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Common Stock and Stockholders' Equity
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Common Stock and Stockholders' Equity Common Stock and Stockholders' Equity
Authorized Shares
The Company's current Amended and Restated Certificate of Incorporation, as amended, authorizes 300,000,000 shares of common stock, par value $0.01 per share, and 10,000,000 shares of preferred stock, par value $0.01 per share.
At-The-Market Equity Programs
During the year ended December 31, 2024, the Company issued and sold a total of 650,179 shares of common stock under the 2022 ATM Program for aggregate net proceeds of $5.4 million after deducting sales commissions. In May 2024, the 2022 ATM Program was terminated by the Company.
During the year ended December 31, 2025, the Company issued and sold 1,717,507 shares of common stock for net proceeds of $16.2 million under the 2024 ATM Program. During the year ended December 31, 2024, the Company issued and sold 53,795 shares of common stock for net proceeds of $0.3 million under the 2024 ATM Program.
Private Placement
In March 2024, the Company closed the March 2024 Offering, which resulted in net proceeds of $6.0 million. The March 2024 Offering providing for the issuance and sale by the Company to GKCC of the March 2024 Pre-Funded Warrants to purchase up to 1,032,702 shares of common stock, at a purchase price of $5.81. Each March 2024 Pre-Funded Warrant issued and sold in the March 2024 Offering is exercisable at an exercise price equal to $0.01 per share, subject to certain adjustments and limitations as provided under the terms of the March 2024 Pre-Funded Warrants. The net proceeds to the Company from the March 2024 Offering were $6.0 million. Refer to Note 8 for additional information.
Public Offerings
In July 2024, the Company closed the July 2024 Public Offering, which resulted in gross proceeds of $11.5 million, with net proceeds of $10.9 million to the Company, after deducting underwriting discounts and commissions and estimated offering expenses payable by the Company. The July 2024 Public Offering consisted of (i) 500,000 July 2024 Shares, (ii) the July 2024 Pre-Funded Warrants exercisable for 1,800,000 shares of common stock, and (iii) the July 2024 Common Warrants to purchase up to 2,300,000 shares of common stock. Each July 2024 Share and accompanying July 2024 Common Warrant were sold together at a combined offering price of $5.00. Each July 2024 Pre-Funded Warrant and accompanying July 2024 Common Warrant were sold together at a combined offering price of $4.99, which represented the combined purchase price less the $0.01 per share exercise price for each such July 2024 Pre-Funded Warrant. The July 2024 Common Warrants have an exercise price of $5.00 per share, are immediately exercisable, and will expire five years from the issuance date. Refer to Notes 3 and 8 for additional information.
In January 2025, the Company closed the January 2025 Offering, pursuant to which the Company agreed to issue and sell 1,261,830 January 2025 Shares and the January 2025 Common Warrants to purchase up to an aggregate of 1,261,830 shares of common stock. Each January 2025 Share and accompanying January 2025 Common Warrant were sold together at a combined offering price of $7.925. The January 2025 Common Warrants have an exercise price of $7.80 per share, are immediately exercisable and will expire 5 years from the issuance date. The January 2025 Offering resulted in gross proceeds of $10.0 million, with net proceeds of $9.2 million to the Company after deducting the placement agent’s fees and related offering expenses. The net proceeds were allocated using the relative fair value of the January 2025 Shares and January 2025 Common Warrants. Refer to Note 8 for additional information.
Senior Secured Convertible Note Financing
In August 2024, the Company entered into the Securities Purchase Agreement with GKCC pursuant to which the Company issued the 3% Convertible Note in the principal amount of $20.0 million. Unless earlier converted in accordance with the terms of the Convertible Note, the Convertible Note would mature on February 15, 2026. Interest on the Convertible Note accrued and was payable quarterly in cash on the principal amount equal to 3% per annum, with an initial interest payment date of June 30, 2025. The Company received net proceeds of approximately $19.7 million from the Convertible Note Financing, after deducting debt issuance costs. In March 2025, Elicio exercised its right under the Convertible Note to require GKCC to convert the full amount of the Convertible Note, including all accrued and unpaid interest, into shares of Elicio’s common stock. In March 2025, the Company issued 3,500,573 shares of common stock to GKCC in exchange for the principal balance of $20.0 million plus $0.3 million in accrued interest, in satisfaction in full of the Convertible Note. Refer to Note 11 for additional information.
Senior Secured Promissory Note Financing
In June 2025, the Company entered into the June 2025 Promissory Note Financing with GKCC pursuant to which the Company issued the June 2025 Promissory Note in the principal amount of $10.0 million. In connection with the June 2025 Promissory Note Financing, the Company issued to GKCC the June 2025 Warrant to purchase an aggregate of 103,225 shares of the Company’s common stock. The June 2025 Warrant has an exercise price of $7.75 per share, is immediately exercisable, and expires five years from the date of issuance. Refer to Note 11 for additional information.