Elicio Therapeutics Reports $51.9 Million Net Loss for 2024, Highlights Merger and Clinical Trials

Elicio Therapeutics, Inc. reported a net loss of $51.9 million for the year ended December 31, 2024, compared to a net loss of $35.2 million in 2023. Research and development expenses increased by $9.8 million (41.1%) to $33.7 million in 2024, primarily due to increased external costs associated with ELI-002 manufacturing and clinical trials. General and administrative expenses decreased slightly by $0.6 million (4.8%) to $11.3 million, mainly due to reduced external costs related to the merger with Angion Biomedica Corp. The company ended 2024 with $17.6 million in cash and cash equivalents.

Significant changes occurred during the year, most notably the completion of the merger with Angion Biomedica Corp. on June 1, 2023, resulting in a reverse recapitalization where Elicio Operating Company, Inc. was treated as the acquirer. The company also completed enrollment in the AMPLIFY-7P Phase 2 trial for ELI-002 in December 2024, with an interim analysis expected in the third quarter of 2025. Further, the company completed enrollment in the AMPLIFY-201 Phase 1 trial for ELI-002 in April 2023 and ended study visits in August 2024. Preclinical data for ELI-007 and ELI-008 were presented at the Society for Immunotherapy of Cancer annual meeting in November 2023.

The company's operations are primarily focused on advancing its lead product candidate, ELI-002, a lymph node-targeted cancer vaccine for mutant KRAS-driven cancers. ELI-002 is currently in Phase 2 clinical trials. The company also has two preclinical programs, ELI-007 and ELI-008, targeting BRAF and TP53 mutations, respectively. Elicio Therapeutics does not own manufacturing facilities; all clinical manufacturing is outsourced to third-party contract manufacturing organizations. As of December 31, 2024, the company employed 32 full-time employees.

Key operational developments include the completion of patient enrollment in the AMPLIFY-7P Phase 2 trial and the publication of results from the AMPLIFY-201 Phase 1 trial in *Nature Medicine*. The company also received grants to fund the preclinical development of ELI-007 and ELI-008. The company's financial statements include a going concern qualification due to its recurring losses and limited cash runway.

The company's outlook indicates a need for substantial additional capital to fund operations and advance its clinical programs. The company anticipates continuing to incur significant losses for the foreseeable future and plans to seek additional funding through equity offerings, debt financing, or strategic partnerships. The company's ability to continue as a going concern is dependent on securing this additional funding.