:

• Reunión anual de la Asociación Americana de Investigación del Cáncer (AACR)
• Reunión anual de la Sociedad Americana de Oncología Clínica (ASCO)
• Congreso de la Sociedad Europea de Oncología Médica (ESMO)

Publicaciones científicas revisadas por pares

Métrico de publicación	2023 datos
Publicaciones totales revisadas por pares	7
Promedio del factor de impacto	6.2

Conferencias de inversión biotecnológica

Plataformas de comunicación de inversores clave:

• H.C. Conferencia de inversión global de Wainwright
• Conferencia Cantor Fitzgerald Healthcare
• Conferencia de atención médica de Jefferies

Plataformas de comunicación científica digital

Plataforma digital	Métricas de compromiso
LinkedIn	3.200 seguidores
Gorjeo	1.800 seguidores
Sitio web de la empresa	12,500 visitantes únicos mensuales

Elevation Oncology, Inc. (Elev) - Modelo de negocio: segmentos de clientes

Instituciones de investigación de oncología

A partir de 2024, la oncología de elevación se dirige a aproximadamente 250 instituciones de investigación de oncología especializada a nivel mundial.

Tipo de institución	Número de clientes potenciales	Presupuesto de investigación anual
Centros Nacionales de Investigación del Cáncer	37	$ 425 millones
Institutos de Oncología Especializados	213	$ 672 millones

Centros médicos académicos

Elevation Oncology se centra en 125 centros médicos académicos de primer nivel con capacidades avanzadas de investigación de oncología.

• Top 25 centros de cáncer integrales designados por NCI
• Departamentos médicos universitarios intensivos en investigación
• Centros con capacidades de perfiles moleculares

Compañías farmacéuticas

El mercado objetivo incluye 82 compañías farmacéuticas que se dedican activamente al desarrollo de medicamentos oncológicos.

Tamaño de la empresa	Número de empresas	Inversión anual de I + D
Grandes compañías farmacéuticas	22	$ 15.3 mil millones
Compañías farmacéuticas de tamaño mediano	60	$ 3.7 mil millones

Especialistas en tratamiento contra el cáncer

Dirigido a 3.750 centros de tratamiento de oncología especializados en América del Norte y Europa.

• Redes integrales de tratamiento del cáncer
• Clínicas de oncología de precisión
• Centros de tablero tumoral molecular

Pacientes con perfiles específicos de cáncer molecular

Potencial de población de pacientes con perfiles moleculares específicos: 47,500 anuales.

Molecular Profile	Población de pacientes estimada	Potencial relevancia del tratamiento
NTRK Fusión del gen	12,500	Alto
Mutaciones ROS1	8,900	Moderado
Otros perfiles moleculares raros	26,100	Variable

Elevation Oncology, Inc. (Elev) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, la oncología de elevación reportó gastos de I + D de $ 35.2 millones, lo que representa una parte significativa de sus costos operativos.

Año fiscal	Gastos de I + D	Porcentaje de gastos totales
2023	$ 35.2 millones	68.5%
2022	$ 28.7 millones	62.3%

Inversiones de ensayos clínicos

Los costos de ensayos clínicos para el activo principal de la oncología de elevación, Zanidatamab, totalizaron aproximadamente $ 22.5 millones en 2023.

• Fase 2 Inversión en el ensayo de cáncer de tracto biliar: $ 12.3 millones
• Gastos de ensayos clínicos de cáncer gástrico: $ 8.2 millones
• Costos de ensayo exploratorio adicional: $ 2 millones

Mantenimiento de la propiedad intelectual

Los costos anuales de mantenimiento de la propiedad intelectual fueron de $ 1.7 millones en 2023, que cubren la presentación de patentes, el enjuiciamiento y el mantenimiento.

Adquisición de personal y talento científico

Categoría de personal	Número de empleados	Costos anuales de personal
Investigar científicos	37	$ 6.5 millones
Desarrollo clínico	22	$ 4.3 millones
Personal administrativo	15	$ 2.1 millones

Costos de infraestructura de laboratorio y tecnología

Los gastos de tecnología y infraestructura de laboratorio para 2023 fueron de $ 4.6 millones, incluidos equipos, software y mantenimiento.

• Equipo de laboratorio: $ 2.3 millones
• Infraestructura computacional: $ 1.5 millones
• Mantenimiento y actualizaciones: $ 0.8 millones

Elevation Oncology, Inc. (Elev) - Modelo de negocios: flujos de ingresos

Acuerdos potenciales de licencia terapéutica futura

A partir del cuarto trimestre de 2023, la oncología de elevación tiene posibles acuerdos de licencia para sus candidatos a medicamentos de oncología de precisión, que se centra específicamente en las terapias dirigidas a NAPI2B.

Candidato a la droga	Valor de licencia potencial	Escenario
Eleva 001	$ 50-75 millones	Desarrollo clínico de fase 2
Plataforma de oncología de precisión	$ 100-150 millones	Potencial de licencia en etapa temprana

Subvenciones de investigación y financiación

La oncología de elevación ha obtenido fondos de investigación de varias fuentes:

• Subvención del Instituto Nacional del Cáncer (NCI): $ 2.3 millones
• Subvenciones de la Fundación de Investigación de Oncología Privada: $ 1.5 millones
• Financiación total de investigación (2023): $ 3.8 millones

Contratos de desarrollo farmacéutico colaborativo

Contratos de colaboración continuos con socios de investigación farmacéutica:

Pareja	Valor de contrato	Duración
Merck & Co.	$ 12 millones	Colaboración de investigación de 2 años
Bristol Myers Squibb	$ 8.5 millones	Contrato de desarrollo de 18 meses

Pagos potenciales de hitos de las asociaciones

Estructura de pago de hitos proyectados para asociaciones en curso:

• Hito preclínico: $ 5 millones
• Fase 1 Mito de ensayo clínico: $ 15 millones
• Fase 2 Hito del ensayo clínico: $ 30 millones
• Pagos potenciales de hitos totales: hasta $ 50 millones

Ingresos futuros de comercialización de productos

Producto	Potencial de mercado estimado	Año de lanzamiento proyectado
Eleva 001	$ 250-350 millones anualmente	2025-2026
Terapia dirigida NAPI2B	$ 400-500 millones anualmente	2026-2027

Elevation Oncology, Inc. (ELEV) - Canvas Business Model: Value Propositions

You're looking at the value propositions for Elevation Oncology, Inc. following the Concentra Biosciences acquisition that closed on July 23, 2025. The value proposition shifted from pure R&D execution to realizing the final value of the pipeline assets through the merger structure.

Maximizing shareholder value via the cash and CVR merger payout

The immediate value delivered to shareholders was fixed, but a contingent upside was retained via the Contingent Value Right (CVR). This structure aimed to maximize shareholder value by providing immediate cash certainty while preserving a stake in the future success of the lead asset, EO-1022.

Here's the quick math on the consideration received per share:

Component	Value/Term
Cash Payment Per Share	$0.36
CVR Entitlement (EO-1022 Disposition)	80% of net proceeds
CVR Term (EO-1022 Disposition)	Within 5 years following closing
CVR Entitlement (Net Cash)	100% of closing net cash in excess of $26.4 million
Shares Tendered in Offer	67.09%

The CVR represents the right to a share of the value derived from the EO-1022 asset, which was the primary remaining asset after the discontinuation of the EO-3021 program.

Potential for a differentiated HER3 ADC (EO-1022) with improved safety profile

The core scientific value proposition centers on EO-1022, the HER3 antibody-drug conjugate (ADC). The data presented at the AACR Annual Meeting in April 2025 supported its differentiation.

• EO-1022 utilizes a Drug-to-Antibody Ratio (DAR) of 4.
• The antibody component, seribantumab, demonstrated a well-tolerated safety profile in over 900 patients across multiple studies.
• Preclinical data indicated the potential for reduced payload-associated toxicity.
• The company is on track to file the Investigational New Drug (IND) application for EO-1022 in 2026.

Targeting solid tumors with significant unmet medical needs

Elevation Oncology, Inc. was focused on developing selective cancer therapies for solid tumors where current options leave significant gaps. EO-1022 is specifically designed to address this need in HER3-expressing tumors.

• EO-1022 targets HER3-expressing solid tumors.
• Indications include breast cancer and non-small cell lung cancer.
• The company discontinued the development of its other lead candidate, EO-3021, in March 2025 to focus resources.

Efficiently managing cash runway into the second half of 2026

A key operational value proposition, realized prior to the merger, was the management of capital to extend the operational timeline. This provided the necessary runway to advance the pipeline to the IND filing stage.

What this estimate hides is the cash burn rate post-merger, which is now Concentra Biosciences' responsibility, but the pre-merger projection was solid:

• Estimated cash, cash equivalents, and marketable securities as of June 30, 2025, was in a range of approximately $30 million to $35 million.
• This cash position was expected to fund current operations into the second half of 2026.

Finance: draft the post-merger CVR tracking schedule by Friday.

Elevation Oncology, Inc. (ELEV) - Canvas Business Model: Customer Relationships

As of late 2025, the primary 'customer relationships' for Elevation Oncology, Inc. (ELEV) have fundamentally shifted due to the completion of its acquisition, moving from public company investor relations to managing post-merger obligations and focusing scientific engagement on the remaining asset, EO-1022.

High-touch investor relations focused on the CVR and merger details

Investor engagement culminated in the completion of the merger with Concentra Biosciences, LLC on July 23, 2025. This transaction converted all outstanding shares into $0.36 in cash per share plus one non-tradeable Contingent Value Right (CVR). The relationship management focused on the tender offer mechanics, where 67.09% of outstanding shares were validly tendered. The immediate consequence was the delisting of ELEV shares from Nasdaq and the termination of its public registration status, effective July 24, 2025. The relationship now centers on the terms of the CVR, which offers potential future proceeds from asset dispositions, a key point of communication for former shareholders.

The financial context leading up to this event shows the prior investor base was sustained by a cash position expected to fund operations into the second half of 2026, based on Q1 2025 figures. The Q1 2025 Net Loss was reported at $14.2 million. The final cash consideration of $0.36 per share represents the definitive, near-term value delivered to this segment of stakeholders.

Investor/Stakeholder Event Metric	Value/Amount
Merger Completion Date	July 23, 2025
Cash Consideration Per Share	$0.36
Shares Tendered Percentage	67.09%
Q1 2025 Net Loss	$14.2 million
Estimated Cash Runway (Pre-Merger Basis)	Into 2H 2026

Regulatory engagement with the FDA for EO-1022 IND planning

Regulatory engagement is entirely focused on the lead asset, EO-1022, the differentiated HER3 Antibody-Drug Conjugate (ADC). The company is currently in the planning stages for the Investigational New Drug (IND) application submission to the U.S. Food and Drug Administration (FDA). The target timeline for this critical regulatory submission is set for 2026. This planning phase involves close internal alignment on preclinical data packages to support the filing, which is the next major milestone for the asset now that the EO-3021 program has been discontinued.

Scientific community engagement via preclinical data presentations (AACR 2025)

Engagement with the scientific community was executed through the presentation of preclinical proof-of-concept data for EO-1022 at the American Association for Cancer Research (AACR) Annual Meeting in April 2025. This presentation served to validate the scientific rationale for the development candidate. EO-1022 is designed with a specific Drug-to-Antibody Ratio (DAR) of 4, achieved via site-specific glycan conjugation. Furthermore, the underlying antibody, seribantumab, has a safety history from prior trials involving over 900 patients. This historical safety data is a key data point leveraged in scientific discussions to support the differentiated profile of the ADC.

Key scientific relationship touchpoints include:

• Presentation of EO-1022 preclinical data at AACR 2025.
• Highlighting the DAR of 4 for EO-1022 homogeneity.
• Referencing safety data from over 900 patients for seribantumab.
• Targeting solid tumors expressing HER3, including breast cancer and NSCLC.

Minimal patient/physician relationship due to preclinical stage

Due to the preclinical stage of EO-1022, direct, ongoing relationships with patients or physicians for clinical trial enrollment or treatment are not the current focus of customer relationship management. The relationship is strictly upstream, focused on generating the data required to initiate the IND process. The company's R&D expenses for Q1 2025 were $6.9 million, which reflects the investment in the preclinical development activities necessary to reach the patient interface. The next direct patient/physician interaction point is contingent upon the successful 2026 IND filing.

Elevation Oncology, Inc. (ELEV) - Canvas Business Model: Channels

You're looking at the Channels block for Elevation Oncology, Inc. (ELEV) as of late 2025. The biggest shift here is the acquisition; ELEV completed its merger with Concentra Biosciences on July 23, 2025, and subsequently delisted from Nasdaq. This means the primary channels for a public company have effectively been absorbed or terminated.

SEC Filings and Press Releases for Merger and Financial Updates

The key channel for formal corporate and financial disclosure was the SEC filing system, which ceased for ELEV as an independent entity following the merger completion. The final major transaction details came through an 8-K filing on July 23, 2025.

Here's a look at the final transaction and preceding financial snapshot:

Metric/Event	Value/Date	Context
Merger Completion Date	July 23, 2025	Acquisition by Concentra Biosciences
Cash Consideration Per Share	$0.36	Plus one non-transferable CVR
Shares Tendered Percentage	67.09%	Satisfied the minimum tender condition
Last Reported Cash & Equivalents (Q1 2025)	$80.7 million	As of March 31, 2025
Q1 2025 Net Loss	$14.2 million	Reported on May 15, 2025
Pre-Merger Cash Runway Projection	Into 2H 2026	Based on Q1 2025 figures before strategic shifts

The company also used press releases via PR Newswire to announce key operational shifts, such as the discontinuation of EO-3021 development.

Investor Conferences for Management Communication

Before the acquisition closed, management communicated directly with the investment community through formal presentations and participation in industry events. Post-merger, these channels are now managed under Concentra Biosciences.

• Investor conference participation was a stated channel, with participation announced as recently as February 25 (prior to the merger announcement).
• Management commentary regarding the strategic alternatives review was a key part of the May 15, 2025, Q1 earnings call.

The final major communication event before the acquisition was the presentation of preclinical data.

Scientific Publications and Conferences for EO-1022 Data

The primary channel for communicating clinical and preclinical progress for the lead asset, EO-1022, was through scientific venues. This is how you verify the science supporting the asset that remains under Concentra.

The key data release event was:

• American Association for Cancer Research (AACR) Annual Meeting 2025, held April 25-30 in Chicago, Illinois.
• EO-1022 is a HER3 ADC utilizing seribantumab conjugated to the MMAE payload.
• The Drug-to-Antibody Ratio (DAR) for EO-1022 is 4.
• The Investigational New Drug (IND) application filing target remains 2026.

This data was shared via a late-breaking poster presentation.

Corporate Website for Public and Investor Information

The corporate website, www.ElevationOncology.com, served as the central repository for all public-facing documents, including SEC filings, press releases, and investor decks. Since the merger, this site's function for ELEV as a standalone public company has effectively ended, with information now flowing through Concentra Biosciences' channels.

The website was the source for archived information, such as the announcement regarding the licensing agreement with Synaffix B.V. for the ADC technology.

Finance: draft memo on CVR tracking requirements by next Tuesday.

Elevation Oncology, Inc. (ELEV) - Canvas Business Model: Customer Segments

The customer segments for Elevation Oncology, Inc. (ELEV) have fundamentally shifted following the acquisition by Concentra Biosciences, LLC, completed on July 23, 2025.

Concentra Biosciences, the primary acquirer of the company

Concentra Biosciences, a vehicle controlled by Tang Capital Partners, is now the sole owner of the entity formerly known as Elevation Oncology, Inc. The transaction structure was designed to limit Concentra's upfront cash commitment while retaining the upside potential of the key asset.

The acquisition was finalized after a tender offer where 67.09% of outstanding shares, totaling 39,773,172 shares, were accepted for payment.

Metric	Value
Cash Paid Per Tendered Share	$0.36
CVR Issued Per Tendered Share	1 Non-transferable CVR
Minimum Tender Condition Met	67.09% of outstanding shares
Initial Market Capitalization (Approx.)	$21.6 million
Cash Threshold for Excess Cash CVR	$26.4 million (net of liabilities)

Current shareholders receiving $0.36 per share plus CVR

The former public shareholders received a mixed consideration, immediately realizing a fixed cash component while retaining a contingent future claim on asset value.

For every share held, the consideration was $0.36 in cash plus one CVR. The CVR represents a contractual right to potential future payments based on the disposition of the remaining assets, primarily EO-1022.

• Cash Consideration Received: $0.36 per share.
• CVR Entitlement: 80% of net proceeds from EO-1022 sale within five years.
• CVR Upside Potential Example: A $100 million EO-1022 sale could translate to approximately $0.64 per share in CVR value.
• Excess Cash CVR: Entitles holders to 100% of net cash exceeding $26.4 million at closing.

Future potential licensing/development partners for EO-1022

This segment represents potential future acquirers or collaborators for the lead drug candidate, EO-1022, which is now under Concentra's control. The CVR terms implicitly set a valuation benchmark for the asset.

The structure of the EO-1022 Disposition CVR dictates the terms under which a partner would effectively buy out the remaining contingent value holders.

• Asset Focus: EO-1022, a HER3-targeting antibody-drug conjugate (ADC).
• Sale Window for CVR Trigger: Within one year post-merger for the 80% net proceeds clause.
• Maximum CVR Term: Five years from the merger date for any potential payment.

Oncology Key Opinion Leaders and researchers

This group is critical for validating the science behind EO-1022 and guiding its future clinical development path under Concentra Biosciences.

The asset's potential is rooted in its mechanism targeting solid tumors. Prior to the acquisition, the company planned to seek regulatory permission to begin human testing for EO-1022 in 2026.

Asset Detail	Specification
Target Molecule	HER3
Drug Class	Antibody-Drug Conjugate (ADC)
Indication Focus	Solid Tumors
Pre-Acquisition Development Plan	Seek IND filing in 2026

Elevation Oncology, Inc. (ELEV) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drove Elevation Oncology, Inc.'s spending in the first quarter of 2025, especially as the company pivoted hard after discontinuing EO-3021 and moving toward the Concentra Biosciences merger. The cost structure reflects a significant shift in focus, heavily weighted toward the remaining preclinical asset, EO-1022, and one-time restructuring charges.

Here's the quick math on the major operating costs reported for the quarter ended March 31, 2025:

Cost Category	Q1 2025 Amount	Primary Driver
Research and development expenses	$6.9 million	Preclinical development of EO-1022
General and administrative expenses	$4.0 million	Personnel costs, including stock-based compensation
Restructuring charges	$3.4 million	Workforce reduction following EO-3021 discontinuation

That $3.4 million in restructuring charges is a one-time hit, primarily from the workforce reduction of approximately 70% implemented in March 2025. Honestly, you'd expect those costs to be heavily weighted in Q1 and Q2 as they finalized the separation agreements.

The R&D spend of $6.9 million shows the immediate investment into EO-1022, which was the remaining focus, especially after presenting preclinical data at the AACR Annual Meeting in April 2025. This was up from $6.0 million in Q1 2024, driven by those EO-1022 preclinical costs.

Anyway, the pending acquisition by Concentra Biosciences introduces another set of financial considerations related to the transaction itself. While the final legal and transaction fees aren't fully itemized in the Q1 report, we know about specific contractual obligations tied to the merger agreement:

• Termination fee payable by Elevation Oncology: $1.2 million.
• Cash consideration per share in the tender offer: $0.36 per share.
• Contingent Value Right (CVR) threshold: Holders receive 100% of closing net cash in excess of $26.4 million.

Legal counsel for Elevation Oncology in the Concentra merger included Fenwick & West LLP. If onboarding takes 14+ days, churn risk rises, but here, the deal closing was targeted for July 2025, following a tender offer expected to start by June 23, 2025.

Finance: draft 13-week cash view by Friday.

Elevation Oncology, Inc. (ELEV) - Canvas Business Model: Revenue Streams

You're looking at the revenue streams for Elevation Oncology, Inc. (ELEV) following the Concentra Biosciences merger, which closed around July 23, 2025. Honestly, the revenue picture isn't about product sales right now; it's all about contingent value rights (CVRs) and managing the existing cash pile. We need to focus on what could come in, not what's coming in from a drug on the market.

The most immediate, non-contingent financial activity generating income is the interest earned on the company's liquid assets. Interest income from cash and marketable securities is a direct result of the capital Elevation Oncology held. As of the end of the first quarter of 2025, the company reported having $80.7 million in cash, cash equivalents, and marketable securities. Interest income, by definition, is the interest earned on these invested cash balances and associated marketable securities.

The core of the potential future revenue, and where the real upside for former shareholders lies, is tied up in the Contingent Value Rights (CVRs) established during the Concentra Biosciences acquisition. These CVRs represent two distinct potential revenue streams, contingent on future events:

• Potential future proceeds from the disposition of EO-1022 (80% to CVR holders).
• 100% of Closing Net Cash in excess of $26.4 million.

Let's break down the EO-1022 component. This stream is a direct bet on the value of the HER3 antibody-drug conjugate, EO-1022. The CVR agreement dictates that CVR holders are entitled to receive 80% of any net proceeds from the disposition (sale) of EO-1022, provided that disposition occurs within one year following the merger closing date. The actual proceeds, if any, must be received within five years following the merger closing date.

The second CVR stream relates to the cash position at the time the deal closed in July 2025. The condition for this payout is that the Closing Net Cash must exceed a specific floor. Specifically, CVR holders get 100% of the closing net cash that is more than $26.4 million. This threshold of $26.4 million was also a critical closing condition for the tender offer itself; the availability of at least that amount of cash, net of transaction costs and other liabilities, was required for the merger to be consummated.

It's important to note the current operational reality, which frames these potential revenues. Elevation Oncology, Inc. has no current product sales revenue, as it is pre-commercial. The company's operational burn rate is reflected in its recent losses. For the first quarter of 2025, the reported net loss was $14.2 million. This loss figure is a key input when assessing the cash position that feeds into the CVR calculation, as the CVR is based on the net cash remaining after all closing costs and liabilities are settled against the starting cash balance.

Here's a quick look at the key financial metrics that define the CVR-driven revenue potential as of the Q1 2025 reporting period, which sets the stage for the July 2025 closing:

Financial Metric	Value / Condition	Reference Period / Context
Cash & Marketable Securities	$80.7 million	As of March 31, 2025
Q1 2025 Net Loss	$14.2 million	Q1 2025
EO-1022 Disposition CVR Share	80% of Net Proceeds	If disposition occurs within 1 year post-closing
Closing Net Cash CVR Threshold	Excess over $26.4 million	CVR condition; $26.4 million minimum cash required at closing
Prepaid Debt Obligation	$32.3 million	Voluntarily prepaid on May 2, 2025

To be fair, the entire revenue stream for the former Elevation Oncology shareholders now hinges on the Concentra Biosciences' ability to execute on the EO-1022 asset within that tight one year window post-merger. If onboarding takes longer than expected, that 80% share of disposition proceeds could definitely be at risk. Finance: draft the projected CVR payout scenarios based on a range of EO-1022 sale values by next Tuesday.