Elicio Therapeutics, Inc. reported its financial results for the third quarter ended September 30, 2024, on November 13, 2024. The company posted a net loss of $18.8 million for the quarter, an increase from $10.7 million in the third quarter of 2023. The net loss per share for the third quarter of 2024 was $1.39, compared to $1.27 for the same period in the prior year.
Research and development (R&D) expenses for the third quarter of 2024 were $7.2 million, a slight decrease from $7.3 million in the third quarter of 2023, primarily due to lower clinical trial expenses from the wind down of ELI-002 Phase 1 trials. General and administrative (G&A) expenses decreased to $3.1 million from $3.5 million in the prior year, mainly due to reduced external costs related to the 2023 Merger.
As of September 30, 2024, Elicio held $26.0 million in cash and cash equivalents. The company projects that its current cash reserves will support operations into the second quarter of 2025, extending beyond the anticipated Phase 2 interim analysis for AMPLIFY-7P. Elicio also provided updates on its clinical pipeline, including the anticipated completion of enrollment for the AMPLIFY-7P Phase 2 study in Q4 2024 and an expected interim analysis in H1 2025.
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