NorthStrive Biosciences Announces Results from EL-32 Preclinical Combination Study with Semaglutide and Plans for Next Phase of Development

Semaglutide accounted for most observed weight loss and metabolic improvements in the eight-week mouse study.

Rhea-AI Summary

PMGC Holdings (Nasdaq: ELAB) completed a preclinical study of subsidiary NorthStrive Biosciences’ EL-32, finding dose-specific signals when combined with semaglutide.

The eight-week study in obese mice found statistically greater absolute lean mass at the highest combination dose versus semaglutide alone, but no significant relative lean-mass difference. The lowest combination dose improved relative glucose response during insulin tolerance testing. Added weight reduction was statistically significant at the high dose on the final treatment day, but not consistently throughout treatment.

The combination showed no consistent additive metabolic benefit over semaglutide alone, and EL-32 alone showed little benefit. NorthStrive plans another preclinical study using lower-dose semaglutide, considering lean mass and body composition as primary endpoints, with a design and timing update expected in Q1 2027. The findings do not establish human efficacy.

Positive

• Minor pointHighest-dose EL-32 combination showed statistically greater absolute lean mass versus semaglutide alone.
• Minor pointBoth combination groups significantly reduced body weight versus untreated obese controls.
• Minor pointHigh-dose combination achieved statistically greater weight reduction versus semaglutide alone on the final treatment day.
• Minor pointLowest-dose combination significantly improved relative glucose response during insulin tolerance testing versus semaglutide alone.
• Minor pointCombination treatment improved insulin sensitivity, glucose tolerance and metabolic markers versus EL-32 alone and untreated obese controls.

2 minor points

• Minor pointHighest-dose EL-32 alone showed modest improvement in an insulin sensitivity measure.
• Minor point. Forward-looking: it has not happened yet and may not happen.NorthStrive plans lower-dose semaglutide combination testing, with a design and timing update expected in Q1 2027.

Negative

• Minor pointCombination treatment showed no consistent additive metabolic benefit over semaglutide alone.
• Minor pointRelative lean mass showed no significant difference; the lean-mass finding was not reproduced at the low combination dose.
• Minor pointAdditional combination-related weight reduction was not consistently statistically significant across the treatment period.
• Minor pointEL-32 alone showed no meaningful improvements in body weight, body composition or most metabolic measures.

Key Figures

Study duration: Eight weeks Follow-on study update: First quarter of 2027

Study duration

Eight weeks

EL-32 preclinical DIO mouse study

Follow-on study update

First quarter of 2027

Expected update on study design and timing

Historical Context

1 past event · Latest: Sep 29

1 event

1. Sep 29

   Partnership

   24h Move

   -23.2%

   Charles River began plasmid-copy-number analyses of EL-22 and EL-32 for characterization and development.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

glp-1 receptor agonist, diet-induced obesity, insulin tolerance testing, myostatin, +1 more

5 terms

glp-1 receptor agonist medical

"semaglutide, the GLP-1 receptor agonist that is the active ingredient"

A GLP-1 receptor agonist is a medicine that mimics a natural gut hormone to trigger insulin release, slow stomach emptying, and curb appetite — like using a key to turn on a lock that controls blood sugar and hunger signals. For investors, these drugs matter because they treat common conditions such as diabetes and obesity, can drive large prescription and sales growth, reshape healthcare costs, and heavily affect drug pipelines, competition and company valuations.

diet-induced obesity medical

"in a diet-induced obesity (DIO) mouse model"

A condition of excess body fat that develops primarily because of a high-calorie, unhealthy diet rather than genetics or other medical causes; in research it often describes weight gain produced by feeding calorie-dense food. Investors should care because diet-induced obesity drives demand for treatments, diagnostics, food products and health services and can change cost forecasts for insurers and employers—think of it like wear-and-tear from poor fuel that increases future repair bills.

insulin tolerance testing medical

"relative glucose response during insulin tolerance testing"

A medical diagnostic procedure in which a controlled dose of insulin is given to lower blood glucose while blood samples are taken over time to measure how the body responds. Depending on the protocol, the test can be used to quantify insulin sensitivity (how effectively tissues take up glucose) or to provoke hypoglycaemia so clinicians can measure counter‑regulatory hormone responses—most commonly growth hormone and ACTH/cortisol—to assess pituitary and adrenal reserve. The test is performed under medical supervision because it intentionally induces low blood sugar and has specific contraindications and safety precautions.

myostatin medical

"target the myostatin and activin A pathways"

Myostatin is a naturally occurring protein produced by muscle that acts like a brake, limiting how big and strong muscles can grow. Because medicines that block myostatin can allow muscles to increase in size and strength, investors follow related drug programs closely for their potential to treat muscle-wasting diseases and age-related weakness; trial results, safety and regulatory approval prospects can materially affect a company’s value.

activin a medical

"target the myostatin and activin A pathways"

Activin A is a naturally occurring protein that cells use to send signals controlling growth, inflammation and tissue repair; it often shows up in blood or tissue tests as a sign of disease activity. Investors watch it because changes in Activin A levels can point to the progress of conditions, serve as a target for new drugs, or affect regulatory decisions—like an alarm or thermometer that helps doctors and companies measure whether a treatment is working and how big a market the treatment might have.

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• Study identifies preliminary lean-mass finding at the highest EL-32 dose while informing future preclinical development strategy
• Results advance NorthStrive Biosciences’ engineered probiotic platform targeting muscle preservation for patients on GLP-1 weight loss treatments

NEWPORT BEACH, Calif., Nov. 05, 2026 (GLOBE NEWSWIRE) -- PMGC Holdings Inc. (Nasdaq: ELAB) (“PMGC” or the “Company”) today announced the completion of a preclinical study evaluating EL-32, an engineered probiotic candidate being developed by its wholly owned subsidiary, NorthStrive Biosciences Inc. (“NorthStrive”), both as a standalone treatment and in combination with semaglutide, the GLP-1 receptor agonist that is the active ingredient in Ozempic® and Wegovy®.

The study was announced in the Company’s March 10, 2026 press release titled “NorthStrive Biosciences Announces Launch of EL-32 Preclinical Study Evaluating Muscle Preservation in GLP-1 Weight Loss Therapy” and was conducted by an independent contract research organization specializing in metabolic disease models. The eight-week study evaluated the effects of EL-32 on body weight, body composition, glucose regulation, and insulin sensitivity in a diet-induced obesity (DIO) mouse model, a widely used preclinical model for evaluating obesity and metabolic therapies.

The study identified preliminary findings of interest with EL-32 administered alongside semaglutide, including a statistically significant greater absolute lean mass at the highest tested EL-32 dose and an improved relative glucose response during insulin tolerance testing at the lowest combination dose, compared with semaglutide alone. However, these findings were limited to specific measures and doses, and the combination did not demonstrate a consistent additive metabolic benefit over semaglutide alone.

Key Study Findings

• Potential lean-mass preservation: The combination of high-dose EL-32 and semaglutide demonstrated a statistically significant greater difference in body weight gain compared with semaglutide alone, a finding directionally consistent with NorthStrive’s muscle-preservation thesis. No significant difference was observed in relative lean mass, and the finding was not reproduced in the low-dose combination group.
• Body weight reduction: Both EL-32 combination groups demonstrated significant reductions in body weight compared with untreated obese controls. Greater weight reduction was observed with combination treatment compared with semaglutide alone, reaching statistical significance for the high-dose combination on the final day of treatment, although these differences were not consistently statistically significant across the treatment period.
• Insulin sensitivity and metabolic markers: Combination treatment with EL-32 and semaglutide improved insulin sensitivity, glucose tolerance and metabolic markers compared with EL-32 alone and untreated obese controls. These improvements were generally comparable to semaglutide alone, with the low-dose combination showing a statistically significant improvement in the relative glucose response during insulin tolerance testing compared with semaglutide alone.
• EL-32 monotherapy: Across the doses evaluated, EL-32 alone did not demonstrate meaningful improvements in body weight, body composition, or most metabolic measures, although the highest dose showed a modest improvement in an insulin sensitivity measure.
  
  

Next Steps for the EL-32 Program

The study accomplished its purpose as a proof-of-concept experiment, generating the first controlled in vivo data on EL-32 in a GLP-1 combination setting and identifying the dose and endpoints that merit further study. While semaglutide was responsible for the majority of observed weight loss and metabolic improvements, the contract research organization noted that the semaglutide dose used produced substantial effects on its own, leaving a limited window to detect an additional effect of EL-32, and recommended that the combination be re-evaluated with a lower dose of semaglutide.

Based on these findings, NorthStrive plans to design a follow-on preclinical study evaluating EL-32 in combination with a lower dose of semaglutide, with lean mass and body composition considered to be the primary endpoints, and expects to provide an update on the design and timing of that study in the first quarter of 2027. The results will also inform NorthStrive’s broader EL-22 and EL-32 development program, including the analytical characterization work with Charles River Laboratories announced on September 29, 2026 and the planned spaceflight study under the Orbit2Orbit term sheet announced on August 25, 2026.

Addressing an Important Need in Obesity Treatment

GLP-1 receptor agonists have transformed obesity management, but the loss of lean body mass during treatment remains an important area of clinical research and, the Company believes, a significant and growing market opportunity for muscle-preserving therapies that can be used alongside GLP-1 weight loss treatments.

EL-32 is an orally administered, investigational engineered probiotic designed to target the myostatin and activin A pathways, two negative regulators of skeletal muscle growth. NorthStrive’s research seeks to determine whether modulation of these pathways can support preservation of lean tissue alongside therapies that promote weight reduction.

The findings are preliminary, are limited to the conditions evaluated in this animal study, and do not establish efficacy or muscle preservation in humans.

About NorthStrive Biosciences Inc.

NorthStrive Biosciences Inc., a PMGC Holdings Inc. company, is a biopharmaceutical company focused on developing innovative therapeutics to address unmet medical needs. Through strategic research partnerships, AI-enabled drug discovery collaborations, disciplined development, and selective in-licensing, NorthStrive aims to build a diversified pipeline of differentiated therapeutic candidates across multiple disease areas. For more information, please visit www.northstrivebio.com.

About PMGC Holdings Inc.

PMGC Holdings Inc. is a diversified holding company that manages and grows its portfolio through strategic acquisitions, investments, and development across various industries. We are committed to exploring opportunities in multiple sectors to maximize growth and value. For more information, please visit https://www.pmgcholdings.com.

Forward-Looking Statements

Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Words such as “believes,” “expects,” “plans,” “potential,” “would” and “future” or similar expressions such as “look forward” are intended to identify forward-looking statements. Forward-looking statements are made as of the date of this press release and are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy, activities of regulators and future regulations, the ability to obtain, maintain and enforce patent protection, whether patent applications will issue or claims will be allowed, clinical and regulatory development timelines, potential indications, safety and efficacy, and market opportunity. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results. Therefore, you should not rely on any of these forward-looking statements.

Forward-looking statements in this press release include, but are not limited to, statements regarding the planned follow-on preclinical study of EL-32, its design, endpoints and timing, the development of EL-22 and EL-32, and the potential market opportunity for muscle-preserving therapies used alongside GLP-1 receptor agonists. Results observed in preclinical animal models may not be predictive of results in humans. The planned follow-on study has not yet been initiated, and the Company cannot provide assurance that it will be initiated or completed on the anticipated timeline, that it will produce favorable results, or that any results will support further development. There can be no assurance that the Company will successfully advance EL-22 or EL-32, complete additional studies, obtain regulatory approvals, develop a product candidate, or generate revenue from this program.

These and other risks are described more fully in PMGC’s filings with the United States Securities and Exchange Commission (“SEC”), including the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 30, 2026, and its other documents subsequently filed with or furnished to the SEC. Investors and security holders are urged to read these documents free of charge on the SEC’s website at www.sec.gov. All forward-looking statements contained in this press release speak only as of the date on which they were made. Except to the extent required by law, the Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.

Investor Relations Contact

IR@pmgcholdings.com

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did PMGC Holdings’ EL-32 study show about lean-mass preservation?

The highest tested EL-32 dose combined with semaglutide produced statistically greater absolute lean mass than semaglutide alone in an eight-week obese-mouse study. There was no significant difference in relative lean mass, and the finding was not reproduced in the low-dose combination group. These preliminary animal findings do not establish muscle preservation in humans.

What is next for NorthStrive’s EL-32 development program?

NorthStrive plans a follow-on preclinical study combining EL-32 with a lower dose of semaglutide, with lean mass and body composition considered as primary endpoints. The company expects to provide an update on the study’s design and timing in the first quarter of 2027.

Why does NorthStrive plan to test EL-32 with a lower semaglutide dose?

The independent contract research organization recommended lower-dose semaglutide testing because semaglutide’s substantial effects left a limited window to detect an additional EL-32 effect. Semaglutide accounted for most observed weight loss and metabolic improvements in the completed study.