Elicio Therapeutics (Nasdaq: ELTX) posts Q1 loss and extends cash runway
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Elicio Therapeutics reported first quarter 2026 results and highlighted progress in its Phase 2 AMPLIFY-7P trial of ELI-002 7P in KRAS-driven pancreatic cancer. The primary disease-free survival analysis is expected mid-year 2026, and fewer disease progressions and deaths than projected have been observed so far.
R&D expenses were $6.8 million versus $7.8 million a year earlier, while G&A expenses rose to $3.8 million from $3.0 million. Net loss was $11.8 million compared to $11.2 million, with net loss per share improving to $0.65 from $0.87.
Cash and cash equivalents were $14.9 million at March 31, 2026, down from $18.6 million at December 31, 2025. The company raised approximately $13.0 million through its at-the-market program in Q1 and early Q2 2026 and now expects its cash runway to extend into Q4 2026, beyond the anticipated AMPLIFY-7P DFS readout.
Positive
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Negative
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Insights
Early ELI-002 data and added cash extend runway through key Phase 2 readout.
Elicio Therapeutics remains a development-stage company centered on its AMP lymph node–targeted immunotherapy platform, led by ELI-002 7P in KRAS-driven pancreatic cancer. The Phase 2 AMPLIFY-7P trial has seen fewer progressions and deaths than projected, with an event-driven disease-free survival analysis anticipated mid-year 2026.
Operating expenses were stable year over year, with $6.8M R&D and $3.8M G&A in Q1 2026, driving a net loss of $11.8M. Balance sheet data show $14.9M in cash at March 31 plus approximately $13.0M raised via an at-the-market program in Q1 and early Q2, supporting operations into Q4 2026.
The upcoming disease-free survival readout from AMPLIFY-7P and a planned End-of-Phase 2 FDA meeting will be important for defining a potential Phase 3 and registrational path. Actual impact will depend on the strength of clinical data and regulatory feedback disclosed in future company communications.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
R&D expenses: $6.8 million
R&D expenses prior-year period: $7.8 million
G&A expenses: $3.8 million
+5 more
8 metrics
R&D expenses
$6.8 million
Three months ended March 31, 2026
R&D expenses prior-year period
$7.8 million
Three months ended March 31, 2025
G&A expenses
$3.8 million
Three months ended March 31, 2026
Net loss
$11.8 million
Three months ended March 31, 2026
Net loss per share
$0.65
Basic and diluted, Q1 2026
Cash and cash equivalents
$14.9 million
As of March 31, 2026
ATM net proceeds
$13.0 million
Aggregate in Q1 2026 and Q2 2026 to date
Total liabilities
$24.1 million
As of March 31, 2026
Key Terms
disease-free survival, at-the-market program, Phase 2 AMPLIFY-7P, mKRAS-positive, +2 more
6 terms
disease-free survival medical
"the event-driven primary disease-free survival (“DFS”) analysis is anticipated mid-year 2026"
Disease-free survival measures the length of time after treatment during which a patient shows no signs or symptoms of the disease. For investors, it is a key clinical result because longer disease-free periods suggest a therapy is effective at preventing recurrence, which can drive regulatory approval, market demand and revenue potential—think of it as how long a repaired item runs without breaking down.
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.
Phase 2 AMPLIFY-7P medical
"advancing the Phase 2 AMPLIFY-7P trial and anticipate reaching the event-driven primary DFS analysis"
mKRAS-positive medical
"including mKRAS-positive pancreatic and colorectal cancers"
End-of-Phase 2 meeting regulatory
"plans to request an End-of-Phase 2 meeting with the U.S. Food and Drug Administration"
An end-of-phase 2 meeting is a formal discussion between a drug developer and a regulatory agency to review mid-stage clinical results and agree on the plan and requirements for the larger, final tests needed for approval. It matters to investors because the meeting can clarify what evidence regulators will require, shape the cost and timeline for the next phase, and reduce uncertainty about whether a drug can advance toward market — like a checkpoint that determines whether a project gets the green light to move to the next, expensive stage.
warrant liability financial
"non-cash other expense primarily resulting from the change in fair value of the warrant liability"
Warrant liability is the financial obligation a company records when it grants warrants—special options giving the holder the right to buy company shares at a set price in the future. It matters to investors because changes in this liability can affect a company's reported earnings and overall financial health, similar to how a pending contract can influence a company's future value.
Earnings Snapshot
Net loss: $11.8 million
Quarter ended March 31, 2026
Net loss
$11.8 million
Net loss per share
$0.65
R&D expenses
$6.8 million
G&A expenses
$3.8 million
Cash and cash equivalents
$14.9 million
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): May 11, 2026
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
(Address of principal executive offices, including zip code) | ||||||||
(857 ) 209-0050
Registrant's telephone number, including area code
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:
Securities registered pursuant to Section 12(b) of the Act:
| (Title of each class) | (Trading Symbol) | (Name of exchange on which registered) | ||||||
The | ||||||||
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 2.02 Results of Operations and Financial Condition.
On May 11, 2026 , Elicio Therapeutics, Inc. (the “Company”) announced its financial results for the quarter ended March 31, 2026 and provided corporate updates. The full text of the press release issued in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information in this Current Report on Form 8-K (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, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit Number | Exhibit Description | |||||||
| 99.1 | Press Release dated May 11, 2026. | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Elicio Therapeutics, Inc. | |||||||||||||||||
| By: | /s/ ROBERT CONNELLY | ||||||||||||||||
Date: May 11, 2026 | Robert Connelly President and Chief Executive Officer (Principal Executive Officer) | ||||||||||||||||
Elicio Therapeutics Reports First Quarter 2026 Financial Results and Provides Corporate Updates • In the ongoing Phase 2 AMPLIFY-7P study evaluating ELI-002 7P in patients with pancreatic ductal adenocarcinoma (“PDAC”), the event-driven primary disease-free survival (“DFS”) analysis is anticipated mid-year 2026 • The Company raised net proceeds of approximately $8.0 million in Q1 2026 and an additional $5.0 million in Q2 2026 to date, for aggregate net proceeds of approximately $13.0 million, through its established at-the-market program • Projected cash runway beyond the expected AMPLIFY-7P Phase 2 final DFS data BOSTON, May 11, 2026 — Elicio Therapeutics, Inc. (Nasdaq: ELTX, “Elicio” or the “Company”), a clinical-stage biotechnology company developing a pipeline of novel immunotherapies for the treatment of cancer, today reported financial results for the quarter ended March 31, 2026, and provided recent corporate and clinical updates. “We remain focused on advancing the Phase 2 AMPLIFY-7P trial and anticipate reaching the event-driven primary DFS analysis of ELI-002 7P in post-resection KRAS-driven PDAC mid- year 2026,” said Robert Connelly, Chief Executive O[icer of Elicio. “We are encouraged by the durability of T-cell responses and clinical observations to date, supporting the potential of ELI-002 7P to favorably impact outcomes as monotherapy in the adjuvant PDAC setting. With our cash runway now expected to extend into Q4 2026, beyond the anticipated DFS readout, we believe we are well positioned to execute on this key milestone and further advance our amphiphile (“AMP”) platform in KRAS-mutant pancreatic cancer and other indications, with the goal of delivering meaningful long-term value for patients and shareholders.” Updates on the AMPLIFY-7P Phase 2 Trial • The event-driven primary DFS endpoint analysis for Elicio’s randomized Phase 2 AMPLIFY-7P trial in post-resection mKRAS PDAC is anticipated mid-year 2026 • Fewer disease progressions and deaths than projected to date have been observed in the ongoing 2:1 randomized Phase 2 AMPLIFY-7P trial • The Company remains blinded to the Phase 2 AMPLIFY-7P trial clinical e[icacy outcomes • Following completion of the primary DFS endpoint analysis, the Company plans to request an End-of-Phase 2 meeting with the U.S. Food and Drug Administration
(“FDA”) to align on the Phase 3 trial design for ELI-002 7P in resected mKRAS PDAC and to advance ELI-002 7P toward initiation of a registrational study First Quarter 2026 Financial Results R&D expenses were $6.8 million for the three months ended March 31, 2026, compared to $7.8 million for the three months ended March 31, 2025. The decrease in R&D expenses was primarily due to lower clinical trial costs as the Phase 2 study of ELI-002 7P continues and the patients moved out of the active dosing phase and into the follow up phase of the trial. G&A expenses were $3.8 million for the three months ended March 31, 2026, compared to $3.0 million for the three months ended March 31, 2025. The increase in G&A expenses was primarily due to increased Company headcount resulting in increased personnel costs and a slight increase in professional fees. Net loss was $11.8 million for the three months ended March 31, 2026, compared to $11.2 million for the three months ended March 31, 2025. Net loss for the three months ended March 31, 2026 includes $1.0 million of non-cash other expense primarily resulting from the change in fair value of the warrant liability. Net loss per share for the three months ended March 31, 2026 was $0.65, compared to $0.87 for the three months ended March 31, 2025. Cash and cash equivalents were $14.9 million as of March 31, 2026, compared to $18.6 million as of December 31, 2025. The Company raised net proceeds of $8.0 million in Q1 2026 and an additional $5.0 million in Q2 2026 to date, for aggregate net proceeds of approximately $13.0 million, through its established at-the-market program. The Company expects its current cash and cash equivalents to support planned operations into Q4 2026, beyond the anticipated AMPLIFY-7P Phase 2 event-driven DFS analysis expected mid-year 2026.
2026 2025 Operating expenses: Research and development $ 6,757 $ 7,778 General and administrative 3,845 2,958 Total operating expenses 10,602 10,736 Loss from operations (10,602) (10,736) Total other expense, net (1,221) (473) Net loss (11,823) (11,209) Other comprehensive gain: Foreign currency translation adjustment 5 31 Comprehensive loss $ (11,818) $ (11,178) Net loss per common share, basic and diluted $ (0.65) $ (0.87) Weighted average common shares and pre-funded warrants outstanding, basic and diluted 18,211,745 12,950,574 Condensed Consolidated Statements of Operations and Comprehensive Loss (in thousands, except share and per share amounts) (unaudited) Three Months Ended March 31 ELICIO THERAPEUTICS, INC.
Elicio Therapeutics, Inc. (Nasdaq: ELTX) is a clinical-stage biotechnology company advancing novel immunotherapies for the treatment of high-prevalence cancers, including mKRAS-positive pancreatic and colorectal cancers. Elicio intends to build on recent clinical successes in the personalized cancer immunotherapy space to develop e[ective, o[-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 ELI-002 7P lead program is an o[-the-shelf immunotherapy candidate targeting the most common KRAS mutations, which drive approximately 25% of all solid tumors. Elicio intends to expand ELI-002 7P clinical development not only for treatment in adjuvant PDAC, but also in neo-adjuvant and metastatic PDAC settings, and for other mKRAS-positive cancers. O[-the-shelf immunotherapy approaches have the potential benefits of low cost, rapid commercial scale manufacturing, and rapid availability of drug to patients especially in neo-adjuvant settings and for prophylaxis in high-risk patients, March 31, 2026 December 31, 2025 Assets Cash and cash equivalents 14,948$ 18,563$ Other current assets 1,252 748 Total current assets 16,200 19,311 Other assets 6,489 6,551 Total assets 22,689$ 25,862$ Liabilities and stockholders' equity (deficit) Current liabilities 7,229$ 8,110$ Long-term liabilities 16,897 16,116 Total liabilities 24,126 24,226 Total stockholders' equity (deficit) (1,437) 1,636 Total liabilities and stockholders' equity (deficit) 22,689$ 25,862$ ELICIO THERAPEUTICS, INC. Condensed Consolidated Balance Sheets (in thousands) (unaudited)
contrary to personalized immunotherapy approaches. ELI-002 is being studied in an ongoing, randomized clinical trial in patients with mKRAS-positive PDAC who completed standard therapy but remain at high risk of relapse. ELI-002 also has been studied in patients with mKRAS-positive colorectal cancer (“CRC”) in Phase 1 studies. The updated AMPLIFY-201 Phase 1 data for PDAC and CRC was presented at the ESMO Immuno- Oncology Congress 2024 and included a 16.3-month median recurrence-free survival and 28.9-month median overall survival for the full study population. Elicio’s pipeline includes additional o[-the-shelf therapeutic cancer immunotherapy candidates, including ELI-007 and ELI-008, that target BRAF-driven cancers and p53 hotspot mutations, respectively. For more information, please visit www.elicio.com. About ELI-002 Elicio’s lead product candidate, ELI-002, is a structurally novel investigational AMP cancer immunotherapy that targets cancers that are driven by mutations in the KRAS-gene—a prevalent driver of many human cancers. ELI-002 is comprised of two powerful components that are built with Elicio’s AMP technology consisting of AMP-modified mutant KRAS peptide antigens and ELI-004, an AMP-modified CpG oligodeoxynucleotide adjuvant that is available as an o[-the-shelf subcutaneous administration. ELI-002 2P (2-peptide formulation) has been studied in the Phase 1 (AMPLIFY-201) trial in patients with high relapse risk mKRAS-driven solid tumors, following surgery and chemotherapy (NCT04853017). ELI-002 7P (7-peptide formulation) is currently being studied in a Phase 1/2 (AMPLIFY-7P) trial in patients with mKRAS-driven pancreatic cancer (NCT05726864). The ELI-002 7P formulation is designed to provide immune response coverage against seven of the most common KRAS mutations present in 25% of all solid tumors, thereby increasing the potential patient population for ELI-002. 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 e[iciently educate, activate and amplify critical immune cells, potentially resulting in induction and persistence of potent adaptive immunity required to treat many diseases. In preclinical 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 su[iciency of Elicio’s current cash and cash equivalents to support planned operations into Q4 2026, beyond the anticipated AMPLIFY-7P Phase 2 event-driven primary DFS endpoint analysis anticipated mid-year 2026; Elicio’s planned clinical programs, including the timing and outcome of planned clinical trials; the timing of the expected event-driven primary DFS endpoint analysis of the Phase 2 AMPLIFY-7P trial anticipated mid-year 2026; the potential e[icacy of Elicio’s product candidates, including ELI-002 7P; the potential of Elicio’s product candidates, including ELI-002 7P, to favorably impact outcomes as monotherapy in the adjuvant PDAC setting; Elicio’s plan to request an End of Phase 2 meeting with the FDA to align on the Phase 3 trial design for ELI-002 7P and the potential outcome of such meeting, if granted; Elicio’s plans to advance ELI-002 7P toward initiation of a registrational study; the potential for future expansion of ELI-002 to other indications including, in neo- adjuvant and metastatic PDAC settings, and other mKRAS-positive cancers; the potential benefits and e[ectiveness of o[-the-shelf immunotherapy approaches; 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 di[er 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 di[er materially from those expressed or implied in the statements due to a number of factors, including, but not
limited to, Elicio’s financial condition, including its anticipated cash runway, and ability to obtain the funding necessary to advance the development of ELI-002 7P and any other future product candidates, and Elicio’s ability to continue as a going concern; Elicio’s plans to develop and commercialize its product candidates, including ELI-002 7P; the timing of initiation of Elicio’s planned clinical trials; the timing of the availability of data from Elicio’s clinical trials, including the event-driven primary DFS endpoint analysis from the Phase 2 AMPLIFY-7P trial anticipated mid-year 2026; 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 di[er 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 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. Investor Relations Contact Brian Ritchie LifeSci Advisors (212) 915-2578 britchie@lifesciadvisors.com
FAQ
How did Elicio Therapeutics (ELTX) perform financially in Q1 2026?
Elicio reported a Q1 2026 net loss of $11.8 million, slightly higher than $11.2 million a year earlier. R&D expenses fell to $6.8 million, while G&A expenses increased to $3.8 million, and net loss per share improved to $0.65 from $0.87.
What is the cash position and runway for Elicio Therapeutics (ELTX)?
Elicio held $14.9 million in cash and cash equivalents as of March 31, 2026, down from $18.6 million at year-end 2025. After raising about $13.0 million via its at-the-market program, the company expects its cash to fund operations into Q4 2026.
What progress has Elicio Therapeutics reported on the AMPLIFY-7P Phase 2 trial?
The randomized Phase 2 AMPLIFY-7P trial of ELI-002 7P in post-resection mKRAS pancreatic cancer is ongoing. The event-driven primary disease-free survival analysis is anticipated mid-year 2026, and the trial has seen fewer disease progressions and deaths than initially projected so far.
What are the key features of Elicio’s ELI-002 7P cancer immunotherapy?
ELI-002 7P is an investigational, off-the-shelf AMP-based immunotherapy targeting seven common KRAS mutations. It combines AMP-modified mutant KRAS peptide antigens with the AMP-modified adjuvant ELI-004, aiming to enhance T-cell responses against KRAS-driven solid tumors, including pancreatic and colorectal cancers.
How is Elicio Therapeutics funding its operations in 2026?
Elicio raised net proceeds of approximately $8.0 million in Q1 2026 and an additional $5.0 million in Q2 2026 to date through an established at-the-market equity program. Combined with existing cash, this funding is expected to support planned operations into Q4 2026.
What regulatory steps does Elicio plan after the AMPLIFY-7P Phase 2 analysis?
Following completion of the primary disease-free survival analysis in the Phase 2 AMPLIFY-7P trial, Elicio plans to request an End-of-Phase 2 meeting with the FDA. The goal is to align on a Phase 3 trial design for ELI-002 7P and advance toward a potential registrational study.