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Research Grants
9 Months Ended
Sep. 30, 2025
Research and Development [Abstract]  
Research Grants Research Grants
In September 2022, Former Elicio entered into a grant agreement with the Gastro-Intestinal (“GI”) Research Foundation, a not-for-profit organization focused on supporting research to treat, cure, and prevent digestive diseases. Of the $2.8 million award, $2.3 million was received in September 2022 and the remaining $0.5 million was received in June 2023 with the completion of the development efforts as defined in the grant agreement. The final $0.5 million payment was applied as a credit to the second grant agreement described below.
In September 2023, the Company entered into a second grant agreement with the GI Research Foundation for $3.1 million, with such amount received net of the $0.5 million credit described above. For the three and nine months ended September 30, 2024, the Company incurred $0 and $2.2 million in research and development expenses related to this project, respectively. As of September 30, 2024, the grant funds available for the second grant agreement were $0 and the deferred research obligation was $0, as the second grant agreement activities were completed in the third quarter of 2024.
In August 2024, the Company entered into a third grant agreement with the GI Research Foundation for $1.5 million. For each of the three and nine months ended September 30, 2024, the Company incurred $0.2 million in research and development expenses related to this project, all of which was reimbursed from available grant funds. For the three and nine months ended September 30, 2025, the Company incurred $0 and $0.8 million in research and development expenses related to this project, respectively, of which $0 and $0.8 million was reimbursed from available grant funds, respectively. The third grant agreement activities were completed in the second quarter of 2025.
The award money for the three grant agreements was recorded as contra-expense to offset the research and development costs incurred. Following completion of the third grant agreement with GI Research Foundation, during 2025, the remaining $0.4 million of the grant funds were recognized as grant income, as there were no further conditions to be met.