ELTXHIGH SIGNALFINANCIAL10-K

ELTX experienced a dramatic revenue collapse alongside meaningful reductions in operating losses and research spending, suggesting a significant business restructuring or strategic pivot.

The substantial decline in revenue combined with reduced R&D expenses indicates either a major contract loss, business model change, or strategic refocusing of operations. While the company managed to meaningfully reduce its operating losses during this period, the revenue performance raises questions about the sustainability of the current business trajectory and future growth prospects.

Comparing 2026-03-12 vs 2025-03-31View on EDGAR →
FINANCIAL ANALYSIS

ELTX's financial profile shifted dramatically with revenue falling substantially while the company simultaneously reduced R&D spending by 26% and cut interest expenses by over two-thirds. Despite the revenue challenges, management successfully narrowed both net losses and operating losses by roughly 16-24%, suggesting active cost management. The balance sheet showed improvement with total liabilities declining 39% and reduced capital expenditures, indicating either improved cash management or scaling back of operations.

FINANCIAL STATEMENT CHANGES
Revenue
P&L
-91.9%
$28.3M→$2.3M

Revenue declined 91.9% — significant demand weakness or market share loss warrants investigation.

Capital Expenditure
Cash Flow
-81.6%
$87K→$16K

Capex reduced 81.6% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Interest Expense
P&L
-70.6%
$3.6M→$1.1M

Interest expense declined — debt repayment or refinancing at lower rates improving earnings quality.

Total Liabilities
Balance Sheet
-38.7%
$39.5M→$24.2M

Liabilities reduced 38.7% — deleveraging improves balance sheet strength and financial flexibility.

Current Liabilities
Balance Sheet
-29.6%
$11.5M→$8.1M

Current liabilities reduced — improved short-term financial position and working capital health.

R&D Expense
P&L
-26%
$33.7M→$24.9M

R&D spending cut 26% — could signal cost discipline or concerning reduction in innovation investment.

Net Income
P&L
+23.8%
-$51.9M→-$39.6M

Net income grew 23.8% — bottom-line growth signals improving overall business health.

Operating Income
P&L
+16.2%
-$45.0M→-$37.7M

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

LANGUAGE CHANGES
NEW — 2026-03-12
PRIOR — 2025-03-31
ADDED
Market for Registrant s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 95 Item 6.
Management s Discussion and Analysis of Financial Condition and Results of Operations 95 Item 7A.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 132 Item 9A.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 134 Item 13.
In this Annual Report on Form 10-K, unless the context indicates otherwise, the terms Company , Elicio , we, us , and our, refer to Elicio Therapeutics, Inc.
Trademarks This Annual Report on Form 10-K includes trademarks, service marks and trade names owned by us or other companies.
All trademarks, service marks and trade names included in this Annual Report on Form 10-K are the property of their respective owners.
We do not intend our use or display of other companies trade names or trademarks to imply a relationship with, or endorsement or sponsorship of us by, any other companies.
Business Overview We are a clinical-stage biotechnology company advancing novel immunotherapies for the treatment of cancer, including mutant Kirsten rat sarcoma viral oncogene homolog ( mKRAS ) - positive pancreatic cancer, colorectal cancer ( CRC ), lung cancer and other mKRAS positive cancers.
We intend to build on recent clinical successes in the personalized cancer immunotherapy space to develop effective, off-the-shelf immunotherapies.
REMOVED
Such proxy statement will be filed with the Securities and Exchange Commission within 120 days of the end of the fiscal year covered by this Annual Report on Form 10-K.
Market for Re gistrant s Common Equity, Related Stockholder Matters and Issu er Purchases of Equity Securities 92 Item 6.
Management s Discussion and Analysis of Financial Condition and Results of Operations 92 I tem 7A.
Changes in and Disagreements with Accountants on Accounti ng and Financial Disclosu re 130 I tem 9A.
Security O w ners hip of B eneficial O wners and M anagement and R elated S tockholder M att ers 132 I tem 13.
C ertain Relationships and Related Transactions , and Director Independence 132 I tem 14.
As used in this Annual Report on Form 10-K, unless otherwise stated or the context otherwise indicates, references to Elicio, the Company, we, our, us or similar terms refer to Elicio Therapeutics, Inc.
Business Overview We are a clinical-stage biotechnology company pioneering the development of immunotherapies for patients with limited treatment options and poor outcomes suffering from cancer.
Our proprietary Amphiphile ( AMP ) technology is designed to generate robust anti-tumor T cell responses by preferentially targeting lymph nodes.
Recent advances have identified T cell responses as a key component of effective cancer immunotherapy and we believe our AMP technology can generate a robust T cell response that can potentially provide meaningful clinical benefit.
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