Elicio Therapeutics (ELTX) Q1 2026 earnings summary

Executive summary

• Clinical-stage biotech focused on immunotherapies for mKRAS-positive cancers, with lead candidate ELI-002 7P in Phase 2 for pancreatic cancer and a pipeline targeting additional solid tumors.

• Focus remains on advancing the Phase 2 AMPLIFY-7P trial for ELI-002 7P in post-resection KRAS-driven PDAC, with primary disease-free survival (DFS) analysis expected mid-year 2026.

• Durability of T-cell responses and favorable clinical observations support ELI-002 7P's potential as monotherapy in adjuvant PDAC.

• Net loss for Q1 2026 was $11.8 million, with an accumulated deficit of $245.5 million and cash/cash equivalents of $14.9 million as of March 31, 2026.

• Substantial doubt exists about ability to continue as a going concern beyond Q4 2026 without additional financing.

Financial highlights

• Research and development expenses decreased 13% year-over-year to $6.8 million, primarily due to lower clinical trial costs as patients moved to follow-up phase.

• General and administrative expenses increased 30% year-over-year to $3.8 million, mainly from higher headcount and personnel costs.

• Net loss per share improved to $0.65 from $0.87 year-over-year, with weighted average shares outstanding increasing to 18.2 million.

• Cash and cash equivalents were $14.9 million as of March 31, 2026, compared to $18.6 million at year-end 2025.

• Raised $13.0 million in Q1 and Q2 2026 to date through at-the-market program.

Outlook and guidance

• Cash runway expected to fund operations into Q4 2026, but additional capital will be required to continue development programs and operations beyond that point.

• Event-driven primary DFS analysis for AMPLIFY-7P Phase 2 trial anticipated mid-year 2026.

• Plans to seek additional funding through equity, debt, or strategic transactions; failure to secure capital may require scaling back or liquidation.

• Plans to request End-of-Phase 2 meeting with FDA to align on Phase 3 trial design and advance toward a registrational study.