Elicio Therapeutics (ELTX) Q2 2026 earnings summary

Executive summary

• Focused on developing next-generation immunotherapies for mKRAS-positive cancers, with lead candidate ELI-002 7P in clinical trials targeting pancreatic, colorectal, and lung cancers.

• Multiple complete responses observed with ELI-002 7P and checkpoint inhibition in metastatic mKRAS pancreatic cancer, supporting a planned Phase 1 combination study in Q4 2026.

• Phase 2 AMPLIFY-7P trial did not meet its primary endpoint but showed early disease-free survival benefit and favorable safety in subgroups, informing a refined Phase 3 strategy.

• Memorial Sloan Kettering Cancer Center initiated a Phase 1 trial of ELI-002 7P plus chemotherapy and checkpoint inhibition in neoadjuvant pancreatic cancer.

• Substantial doubt exists about ability to continue as a going concern, with cash runway into Q1 2027 and recent capital raises in July 2026.

Financial highlights

• Net loss of $20.0 million for the six months ended June 30, 2026, compared to $21.8 million for the same period in 2025.

• Net loss for Q2 2026 was $8.2 million ($0.43 per share), improved from $10.6 million ($0.66 per share) in Q2 2025.

• Research and development expenses decreased to $13.6 million for H1 2026; Q2 2026 R&D expense was $6.8 million.

• General and administrative expenses increased to $7.5 million for H1 2026; Q2 2026 G&A expense was $3.6 million.

• Cash and cash equivalents were $23.5 million as of June 30, 2026; aggregate net proceeds of $24.4 million year-to-date through at-the-market and direct offerings.

Outlook and guidance

• Cash on hand expected to fund operations into Q1 2027; additional capital required for continued development and to initiate planned clinical trials.

• Phase 1 combination study in metastatic PDAC planned for Q4 2026; Phase 3 adjuvant PDAC trial contingent on further capital raise.

• Ongoing evaluation of Phase 2 subgroups to inform Phase 3 development in adjuvant PDAC.

• Expenses expected to increase as pipeline advances and company expands operations.