Elicio Therapeutics (ELTX) Q4 2025 earnings summary

Executive summary

• Advanced ELI-002 7P in KRAS-mutant pancreatic cancer, with Phase 2 AMPLIFY-7P trial ongoing and primary DFS analysis expected in 1H 2026.

• Observed fewer disease progressions and deaths than projected in the Phase 2 trial, reinforcing confidence in ELI-002 7P's potential.

• Expanded evidence of antigen spreading and durable T-cell responses in ongoing clinical studies.

• Strengthened technical operations with the appointment of a new Chief Technology Officer.

Financial highlights

• R&D expense for 2025 was $24.9M, down from $33.7M in 2024, mainly due to lower clinical costs.

• G&A expense for 2025 was $12.8M, up from $11.3M in 2024.

• Net loss for 2025 was $39.5M ($2.58/share), compared to $51.9M ($4.25/share) in 2024.

• Cash and cash equivalents at year-end 2025 were $18.6M, up from $17.6M at year-end 2024.

• Raised $4.9M in Q4 2025 and $6.3M in Q1 2026 through at-the-market program.

Outlook and guidance

• Projected cash runway into Q3 2026, beyond the anticipated Phase 2 DFS analysis in 1H 2026.

• Plans to request End-of-Phase 2 FDA meeting to finalize Phase 3 trial design for ELI-002 7P.

• Intends to finalize Phase 3 protocol and advance ELI-002 7P to registrational study post-DFS analysis, pending regulatory alignment.

• Continued updates expected from AMPLIFY-7P program, including antigen spreading and T-cell durability data.