Elicio Therapeutics Files Q2 2024 10-Q

TL;DR

Elicio Therapeutics (formerly Angion Biomedica) filed its Q2 2024 10-Q on Aug 13. Financials and operations detailed.

AI Summary

Elicio Therapeutics, Inc. filed its 10-Q for the period ending June 30, 2024. The company, formerly known as Angion Biomedica Corp., is focused on pharmaceutical preparations. Financial details and operational segments are presented in the filing, which was submitted on August 13, 2024.

Why It Matters

This filing provides investors with an update on Elicio Therapeutics' financial health and operational status for the second quarter of 2024, crucial for understanding the company's performance and future prospects.

Risk Assessment

Risk Level: medium — As a pharmaceutical company, Elicio Therapeutics is subject to inherent risks in drug development, regulatory approvals, and market competition.

Key Numbers

• 2024 Q2 — Reporting Period (Covers the second quarter of 2024.)
• 20240630 — Period End Date (The 10-Q filing covers financial data up to this date.)
• 20240813 — Filing Date (The date Elicio Therapeutics submitted this 10-Q to the SEC.)

Key Players & Entities

• Elicio Therapeutics, Inc. (company) — Filer of the 10-Q
• Angion Biomedica Corp. (company) — Former name of Elicio Therapeutics, Inc.
• 0001601485-24-000045.txt (document) — Accession number for the filing
• 20240630 (date) — End of the reporting period
• 20240813 (date) — Date the filing was submitted

FAQ

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 ELTX The Nasdaq Global Market Indicat

Filing Documents

• angn-20240630.htm (10-Q) — 1027KB
• ex311_eltx-06302024x10xq.htm (EX-31.1) — 11KB
• ex312_eltx-06302024x10xq.htm (EX-31.2) — 11KB
• ex321eltx-06302024x10xq.htm (EX-32.1) — 6KB
• ex322_eltx-06302024x10xq.htm (EX-32.2) — 6KB
• 0001601485-24-000045.txt ( ) — 6623KB
• angn-20240630.xsd (EX-101.SCH) — 56KB
• angn-20240630_cal.xml (EX-101.CAL) — 65KB
• angn-20240630_def.xml (EX-101.DEF) — 231KB
• angn-20240630_lab.xml (EX-101.LAB) — 678KB
• angn-20240630_pre.xml (EX-101.PRE) — 482KB
• angn-20240630_htm.xml (XML) — 729KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION Page

Financial Statements

Item 1. Financial Statements 5 Condensed Consolidated Balance Sheets (unaudited) 5 Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited) 6 Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders' (Deficit) Equity (unaudited) 7 Condensed Consolidated Statements of Cash Flows (unaudited) 9 Notes to Unaudited Interim Condensed Consolidated Financial Statements 10

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 27

Quantitative and Qualitative Disclosures

Item 3. Quantitative and Qualitative Disclosures 35

Controls and Procedures

Item 4. Controls and Procedures 35

OTHER INFORMATION

PART II OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 37

Risk Factors

Item 1A. Risk Factors 38

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 39

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 39

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 39

Other Information

Item 5. Other Information 39

Exhibits

Item 6. Exhibits 40

Signatures

Signatures 41 2 Table of Contents

Forward-Looking Statements

Forward-Looking Statements This Quarterly Report on Form 10-Q, including the section titled "Management's Discussion and Analysis of Financial Condition and Results of Operations", contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this Quarterly Report on Form 10-Q other than statements of historical fact, including statements concerning our business strategy and plans, future operating results and financial position, as well as our objectives and expectations for our future operations, are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "aim," "anticipate," "assume," "believe," "contemplate," "continue," "could," "due," "estimate," "expect," "goal," "intend," "may," "objective," "plan," "predict," "potential," "positioned," "seek," "should," "target," "will," "would," and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or other comparable terminology. These forward-looking statements include, but are not limited to, statements about: our financial condition, including our ability to obtain the funding necessary to advance the development of ELI-002 and any other future product candidates, our ability to continue as a going concern and our cash runway; the ability of our clinical trials to demonstrate safety and efficacy of our product candidates, and other positive results; our ability to utilize our platform to develop a pipeline of product candidates to address unmet needs in cancer and infectious disease; the timing, progress and results of clinical trials for ELI-002, and other product candidates we may develop, including statements regarding the timing of initiation and completion of studies or trials and related preparatory work, the period during which the results of the studies or trials will become available, and the timing,

FINANCIAL INFORMATION

Part I FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements ELICIO THERAPEUTICS, INC. Condensed Consolidated Balance Sheets (in thousands, except share and per share amounts) (unaudited) June 30, 2024 December 31, 2023 Assets Current assets Cash and cash equivalents $ 3,425 $ 12,894 Restricted cash, current 396 722 Prepaid expenses and other current assets 2,868 2,732 Total current assets 6,689 16,348 Property and equipment, net 597 717 Operating lease, right-of-use assets 6,142 6,563 Restricted cash, noncurrent 690 685 Other long-term prepaid assets 1,632 2,833 Total assets $ 15,750 $ 27,146 Liabilities and stockholders' equity Current liabilities Accounts payable $ 1,055 $ 4,369 Accrued expenses 5,321 3,757 Deferred research obligation 350 694 Operating lease liability, current 854 910 Unvested option exercise liability, current 5 25 Total current liabilities 7,585 9,755 Warrant liability 4,252 11 Operating lease liability, noncurrent 5,565 6,007 Total liabilities 17,402 15,773 Commitments and contingencies - Note 10 Stockholders' (deficit) equity: Preferred stock, $ 0.01 par value; 10,000,000 shares authorized at June 30, 2024 and December 31, 2023; no shares issued and outstanding at June 30, 2024 and December 31, 2023 — — Common stock, $ 0.01 par value; 300,000,000 shares authorized at June 30, 2024 and December 31, 2023; 10,273,328 shares and 9,618,178 shares issued at June 30, 2024 and December 31, 2023, respectively; 10,258,873 and 9,603,723 outstanding as of June 30, 2024 and December 31, 2023, respectively 103 96 Treasury stock, at cost, 14,455 shares outstanding as of June 30, 2024 and December 31, 2023 ( 150 ) ( 150 ) Additional paid-in capital 159,892 153,827 Accumulated other comprehensive loss ( 238 ) ( 197 ) Accumulated deficit ( 161,259 ) ( 142,203 ) Total stockholders' (deficit) equity ( 1,652 ) 11,373 Total liabilities and stockholders' (deficit) equity $ 15,750 $ 27,146 The accompanying notes are an integral part of these u

View Full Filing

View this 10-Q filing on SEC EDGAR