Elevation Oncology, Inc., a biotechnology firm specializing in biological products, has received a notice from the Nasdaq Stock Market indicating non-compliance with the minimum bid price requirement. The notice, dated September 18, 2024, was issued because the company's common stock closed below the $1.00 minimum bid price for 30 consecutive business days, violating Nasdaq's Listing Rule 5450(a)(1).
The company, listed under the ticker NASDAQ:ELEV, has been given 180 calendar days, until March 17, 2025, to address the issue and regain compliance. During this period, Elevation Oncology's stock will continue to trade on the Nasdaq Global Select Market. To comply, the stock's closing bid price must be at least $1.00 for at least 10 consecutive business days before the deadline.
If compliance is not achieved by March 17, 2025, Elevation Oncology may be granted an additional 180-day grace period if it transfers its listing to The Nasdaq Capital Market, provided it meets all other initial listing standards except for the minimum bid price requirement. The company would also need to notify Nasdaq of its plans to resolve the bid price deficiency, potentially through a reverse stock split.
Should the company fail to regain compliance or meet the conditions for an additional grace period, its common stock faces the risk of being delisted from Nasdaq. Elevation Oncology has the right to appeal a delisting decision. As of now, the company is evaluating options to regain compliance with Nasdaq's continued listing requirements, but no specific strategy has been disclosed.
In other recent news, Elevation Oncology has reported notable developments in its clinical trials and financial position. The company disclosed its second-quarter financial results, showing a net loss of $11 million, but also a strong cash position of $111 million, projected to fund operations until 2026.
Elevation Oncology's Phase 1 data for its investigational drug EO-3021 demonstrated promising efficacy, with the safety profile suggesting potential for better combination with other treatments. The company is advancing its clinical program with ongoing monotherapy expansion and combination dose escalation cohorts.
Elevation Oncology has also reported encouraging initial results from its Phase 1 clinical trial of EO-3021, a treatment for advanced solid tumors. The trial demonstrated a 42.8% objective response rate in a subset of patients with high expression of Claudin 18.2, suggesting a potential new treatment avenue. Analyst firms Piper Sandler and Stephens have maintained their Overweight rating on Elevation Oncology, following the expansion of the Phase 1 trial of EO-3021.
In addition, the company received positive feedback from the American Society of Clinical Oncology meeting, where the trial assessed the efficacy of AstraZeneca (NASDAQ:AZN)'s AZD0901 in gastrointestinal and gastroesophageal junction cancers. Updated data showed an increased overall response rate for certain dosage groups, with consistent safety profiles across the dosages.
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