On June 26, 2025 (the "Effective Date"), Elevation Oncology, Inc. (the "Company") reported to have entered into a Mutual Release and Termination Agreement (the "Termination Agreement") with CSPC Megalith Biopharmaceutical Co., Ltd. ("CSPC"), pursuant to which that certain License Agreement, dated July 27, 2022, by and between the Company and CSPC (the "License Agreement") was terminated as of the Effective Date (Filing, 8-K, Elevation Oncology, JUN 26, 2025, View Source [SID1234654215]).

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Pursuant to the License Agreement, CSPC granted to the Company a worldwide exclusive right and license (outside of the People’s Republic of China, Hong Kong, Macau and Taiwan) under certain patents identified in the License Agreement and know-how to develop and commercialize products containing EO-3021, a Claudin 18.2 antibody-drug conjugate, in the treatment of cancer. As previously disclosed, on March 20, 2025, the Company announced its election to discontinue development of EO-3021.

Upon termination of the License Agreement, the rights and licenses granted to the Company thereunder from CSPC terminated, and all rights, title and interest in and to the licensed intellectual property under the License Agreement reverted to CSPC. The Termination Agreement includes a customary mutual release of claims and provides that no further payments shall be due between the Company and CSPC under the License Agreement.