Elevation Oncology (ELEV) has made significant progress in 2024, particularly with its antibody-drug conjugate programs targeting Claudin-18.2 and HER3. While the company’s pipeline remains in early stages, strong data readouts could lead to outsized valuations in the current market environment. ELEV’s cash position provides a runway to mid-2025, allowing for continued clinical trial advancements. However, the choice of a different payload for its ADC than the blockbuster deruxtecan introduces some uncertainty.