10-Q · May 11, 2026
Elicio Therapeutics reported a net loss of $11.8 million for Q1 2026, a slight increase from a $11.2 million loss in the same quarter of the prior year. Operating expenses decreased by 1% compared to the previous year,…
Earnings analysis · 10-Q
ELTX earnings analysis
Filed August 13, 2026 · Our reading of the company's report
The latest report
Elicio's second-quarter loss improved materially year over year, with net loss declining 22% to $8.217 million and EPS improving to $(0.43), while R&D savings partly offset higher G&A. Liquidity was strengthened by…
Read full summary
Elicio's second-quarter loss improved materially year over year, with net loss declining 22% to $8.217 million and EPS improving to $(0.43), while R&D savings partly offset higher G&A. Liquidity was strengthened by approximately $13.6 million of July offering proceeds, but the company still had $19.810 million of six-month operating cash burn, substantial doubt regarding going-concern status, and an expected cash runway only into the first quarter of 2027. The key strategic setback remains AMPLIFY-7P's failure to meet its primary DFS endpoint, despite early subgroup and immune-response signals, leaving the planned Phase 3 program dependent on further financing.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.43
What stood out
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Quarterly loss narrowed 22%
Second-quarter net loss narrowed to $8.217 million from $10.561 million in the prior-year quarter, a $2.344 million or 22% improvement. Diluted EPS improved to $(0.43) from $(0.66).
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Year-to-date loss improved
Six-month net loss improved to $20.040 million from $21.770 million, an 8% reduction. Six-month operating expenses increased modestly by 1% to $21.031 million as lower R&D costs offset higher G&A.
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Clinical cost savings offset G&A growth
Second-quarter R&D expense declined 3% to $6.811 million from $7.006 million, primarily because AMPLIFY-7P patients moved from active dosing into follow-up. G&A rose 17% to $3.618 million from $3.085 million due mainly to higher headcount.
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Early AMPLIFY-7P activity observed
The company reported approximately 14% absolute disease-free-survival benefit during active treatment at both three and six months in the 144-patient AMPLIFY-7P study, with treatment-arm separation persisting through nine months.
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Immune-response signal supports development
ELI-002 7P-specific immune responses were strongly associated with clinical outcomes in the AMPLIFY-7P analysis, with a hazard ratio of 0.22, p<0.0001, and n=90. The filing also reports no treatment-related discontinuations or deaths.
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July financing extended liquidity
Cash and cash equivalents were $23.5 million at June 30, 2026, followed by approximately $13.6 million of net proceeds from the July 2026 offering. Management believes this supports operations into the first quarter of 2027 under its current plan.
What to watch
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Phase 2 primary endpoint failure
The randomized Phase 2 AMPLIFY-7P study did not meet its pre-specified primary DFS endpoint in the intent-to-treat population. The planned Phase 3 adjuvant trial is not expected to commence until after an additional capital raise.
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Going-concern and funding risk
The company disclosed substantial doubt about its ability to continue as a going concern. Six-month operating cash flow was negative $19.810 million, while cash and cash equivalents were $23.5 million at June 30, 2026 and management states additional financing is required.
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Unestablished combination safety
The planned Phase 1 metastatic PDAC combination study has not established a clinical safety profile for ELI-002 7P with a RAS small-molecule inhibitor with or without an anti-PD-1 inhibitor. Combination therapy could produce additive or synergistic adverse effects and may require dose reductions, arm elimination, or discontinuation.
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Third-party drug supply dependency
The planned combination study depends on third-party RAS inhibitors and anti-PD-1 agents; supply may be limited or subject to allocation constraints. Failure to secure supply on acceptable terms could delay the study anticipated for the fourth quarter of 2026.
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Advancing KRAS competition
The company faces competition from late-stage KRAS-targeting programs. In July 2026, Revolution Medicines announced FDA acceptance for review of daraxonrasib in previously treated metastatic PDAC, potentially allowing a competing therapy to reach the market before ELI-002 7P.
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Cash burn expected to rise
Six-month operating cash use increased to $19.810 million from $19.069 million despite the lower net loss, and management expects R&D, G&A, and capital expenditures to continue increasing as it advances clinical programs.
Management's outlook
No comparative numeric financial guidance was provided. Management expects cash and cash equivalents to fund operations into the first quarter of 2027 and anticipates initiating the metastatic PDAC Phase 1 combination study in the fourth quarter of 2026.
Earlier filings 4
10-K · April 29, 2026
Elicio Therapeutics reported a narrower Q4 EPS loss of -$0.45 versus an estimate of -$0.46, with no revenue disclosed and negative free cash flow of -$7 million. The company continues to seek financing opportunities…
10-K · March 12, 2026
Elicio (ELTX) is a clinical‑stage immunotherapy company focused on its lymph‑node targeted AMP platform and lead candidate ELI‑002 7P (7‑peptide KRAS vaccine) in a randomized Phase 2 (AMPLIFY‑7P) trial in adjuvant PDAC.…
10-Q · August 7, 2025
Elicio reported a Q2 net loss of $10,561,000 (GAAP) and loss per share of $0.66, with cash and cash equivalents of $22,088,000 at June 30, 2025. Management reduced reported long-term debt to $9,337,000 (from $20,034,000…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.