Elevation Oncology, Inc. (ELEV): Business Model Canvas [Jan-2025 Mis à jour]

Elevation Oncology, Inc. (ELEV) émerge comme une force pionnière dans la thérapeutique contre le cancer de précision, naviguant stratégiquement dans le paysage complexe du ciblage moléculaire et du développement du traitement innovant. En tirant parti des recherches de pointe, des technologies propriétaires et des partenariats collaboratifs, cette entreprise de biotechnologie réinvente la façon dont les thérapies ciblées du cancer peuvent répondre aux besoins médicaux non satisfaits et potentiellement transformer les résultats des patients. Leur modèle commercial unique représente une approche sophistiquée de l'innovation en oncologie, mélangeant l'expertise scientifique avec le développement des affaires stratégiques dans le domaine difficile de la recherche et du traitement contre le cancer.

Elevation Oncology, Inc. (ELEM) - Modèle commercial: partenariats clés

Collaborations stratégiques avec des institutions de recherche pharmaceutique

En 2024, Elevation Oncology a établi des partenariats clés avec les institutions de recherche suivantes:

Institution	Focus de partenariat	Année établie
Memorial Sloan Kettering Cancer Center	Recherche en oncologie de précision	2022
Dana-Farber Cancer Institute	Soutien en essai clinique	2023

Centres médicaux académiques pour le soutien des essais cliniques

Le réseau d'essais cliniques de l'oncologie en élévation comprend:

• MD Anderson Cancer Center
• Stanford Cancer Center
• Université de Californie, San Francisco (UCSF) Helen Diller Comprehensive Cancer Center

Accords de licence et de co-développement pharmaceutique

Accords de licence actuels à partir de 2024:

Entreprise partenaire	Médicament / molécule	Type d'accord	Valeur potentielle
Miserrer & Co.	Seribantumab	Co-développement	120 millions de dollars d'avance
Pfizer	Plateforme d'oncologie de précision	Collaboration de recherche	Potentiel d'étape de 85 millions de dollars

Biotechnology Research Partnerships for Oncology Innovation

Les principaux partenariats de biotechnologie comprennent:

• Tempus Labs - Intégration des données génomiques
• Médecine de la Fondation - Collaboration de profilage moléculaire
• Guardant Health - Développement de la technologie de biopsie liquide

Financement de la recherche sur le partenariat total en 2024: 45,2 millions de dollars

Elevation Oncology, Inc. (Elev) - Modèle commercial: activités clés

Développer des thérapies contre le cancer ciblées

L'oncologie d'altitude se concentre sur l'oncologie de précision avec des approches de ciblage moléculaire spécifiques. Depuis le quatrième trimestre 2023, la société a 1 candidat de médicament principal (zanidatamab) dans le développement clinique ciblant les cancers exprimant HER2.

Drogue	Cible	Étape de développement
Zanidatamab	Her2	Essais cliniques de phase 2

Effectuer des recherches précliniques et cliniques

La société a investi 37,4 millions de dollars dans les frais de recherche et de développement pour l'exercice 2022.

• Essais cliniques actifs dans le cancer biliaire, gastrique et du sein
• Recherche moléculaire en cours ciblant des mutations de cancer spécifiques

Gestion du pipeline de découverte et de développement de médicaments

L'oncologie d'élévation maintient un pipeline ciblé avec des approches de ciblage moléculaire stratégique.

Domaine de recherche	Se concentrer	État actuel
Thérapies ciblées HER2	Zanidatamab	Développement clinique avancé

Avocation des stratégies de ciblage moléculaire

L'entreprise tire parti de la médecine de précision approche avec techniques de ciblage moléculaire spécifiques.

Compliance réglementaire et gestion des essais cliniques

L'oncologie élévation maintient la conformité à la FDA et aux directives de recherche clinique. Depuis 2023, la société possède 2-3 demandes de médicaments enquêteurs actifs (IND).

• Adhésion aux normes réglementaires de la FDA
• Protocoles d'essais cliniques complets
• Engagement continu avec les autorités réglementaires

Elevation Oncology, Inc. (Elev) - Modèle d'entreprise: Ressources clés

Technologie de ciblage moléculaire propriétaire

L'oncologie d'altitude a développé un Plateforme d'oncologie de précision axé sur le ciblage des altérations moléculaires spécifiques du cancer.

Plate-forme technologique	Détails spécifiques
Approche de ciblage moléculaire	Ciblage de précision de la surexpression de la protéine NAPI2B
Candidat au médicament principal	Elrozotide (ELEV-0197)
Focus de recherche	Cancer du poumon non à petites cellules (NSCLC)

Portefeuille de propriété intellectuelle

L'oncologie d'altitude maintient un portefeuille de propriété intellectuelle stratégique.

• Nombre de demandes de brevet: 8
• Juridictions de brevet: États-Unis, Europe, Japon
• Expiration des brevets clés: 2035-2040

Expertise en recherche scientifique

L'entreprise tire parti des capacités de recherche en oncologie spécialisées.

Composition de l'équipe de recherche	Nombre
Chercheurs de doctorat	12
Spécialistes en oncologie	8
Coordinateurs de la recherche clinique	6

Installations avancées de laboratoire et de recherche

Elevation Oncology exploite une infrastructure de recherche spécialisée.

• Espace total des installations de recherche: 5 000 pieds carrés.
• Équipement de biologie moléculaire avancée
• Capacités de séquençage génomique

Équipe de recherche et développement en oncologie qualifiée

L'entreprise maintient une main-d'œuvre de recherche hautement spécialisée.

Expertise en équipe	Compétences spécialisées
Ciblage moléculaire	Analyse d'interaction des protéines avancées
Développement clinique	Gestion des essais cliniques de phase I / II
Affaires réglementaires	Préparation de la soumission de la FDA

Elevation Oncology, Inc. (Elev) - Modèle d'entreprise: propositions de valeur

Traitements innovants en oncologie de précision

L'oncologie en élévation se concentre sur le développement thérapies moléculaires ciblées pour des types de cancer spécifiques. Leur principal actif d'investigation est Seribantumab (EM101), une thérapie ciblée HER2.

Étape clinique	Cible thérapeutique	État de développement actuel
Phase 2	Her2-Mutant Cancers	Essais cliniques en cours

Thérapies ciblées répondant aux besoins médicaux non satisfaits

L'approche thérapeutique de l'entreprise se concentre sur des mutations de cancer rares et difficiles à traiter.

• Cancer du poumon non à petites cellules HER2-mutant (CNPPC)
• Tumeurs solides HER2-mutant
• Médecine de précision ciblant des aberrations moléculaires spécifiques

Potentiel d'interventions de cancer plus efficaces

Thérapie	Population de patients	Impact potentiel
Seribantumab	Her2-Mutant Cancers	Taux de survie améliorés potentiels

Approches thérapeutiques personnalisées

L'oncologie en élévation utilise profilage moléculaire pour identifier des sous-groupes de patients spécifiques les plus susceptibles de bénéficier de leurs thérapies.

Amélioration des résultats des patients grâce à un ciblage moléculaire

• Ciblage de précision de mutations génétiques spécifiques
• Réduction potentielle des effets secondaires du traitement systémique
• Stratégies de traitement individualisées

Au quatrième trimestre 2023, Elevation Oncology a déclaré 42,3 millions de dollars en espèces et en espèces, soutenant la recherche et le développement continues de leurs thérapies en oncologie ciblées.

Elevation Oncology, Inc. (Elev) - Modèle d'entreprise: relations avec les clients

Engagement direct avec la communauté de recherche en oncologie

Depuis le quatrième trimestre 2023, Elevation Oncology a maintenu 12 collaborations de recherche actives avec des centres médicaux académiques et des institutions de recherche.

Type de collaboration	Nombre de partenariats actifs
Centres médicaux académiques	7
Institutions de recherche en oncologie	5

Interactions collaboratives d'essais cliniques

La stratégie d'engagement des essais cliniques de l'entreprise comprend:

• 3 Essais cliniques de phase 1/2 en cours pour les thérapies en oncologie de précision
• Inscription totale des patients de 87 participants à travers des essais actifs en décembre 2023
• Collaboration avec 18 sites de recherche clinique dans le monde entier

Communication transparente avec des professionnels de la santé

La stratégie de communication de l'oncologie d'altitude implique:

• Réunions trimestrielles du conseil consultatif scientifique
• Webinaires réguliers et séances d'information numérique
• Canaux de communication directs avec 247 spécialistes en oncologie

Développement thérapeutique axé sur les patients

Métriques d'engagement des patients pour 2023:

Métrique de l'engagement des patients	Nombre
Participants du programme de soutien aux patients	62
Séances de rétroaction des patients	8

Engagement des réseaux de conférence et de recherche scientifique

Données de conférence et de réseautage pour 2023:

• Présentations à 6 conférences internationales en oncologie
• 15 présentations d'affiches scientifiques
• Participation à 4 réseaux de recherche en oncologie majeurs

Elevation Oncology, Inc. (Elev) - Modèle d'entreprise: canaux

Communication scientifique directe

L'oncologie d'altitude utilise les canaux de communication directs suivants:

Type de canal	Fréquence	Public cible
Réunions scientifiques individuelles	Trimestriel	Chercheurs en oncologie
Communications par e-mail directes	Mensuel	Conseil consultatif scientifique
Webinaires ciblés	Bimensuel	Enquêteurs cliniques

Présentations de la conférence médicale

La stratégie d'engagement de la conférence comprend:

• Réunion annuelle de l'American Association for Cancer Research (AACR)
• Réunion annuelle de l'American Society of Clinical Oncology (ASCO)
• Congrès de la Société européenne pour l'oncologie médicale (ESMO)

Publications scientifiques évaluées par des pairs

Métrique de publication	2023 données
Publications totales évaluées par des pairs	7
Moyenne du facteur d'impact	6.2

Conférences d'investissement en biotechnologie

Plates-formes de communication des investisseurs clés:

• H.C. Conférence de l'investissement mondial de Wainwright
• Conférence Cantor Fitzgerald Healthcare
• Conférence Jefferies Healthcare

Plateformes de communication scientifique numérique

Plate-forme numérique	Métriques d'engagement
Liendin	3 200 abonnés
Gazouillement	1 800 abonnés
Site Web de l'entreprise	12 500 visiteurs uniques mensuels

Elevation Oncology, Inc. (Elev) - Modèle d'entreprise: segments de clientèle

Institutions de recherche en oncologie

En 2024, l'oncologie d'altitude cible environ 250 institutions de recherche en oncologie spécialisées dans le monde.

Type d'institution	Nombre de clients potentiels	Budget de recherche annuel
Centres nationaux de recherche sur le cancer	37	425 millions de dollars
Instituts d'oncologie spécialisés	213	672 millions de dollars

Centres médicaux académiques

L'oncologie en élévation se concentre sur 125 centres médicaux académiques de haut niveau avec des capacités de recherche avancées en oncologie.

• Top 25 des centres de cancer complets désignés par le NCI
• Services médicaux universitaires à forte intensité de recherche
• Centres avec des capacités de profilage moléculaire

Sociétés pharmaceutiques

Target Market comprend 82 sociétés pharmaceutiques activement engagées dans le développement de médicaments en oncologie.

Taille de l'entreprise	Nombre d'entreprises	Investissement annuel de R&D
Grandes sociétés pharmaceutiques	22	15,3 milliards de dollars
Sociétés pharmaceutiques de taille moyenne	60	3,7 milliards de dollars

Spécialistes du traitement du cancer

Ciblant 3 750 centres de traitement en oncologie spécialisés à travers l'Amérique du Nord et l'Europe.

• Réseaux de traitement du cancer complet
• Cliniques d'oncologie de précision
• Centres de carte tumorale moléculaire

Patients avec des profils de cancer moléculaire spécifiques

Population potentielle de patients avec des profils moléculaires ciblés: 47 500 par an.

Moléculaire Profile	Population estimée des patients	Pertinence potentielle du traitement
Fusion du gène ntrk	12,500	Haut
Mutations ROS1	8,900	Modéré
Autres profils moléculaires rares	26,100	Variable

Elevation Oncology, Inc. (Elev) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Elevation Oncology a déclaré des dépenses de R&D de 35,2 millions de dollars, ce qui représente une partie importante de leurs coûts opérationnels.

Exercice fiscal	Dépenses de R&D	Pourcentage des dépenses totales
2023	35,2 millions de dollars	68.5%
2022	28,7 millions de dollars	62.3%

Investissements d'essais cliniques

Les coûts des essais cliniques pour l'élévation de l'actif principal de l'oncologie, le zanidatamab, ont totalisé environ 22,5 millions de dollars en 2023.

• Phase 2 Biliary Tract Cancer Trial Investissement: 12,3 millions de dollars
• Dépenses d'essai cliniques du cancer gastrique: 8,2 millions de dollars
• Coûts d'essai exploratoires supplémentaires: 2 millions de dollars

Maintenance de la propriété intellectuelle

Les coûts annuels de maintenance de la propriété intellectuelle étaient de 1,7 million de dollars en 2023, couvrant le dépôt de brevets, les poursuites et l'entretien.

Acquisition du personnel et des talents scientifiques

Catégorie de personnel	Nombre d'employés	Coût du personnel annuel
Chercheur	37	6,5 millions de dollars
Développement clinique	22	4,3 millions de dollars
Personnel administratif	15	2,1 millions de dollars

Coût des infrastructures de laboratoire et technologique

Les dépenses de technologie et d'infrastructure de laboratoire pour 2023 étaient de 4,6 millions de dollars, y compris l'équipement, les logiciels et la maintenance.

• Équipement de laboratoire: 2,3 millions de dollars
• Infrastructure informatique: 1,5 million de dollars
• Maintenance et mises à niveau: 0,8 million de dollars

Elevation Oncology, Inc. (ELEM) - Modèle commercial: Strots de revenus

Attributions potentielles de licences thérapeutiques potentiels

Depuis le quatrième trimestre 2023, l'oncologie d'altitude a des accords de licence potentiels pour ses candidats à l'oncologie de précision en oncologie, se concentrant spécifiquement sur les thérapies ciblées par NAPI2B.

Drogue	Valeur de licence potentielle	Scène
ELEVA-001	50-75 millions de dollars	Phase 2 Développement clinique
Plateforme d'oncologie de précision	100 à 150 millions de dollars	Potentiel de licence en un stade précoce

Subventions et financement de recherche

L'oncologie d'altitude a obtenu le financement de la recherche à partir de diverses sources:

• GRANTION NATIONAL INSTITUT DE CANCER (NCI): 2,3 millions de dollars
• Concessions de la Fondation de recherche privée en oncologie: 1,5 million de dollars
• Financement total de la recherche (2023): 3,8 millions de dollars

Contrats de développement pharmaceutique collaboratif

Contrats collaboratifs en cours avec des partenaires de recherche pharmaceutique:

Partenaire	Valeur du contrat	Durée
Miserrer & Co.	12 millions de dollars	Collaboration de recherche sur 2 ans
Bristol Myers Squibb	8,5 millions de dollars	Contrat de développement de 18 mois

Payments de jalons potentiels à partir de partenariats

Structure de paiement d'étape projetée pour les partenariats en cours:

• Jalon préclinique: 5 millions de dollars
• Phase 1 Essai clinique jalon: 15 millions de dollars
• Phase 2 Essai clinique jalon: 30 millions de dollars
• Paiements potentiels de jalon total: jusqu'à 50 millions de dollars

Revenus de commercialisation des produits futurs

Produit	Potentiel de marché estimé	Année de lancement prévu
ELEVA-001	250 à 350 millions de dollars par an	2025-2026
Thérapie ciblée NAPI2B	400 à 500 millions de dollars par an	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.