Elevation Oncology, Inc. (ELEV): Business Model Canvas [Dec-2025 Updated]

You're looking at Elevation Oncology, Inc. (ELEV) at a fascinating inflection point: the company is essentially a holding entity winding down operations while awaiting a definitive merger with Concentra Biosciences. Honestly, the immediate value proposition isn't about product sales-there are none-but about maximizing the shareholder payout of $0.36 per share plus that Contingent Value Right (CVR), which hinges on the EO-1022 asset. We need to map out how this structure functions, balancing the Q1 2025 cash pile of $80.7 million against the current burn rate and the strategic activities keeping the HER3 ADC asset viable until the second half of 2026. Dig into the Business Model Canvas below to see the precise key partnerships and cost structure driving this transition.

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

The Key Partnerships block of the Business Model Canvas for Elevation Oncology, Inc. (ELEV) as of late 2025 is dominated by the acquisition structure and the critical technology licensing that underpinned the remaining core asset, EO-1022.

Concentra Biosciences (Acquirer) for the Definitive Merger

The definitive merger agreement with Concentra Biosciences, LLC, finalized in July 2025, established the immediate structure for Elevation Oncology, Inc. The acquisition was completed on July 23, 2025, via a tender offer by Concentra's subsidiary, Merger Sub VI, Inc..

The transaction terms involved specific financial components for the former Elevation Oncology stockholders:

• Cash consideration per share: $0.36 in cash.
• Total implied transaction value: $21.4 million or $21.32 million.
• Contingent Value Right (CVR) entitlement: One non-tradeable CVR per share.

The closing of the Offer required the tender of Common Stock representing at least a majority of the total outstanding shares, with 39,773,172 shares, or 67.09%, validly tendered. As of May 9, 2025, there were 59,223,729 shares of common stock outstanding. The termination fee payable by Elevation was $1.2 million. Elevation Oncology's shares were subsequently delisted from Nasdaq.

Licensing Partners for the EO-1022 Asset Disposition

The advancement of the lead remaining asset, EO-1022, relied on a partnership for the underlying technology platform. Elevation Oncology entered into a global license agreement with Synaffix B.V. to access their ADC technology, including GlycoConnect®, HydraSpace®, and SYNstatin E™ linker-payload.

The financial structure of this technology licensing partnership was substantial:

Furthermore, the merger's CVR structure tied future payments to this asset disposition, promising CVR holders 80% of any net proceeds from an EO-1022 disposition occurring within one year following closing, with payments received within five years following closing.

In a related action concerning a discontinued asset, Elevation Oncology terminated its license agreement with CSPC Megalith Biopharmaceutical Co., Ltd., effective June 26, 2025, which had granted rights to EO-3021 outside specific Asian territories.

Clinical Research Organizations (CROs) for EO-1022 Preclinical Work

While specific CRO names involved in the preclinical work for EO-1022 were not detailed in the available data, the timeline for this partnership activity was clearly defined leading up to the merger. Elevation Oncology had anticipated sharing preclinical data for EO-1022 during the first half of 2025 (1H 2025). The goal of this preclinical work was to support the planned Investigational New Drug (IND) application filing, which was targeted for 2026.

Financial and Legal Advisors for the Merger Transaction

The definitive merger transaction involved several key external advisors for both parties:

• Legal Counsel to Elevation Oncology, Inc.: Fenwick & West LLP.
• Legal Counsel to Concentra Biosciences, LLC: Gibson, Dunn & Crutcher LLP.
• Financial Advisor and Fairness Opinion Provider to Elevation: Redwood Valuation Partners, LLC.

The workforce reduction associated with the strategic shift away from EO-3021 was expected to cost Elevation about $3 million, with most payments processed by the end of June 2025. At the time of the March 31, 2025 filing, Elevation reported cash, equivalents, and marketable securities of $93.2 million.

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

Managing the acquisition and transition process

The company entered into a definitive merger agreement with Concentra Biosciences, LLC, on June 8, 2025. The tender offer to purchase all outstanding shares of Common Stock for an Offer Price of $0.36 in cash per Share plus one non-transferable contractual contingent value right (CVR) per Share closed on July 22, 2025. The Merger, where the company became a wholly owned subsidiary of Concentra, was completed on July 23, 2025.

The key activities related to the transaction included:

• Executing the Agreement and Plan of Merger dated June 8, 2025.
• Closing the tender offer on July 22, 2025.
• Completing the Merger on July 23, 2025.
• Terminating the license agreement with CSPC Megalith Biopharmaceutical, effective June 26, 2025.

Preclinical development of EO-1022 for IND filing in 2026

Elevation Oncology, Inc. continued advancing EO-1022, a HER3 Antibody-Drug Conjugate (ADC), through preclinical development. The drug candidate utilizes seribantumab site-specifically conjugated at glycan to the MMAE payload with a Drug-to-Antibody Ratio (DAR) of 4. The company expects to file an Investigational New Drug (IND) application for EO-1022 in 2026. Preclinical proof-of-concept data was presented in a late-breaking poster at the American Association for Cancer Research (AACR) Annual Meeting in April 2025.

Strategic evaluation of options for EO-1022 disposition

In parallel with advancing EO-1022, the company initiated a process to evaluate strategic options to maximize shareholder value, following the decision to discontinue development of EO-3021 on March 20, 2025. The CVR associated with the Concentra merger entitles shareholders to receive 80% of net proceeds from any EO-1022 disposition within one year post-closing.

Maintaining compliance and SEC reporting obligations

As of its Quarterly Report on Form 10-Q for the period ended March 31, 2025, Elevation Oncology, Inc. indicated it was an emerging growth company. Following the merger completion on July 23, 2025, Nasdaq Stock Market LLC filed Form 25 with the SEC to remove the Common stock from listing and terminate Section 12(b) registration. The company will seek to terminate its registration and reporting obligations with the SEC.

Cash and investment management of remaining capital

The company managed its capital structure, including a workforce reduction of approximately 70%. The company ended the first quarter of 2025 with $80.7 million in cash, cash equivalents, and marketable securities. On May 2, 2025, the company prepaid $32.3 million in aggregate principal, interest, fees, and expenses due under its loan agreement.

Key financial positions and actions include:

Research and development expenses for the first quarter of 2025 were $6.9 million.

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

You're looking at the core assets that Elevation Oncology, Inc. (ELEV) carried into the latter half of 2025, especially after the major corporate event in July. Honestly, the key resources shifted dramatically from an operating biotech to a structure centered on contingent value rights (CVRs) following the acquisition by Concentra Biosciences, LLC.

The financial foundation, as of the end of the first quarter, provided a runway before the transaction closed. As of March 31, 2025, Elevation Oncology ended Q1 with $80.7 million in cash, cash equivalents, and marketable securities. Following the restructuring and prepayment of loan obligations, the company estimated its cash position to be between $30 million and $35 million as of June 30, 2025, which was expected to fund operations into the second half of 2026.

The intellectual property centers almost entirely on the lead preclinical asset, EO-1022. This is a HER3 antibody-drug conjugate (ADC) that leverages the site-specific ADC technology platform licensed from Synaffix B.V..

The composition of this key resource is specific:

• It incorporates seribantumab, a fully human IgG2 anti-HER3 antibody.
• It uses the potent cytotoxic monomethyl auristatin E (MMAE) payload.
• The molecule features a Drug-to-Antibody Ratio (DAR) of 4.
• The company was on track to file an Investigational New Drug (IND) application for EO-1022 in 2026.

The human capital resource was significantly streamlined. Following the decision to discontinue EO-3021 development in March 2025, Elevation Oncology implemented a workforce reduction of approximately 70%. The total estimated cash costs related to this reduction in force were approximately $3 million, with a significant majority expected to be paid through the end of June 2025. This left a reduced, specialized workforce focused on advancing EO-1022.

For shareholders, the most critical resource as of late 2025 is the Contingent Value Right (CVR) structure, which was issued upon the merger closing on July 23, 2025. Each existing ELEV Common Share converted into the right to receive $0.36 cash plus one non-transferable CVR.

The CVR itself represents the right to potential future payments based on two specific triggers:

The CVR holders' rights are effectively junior in right of payment to all secured obligations and pari passu with unsecured obligations of the Guarantor, subject to a cap. The company's insiders, holding approximately 5.1% of Common Stock, had agreed to tender their shares to support the deal.

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:

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.

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:

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.

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.

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:

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:

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.