Elicio Therapeutics (ELTX) investor relations material

Executive summary

• Focused on developing immunotherapies for cancer using proprietary AMP technology, with lead candidate ELI-002 7P in Phase 2 for mKRAS-driven pancreatic cancer; interim data review recommended trial continuation without modifications and confirmed favorable safety profile, with final analysis expected in H1 2026.

• Fewer disease progressions and deaths than projected observed in the Phase 2 AMPLIFY-7P study for pancreatic ductal adenocarcinoma as of November 6, 2025, suggesting a favorable impact on disease-free survival (DFS).

• The company remains blinded to clinical efficacy outcomes in the ongoing trial.

• Operations funded by $214.8M in aggregate net proceeds from equity, debt, warrants, and merger; no product sales to date and continued significant operating losses.

• As of September 30, 2025, accumulated deficit was $226.0M and cash/cash equivalents were $20.6M.

Financial highlights

• Net loss was $10.1M for Q3 2025 and $31.9M for the nine months ended September 30, 2025, compared to $18.8M and $37.9M for the same periods in 2024.

• Research and development expenses decreased to $5.0M in Q3 2025 from $7.2M in Q3 2024, and to $19.8M for the nine months from $22.9M year-over-year, mainly due to lower clinical trial costs.

• General and administrative expenses were $3.0M in Q3 2025 (down $0.1M YoY) and $9.0M for the nine months (up $0.5M YoY), with the increase driven by external costs related to financing activities.

• Other expense, net, was $(2.0)M in Q3 2025 and $(3.0)M for the nine months, both improved from prior year due to lower warrant-related losses.

• Gross proceeds of $11.1M raised since the beginning of Q3 2025 through the at-the-market program.

Outlook and guidance

• Cash on hand is expected to fund operations through Q2 2026, supporting operations beyond the anticipated Phase 2 DFS analysis; substantial doubt exists about the ability to continue as a going concern without additional financing.

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

• Anticipates increased expenses as clinical and preclinical programs advance and regulatory/commercial activities expand.

• Upon reaching the DFS endpoint, the company will request an End of Phase 2 meeting with the FDA to finalize Phase 3 trial design.

• Alignment on key elements of the Phase 3 study design was previously reached with the FDA.