Start here if you're new
what it is
Elicio is a Boston biotech trying to train your immune system to attack cancer.
how it gets paid
Last year Elicio Therapeutics made n/a in revenue. ELI-002 was the main engine at $0M, or 35% of sales.
what just happened
The latest quarter showed -$2.09 EPS, and revenue was not disclosed in the filing data.
At a glance
C++ balance sheet — some cracks in the foundation
30/100 earnings predictability — expect surprises
-$4.25 fy2024 eps est
$2M fy2022 rev est
1.5 beta
xvary composite: 41/100 — below average
What they do
Elicio is a Boston biotech trying to train your immune system to attack cancer.
Its AMP platform sends antigens to lymph nodes, the immune system's staging area. That is the part your body uses to start a fight. The company has 32 employees, so you are backing a small lab, not a factory.
How they make money
n/a
annual revenue
ELI-002
$0M
ELI-007
$0M
ELI-008
$0M
AMP platform
$0M
Corporate and other
$0M
The products that matter
Phase 2 cancer vaccine program
AMPLIFY-7P (ELI-002)
one asset carrying a $224M market cap
This is the company in practice. ELTX raised $11.1M in Q3 2025 to keep this program moving, and most of the stock's value sits on one Phase 2 readout expected in the first half of 2026.
core asset
non-commercial revenue stream
Grant & Collaboration Revenue
$2M annual revenue
It exists, but it does not support the valuation. A $2M revenue line against a $224M market cap tells you the market is pricing future clinical value, not current operations.
bridge revenue
Key numbers
$224M
market cap
You are paying $224M for a company with no revenue and one lead program in Phase 2.
-$4.25
FY2024 EPS
's FY2024 estimate is a $4.25 loss per share, which tells you the business is still burning cash.
$14M
debt
$14M of long-term debt is small next to a $224M equity value, but it still sits on the balance sheet.
1.5
beta
A 1.5 beta means the stock has moved about 50% harder than the market.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 3 — safer than 50% of stocks
- price stability 5 / 100
- long-term debt $14M (6% of capital)
C++ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for ELTX right now.
source: institutional data · return history unavailable
What just happened
missed estimates
The latest quarter showed -$2.09 EPS, and revenue was not disclosed in the filing data.
Value Line shows FY2024 EPS at -$4.25, while Yahoo shows trailing EPS at -$2.4. That is a smaller loss, not a profitable business.
-$2.09
latest eps
-$2.4
trailing eps
-$4.25
fy2024 eps
latest loss
The latest quarter's -$2.09 EPS matters because the company is still losing money without sales.
source: EDGAR, Yahoo Finance
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What could go wrong
ELTX is not carrying five different ways to win. It is carrying one lead readout, a short cash runway, and a financing tool large enough to matter.
med
one readout drives most of the valuation
ELTX has a $224M market cap and only $2M of annual revenue. If AMPLIFY-7P fails to show convincing disease-free survival benefit, there is no operating business large enough to catch the stock on the way down.
This is binary biotech math. The lead asset works and the story expands. It misses and most of the equity case disappears.
med
cash only runs into Q3 2026
Management has said current cash funds operations into Q3 2026. That puts funding pressure close to the same window as the key catalyst.
Even if the science holds up, you can still get diluted. Funding risk does not wait politely for good data.
med
the $100M ATM can cap near-term upside
A new at-the-market facility gives ELTX flexibility to raise capital, but it also tells you management expects to need it. On a $224M market cap company, a $100M equity tool is large.
The ATM helps survival. It also means rallies can meet company-issued share supply. Same mechanism. Very different feeling depending on whether you are buying or being diluted.
The combined risk picture is straightforward: one trial outcome drives most of the upside case, while cash needs and the $100M ATM threaten dilution before or around that same catalyst window.
source: institutional data · regulatory filings · risk analysis
Pay attention to
catalyst
AMPLIFY-7P primary analysis in the first half of 2026
This is the defining event. A positive disease-free survival readout changes the funding conversation. A weak one ends most of the thesis.
runway
cash guidance only into Q3 2026
The closer ELTX gets to that date without fresh capital or a de-risking data event, the more negotiating power shifts away from shareholders.
dilution
use of the new $100M ATM
An ATM is flexible by design. Watch whether management uses it aggressively into strength or waits for a better setup after data.
translation
whether immune activity becomes clinical benefit
Eighty-nine of 90 patients showed tumor-specific T-cell responses and 85% produced both CD4+ and CD8+ cells. Good immune data gets attention. Disease-free survival is what gets paid for.
Analyst rankings
earnings predictability
30 / 100
Low predictability means the usual income-statement markers are not stable. In human-speak, analysts cannot model this business with much confidence because the business is still mostly a clinical experiment.
price sensitivity
1.5 beta
Beta measures how sharply a stock tends to move versus the market. At 1.5, ELTX has historically been more volatile than the index, which fits a catalyst-driven biotech.
source: institutional data
Institutional activity
institutional ownership data for ELTX is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$9
current price
n/a
target midpoint · n/a from current
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