Executive Summary

Q2 2025 was operationally steady with lower R&D YoY, an IDMC greenlight to continue AMPLIFY-7P to final analysis, and cash runway extended into Q1 2026 following a $10M note financing; net loss was $10.6M (EPS -$0.66) versus -$7.2M in Q2 2024, with the delta driven primarily by warrant liability fair value changes and non-operating items .
EPS modestly beat consensus (actual -$0.66 vs. -$0.69 consensus, +$0.03); revenue remains $0 as expected for a clinical-stage biotech without commercial products (consensus $0) (S&P Global data).*
Key catalyst: event-driven primary DFS analysis for AMPLIFY-7P now targeted for Q4 2025, with Phase 3 preparations underway and prior FDA alignment on key design elements .
Risk balance: management reiterated “substantial doubt” about going concern absent additional financing, even as cash of $22.1M supports operations into Q1 2026 on the current plan .

What Went Well and What Went Wrong

What Went Well

IDMC recommended continuing the randomized Phase 2 AMPLIFY-7P trial in PDAC without modification after a pre-specified interim review, confirming favorable safety and indicating preliminary signs of efficacy; final DFS analysis is targeted for Q4 2025 .
Operating discipline: R&D expense declined to $7.0M from $8.2M YoY, primarily due to lower clinical trial manufacturing as ELI-002 7P advanced .
Cash runway extended into Q1 2026, supported by a $10M senior secured promissory note and associated warrant issuance in June 2025 .

Quote: “We were pleased to receive the IDMC’s positive recommendation to continue the AMPLIFY-7P study to final analysis… With final DFS data expected in the fourth quarter of this year, we are focused on advancing clinical preparations for a potential pivotal Phase 3 trial.” — Robert Connelly, CEO .

What Went Wrong

Net loss widened YoY to $10.6M (from $7.2M) as other non-operating items (e.g., warrant liability remeasurement) moved against the company; Q2 included $0.9M loss from warrant fair value changes and $0.4M grant income .
G&A increased YoY to $3.1M from $2.7M, tied to higher professional fees related to June’s financing .
Going concern flagged: despite extended runway, management disclosed substantial doubt about continuing as a going concern without additional capital beyond the current plan .

Financial Results

Metric	Q2 2024 (oldest)	Q1 2025	Q2 2025 (newest)
R&D Expense ($M)	$8.18	$7.78	$7.01
G&A Expense ($M)	$2.74	$2.96	$3.09
Total Operating Expenses ($M)	$10.92	$10.74	$10.09
Net Loss ($M)	$(7.23)	$(11.21)	$(10.56)
Diluted EPS	$(0.64)	$(0.87)	$(0.66)

Estimates vs. Actuals (S&P Global):

Metric	Q2 2025 Consensus	Q2 2025 Actual
EPS	$(0.69)*	$(0.66)
Revenue ($M)	$0.00*	$0.00

Note: YoY Opex decreased on lower manufacturing; EPS improved sequentially (Q1 to Q2), aided by lower opex and $0.4M grant income, partly offset by warrant remeasurement losses .

KPIs

KPI	Q1 2025	Q2 2025
Cash & Cash Equivalents ($M)	$18.35	$22.09
Cash Runway (Mgmt Guidance)	Into Q4 2025	Into Q1 2026
Weighted Avg Shares (basic+prefunded)	12.95M	16.06M
Grant Income ($M)	—	$0.42

Segment reporting: single reportable segment (immunotherapy R&D) .

Guidance Changes

Metric	Period	Prior Guidance	Current Guidance	Change
AMPLIFY-7P Phase 2 analysis timing	Interim (IDMC) / Final DFS	Interim in Q3 2025; potential final H2 2025	IDMC positive; Final DFS in Q4 2025	Updated milestone; positive IDMC outcome
Regulatory next steps	Post-Phase 2	Phase 3 design alignment reached with FDA	Plan End-of-Phase 2 meeting post-final DFS to finalize Phase 3 strategy	Advanced toward pivotal path
Cash runway	Liquidity	Into Q4 2025	Into Q1 2026 (post $10M financing)	Raised

Earnings Call Themes & Trends

Note: No Q2 2025 earnings call transcript located; analysis uses press releases and 10-Q narrative.

Topic	Previous Mentions (Q3 2024, Q1 2025)	Current Period (Q2 2025)	Trend
Regulatory/Phase 3 pathway	FDA alignment on Phase 3 design elements (dose, schedule, population, DFS endpoint) reiterated Q1 2025	Plan End-of-Phase 2 meeting after final DFS to finalize Phase 3	Continued progress toward pivotal
Clinical efficacy/safety signals	Strong T-cell and translational data presented; DFS correlations in early studies (SITC/AACR)	IDMC positive recommendation to continue without modification; favorable safety confirmed	Strengthening narrative
Financing/runway	Cash into Q2–Q4 2025 depending on quarter	$10M senior secured note; runway into Q1 2026	Improved liquidity
R&D execution/costs	R&D stable YoY in 2024; manufacturing spend elevated then tapering	R&D down YoY on lower manufacturing as program advances	Efficiency improving
Going concern risk	Noted historically due to development-stage profile	Substantial doubt reiterated despite extended runway	Ongoing financing risk

Management Commentary

Prepared remarks emphasized the IDMC outcome and Phase 3 readiness: “With final DFS data expected in the fourth quarter of this year, we are focused on advancing clinical preparations for a potential pivotal Phase 3 trial.” — Robert Connelly, CEO .
On interim outcome interpretation: “We believe [the IDMC recommendation] indicates preliminary signals of efficacy from ELI-002 7P” .
Liquidity: “We secured $10 million in additional financing to extend our cash runway into the first quarter of 2026, beyond the anticipated final DFS analysis” .

Other relevant Q2 period press releases:

IDMC positive recommendation (Aug 5, 2025) .
Q2 earnings press release (Aug 7, 2025) .

Q&A Highlights

No earnings call transcript was available for Q2 2025; no Q&A themes could be extracted. Supporting materials consisted of the earnings press release and the 10-Q filing .

Estimates Context

EPS: Actual -$0.66 vs. consensus -$0.69; beat by $0.03. Revenue: $0 vs. $0 consensus (S&P Global; 2 covering estimates).*
Implications: Modest EPS beat likely reflects lower operating expenses and $0.4M grant income partially offset by non-cash warrant liability remeasurement; revenue remains non-applicable at this stage .

Key Takeaways for Investors

Near-term binary catalyst: event-driven primary DFS readout for AMPLIFY-7P in Q4 2025; positive IDMC signal and safety confirmation de-risk execution into final analysis .
Pivotal readiness: prior FDA alignment on Phase 3 design and planned End-of-Phase 2 meeting post-DFS could accelerate the path to a registrational program if data are supportive .
Liquidity risk remains: despite a $10M note financing and runway into Q1 2026, management disclosed substantial doubt about going concern absent additional financing; capital strategy is a key watch item .
Operating discipline: R&D trending lower YoY on manufacturing efficiencies while G&A reflects financing activities; focus remains on advancing ELI-002 7P .
Stock set-up: outcome of the Q4 2025 DFS analysis is the dominant driver; interim IDMC outcome is favorable but not determinative—event rates and DFS magnitude versus observation will drive narrative.
Non-cash items (warrant remeasurement) add EPS volatility; core cash burn and Opex trends are better indicators of underlying trajectory .
Monitoring list: trial event accrual pace, any updates to DFS timing, additional financing actions (ATM usage, partnerships), and any interim translational data correlative to DFS.

Sources:

Q2 2025 8-K press release and exhibits .
Q2 2025 Form 10-Q (financials, liquidity, warrants, debt, and MD&A) .
Q1 2025 8-K press release (prior quarter trend and guidance) .
Q3 2024 8-K press release (historical context) .
Other press releases (Q2 period): IDMC recommendation (Aug 5, 2025) ; Q2 earnings release (Aug 7, 2025) .

*Values retrieved from S&P Global (consensus estimates).

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