Elevation Oncology Inc. has reported its financial results for the first quarter of 2025. The company ended the quarter with $80.7 million in cash, cash equivalents, and marketable securities. Subsequently, on May 2, 2025, Elevation Oncology prepaid $32.3 million in principal, interest, fees, and expenses under its loan agreement with K2 HealthVentures LLC. The company expects its cash reserves to be between $30 million and $35 million as of June 30, 2025, which is anticipated to sustain operations into the second half of 2026. For the first quarter of 2025, Elevation Oncology recorded a net loss of $14.2 million, up from a net loss of $10.7 million for the same period in 2024. Research and development expenses increased to $6.9 million from $6.0 million in the first quarter of 2024, primarily due to a $1.3 million rise in costs associated with the preclinical development of EO-1022 and a $0.6 million increase in clinical trial expenses for EO-3021. These were partially offset by a $1.0 million decrease in clinical trial expenses for seribantumab. General and administrative expenses were slightly up to $4.0 million from $3.9 million, mainly due to increased personnel costs, including stock-based compensation. The company also reported restructuring charges of $3.4 million related to workforce reduction following the discontinuation of EO-3021 development. On the business operations front, Elevation Oncology presented preclinical data for its potentially differentiated HER3 ADC, EO-1022, at the AACR Annual Meeting and plans to file an IND application for EO-1022 in 2026.