The stock of Elevation Oncology Inc. ( ELEV ) is trading lower on Tuesday after the company reported initial data from the dose escalation portion of the ongoing Phase 1 trial of EO-3021 in patients with advanced, unresectable, or metastatic solid tumors likely to express Claudin 18.2, including gastric, gastroesophageal junction, pancreatic, or esophageal cancers.

As of the data cutoff date of June 10, 32 patients had been treated. EO-3021 was observed to be generally well-tolerated. No Grade 4 or 5 treatment-related adverse events were reported, and less than 10% of patients discontinued EO-3021 due to adverse events.

Fifteen patients with gastric or GEJ cancers were evaluable for efficacy.

Seven of these 15 patients (47%) had tumors with Claudin 18.2 expression in ≥20% of tumor cells at IHC 2+/3+.

In seven patients with Claudin 18.2 in ≥20% of tumor cells at IHC 2+/3+, the objective response rate (ORR) was 42.8% (three confirmed partial responses, one of which was confirmed following data cutoff).

The disease control rate (DCR) was 71.4%, including two patients with stable disease (SD).

In eight patients with Claudin 18.2 in