Elicio Therapeutics Reports Third Quarter 2026 Financial Results and Provides Business Update

Share issuance brought additional funding as Elicio prepared further studies following a Phase 2 primary endpoint miss.

Rhea-AI Summary

Elicio Therapeutics (ELTX) reported a third-quarter 2026 net loss of $7.979 million and outlined further pancreatic cancer development plans. Loss per share was $0.30, versus $0.60 a year earlier; net loss was $10.083 million in that period.

Phase 2 AMPLIFY-7P missed its primary disease-free survival endpoint in the full trial population. Pre-specified analyses showed recurrence-or-death risk reductions of 49% in patients without detectable circulating tumor DNA, 43% in those with detectable DNA and 41% in patients without prior radiation. These findings inform the planned Phase 3 study.

Elicio targets Q4 2026 to begin a Phase 1 metastatic pancreatic cancer study combining camupepimut with daraxonrasib, with or without nivolumab. Cash was $30.9 million at September 30, 2026; the company expects it to support operations into Q2 2027.

17 points · 2 major

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1 major · 5 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major pointAt-the-market financing raised $4.3 million net in Q3 2026, within approximately $28.6 million year to date. 10% of market cap
• Major pointJuly 2026 registered direct offering raised approximately $13.6 million after placement agents’ fees and related offering expenses. 32% of market cap
• Moderate pointQuarterly net loss narrowed to $7.979 million from $10.083 million; loss per share fell to $0.30 from $0.60.
• Moderate pointCash increased to $30.900 million at September 30, 2026, from $18.563 million at December 31, 2025.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Phase 1 combination study with daraxonrasib, with or without nivolumab, is targeted to start in Q4 2026.

12 minor points

• Minor pointPre-specified Phase 2 analyses showed 49% lower recurrence-or-death risk in patients without detectable circulating tumor DNA.
• Minor pointPatients with detectable circulating tumor DNA showed a 43% recurrence-or-death risk reduction in pre-specified Phase 2 analyses.
• Minor pointPatients without prior radiation showed a 41% recurrence-or-death risk reduction in pre-specified Phase 2 analyses.
• Minor pointSupportive analysis adjusting for baseline imbalances estimated 53% lower recurrence-or-death hazard; hazard ratio 0.47, p=0.0086.
• Minor point. Forward-looking: it has not happened yet and may not happen.Planned Phase 3 study will use Phase 2 findings to inform patient stratification and dosing considerations.
• Minor pointThree metastatic pancreatic cancer patients previously achieved complete radiographic and metabolic responses following camupepimut and subsequent nivolumab-based therapy.
• Minor pointNeoadjuvant Phase 1 study of camupepimut with chemotherapy and anti-PD-1 therapy remains ongoing.
• Minor pointPreclinical AMP-CpG produced complete tumor responses in 50% of treated head-and-neck cancer animals and 100% in melanoma models.
• Minor pointQuarterly research and development expense decreased to $4.889 million from $5.039 million a year earlier.
• Minor pointQuarterly other income was $0.528 million, versus other expense of $2.038 million a year earlier.
• Minor pointTotal liabilities decreased to $20.745 million at September 30, 2026, from $24.226 million at December 31, 2025.
• Minor pointStockholders’ equity increased to $18.851 million at September 30, 2026, from $1.636 million at December 31, 2025.

Negative

• Major pointAMPLIFY-7P missed its primary disease-free survival endpoint in the intent-to-treat population, meaning all randomized patients.
• Moderate pointWeighted-average common shares and pre-funded warrants outstanding increased to 26,291,534 from 16,692,476 in the year-earlier quarter.
• Minor pointQuarterly general and administrative expense increased to $3.563 million from $3.006 million a year earlier.
• Minor pointCurrent liabilities increased to $9.930 million at September 30, 2026, from $8.110 million at December 31, 2025.
• Minor pointQuarterly income tax expense was $55,000, versus none in the year-earlier quarter.

News Explained

Elicio raised $4.3 million net through its ATM program in Q3 2026 and $13.6 million net in a July 2026 registered direct offering; ATM sales are gradual new-share sales that increase share count and reduce existing holders’ percentage ownership.

Key Figures

Recurrence or death risk reduction: 49% Recurrence or death risk reduction: 43% Recurrence or death risk reduction: 41% +5 more

Recurrence or death risk reduction

49%

ctDNA-negative patients in Phase 2 AMPLIFY-7P

Recurrence or death risk reduction

43%

ctDNA-positive patients in Phase 2 AMPLIFY-7P

Recurrence or death risk reduction

41%

Patients without prior radiation in Phase 2 AMPLIFY-7P

Adjusted hazard reduction

53% (HR 0.47; p=0.0086)

Supportive multivariable analysis; primary DFS endpoint was not met in the intent-to-treat population

Net loss

$8.0M vs. $10.1M

Third quarter 2026 vs. third quarter 2025

Cash and cash equivalents

$30.9M

As of September 30, 2026

Expected cash runway

Into the second quarter of 2027

Company expectation based on current cash and cash equivalents

ATM net proceeds

$4.3M in Q3 2026; approximately $28.6M year to date

Raised through the established at-the-market program

Previous Earnings Reports

1 past event · Latest: Aug 13

Same Type 1 event

1. Aug 13

   Q2 earnings

   24h Move

   -1.9%

   Reported $23.5M cash and runway into Q1 2027 while AMPLIFY-7P had missed its primary endpoint.

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

Key Terms

ctdna, hazard ratio, intent-to-treat, at-the-market program, +1 more

5 terms

ctdna medical

"49% lower risk of disease recurrence or death among patients with undetectable ctDNA"

Circulating tumor DNA (ctDNA) is tiny fragments of genetic material shed by cancer cells into the bloodstream, like breadcrumbs that can reveal a tumor’s presence and genetic makeup without needing a biopsy. For investors, ctDNA matters because tests and technologies that detect and analyze these fragments can speed diagnosis, track treatment response, and signal relapse, creating commercial opportunities in diagnostics, personalized therapies, and monitoring services.

hazard ratio technical

"estimated a 53% reduction in the hazard of recurrence or death (HR 0.47; p=0.0086)"

A hazard ratio is a way scientists compare the chance of something happening over time between two groups, like patients taking different medicines. If the ratio is high, it means one group is more likely to experience the event sooner or more often, which helps determine how effective a treatment is or how risky a situation might be.

intent-to-treat medical

"in the intent-to-treat population"

A method for analyzing clinical trial results that counts every participant in the group they were originally assigned to, regardless of whether they completed the treatment or followed instructions. Like grading a class by the seats students were assigned rather than who finished the exam, it preserves the trial’s original comparisons and gives a realistic, often more conservative, estimate of how a drug or device performs in real-world use — information investors use to judge reliability and regulatory risk.

at-the-market program financial

"through its established at-the-market program"

An at-the-market program is a way for a company to sell new shares of its stock gradually over time directly into the stock market, rather than all at once. This approach allows the company to raise money as needed while giving investors the opportunity to buy shares at current market prices. It helps manage the timing and price of new stock offerings, providing flexibility for both the company and investors.

recist medical

"three complete radiographic (RECIST) and metabolic (PERCIST) responses"

RECIST (Response Evaluation Criteria In Solid Tumors) is a standardized set of rules doctors and researchers use to measure how solid tumors change over time on medical scans, categorizing whether a tumor shrinks, grows, or stays the same. Investors pay attention because RECIST-based results often serve as clear, comparable trial endpoints that influence drug approvals, market expectations and company valuations—like using a reliable ruler to track progress in a development program.

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• AMPLIFY-7P Phase 2 pre-specified analyses demonstrate substantial reductions in risk of recurrence or death in ctDNA negative patients and patients without prior radiation, enabling a targeted Phase 3 strategy in adjuvant PDAC; findings presented at ESMO Congress 2026 and published in Nature Medicine
• Phase 2 AMPLIFY-7P findings to be highlighted in a plenary oral presentation and a late breaking poster at SITC 2026, while promising preclinical AMP-CpG (ELI-004) data demonstrating up to 100% complete tumor responses in animal models will be featured in a poster presentation
• Phase 1 study evaluating camupepimut in combination with daraxonrasib, with or without nivolumab, in metastatic pancreatic cancer targeted to initiate in Q4 2026
  

BOSTON, Nov. 05, 2026 (GLOBE NEWSWIRE) -- Elicio Therapeutics, Inc. (Nasdaq: ELTX, “Elicio” or the “Company”), a clinical-stage biotechnology company developing next-generation immunotherapies for KRAS-driven cancers, today reported financial results for the quarter ended September 30, 2026, and provided recent corporate and clinical updates.

“We are excited by the new Phase 2 AMPLIFY-7P findings in adjuvant PDAC, which provide encouraging direction and important insights as we advance camupepimut toward late-stage development and refine our Phase 3 strategy in adjuvant PDAC,” said Robert Connelly, President and Chief Executive Officer of Elicio. “The 49% lower risk of disease recurrence or death among patients with undetectable ctDNA at baseline, alongside a 43% reduction in risk among ctDNA-positive patients, reinforces the encouraging clinical activity observed across both subgroups. These findings provide compelling signals that will help guide patient stratification and dosing in the planned Phase 3 adjuvant study. We are also enthusiastic about the opportunity to combine camupepimut’s potent KRAS-specific immune activation together with direct RAS inhibition in a planned Phase 1 study in metastatic PDAC, evaluating camupepimut with daraxonrasib, with or without nivolumab. Together, these efforts underscore camupepimut’s therapeutic potential across the pancreatic cancer treatment continuum, where substantial unmet medical needs remain.”

Recent Highlights

Phase 2 AMPLIFY-7P Results Inform Planned Phase 3 Development in Adjuvant PDAC

• Elicio presented new pre-specified analyses from the randomized Phase 2 AMPLIFY-7P trial in resected pancreatic ductal adenocarcinoma (“PDAC”) as a late-breaking Proffered Paper oral presentation at ESMO Congress 2026. Analyses demonstrated a 49% reduction in the risk of disease recurrence or death in ctDNA-negative patients, a 43% reduction of risk in ctDNA-positive patients, and a 41% reduction in patients without prior radiation.
• Although AMPLIFY-7P did not meet its primary disease-free survival (“DFS”) endpoint in the intent-to-treat population, a supportive multivariable analysis adjusting for baseline prognostic imbalances estimated a 53% reduction in the hazard of recurrence or death (HR 0.47; p=0.0086).
• Peer-reviewed Phase 2 findings published in Nature Medicine further characterize camupepimut's clinical activity and mutant KRAS-specific immune responses. Collectively, these findings inform patient stratification and dosing considerations for the planned Phase 3 study.
  

Additional Clinical and Preclinical Data at SITC 2026

• Additional Phase 2 AMPLIFY-7P clinical and translational findings will be presented by Elicio in plenary oral and late-breaking poster presentations at SITC 2026.
• New preclinical data will also be presented which evaluates intratumoral AMP-CpG and shows complete tumor responses in 50% of treated animals in head and neck cancer models and 100% of treated animals in melanoma models, supporting further investigation of the AMP platform in combination with checkpoint inhibition.

Advancing Camupepimut Combination Strategies in Metastatic and Neoadjuvant PDAC

• Previously reported three complete radiographic (RECIST) and metabolic (PERCIST) responses in three patients with metastatic PDAC following camupepimut and subsequent nivolumab-based therapy provide support for combination approaches involving direct RAS inhibition and mutant KRAS-specific immune activation.
• Elicio is targeting a Q4 2026 initiation of a Phase 1 study evaluating camupepimut with daraxonrasib, with or without nivolumab, in metastatic KRAS-mutated PDAC. The study will explore the complementary potential of direct RAS inhibition, KRAS-specific immune activation and checkpoint blockade.
• An investigator-initiated Phase 1 neoadjuvant study evaluating camupepimut with chemotherapy and anti-PD-1 therapy in resectable and borderline resectable PDAC is ongoing. The multicenter study is led by Memorial Sloan Kettering Cancer Center and funded through a strategic partnership between The Lustgarten Foundation and Break Through Cancer.
  

Third Quarter 2026 Financial Results

R&D expense for the third quarter of 2026 was $4.9 million, compared to $5.0 million for the third quarter of 2025. The decrease of $0.1 million was primarily due to lower clinical trial costs as the Phase 2 study of camupepimut continues and the patients moved out of the active dosing phase and into the follow-up phase of the trial, partially offset by increased personnel costs.

G&A expense for the third quarter of 2026 was $3.6 million, compared to $3.0 million for the third quarter of 2025. The increase of $0.6 million was primarily due to increased personnel costs and an increase in professional fees.

Net loss for the third quarter of 2026 was $8.0 million, compared to $10.1 million for the third quarter of 2025. Net loss per share for the third quarter of 2026 was $0.30, compared to $0.60 for the third quarter of 2025.

Cash and cash equivalents were $30.9 million as of September 30, 2026.

The Company raised net proceeds of $4.3 million in the third quarter of 2026, for aggregate net proceeds of approximately $28.6 million year to date, through its established at-the-market program.

In July 2026, the Company raised aggregate net proceeds of approximately $13.6 million in a registered direct offering after deducting the placement agents’ fees and related offering expenses.

The Company expects that its current cash and cash equivalents will support operations into the second quarter of 2027.

ELICIO THERAPEUTICS, INC.
Condensed Consolidated Statements of Operations and Comprehensive Loss
(in thousands, except share and per share amounts)
(unaudited)
	Three Months Ended September 30,
	2026				2025
Operating expenses:
Research and development	$	4,889			$	5,039
General and administrative		3,563				3,006
Total operating expenses		8,452				8,045
Loss from operations		(8,452	)			(8,045	)
Total other income (expense), net		528				(2,038	)
Income tax expense		(55	)			-
Net loss		(7,979	)			(10,083	)
Other comprehensive income:
Foreign currency translation adjustment		(1	)			39
Comprehensive loss	$	(7,980	)		$	(10,044	)
Net loss per common share, basic and diluted	$	(0.30	)		$	(0.60	)
Weighted average common shares and pre-funded warrants outstanding, basic and diluted		26,291,534				16,692,476

ELICIO THERAPEUTICS, INC.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
	September 30, 2026				December 31, 2025
Assets
Cash and cash equivalents	$	30,900			$	18,563
Other current assets		3,135				748
Total current assets		34,035				19,311
Other assets		5,561				6,551
Total assets	$	39,596			$	25,862
Liabilities and stockholders' equity
Current liabilities	$	9,930			$	8,110
Long-term liabilities		10,815				16,116
Total liabilities		20,745				24,226
Total stockholders' equity		18,851				1,636
Total liabilities and stockholders' equity	$	39,596			$	25,862

About camupepimut (ELI-002 7P)

Camupepimut is an investigational, off-the-shelf immunotherapy designed to generate immune responses against seven of the most common KRAS mutations. Camupepimut utilizes Elicio’s proprietary Amphiphile (“AMP”) technology to target mutant KRAS peptide antigens and an immune-stimulatory adjuvant directly to the lymph nodes, where adaptive immune responses are orchestrated.

About ELI-004

ELI-004 is a structurally novel, investigational AMP-modified immune-stimulatory CpG oligonucleotide. CpG oligonucleotide sequences are potent stimulators of TLR-9 which induce activation of innate immune cells, and production of supportive inflammatory effector molecules critical for enhancing innate and adaptive immunity. AMP-modification of CpG oligonucleotides promotes several mechanisms which may enhance tumor-directed immune responses: as an adjuvant administered with an antigen to the peripheral tissue, association with tissue albumin promotes delivery from the injection site to the lymph nodes where targeted uptake can enhance action on key immune cells which promote anti-tumor activity; following local injection into a solid tumor, AMP-mediated retention of CpG sequences concentrates immune activation within the target tumor, likely restricting systemic dissemination to irrelevant or toxicity-inducing sites throughout the body.

About Elicio Therapeutics

Elicio Therapeutics, Inc. (Nasdaq: ELTX) is a clinical-stage biotechnology company advancing next-generation immunotherapies for the treatment of KRAS-driven cancers, including mKRAS-positive pancreatic and colorectal cancers. Elicio intends to build on recent clinical findings in the personalized cancer immunotherapy space to develop effective, off-the-shelf immunotherapies.

Elicio’s AMP technology aims to enhance the education, activation and amplification of cancer-specific T cells relative to conventional immunotherapy strategies, with the goal of promoting durable cancer immunosurveillance in patients. Elicio’s camupepimut lead program is an off-the-shelf immunotherapy candidate targeting the most common KRAS mutations, which drive approximately 25% of all solid tumors.

Off-the-shelf immunotherapy approaches have the potential benefits of low cost, rapid, commercial-scale manufacturing and rapid availability of drug to patients, especially in neoadjuvant settings and for prophylaxis in high-risk patients, contrary to personalized immunotherapy approaches.

Elicio’s pipeline includes additional off-the-shelf therapeutic cancer immunotherapy candidates, including ELI-007 and ELI-008, which target BRAF-driven cancers and p53 hotspot mutations, respectively.

For more information, please visit www.elicio.com.

About the Amphiphile Platform

Elicio’s proprietary AMP platform delivers investigational immunotherapeutics directly to the “brain center” of the immune system – the lymph nodes. Elicio believes this site-specific delivery of disease-specific antigens, adjuvants and other immunomodulators may efficiently educate, activate and amplify critical immune cells, potentially resulting in induction and persistence of potent adaptive immunity required to treat many diseases. In pre-clinical models, Elicio observed lymph node-specific engagement driving therapeutic immune responses of increased magnitude, function and durability. Elicio believes its AMP lymph node-targeted approach will produce superior clinical benefits compared to immunotherapies that do not engage the lymph nodes based on preclinical studies.

Elicio’s AMP platform, originally developed at the Massachusetts Institute of Technology, has broad potential in the cancer space to advance a number of development initiatives through internal activities, in-licensing arrangements or development collaborations and partnerships.

The AMP platform has been shown to deliver immunotherapeutics directly to the lymph nodes by latching on to the protein albumin, found in the local injection site, as it travels to lymphatic tissue.

Cautionary Note on Forward-Looking Statements

Certain statements contained in this communication regarding matters that are not historical facts, are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, known as the PSLRA. These include statements regarding the sufficiency of Elicio’s current cash and cash equivalents to support planned operations into the second quarter of 2027; Elicio’s planned and ongoing clinical programs, including the timing and outcome of planned clinical trials, including the planned Phase 1 metastatic PDAC study evaluating camupepimut with daraxonrasib, with or without nivolumab, with initiation targeted for the fourth quarter of 2026; the potential validation of the combination in a Phase 1 study; the potential of Elicio’s product candidates, including the potential of camupepimut; the potential for the pre-specified analyses from the AMPLIFY-7P trial to inform Elicio’s Phase 3 strategy in adjuvant PDAC; the potential for future expansion of ELI-002 to other indications, including other mKRAS positive cancers; the potential benefits and effectiveness of off-the-shelf immunotherapy approaches; the potential participation and presentation at upcoming conferences and medical meetings; and other statements regarding management’s intentions, plans, beliefs, expectations or forecasts for the future and, therefore, you are cautioned not to place undue reliance on them. No forward-looking statement can be guaranteed and actual results may differ materially from those projected. Elicio undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by law. Elicio uses words such as “anticipates,” “believes,” “plans,” “expects,” “projects,” “future,” “intends,” “may,” “will,” “should,” “could,” “estimates,” “predicts,” “potential,” “continue,” “guidance,” and similar expressions to identify these forward-looking statements that are intended to be covered by the safe-harbor provisions of the PSLRA. Such forward-looking statements are based on our expectations and involve risks and uncertainties; consequently, actual results may differ materially from those expressed or implied in the statements due to a number of factors, including, but not limited to, Elicio’s plans to develop and commercialize its product candidates, including camupepimut; the timing of initiation of Elicio’s planned clinical trials; the timing of the availability of data from Elicio’s clinical trials; the timing of any planned investigational new drug application or new drug application; Elicio’s plans to research, develop and commercialize its current and future product candidates; and Elicio’s estimates regarding future revenue, expenses, capital requirements and need for additional financing.

New factors emerge from time to time, and it is not possible for Elicio to predict all such factors, nor can Elicio assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. These risks are more fully discussed under the heading “Risk Factors” in Elicio’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 12, 2026, as amended on April 29, 2026, Elicio’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, filed with the SEC on May 11, 2026, and Elicio’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, filed with the SEC on August 13, 2026, as updated by subsequent reports and other documents filed from time to time with the SEC. Forward-looking statements included in this release are based on information available to Elicio as of the date of this release. Elicio does not undertake any obligation to update such forward-looking statements to reflect events or circumstances after the date of this release, except to the extent required by law.

Elicio Investor Relations Contact
Brian Ritchie
LifeSci Advisors
(212) 915-2578
britchie@lifesciadvisors.com

FAQ

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

Did Elicio’s Phase 2 AMPLIFY-7P trial meet its primary endpoint?

AMPLIFY-7P did not meet its primary disease-free survival endpoint in the intent-to-treat population. Pre-specified subgroup analyses showed reductions in recurrence-or-death risk. A supportive analysis adjusting for baseline prognostic imbalances estimated a 53% reduction in that hazard, with a hazard ratio of 0.47 and p=0.0086.

How long does Elicio expect its September 2026 cash balance to last?

Elicio expects its $30.9 million of cash and cash equivalents at September 30, 2026, to support operations into the second quarter of 2027.

Who is leading and funding Elicio’s neoadjuvant pancreatic cancer study?

Memorial Sloan Kettering Cancer Center leads the investigator-initiated Phase 1 study, funded through a partnership between The Lustgarten Foundation and Break Through Cancer. The ongoing multicenter study evaluates camupepimut with chemotherapy and anti-PD-1 therapy in resectable and borderline resectable pancreatic ductal adenocarcinoma.

What additional Elicio research will be presented at SITC 2026?

Elicio will present additional Phase 2 AMPLIFY-7P clinical and translational findings in plenary oral and late-breaking poster presentations. A separate poster will feature preclinical intratumoral AMP-CpG findings in animal cancer models.