Elicio Therapeutics Inc (NASDAQ: ELTX) is a clinical-stage biopharmaceutical company that develops immunotherapy product candidates. The company generates no product revenue and finances operations through equity offerings, debt financings, and licensing or collaboration arrangements. As of the filing date of the 10-K filed March 12, 2026, Elicio held cash and cash equivalents projected to fund planned operations into the third quarter of 2026. Operating cash outflows were $36.95 million for the year ended December 31, 2025, and $37.07 million for the year ended December 31, 2024. Financing activities provided $36.70 million in FY2025 and $42.32 million in FY2024, drawn from at-the-market equity offerings, a January 2025 public offering, warrant exercises, and convertible note conversions. The company carries an accumulated deficit and has not reached commercial-stage operations.

Revenue model

No product revenue as of FY2025. Operations funded by equity issuances, including at-the-market and public offerings, convertible debt, warrant exercises, and potential future licensing or collaboration arrangements.

Products and services

Clinical-stage immunotherapy product candidates in research and development. Specific product names are not identified in the provided filing excerpts.

Customers and end markets

No commercial customers as of FY2025. End market is biopharmaceutical therapeutics subject to FDA approval and, if approved, reimbursement under Medicare, Medicaid, and the 340B Drug Pricing Program.

Value-chain role

Drug developer operating at the preclinical and clinical research stage. Relies on third-party vendors, contract manufacturers, consultants, and clinical advisors. No manufacturing or commercial sales infrastructure disclosed in the provided excerpts.

Geographic exposure

Incorporated and headquartered in the United States. Subject to EU GDPR obligations, indicating some operations or data processing involving EEA data subjects. Specific international operating footprint not disclosed in the provided excerpts.

Source: SEC 10-K, filed 2026-03-12

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