Elicio Therapeutics Shares Plunge 73% as KRAS Vaccine ELI-002 7P Fails Phase 2 Trial in Pancreatic Cancer

▎Armstrong

On June 15, 2026, Elicio Therapeutics announced the latest data from the Phase II AMPLIFY-7P clinical trial of ELI-002 7P, a KRAS vaccine for adjuvant treatment of pancreatic cancer; the study did not meet its primary endpoint of disease-free survival (DFS).

Elicio Therapeutics’ stock price plummeted 73% on the day, with its current market capitalization standing at $78 million.

ELI-002 7P is the lead pipeline of Elicio Therapeutics.

Elicio Therapeutics has developed a technology platform called AMP, which includes albumin-binding lipids, polymer linkers, and payloads (which can be small molecules, peptides, nucleic acids, or proteins).

ELI-002 7P is a therapeutic vaccine built on the AMP platform, targeting seven KRAS mutations, including G12D, G12R, G12V, G12C, G12S, G12A, and G13D. It also incorporates the AMP-CpG adjuvant.

Although the Phase II clinical trial failed, clinical data indicated that ELI-002 7P demonstrated therapeutic activity in the early stages of treatment, with disease-free survival (DFS) rates approximately 14% higher at 3 and 6 months; however, the survival curves crossed after 9 months.

Elicio Therapeutics will discuss the clinical protocol and registration strategy with the FDA, focusing on enrollment criteria to initially target R0 patients with a lower risk of recurrence, while excluding R1 patients.

Summary

Unlike small-molecule KRAS inhibitors, ELI-002 7P is primarily intended for adjuvant therapy in early-stage cancer to reduce the risk of postoperative recurrence, achieving this goal by inducing an immune response. However, the phase II clinical results were suboptimal, and it remains unclear whether positive outcomes can be achieved after restricting the study population to low-risk patients.