Boston-based Elicio Therapeutics, Inc. (Nasdaq: ELTX) announced a USD 15 million registered direct offering on July 2, 2026, with proceeds directed primarily toward initiating a Phase I clinical study of its lead immunotherapy candidate ELI-002 7P in metastatic pancreatic ductal adenocarcinoma (PDAC). The raise is material because it unlocks a development stage that Elicio had previously described as contingent on funding — specifically, a focused confirmatory trial in metastatic PDAC designed to generate rapid clinical activity data and inform a subsequent Phase III adjuvant strategy.
The offering comprises 4,380,313 shares of common stock sold to two new fundamental institutional investors and one large existing shareholder, with Titan Partners Group LLC acting as lead placement agent and B. Riley Securities as co-placement agent. No warrants were issued, making this a clean equity transaction with dilution limited to the shares sold. The offering carries no debt component or contingent securities. Net proceeds will be used in combination with existing cash, cash equivalents, and marketable securities to fund the planned Phase I PDAC study, broader pipeline and platform activities, and general working capital. The offering is expected to close on or about July 6, 2026, subject to customary closing conditions.
The primary asset supported by this financing is ELI-002 7P, a seven-peptide off-the-shelf cancer immunotherapy targeting the most prevalent mutant KRAS variants, which collectively drive approximately 25% of all solid tumors. ELI-002 7P was previously evaluated in the randomized Phase II AMPLIFY-7P trial in patients with mKRAS-positive pancreatic cancer who had completed standard therapy but remained at high risk of relapse. Based on topline results and post-hoc analyses from that trial, Elicio refined its development strategy to focus on patients with lower residual disease burden and longer treatment duration. Overall survival data from the Phase II study remained immature at the time of analysis. The planned Phase I study in metastatic PDAC is intended to provide a rapid assessment of clinical activity, evaluate checkpoint inhibitor combinations, and inform the design of a future adjuvant PDAC Phase III trial.
The financing represents Elicio's fifth equity or debt capital raise since going public via reverse merger in June 2023. The company completed a USD 10 million registered direct offering in January 2025 and entered into a USD 10 million senior secured promissory note with existing investor GKCC, LLC in June 2025, the latter carrying an interest rate of up to 12.5% and a 24-month interest-only period.