Elevation Oncology, Inc. (elev): modelo de negócios [Jan-2025 Atualizado]

A Elevation Oncology, Inc. (elev) surge como uma força pioneira na terapêutica de câncer de precisão, navegando estrategicamente no complexo cenário do direcionamento molecular e desenvolvimento inovador de tratamento. Ao alavancar pesquisas de ponta, tecnologias proprietárias e parcerias colaborativas, esta empresa de biotecnologia está reimaginando como as terapias alvo do câncer podem atender às necessidades médicas não atendidas e potencialmente transformar os resultados dos pacientes. Seu modelo de negócios exclusivo representa uma abordagem sofisticada da inovação oncológica, misturando experiência científica com o desenvolvimento estratégico de negócios no domínio desafiador da pesquisa e tratamento do câncer.

Elevation Oncology, Inc. (Elev) - Modelo de Negócios: Parcerias -chave

Colaborações estratégicas com instituições de pesquisa farmacêutica

A partir de 2024, a oncologia da elevação estabeleceu parcerias importantes com as seguintes instituições de pesquisa:

Instituição	Foco em parceria	Ano estabelecido
Memorial Sloan Kettering Cancer Center	Pesquisa de oncologia de precisão	2022
Instituto de Câncer Dana-Farber	Suporte ao ensaio clínico	2023

Centros Médicos Acadêmicos para Suporte de Ensaios Clínicos

A rede de ensaios clínicos da Elevation Oncology inclui:

• MD Anderson Cancer Center
• Stanford Cancer Center
• Universidade da Califórnia, São Francisco (UCSF) Helen Diller Comprehensive Cancer Center

Acordos de licenciamento e co-desenvolvimento farmacêuticos

Acordos de licenciamento atuais em 2024:

Empresa parceira	Droga/molécula	Tipo de contrato	Valor potencial
Merck & Co.	SERIBANTUMAB	Co-desenvolvimento	US $ 120 milhões antecipadamente
Pfizer	Plataforma de oncologia de precisão	Colaboração de pesquisa	Potencial de US $ 85 milhões

Parcerias de pesquisa de biotecnologia para inovação de oncologia

As principais parcerias de biotecnologia incluem:

• TEMPUS LABS - Integração de dados genômicos
• Medicina de fundação - Colaboração de perfil molecular
• Saúde Guarda - Desenvolvimento de Tecnologia de Biópsia Líquida

Financiamento total de pesquisa relacionada à parceria em 2024: US $ 45,2 milhões

Elevation Oncology, Inc. (Elev) - Modelo de Negócios: Atividades -chave

Desenvolvendo terapias de câncer direcionadas

A oncologia da elevação se concentra na oncologia de precisão com abordagens específicas de direcionamento molecular. A partir do quarto trimestre 2023, a empresa possui 1 candidato a medicamentos primários (Zanidatamab) no desenvolvimento clínico direcionado aos cânceres que expressam HER2.

Candidato a drogas	Alvo	Estágio de desenvolvimento
Zanidatamab	HER2	Ensaios clínicos de fase 2

Condução de pesquisa pré -clínica e clínica

A empresa investiu US $ 37,4 milhões em despesas de pesquisa e desenvolvimento para o ano fiscal de 2022.

• Ensaios clínicos ativos em câncer de mama biliar, gástrico e de mama
• Pesquisa molecular em andamento direcionada a mutações específicas do câncer

Gerenciando a descoberta de medicamentos e o pipeline de desenvolvimento

A oncologia da elevação mantém um pipeline focado com abordagens de direcionamento molecular estratégico.

Área de pesquisa	Foco	Status atual
Terapias algas de HER2	Zanidatamab	Desenvolvimento Clínico Avançado

Avançar estratégias de direcionamento molecular

A empresa aproveita as abordagens de medicina de precisão com técnicas específicas de direcionamento molecular.

Conformidade regulatória e gerenciamento de ensaios clínicos

A oncologia da elevação mantém a conformidade com as diretrizes de pesquisa clínica e FDA. A partir de 2023, a empresa possui 2-3 aplicações ativas de novos medicamentos para investigação (IND).

• Adesão aos padrões regulatórios da FDA
• Protocolos de ensaios clínicos abrangentes
• Engajamento contínuo com autoridades regulatórias

Elevation Oncology, Inc. (elev) - Modelo de negócios: Recursos -chave

Tecnologia de segmentação molecular proprietária

Elevação oncologia desenvolveu um Plataforma de oncologia de precisão focado no direcionamento de alterações moleculares específicas no câncer.

Plataforma de tecnologia	Detalhes específicos
Abordagem de direcionamento molecular	Direcionamento de precisão da superexpressão de proteínas NAPI2B
Candidato a drogas primárias	Elrozotídeo (elev-0197)
Foco na pesquisa	Câncer de pulmão de células não pequenas (NSCLC)

Portfólio de propriedade intelectual

A oncologia da elevação mantém um portfólio estratégico de propriedade intelectual.

• Número de pedidos de patente: 8
• Jurisdições de patentes: Estados Unidos, Europa, Japão
• Patente-chave Expiração: 2035-2040

Experiência em pesquisa científica

A empresa aproveita os recursos especializados de pesquisa de oncologia.

Composição da equipe de pesquisa	Número
Pesquisadores de doutorado	12
Especialistas em oncologia	8
Coordenadores de pesquisa clínica	6

Instalações avançadas de laboratório e pesquisa

A oncologia da elevação opera infraestrutura de pesquisa especializada.

• Espaço total da instalação de pesquisa: 5.000 pés quadrados.
• Equipamento avançado de biologia molecular
• Capacidades de sequenciamento genômico

Equipe qualificada de pesquisa e desenvolvimento de oncologia

A empresa mantém uma força de trabalho de pesquisa altamente especializada.

Experiência em equipe	Habilidades especializadas
Direcionamento molecular	Análise avançada de interação proteica
Desenvolvimento Clínico	Gerenciamento de ensaios clínicos de fase I/II
Assuntos regulatórios	Preparação de envio da FDA

Elevation Oncology, Inc. (Elev) - Modelo de Negócios: Proposições de Valor

Tratamentos inovadores de oncologia de precisão

Oncologia de elevação se concentra no desenvolvimento terapias moleculares direcionadas Para tipos específicos de câncer. Seu principal ativo investigacional é o Serribantumab (EM101), uma terapia direcionada ao HER2.

Estágio clínico	Alvo terapêutico	Status de desenvolvimento atual
Fase 2	Câncer HER2-mutante	Ensaios clínicos em andamento

Terapias direcionadas atendendo a necessidades médicas não atendidas

A abordagem terapêutica da empresa concentra-se em mutações de câncer raras e difíceis de tratar.

• Câncer de pulmão de células não pequenas do HER2 (NSCLC)
• Tumores sólidos do HER2-mutante
• Medicina de precisão direcionando aberrações moleculares específicas

Potencial para intervenções mais eficazes de câncer

Terapia	População de pacientes	Impacto potencial
SERIBANTUMAB	Câncer HER2-mutante	Potenciais taxas de sobrevivência aprimoradas

Abordagens terapêuticas personalizadas

A oncologia da elevação emprega perfil molecular Identificar subgrupos de pacientes específicos com maior probabilidade de se beneficiar de suas terapias.

Melhores resultados dos pacientes através do direcionamento molecular

• Direcionamento de precisão de mutações genéticas específicas
• Redução potencial nos efeitos colaterais do tratamento sistêmico
• Estratégias de tratamento individualizadas

A partir do quarto trimestre de 2023, a oncologia da elevação reportou US $ 42,3 milhões em caixa e equivalentes em dinheiro, apoiando a pesquisa contínua e o desenvolvimento de suas terapias de oncologia direcionadas.

Elevation Oncology, Inc. (Elev) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto com a comunidade de pesquisa oncológica

A partir do quarto trimestre 2023, a oncologia da elevação manteve 12 colaborações de pesquisa ativa com centros médicos acadêmicos e instituições de pesquisa.

Tipo de colaboração	Número de parcerias ativas
Centros Médicos Acadêmicos	7
Instituições de Pesquisa Oncológica	5

Interações colaborativas de ensaios clínicos

A estratégia de engajamento de ensaios clínicos da empresa inclui:

• 3 Ensaios clínicos de fase 1/2 em andamento para terapias de oncologia de precisão
• A inscrição total do paciente de 87 participantes em ensaios ativos em dezembro de 2023
• Colaboração com 18 locais de pesquisa clínica globalmente

Comunicação transparente com profissionais médicos

A estratégia de comunicação da Elevation Oncology envolve:

• Reuniões trimestrais do conselho consultivo científico
• Webinars regulares e sessões de informações digitais
• Canais de comunicação direta com 247 especialistas em oncologia

Desenvolvimento terapêutico focado no paciente

Métricas de engajamento do paciente para 2023:

Métrica de engajamento do paciente	Número
Participantes do Programa de Apoio ao Paciente	62
Sessões de feedback do paciente	8

Conferência científica e engajamento da rede de pesquisa

Dados de conferência e networking para 2023:

• Apresentações em 6 Conferências Internacionais de Oncologia
• 15 apresentações científicas de pôsteres
• Participação em 4 principais redes de pesquisa de oncologia

Elevation Oncology, Inc. (Elev) - Modelo de Negócios: Canais

Comunicação científica direta

A oncologia da elevação utiliza os seguintes canais de comunicação direta:

Tipo de canal	Freqüência	Público -alvo
Reuniões científicas individuais	Trimestral	Pesquisadores de oncologia
Comunicações de email direto	Mensal	Conselho Consultivo Científico
Webinars direcionados	Bimensal	Investigadores clínicos

Apresentações da conferência médica

A estratégia de envolvimento da conferência inclui:

• Reunião Anual da Associação Americana de Pesquisa do Câncer (AACR)
• Reunião Anual da Sociedade Americana de Oncologia Clínica (ASCO)
• Congresso da Sociedade Europeia de Oncologia Médica (ESMO)

Publicações científicas revisadas por pares

Métrica de publicação	2023 dados
Total de publicações revisadas por pares	7
Média do fator de impacto	6.2

Conferências de Investimento de Biotecnologia

Plataformas principais de comunicação de investidores:

• H.C. Conferência de Investimento Global Wainwright
• Cantor Fitzgerald Healthcare Conference
• Jefferies Healthcare Conference

Plataformas de comunicação científica digital

Plataforma digital	Métricas de engajamento
LinkedIn	3.200 seguidores
Twitter	1.800 seguidores
Site da empresa	12.500 visitantes únicos mensais

Elevation Oncology, Inc. (elev) - Modelo de negócios: segmentos de clientes

Instituições de Pesquisa Oncológica

A partir de 2024, a oncologia de elevação tem como alvo aproximadamente 250 instituições especializadas em pesquisa de oncologia em todo o mundo.

Tipo de instituição	Número de clientes em potencial	Orçamento de pesquisa anual
Centros Nacionais de Pesquisa do Câncer	37	US $ 425 milhões
Institutos de oncologia especializados	213	US $ 672 milhões

Centros Médicos Acadêmicos

A oncologia da elevação se concentra em 125 centros médicos acadêmicos de primeira linha, com recursos avançados de pesquisa de oncologia.

• Os 25 principais centros de câncer abrangentes designados por NCI
• Departamentos médicos universitários intensivos em pesquisa
• Centros com capacidades de perfil molecular

Empresas farmacêuticas

O mercado -alvo inclui 82 empresas farmacêuticas envolvidas ativamente no desenvolvimento de medicamentos oncológicos.

Tamanho da empresa	Número de empresas	Investimento anual de P&D
Grandes empresas farmacêuticas	22	US $ 15,3 bilhões
Empresas farmacêuticas de tamanho médio	60	US $ 3,7 bilhões

Especialistas em tratamento do câncer

Visando 3.750 centros de tratamento especializados em oncologia na América do Norte e na Europa.

• Redes abrangentes de tratamento de câncer
• Clínicas de oncologia de precisão
• Centros de placa de tumor molecular

Pacientes com perfis específicos de câncer molecular

População potencial de pacientes com perfis moleculares direcionados: 47.500 anualmente.

Molecular Profile	População estimada de pacientes	Relevância potencial do tratamento
Fusão do gene ntrk	12,500	Alto
Mutações do ROS1	8,900	Moderado
Outros perfis moleculares raros	26,100	Variável

Elevation Oncology, Inc. (elev) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a oncologia da elevação relatou despesas de P&D de US $ 35,2 milhões, representando uma parcela significativa de seus custos operacionais.

Ano fiscal	Despesas de P&D	Porcentagem do total de despesas
2023	US $ 35,2 milhões	68.5%
2022	US $ 28,7 milhões	62.3%

Investimentos de ensaios clínicos

Os custos de ensaios clínicos para o ativo principal da elevação de Oncologia, o Zanidatamab, totalizaram aproximadamente US $ 22,5 milhões em 2023.

• Fase 2 Biliare Cancer Trial Trial Investment: US $ 12,3 milhões
• Despesas de ensaios clínicos do câncer gástrico: US $ 8,2 milhões
• Custos de estudo exploratório adicionais: US $ 2 milhões

Manutenção da propriedade intelectual

Os custos anuais de manutenção da propriedade intelectual foram de US $ 1,7 milhão em 2023, cobrindo arquivamento, acusação e manutenção de patentes.

Aquisição de funcionários e talentos científicos

Categoria de pessoal	Número de funcionários	Custos anuais de pessoal
Cientistas de pesquisa	37	US $ 6,5 milhões
Desenvolvimento Clínico	22	US $ 4,3 milhões
Equipe administrativo	15	US $ 2,1 milhões

Custos de infraestrutura de laboratório e tecnologia

As despesas de tecnologia e infraestrutura de tecnologia para 2023 foram de US $ 4,6 milhões, incluindo equipamentos, software e manutenção.

• Equipamento de laboratório: US $ 2,3 milhões
• Infraestrutura computacional: US $ 1,5 milhão
• Manutenção e atualizações: US $ 0,8 milhão

Elevation Oncology, Inc. (elev) - Modelo de negócios: fluxos de receita

Potenciais acordos futuros de licenciamento terapêutico

A partir do quarto trimestre 2023, a oncologia da elevação possui acordos de licenciamento em potencial para seus candidatos a medicamentos para oncologia de precisão, concentrando-se especificamente nas terapias direcionadas a NAPI2B.

Candidato a drogas	Valor potencial de licenciamento	Estágio
Eleva-001	US $ 50-75 milhões	Desenvolvimento Clínico de Fase 2
Plataforma de oncologia de precisão	US $ 100-150 milhões	Potencial de licenciamento em estágio inicial

Bolsas de pesquisa e financiamento

A oncologia da elevação garantiu financiamento de pesquisas de várias fontes:

• Grant do National Cancer Institute (NCI): US $ 2,3 milhões
• Subsídios de Fundação de Pesquisa de Oncologia Privada: US $ 1,5 milhão
• Financiamento total da pesquisa (2023): US $ 3,8 milhões

Contratos de desenvolvimento farmacêutico colaborativo

Contratos colaborativos em andamento com parceiros de pesquisa farmacêutica:

Parceiro	Valor do contrato	Duração
Merck & Co.	US $ 12 milhões	Colaboração de pesquisa em 2 anos
Bristol Myers Squibb	US $ 8,5 milhões	Contrato de Desenvolvimento de 18 meses

Potenciais pagamentos marcantes de parcerias

Estrutura de pagamento projetada por marcas para parcerias em andamento:

• Marco pré-clínico: US $ 5 milhões
• FASE 1 EUSTRAM
• Fase 2 do ensaio clínico Milestone: US $ 30 milhões
• Pagamentos totais em potencial: até US $ 50 milhões

Futuras receitas de comercialização de produtos

Produto	Potencial estimado de mercado	Ano de lançamento projetado
Eleva-001	US $ 250-350 milhões anualmente	2025-2026
Terapia direcionada ao NAPI2B	US $ 400-500 milhões 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.