0001601485-26-000027
SEC filingElicio Therapeutics, Inc. (ELTX), a clinical-stage biotech developing lymph node-targeted immunotherapies, reported a net loss of $39.6M for FY 2025 ending December 31, 2025, improved from $51.9M in FY 2024, a 23.8% reduction. No revenue was generated as the company remains pre-commercialization. Total operating expenses declined 16.2% YoY to $37.7M, driven by a 26.0% drop in R&D expenses to $24.9M (from $33.7M), reflecting patients advancing to observation in the Phase 2 AMPLIFY-7P trial of lead candidate ELI-002 7P. G&A expenses rose 13.1% to $12.8M due to headcount growth. Loss from operations narrowed to $37.7M from $45.0M. Other expense, net, improved to $1.9M loss from $6.9M, mainly from warrant liability fair value changes. Cash and equivalents stood at $18.6M, funding operations into Q3 2026. Net cash used in operations was $37.0M, offset by $36.7M from financing including $16.2M ATM equity, $9.9M promissory note, and $9.1M offering. With $1.6M stockholders' equity and going concern doubt, additional capital is critical for advancing ELI-002 7P Phase 2 readout in H1 2026 and pipeline expansion.
Elicio Therapeutics reported FY 2025 net loss of $39.6M, improved 23.8% from $51.9M in FY 2024. No revenue generated as pre-revenue biotech. Operating expenses fell 16.2% YoY to $37.7M from $45.0M, primarily due to R&D reduction. Loss from operations narrowed to $37.7M (FY2024: $45.0M). Other expense net $1.9M loss vs $6.9M prior year, driven by warrant fair value changes. Balance sheet shows $25.9M total assets, $18.6M cash, $24.2M liabilities, $1.6M equity. Cash burn moderated; operations used $37.0M vs $37.1M prior. Financing provided $36.7M via equity offerings and debt. Going concern doubt persists with runway to Q3 2026.
No revenue reported in FY2025 or FY2024. Company in clinical development phase with no commercial products. Pipeline led by ELI-002 7P in Phase 2 for mKRAS PDAC; topline DFS data expected H1 2026. Preclinical programs ELI-007/ELI-008. No segment revenue breakdown applicable.
Pre-revenue; no gross margins. Operating loss $37.7M (100% of expenses). R&D 66% of opex ($24.9M), G&A 34% ($12.8M). YoY R&D efficiency improved with trial progression to observation phase. Stock-based comp $2.7M in adjustments. No profitability; ongoing losses expected until commercialization.
Operating cash use $37.0M (FY2024: $37.1M). Investing minimal ($16K). Financing $36.7M from $16.2M ATM, $9.9M promissory note, $9.1M offering, $1.3M warrants. Cash $18.6M (down from prior); total current assets $19.3M, current liabilities $8.1M. Long-term debt $9.4M, warrant liabilities $2.6M. Equity $1.6M; accumulated deficit $233.7M. $704K restricted cash.
Management expects continued losses, increased R&D for ELI-002 7P readout H1 2026, preclinical advances. Cash funds to Q3 2026; needs additional capital via equity/debt/partnerships. Risks: trial delays, funding shortfalls, competition in KRAS space. Strategic focus: partnerships for pipeline expansion, AMP platform licensing.