Elevation Oncology is a clinical-stage oncology company with no approved products and no revenue. The company is developing antibody-drug conjugates (ADCs) — a class of cancer therapy that pairs a targeted antibody with a cell-killing payload to attack cancer cells expressing a specific protein. Elevation Oncology's lead program, EO-3021, targets Claudin 18.2, a protein overexpressed in gastric, esophageal, pancreatic, ovarian, and lung cancers. EO-3021 is currently in Phase 1 trials as a monotherapy and in combination with a PD-1 inhibitor and a VEGFR2 inhibitor, with a focus on gastric and gastroesophageal junction cancers. The company's second program, EO-1022, is a HER3-targeting ADC in preclinical development for breast cancer, non-small cell lung cancer, and other solid tumors, with an IND filing targeted for 2026. Elevation Oncology licensed EO-3021 from CSPC Pharmaceutical for rights outside Greater China, and outsources all manufacturing to third parties. The company funds operations through equity offerings and debt. If EO-3021 reaches commercialization, CSPC is owed significant milestone and royalty payments. Elevation Oncology's long-term path to revenue depends on either gaining drug approval and commercializing independently, or licensing its programs to larger pharmaceutical partners.