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PMGC EL-32 combo: no consistent added metabolic benefit

The preliminary mouse findings include dose-specific lean-mass and glucose signals, but no consistent additive metabolic benefit over semaglutide alone.

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Form Type
8-K

Rhea-AI Filing Summary

PMGC Holdings Inc. (ELAB) entered into two marketing-services agreements: it agreed to pay IR Agency LLC $300,000 for marketing and advertising services and will pay Senergy Communications Capital Inc. C$185,000, exclusive of applicable taxes, for digital marketing services. IR Agency’s services begin November 10, 2026, and run for up to three months unless the parties agree to extend the term; Senergy’s program is expected to run approximately one month and may be mutually extended.

PMGC’s wholly owned subsidiary, NorthStrive Biosciences, completed an eight-week preclinical study of EL-32 alone and with semaglutide in a diet-induced obesity mouse model. The study reported greater absolute lean mass at the highest tested EL-32 dose and an improved relative glucose response at the lowest combination dose, compared with semaglutide alone, but no consistent additive metabolic benefit. The findings are preliminary and do not establish efficacy or muscle preservation in humans. NorthStrive plans a follow-on preclinical study with a lower semaglutide dose and expects to update on its design and timing in the first quarter of 2027.

Item 1.01 Entry into a Material Definitive Agreement Business
The company signed a significant contract such as a merger agreement, credit facility, or major partnership.
Item 7.01 Regulation FD Disclosure Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
IR Agency agreement payment $300,000 Marketing and advertising services
Senergy agreement payment C$185,000 Digital marketing services; exclusive of applicable taxes
IR Agency service term Up to three months Services begin November 10, 2026; parties may agree to extend the term
Senergy program term Approximately one month The parties may mutually extend the program
Preclinical study duration Eight weeks EL-32 study in a diet-induced obesity mouse model
Expected study update First quarter of 2027 Update on the planned follow-on study’s design and timing
engineered probiotic medical
"EL-32, an engineered probiotic candidate"
GLP-1 receptor agonist medical
"semaglutide, the GLP-1 receptor agonist"
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 (DIO) mouse model medical
"a diet-induced obesity (DIO) mouse model"
A diet-induced obesity (DIO) mouse model is a laboratory mouse fed a high-calorie diet to reliably develop obesity and related metabolic changes, used to test how treatments affect weight, blood sugar, cholesterol and related biology. For investors, results from DIO studies provide early evidence about whether a drug or therapy can work in conditions linked to human obesity—think of it as a small-scale rehearsal that helps judge potential efficacy and risks before costly human trials.
insulin tolerance testing medical
"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 and activin A pathways medical
"designed to target the myostatin and activin A pathways"

FAQ

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

What did ELAB’s EL-32 preclinical study find?

In an eight-week diet-induced obesity mouse study, EL-32 with semaglutide showed 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. The findings were limited to specific measures and doses, and the combination did not show a consistent additive metabolic benefit.

How much did ELAB agree to pay for marketing services?

PMGC agreed to pay IR Agency LLC $300,000 for marketing and advertising services and will pay Senergy Communications Capital Inc. C$185,000, exclusive of applicable taxes, for digital marketing services. IR Agency’s services begin November 10, 2026, for up to three months unless extended by agreement; Senergy’s program is expected to run approximately one month and may be mutually extended.

What is ELAB planning next for EL-32?

NorthStrive plans a follow-on preclinical study evaluating 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; the planned study has not yet been initiated.

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false 0001840563 0001840563 2026-11-01 2026-11-01 iso4217:USD xbrli:shares iso4217:USD xbrli:shares

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported): November 1, 2026

 

PMGC Holdings Inc.
(Exact name of registrant as specified in its charter)

 

Nevada   001-41875   33-2382547
(State or other jurisdiction
of incorporation)
  (Commission File Number)   (I.R.S. Employer
Identification No.)

 

c/o 520 Newport Center Drive, Ste. 470
Newport Beach, CA
  92660
(Address of principal executive offices)   (Zip Code)

 

Registrant’s telephone number, including area code: (866) 794-4940

 

N/A

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Common Stock, $0.0001 par value   ELAB   The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ☒

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 

 

 

Item 1.01 Entry into Material Definitive Agreement.

 

On November 1, 2026, PMGC Holdings Inc. (the “Company”), entered into a Consulting Agreement (the “Consulting Agreement”) with IR Agency LLC (the “Consultant”). Under the Consulting Agreement, the Consultant will provide marketing and advertising services to communicate information about the Company to the financial community. These services include creating company profiles and media distribution. Under the Consulting Agreement, the Consultant’s services begin on November 10, 2026, and continues for a term up to three months, unless the parties agree to extend it. As consideration for the services, the Company agreed to pay the Consultant $300,000.

 

On November 4, 2026, the Company entered into an Digital Marketing Services Agreement (the “Senergy Agreement”) with Senergy Communications Capital Inc. (“Senergy”). Under the Senergy Agreement, Senergy will provide the Company with digital marketing services. The program will run for approximately one month after which the Company and Senergy may mutually extend the term. The Company will pay Senergy a total of C$185,000, exclusive of applicable taxes.

 

The Company may periodically enter into other consultancy agreements as part of its overall investor relations strategy, which may include digital marketing, preparation of press releases and investor awareness.

 

The foregoing description of the Consulting Agreement and Senergy Agreement do not purport to be complete and are qualified in their entirety by reference to the full text of the Consulting Agreement and Senergy Agreement, which are filed as Exhibit 10.1 and 10.2 respectively to this Current Report on Form 8-K and is incorporated herein by reference.

 

Item 7.01 Regulation FD Disclosure.

 

On November 5, 2026, PMGC Holdings Inc. (the “Company”), issued a press release announcing the results from its EL-32 Preclinical Combination Study with Semaglutide and plans for the next phase of development. The press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

 

The information furnished pursuant to this Item 7.01, including Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

 

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit No.   Description
10.1   Consulting Agreement, dated November 1, 2026, by and between PMGC Holdings Inc. and IR Agency LLC
10.2   Investor Awareness & Shareholder Engagement Program Agreement dated November 4, 2026,  between Senergy Communications Capital Inc. and PMGC Holdings Inc.
99.1   Press Release dated November 5, 2026
104   Cover Page Interactive Data File (formatted in Inline XBRL).

 

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SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: November 5, 2026

 

PMGC Holdings, Inc.  
     
By: /s/ Graydon Bensler  
Name: Graydon Bensler  
Title: Chief Executive Officer  

 

 

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Exhibit 99.1

 

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

 

●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., November 5, 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.

 

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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

 

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