Elicio Therapeutics (ELTX) AI Stock Analysis

• Market Cap: $199.60M
• Dividend Yield: N/A
• Average Volume (3M): 77.23K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.92
• Revenue Growth: N/A
• EPS Growth: 17.36%
• Country: US
• Employees: 32
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.45
• Shares Outstanding: 18,396,074
• 10 Day Avg. Volume: 85,490
• 30 Day Avg. Volume: 77,231
• PEG Ratio: 0.08
• Price to Book (P/B): 74.50
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -3.30
• Enterprise Value/Market Cap: 0.93
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: -219.76
• Enterprise Value/Ebitda: -5.09
• 1Y Price Target: $17.33
• Price Target Upside: 59.72% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): -1.51
• Revenue Forecast (FY): N/A

• Rating: 50 Neutral
• Price Target: $11.00 ▲(1.38% Upside)
• Action: Reiterated Date: 03/13/26
• Date: Action: Reiterated 03/13/26

The score is primarily held down by weak financial performance (zero revenue, ongoing losses, heavy cash burn, and a leveraged/fragile balance sheet). Technicals provide partial support with price trading above key moving averages and neutral momentum, while valuation remains constrained by a negative P/E and no dividend yield.

Positive Factors

Differentiated R&D Focus

Elicio's lymph node–targeted immunotherapy approach is a structural scientific differentiation that can meaningfully boost vaccine efficacy and T‑cell priming. Over the next 2–6 months, this platform-level advantage supports higher clinical value per program and potential strategic partnerships as trial data readouts progress.

Funding Optionality (ATM)

The new $100M ATM program provides durable capital flexibility without immediate issuance requirements. This structural funding option reduces the need for urgent dilutive financings, allowing the company to pace raises to cash needs and clinical milestones over months, preserving operational continuity while managing dilution.

Transparent Cash Losses

FCF that closely tracks accounting losses indicates cash burn is not being disguised by non‑cash items, improving predictability of funding needs. For investors and management this clarity supports more reliable runway modeling and milestone planning across the medium term.

Negative Factors

No Revenue / Ongoing Losses

As a development-stage biotech with zero revenue, Elicio depends entirely on external capital to fund operations. Sustained operating losses mean recurring financing needs and elevated dilution risk, limiting strategic optionality and placing pressure on delivery of clinical milestones to justify raises over the coming months.

Fragile Capital Structure

Elevated leverage against a thin and volatile equity base constrains flexibility: higher debt loads increase fixed obligations and shorten runway if cash falls. This fragile capital structure raises refinancing and covenant risk and limits the company's ability to absorb setbacks without dilutive financings.

High Cash Burn

A roughly $37M annual free cash outflow is large relative to a small balance sheet and no revenues. Persistent high burn heightens dependence on capital markets, increases probability of frequent equity raises, and can distract management with financing activities rather than program execution over the next 2–6 months.

Elicio Therapeutics Business Overview & Revenue Model

Company Description

Elicio Therapeutics, Inc., a clinical-stage biotechnology company, engages in developing a pipeline of novel immunotherapies for the treatment of cancer and other diseases. The company's lead product candidate is ELI-002, an AMP therapeutic vaccine for the treatment of KRAS-driven cancers. It is also developing ELI-004, an AMP-modified CpG adjuvant, a component of ELI-002; ELI-007, a lymph node targeted AMP-peptide vaccine for mutant BRAF-driven cancers; ELI-008, a multivalent lymph node targeted AMP-peptide vaccine for mutant TP53-expressing cancers; ELI-005, a vaccine candidate for the prevention of COVID-19; ELI-011 for the treatment of hematological cancers; and ELI-012, a mKRAS TCR T cell AMP-lifier designs to use in combination with mKRAS-targeted TCR T cell therapy against mKRAS-driven cancers. The company is headquartered in Boston, Massachusetts.

How the Company Makes Money

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Elicio Therapeutics Financial Statement Overview

Summary

Financial performance is weak: the company has persistent operating/net losses, revenue has fallen to zero from 2021 levels, and cash burn remains substantial (FCF roughly -$37M in 2025). The balance sheet is fragile with elevated leverage versus a thin equity base (debt-to-equity ~3.1x in 2025) and prior equity volatility, increasing financing and dilution risk, despite some improvement in 2025 losses versus 2024.

Income Statement

Profitability remains very weak, with persistent operating and net losses every year shown. Revenue has fallen to zero from a meaningful base in 2021, and margins are not currently supportive of a sustainable earnings profile. Losses did narrow versus 2024 (net loss improved from about $52M to about $40M in 2025), but the company is still far from breakeven and visibility is limited given the lack of revenue.

Balance Sheet

The balance sheet shows elevated leverage and thin capitalization, with debt rising in 2025 while equity remains very small (debt-to-equity around 3.1x in 2025). Equity has been volatile (including negative equity in 2024), which highlights financing risk and potential dilution risk for shareholders. A positive is that total debt is far below the 2024 level, but the overall capital structure is still fragile relative to ongoing losses.

Cash Flow

Cash burn is substantial and persistent, with operating cash flow and free cash flow deeply negative each year (roughly -$37M in 2025). Free cash flow deterioration in 2025 versus 2024 suggests funding needs may be increasing rather than stabilizing. A modest positive is that cash outflows broadly track accounting losses (free cash flow to net income near 1x), indicating losses are not being masked by large non-cash addbacks, but the absolute burn level remains a key concern.

Breakdown	Dec 2025	Mar 2025	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	28.31M
Gross Profit	-1.13M	-1.18M	-1.17M	-1.06M	27.08M
EBITDA	-36.59M	-50.27M	-32.97M	-23.55M	-51.92M
Net Income	-39.57M	-51.90M	-35.20M	-28.21M	-26.40M
Balance Sheet
Total Assets	25.86M	28.18M	27.15M	22.66M	96.51M
Cash, Cash Equivalents and Short-Term Investments	18.56M	17.62M	12.89M	7.80M	88.76M
Total Debt	14.51M	26.04M	6.92M	7.48M	4.66M
Total Liabilities	24.23M	39.49M	15.77M	13.75M	15.01M
Stockholders Equity	1.64M	-11.31M	11.37M	8.91M	81.51M
Cash Flow
Free Cash Flow	-36.97M	-37.16M	-32.76M	-22.83M	-24.46M
Operating Cash Flow	-36.95M	-37.07M	-32.69M	-22.18M	-23.94M
Investing Cash Flow	-16.00K	-84.00K	-32.00K	-654.00K	-525.36K
Financing Cash Flow	36.70M	42.32M	38.61M	21.20M	19.39M

Elicio Therapeutics Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 10.85
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ELTX, the sentiment is Neutral. The current price of 10.85 is below the 20-day moving average (MA) of 11.76, above the 50-day MA of 9.65, and above the 200-day MA of 9.43, indicating a neutral trend. The MACD of 0.58 indicates Positive momentum. The RSI at 48.80 is Neutral, neither overbought nor oversold. The STOCH value of 28.35 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for ELTX.

Elicio Therapeutics Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CGEN	73 Outperform	$197.62M	4.04	55.68%	―	-88.47%	-1658.33%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
ELTX	50 Neutral	$199.60M	-3.95	-5657.87%	―	―	17.36%
MCRB	43 Neutral	$81.48M	-2.15	13.30%	―	448.44%	―
MIST	43 Neutral	$115.83M	-2.78	-826.79%	―	―	3.70%

Elicio Therapeutics Corporate Events

Elicio Therapeutics Launches New $100 Million ATM Program

On March 16, 2026, Elicio Therapeutics entered into a new at-the-market equity offering program of up to $100 million in common stock through B. Riley Securities, JonesTrading Institutional Services and Ladenburg Thalmann, giving the biotech flexibility to raise capital over time on The Nasdaq Capital Market or other trading venues while paying the agents a 3% commission on gross proceeds. The company is not obligated to sell shares and can terminate the arrangement on short notice, signaling a desire to maintain funding optionality without committing to immediate dilution.

Also on March 16, 2026, Elicio terminated its prior Capital on Demand Sales Agreement with JonesTrading, which had allowed up to $40 million of at-the-market issuance, with Jones waiving notice periods so the termination was effective immediately and imposed no penalties. Following this termination, Elicio may no longer issue shares under the earlier JonesTrading facility, effectively consolidating its equity-raising activities under the new, larger $100 million program.

The most recent analyst rating on (ELTX) stock is a Hold with a $11.00 price target. To see the full list of analyst forecasts on Elicio Therapeutics stock, see the ELTX Stock Forecast page.