EX-99.2 3 a8k-deckconferencecallfi.htm EX-99.2
AMPLIFY-7P Defining the Path Forward for ELI-002 7P in Adjuvant mKRAS PDAC JUNE 15, 2026

Disclaimers No Representation or Warranty We do not make and hereby expressly disclaim any representation or warranty, express or implied, as to the reasonableness of the assumptions made in the Presentation or the accuracy or completeness of the information contained in or incorporated by reference into the Presentation. We will not have any liability for any representations or warranties, express or implied, contained in, or omissions from, the Presentation. The data contained herein is derived from various internal and external sources. We do not assume any obligation to provide the recipient with access to any additional information or to update the information in the Presentation. 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We do not give any express or implied warranties, including, but not limited to, any warranties of merchantability or fitness for a particular purpose or use, and we expressly disclaim any responsibility or liability for direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees or losses (including lost income or profits and opportunity costs) in connection with the use of the information herein. The industry may not grow at the rate projected by market data, or at all. Failure of our industries to grow at the projected rate may have a material adverse effect on our business and the market price of our securities. In addition, if any one or more of the assumptions underlying the market data are later found to be incorrect, actual results may differ from the projections based upon these assumptions. You should not place undue reliance on these forward-looking statements. Forward-Looking Statements Certain statements contained in this Presentation regarding matters that are not historical facts, are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, known as the PSLRA. These include statements regarding the sufficiency of our current cash and cash equivalents to support planned operations into Q4 2026; our planned clinical programs, including the timing and outcome of planned clinical trials; the timing and potential outcome of discussions with regulators regarding the results of the AMPLIFY-7P trial and plans for an ELI-002 7P Phase 3 trial; the potential for advancement of ELI-002 7P into a Phase 3 trial, including the timing and design of any such trial; the potential for clinical benefit, particularly for R0 resected pancreatic cancer patients; the promise of immunological targeting of mKRAS in patients considered to be refractory to immunotherapy; the potential of our product candidates, including the potential of ELI-002 7P; the potential market opportunity for ELI-002 7P; the potential for ELI-002 7P to address a significant unmet need in the adjuvant PDAC setting; the timing and outcomes of any financing or partnering opportunities; the potential for future expansion of ELI-002 to other indications, including in mKRAS positive lung cancer and other mKRAS positive cancers; the potential benefits and effectiveness of off-the-shelf immunotherapy approaches; and other statements regarding management’s intentions, plans, beliefs, expectations or forecasts for the future and, therefore, you are cautioned not to place undue reliance on them. No forward-looking statement can be guaranteed and actual results may differ materially from those projected. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by law. We use words such as “anticipates,” “believes,” “plans,” “expects,” “projects,” “future,” “intends,” “may,” “will,” “should,” “could,” “estimates,” “predicts,” “potential,” “continue,” “guidance,” and similar expressions to identify these forward-looking statements that are intended to be covered by the safe-harbor provisions of the PSLRA. Such forward-looking statements are based on our expectations and involve risks and uncertainties; consequently, actual results may differ materially from those expressed or implied in the statements due to a number of factors, including, but not limited to, our plans to develop and commercialize our product candidates, including ELI- 002 7P; the timing of initiation of our planned clinical trials; the timing of the availability of data from our clinical trials; the timing of any planned investigational new drug application or new drug application; our plans to research, develop and commercialize our current and future product candidates; and our estimates regarding future revenue, expenses, capital requirements and need for additional financing. New factors emerge from time to time, and it is not possible for us to predict all such factors, nor can we assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. These risks are more fully discussed under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 12, 2026, as updated by subsequent reports and other documents filed from time to time with the SEC. Forward- looking statements included in this Presentation are based on information available to us as of the date of this Presentation. We do not undertake any obligation to update such forward-looking statements to reflect events or circumstances after the date of this Presentation, except to the extent required by law. 2 | Elicio Therapeutics

DFS curves separated early during active ELI-002 7P treatment, supporting biological activity in the adjuvant setting Strong treatment effect observed in lower residual disease patient populations, supporting a more focused development strategy Strong mKRAS-specific immune responses correlated with DFS; ELI-002 7P maintained a favorable safety profile Randomized Phase 2 AMPLIFY-7P did not achieve its primary DFS endpoint in the overall ITT population in mKRAS-driven PDAC after locoregional therapy: adjuvant setting AMPLIFY-7P Identified a Clear Phase 3 Development Path for ELI-002 7P 3 Clear Clinical Signal in Completely Resected (R0) Patients Biological Validation and Favorable Safety Primary Endpoint was Not Met Early DFS Benefit Observed Findings identify a clear development pathway with refined patient selection and extended treatment duration. Primary endpoint was not met in the ITT population, the study identified a biologically and clinically consistent signal that informs future development | Elicio Therapeutics

AMPLIFY-7P: Randomized Phase 2 Trial in Adjuvant mKRAS+ PDAC 4 CLINICAL STUDY OVERVIEW: NCT05726864 (2:1 Randomized) Note: DFS assessment by iRECIST (new lesions confirmed by biopsy/imaging); R0/R1: Absence or presence of microscopic residual disease; NED: No Evidence of Disease. MRD: Minimal Residual Disease. PD: Progressive Disease N=96 N=48 R 2:1 Optional crossover @ confirmed PD N=144 pts, 24 enrolling U.S. Sites ELI-002 7P Monotherapy 8wk immunization (1,2,3,4,6,8) 8wk observation, 4wk boosting Designed to evaluate whether ELI-002 7P could improve disease-free survival following standard locoregional therapy Standard of Care: Observation ELI-002 7P Monotherapy • 7 mKRAS peptide antigens Phase 2: Key Criteria • Includes: mKRAS G12D/R/V/C/A/S/G13D • Resected Stage I–III mKRAS PDAC • Complete R0/R1 resection • Radiographic NED status within 6 months • MRD agnostic (biomarker +/- included) • Enrollment Completed December 2024 • 144 patients randomized across 24 U.S. Sites Endpoints Primary Endpoint: Disease Free Survival (DFS) Tumor Biomarker Response (biomarker subset) Overall Survival, Safety Exploratory: Immunogenicity | Elicio Therapeutics

Early DFS Separation Observed Through 9 Months 1 5 Post-hoc 3-month and 6-month landmark analyses indicate early clinical activity, with treatment-arm separation persisting through 9 months Su rv iv al P ro ba bi li ty ELI-002 7P DFS: ITT Stratified 20-APR-2026DCO 23.8 (9.8, NE)ELI-002 7P Median DFS (Months) 21.2 (5.1, NE)SOC (Observation) 0.85 HR (95% CI) (0.52 – 1.41) 0.5329P-value ELI-002 7P DFS: Post-hoc Landmark Analysis 6 mo3 moLandmark 75.7%90.3%ELI-002 7P DFS Rate 61.7%76.6%SOC (Observation) 14.0%13.7%DFS Rate Difference 0.05570.0222P-value 0.550.37HR from t0 to Landmark ELI-002 7P Dosing Period 1 Primary DFS analyses used specified stratified Logrank test; DCO: Data cut-off| Elicio Therapeutics

Stronger Treatment Effect Observed in Lower Residual Disease Patient Population 1 6 Post-hoc analyses demonstrate stronger treatment effect in lower residual disease Clear improvement in DFS hazard ratio observed in R0 resected patients (N=121). While post-hoc, these analyses clearly identify the population Elicio believes is most appropriate for Phase 3 evaluation. At 84% of the enrolled population, this represents a clinically meaningful and accessible Phase 3 target. ITT HR = 0.79 P = 0.2492, N = 144 R0 Resected HR = 0.65 P = 0.0484, N = 121 | Elicio Therapeutics 1 Unstratified analyses, Wilcoxon Primary DFS analyses used specified stratified Logrank test; ITT HR 0.85.

Higher Recurrence Risk Lower Recurrence Risk Resection Margin Status Was Imbalanced at Baseline 7 The ELI-002 7P arm contained more high recurrence-risk R1 patients than the observation arm Total (N=144) SOC (N=48) ELI-002 7P (N=96)Characteristic 23 (16%)5 (10%)18 (19%)Resection margin R1 19% 10% 0 5 10 15 20 ELI-002 7P Observation R1 Resection % R1 resection was disproportionately concentrated in the ELI-002 7P arm, potentially suppressing the ITT treatment effect. HR 1.56 1 1 Multivariate Cox model for DFS-adjusted HR (ITT)| Elicio Therapeutics

Stronger Treatment Effect Observed in Lower Residual Disease Patient Population 1 8 Post-hoc analyses demonstrate stronger treatment effect in lower residual disease ITT HR = 0.79 P = 0.2492, N = 144 R0 Resected HR = 0.65 P = 0.0484, N = 121 The analyses show the potential for improved treatment effect in lower residual disease, R0 resected population. ELI-002 7P (n=96) SOC (n=48) ELI-002 7P (n=78) SOC (n=43) SOCELI-002 7P 21.223.8Median (mo) 0.79 (0.48-1.28)HR P 0.2492Wilcoxon SOCELI-002 7P 12.823.8Median (mo) 0.65 (0.38-1.12)HR P 0.0484Wilcoxon 1 Unstratified analyses, Wilcoxon Primary DFS analyses used specified stratified Logrank test; ITT HR 0.85.| Elicio Therapeutics

mKRAS-Specific T Cell Responses Were Strongly Associated with Improved DFS 9 Greater mKRAS-specific T cell responses were associated with longer DFS following ELI-002 7P treatment 0 3 6 9 12 15 18 21 24 27 30 0 25 50 75 100 Months from randomization D FS P ro ba bi lit y ELI-002 7P DFS: ITT Supervised by mKRAS- specific T cell Response 2 20-APR-2026DCO NR>9.17xMedian DFS (Months) 6.08<9.17x 0.22 HR (95% CI) (0.08 – 0.63) <0.0001P-value Ph1-defined 9.17x Threshold 1mKRAS T cell fold- change from baseline: >9.17x (n=74) <9.17x (n=16) 1 Wainberg, O’Reilly, et al. Nature Medicine. 2025; 2 mKRAS T cell fold-change assessed among n=90 evaluable patients Immune response to ELI-002 7P was observed to be a strong predictor of DFS benefit. | Elicio Therapeutics

ELI-002 7P Demonstrated a Favorable Safety and Tolerability Profile 10 Safety profile supports extended treatment and combination strategies Proportionally Fewer Adverse Events Observed vs. SOC • Proportionally fewer ELI-002 7P patients had adverse events (AEs), Grade ≥3 AEs, and Serious AEs • 5% had ELI-002 7P dose delays • 0% stopped ELI-002 7P for toxicity • 0% treatment-related deaths • AE event terms were similar across groups (e.g. diarrhea, fatigue in both arms reflected prior Whipple surgery) SOC n (%) ELI-002 7P n (%) Category 37 (77.1)70 (72.9)Any TEAE 0 (0.0)23 (24.0)Treatment-related TEAE 7 (14.6)10 (10.4)Grade ≥ 3 TEAE 4 (8.3)6 (6.3)Serious TEAE 0 (0.0)5 (5.2)TEAE leading to dose modification 0 (0.0)0 (0.0)TEAE leading to withdrawal 0 (0.0)0 (0.0)TEAE leading to death TEAE: Treatment emergent adverse event| Elicio Therapeutics

A Precision Medicine Roadmap to Adjuvant PDAC Pivotal Phase 3 11 Key Phase 2 findings inform the Phase 3 development strategy Robust early efficacy during the dosing period with DFS separation maintained through 9 months Strong efficacy signal in completely resected R0 patients consistent with lower residual disease Extend ELI-002 7P Treatment Duration Target R0 Patients Phase 2 findings support a precision medicine Phase 3 strategy focused on R0 resected patients and additional dosing. Note: MRD positivity was defined as either ctDNA positivity or elevated/rising CA19-9; therefore, exclusion of ctDNA-positive patients does not equate to exclusion of all MRD-positive patients| Elicio Therapeutics

Phase 2: R0 ~84% (121/144) A Substantial Post-Surgical Treatment Gap Remains in Adjuvant PDAC Observation remains standard of care despite substantial recurrence risk after surgery and chemotherapy 12 1 Leonhardt CS, et al. Gastroenterology. 2024, 2 Kleeff J, et al. Ann. Surgery. 2007, 3 Daamen LA, et al. Trials. 2024 4 NCCN Clinical Practive Guidelines in Oncology: Pancreatic Adenocarcinoma (latest version), 5. SEER Cancer Statistics Review (Pancreatic Cancer) ELI-002 7P is designed to delay recurrence or prevent progression or death after standard locoregional therapy Current treatment course leaves a major post-surgical recurrence gap Neoadjuvant chemo Surgery R0/R1 resection Peri-operative / adjuvant chemo Observation until recurrence >50% Recurrence within 12-months 1 ~70-80% Recurrence within 24-months 2,3 0 Approved immunotherapies for adjuvant PDAC 4 13% 5-year overall survival all stages 5 No approved treatment following locoregional therapy | Elicio Therapeutics

Selection of R0 Resected Patients Offers a Clear Phase 3 Development Strategy 13 R0 resected disease setting selects for lower disease burden and slower recurrence kinetics R1 ResectionR0 ResectionFeature Microscopic tumor presentMicroscopic tumor not presentSurgical Margin Status ↑ Higher↓ LowestResidual Disease Burden Micro-metastatic disease + local residual tumorOccult micro-metastatic diseaseSource of Recurrence ↑ Higher↓ LowerBaseline Recurrence Risk Typically, shorterTypically, longerExpected Time to Recurrence R1 patients represent a distinct higher-burden disease setting outside the target population Population most likely to benefit from adjuvant ELI-002 7PImplication for ELI-002 7P Development Excluded from Phase 3Phase 3 enrollment in focused R0 population | Elicio Therapeutics

Biology of R1 Resected PDAC is Distinct from R0 Resected 14 R1 margins found in ~20% of PDAC resections indicate unique biology of disease underlying increased recurrence risk 1 Hernandez, et al. Annals Surg. 2009; 2Tummers, et al. Br J Surg. 2019; 3 Esposito, et al. Annals Surg Oncol. 2008 17 patients underwent extended surgery to convert R1 → R0 margins during the operation. Median OS was 11 months for R1 → R0, and 13 months in R1 without extra surgery, indicating that tumor biology beyond the presence of cancer cells at the margin is responsible. Repeat resection to achieve R0 does not improve outcome 1 R1 tumors associate with more rapid recurrence R1 tumors spread along blood/lymph vessels and nervesR1 Resected R0 Resected 3 Overall Recurrence2 | Elicio Therapeutics

Next Steps 15 01 02 Engage with FDA: End-of-Phase 2 Meeting Align with FDA on Phase 3 design & regulatory strategy: ELI-002 7P in R0 resected adjuvant mKRAS PDAC Initiate Phase 3 Study in Adjuvant PDAC Post FDA alignment, initiate Phase 3, subject to funding Phase 2 results support continued regulatory, clinical and operational advancement of ELI-002 7P 03 Broaden Pipeline Across Multiple Indications PDAC provides a clinical foundation for evaluating AMP-enabled immunotherapies across multiple oncogenic targets, subject to funding | Elicio Therapeutics

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