ELTX · Elicio Therapeutics, Inc.

Elicio Therapeutics’ Q1 2026 financial results reflect a deliberate shift in clinical trial execution for its lead candidate ELI-002 7P, driving a $1.0 million YoY reduction in R&D expenses — primarily due to patients transitioning from active dosing to follow-up in the Phase 2 AMPLIFY-7P trial. This operational inflection point lowered near-term clinical cost pressure but did not offset a $0.9 million YoY increase in G&A, attributable to expanded headcount and associated personnel costs. The net loss narrowed slightly in absolute terms ($11.8M vs. $11.2M), yet EPS improved meaningfully ($0.65 vs. $0.87) due to a 41% increase in weighted average diluted shares outstanding (18.2M vs. 13.0M), reflecting prior financings and warrant activity. Critically, the company raised $8.0 million in Q1 and an additional $5.0 million in early Q2 via its ATM program, bringing total net proceeds to $13.0 million — directly extending its cash runway into Q4 2026. This timing is strategically aligned with the anticipated mid-2026 event-driven primary DFS analysis in AMPLIFY-7P, positioning Elicio to report pivotal data without immediate funding risk. Management emphasized durability of T-cell responses and clinical observations to date, while affirming plans to request an End-of-Phase 2 meeting with the FDA post-DFS readout — signaling intent to advance toward registrational development. With no revenue, no guidance on future periods, and continued negative operating cash flow, the company remains fully dependent on capital markets; however, the successful ATM execution and clear near-term catalyst (mid-2026 DFS readout) materially de-risks the next 12 months for investors.