Elicio Therapeutics, Inc.

What they do

Elicio is developing off-the-shelf cancer immunotherapies using its proprietary Amphiphile (AMP) platform to deliver neoantigens to lymph nodes, thereby generating T cell responses. Its lead candidate, ELI-002 7P, targets seven common KRAS mutations in pancreatic, colorectal, lung, and other solid tumors. The company also has preclinical candidates ELI-007 (BRAF) and ELI-008 (p53). It currently has no approved products and no product revenue.

Revenue drivers

• Collaboration and license revenue — Historically minor; revenue was $2.9M (2020), $28.3M (2021), and $2.3M (2022). No recent quarterly revenue has been reported.
• Product candidates (ELI-002 7P, ELI-002 2P) — No revenue yet; all are in development. Future revenue depends on regulatory approval and commercialization.
• Grant or other income — No specific grant revenue mentioned in the provided excerpts; operations are funded primarily by equity offerings and debt.

Recent performance

For Q2 2026, net loss was $8.2 million ($0.43 per share) versus $10.6 million ($0.66) in Q2 2025. R&D expense was $6.8 million, down slightly from $7.0 million, while G&A was $3.6 million, up from $3.1 million. Cash and equivalents were $23.5 million at June 30, 2026. In June 2026, the Phase 2 AMPLIFY-7P trial missed its primary disease-free survival endpoint in the intent-to-treat population, though early treatment benefit was observed in subgroups. The company reported multiple complete responses in metastatic pancreatic cancer following ELI-002 7P with subsequent checkpoint inhibition—this observation supports a planned combination study.

Strategy

Management aims to refine a Phase 3 development strategy for ELI-002 7P in adjuvant PDAC, focusing on pre-specified subgroups like the R0 resected population. They plan to initiate a Phase 1 combination trial of ELI-002 7P with a RAS small molecule inhibitor plus or minus an anti-PD-1 inhibitor in metastatic mKRAS pancreatic cancer, expected in Q4 2026. They also activated an investigator-initiated Phase 1 neoadjuvant trial with chemotherapy and checkpoint inhibition, led by Memorial Sloan Kettering. Expansion into other mKRAS-positive cancers (e.g., lung) is considered subject to financing. A $15.0 million financing completed in July 2026 funds operations into Q1 2027.

Risks

• Clinical failure — The Phase 2 AMPLIFY-7P trial failed its primary endpoint; future success depends on positive subgroup analyses and a potentially pivotal Phase 3.
• Cash runway — With only $23.5 million in cash as of June 30, 2026 and a $15.0 million financing completed in July 2026, the company may not have enough capital to fully fund planned trials without additional raises.
• Going concern — Continued operating losses and negative cash flows raise substantial doubt about the company's ability to continue as a going concern.
• Dependence on ELI-002 7P — The company's near-term value rests almost entirely on ELI-002 7P; setbacks in that program would materially harm the business.

Outlook

Management anticipates initiating the Phase 1 combination study of ELI-002 7P with a RAS inhibitor (plus or minus anti-PD-1) in metastatic mKRAS pancreatic cancer in Q4 2026. They will continue evaluating AMPLIFY-7P subgroups to inform a Phase 3 design. The company expects cash runway into Q1 2027, assuming no additional funding.