Elicio Therapeutics, Inc.

Clinical/early-stage biotech — oncology clinical with negative book equity, funded.

Strengths

• Liquidity — current ratio 2.4 (31st)

Risks

• Pre-revenue, deep losses — per metrics
• Pre-revenue/clinical-stage — history of losses & need for capital per risk factors
• Binary clinical & funding risk — per 10-K

Notable findings

• Cash burnNegative free cash flow (-37.0M)
• Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
• High leverageHigh leverage (debt/equity 5.75)
• Buying back stockNet buyback — share count -5%/yr over 4y
• Notable holderHeld by 4 notable fund(s): RENAISSANCE TECHNOLOGIES LLC, CITADEL ADVISORS LLC, GOLDMAN SACHS GROUP INC +1 more (as of 2026-03-31)
• China exposureexport controls and tariffs; and • the impact of laws and regulations
• New fund positionNotable fund(s) opened this quarter: GOLDMAN SACHS GROUP INC