– In 2025 and 2026, there are several important milestones for Elicera that investors should keep an eye on, says Jamal El-Mosleh.
By “arming” their therapies with immune-activating properties via the iTANK platform, they aim to Elicera Therapeutics to increase its therapeutic efficacy against aggressive and recurrent solid cancers. This method not only directly targets cancer cells but also activates the patient's immune system to recognize and fight cancer in general. At the same time, it is developing ELC-100 as a separate oncolytic virus therapy for neuroendocrine tumors.
The iTANK platform is designed to enhance CAR T-cell therapies, making them more potent against treatment-resistant cancers, particularly solid tumors. This technology is also available for non-exclusive licensing, enabling other CAR T-cell therapies companies to integrate iTANK into their own treatment programs.
Promising early results with ELC-301
ELC-301 is a next-generation CAR T-cell therapy specifically designed to target B-cell lymphoma, a type of blood cancer. Unlike conventional CAR T-cell therapies that focus on the CD19 antigen, ELC-301 is designed to target CD20 – an alternative antigen that is also often found on B-cell lymphoma cells. This strategy aims to address a significant problem, as many patients who relapse after CD19-targeted therapies develop resistance, making CD20 a promising alternative target to improve treatment outcomes for these patients.
The ongoing CARMA study, Elicera's Phase I/IIa clinical trial for ELC-301, was initiated in November 2024 and consists of two parts: a dose escalation study (Phase I) with 12 patients and a dose escalation study (Phase IIa) with 6 patients. The therapy includes Elicera's iTANK platform, which aims to trigger a broader and more effective immune response against cancer cells.
Presentation at conferences
In January, Elicera presented early data from CARMA at the Cancer Crosslinks conference in Oslo. These data showed that the first patient treated with ELC-301 achieved a complete response at the lowest dose level as early as one month after treatment, without any serious side effects. This is a significant success for an early study, as it confirms both safety and efficacy. Encouraged by these results, Elicera is actively recruiting more patients to further validate the potential of the treatment. Preliminary data from the lowest dose cohort are expected to be presented at the Cancer Research Meeting (SCRM) in Malmö on May 22, 2025.
Progress with ELC-100 – final data on the way
The Company is also making progress in the development of ELC-100, also known as AdVince, an oncolytic viral therapy developed to selectively target and destroy neuroendocrine tumor (NET) cells, including those in the gastrointestinal tract, lungs and pancreas. The treatment uses a genetically modified adenovirus (Ad5PTD) that targets neuroendocrine cancer cells while sparing healthy tissue.
Final data from the dose escalation phase is expected around mid-2025, after which Elicera can decide on the next steps for this program.
Financial development in Q1 2025
In March 2025, Elicera completed the exercise period of the TO2 warrants, resulting in strong shareholder support. Approximately 96,3 percent of the outstanding warrants were exercised, raising approximately SEK 22 million before issuance costs. According to the company, the capital raised is expected to be sufficient until H2 2027 and provide resources to drive the ELC-301 and ELC-100 clinical programs towards upcoming milestones.
According to Elicera's Q1 2025 report, the company's operating loss amounted to approximately SEK -8 million, compared to approximately SEK -5,4 million the previous year. Cash flow from operating activities improved and amounted to SEK -744, compared to approximately SEK -924 million in Q9,2 1. At the end of the quarter, the company's cash and cash equivalents amounted to SEK 2024 million.
CEO comments
BioStock sought Elicera's CEO Jamal El-Mosleh for a comment.
The CARMA study for ELC-301 recently reported a complete response in the first patient treated. What factors do you think contributed to this success?
“The complete response reported for the first patient in the CARMA trial with ELC-301 is definitely a very promising early sign – especially since this patient received the lowest dose tested, just one-tenth of the planned maximum dose. While we must be cautious in drawing conclusions from an individual patient, the fact that he remained tumor-free at the four-month follow-up is a positive sign.”
– We cannot say with certainty what factors contributed to this result, but we believe that the innovative design of ELC-301 including the potential effect of our iTANK technology, which is designed to enhance tumoricidal activity and duration of response, were important contributing factors.
– We look forward to sharing additional preliminary data from the first cohort of three patients treated at the lowest dose level during our upcoming presentation on May 22.
What results do you hope to see in the final data from the dose escalation study with ELC-100, which is expected to be presented in mid-2025?
“The primary goal of the ELC-100 dose escalation study is to determine the maximum tolerated dose and establish a robust safety profile, so our main focus is on ensuring that patients tolerate ELC-100 well at higher dose levels. Demonstrating that the treatment can be safely administered across a range of doses is critical as we prepare for later phases of development.”
– Of course, we are also hopeful to see early signs of efficacy – but it is important to emphasize that in a dose escalation study, such signals are more of a bonus than an expectation. The most important goal is to ensure that we have a clear understanding of the safety and dosing parameters needed to move forward with confidence.
What are the key milestones for Elicera in 2025 and 2026 that investors should look out for?
– In 2025 and 2026, there are several important milestones for Elicera that investors should keep an eye on. First, preliminary data from more cohorts in the CARMA study in B-cell lymphoma is expected to be an important potential value driver. If the data is positive, we believe it could generate significant interest – not only from investors but also from potential partners.
– Another important milestone is the final readout of data from the ongoing study with ELC-100 in neuroendocrine tumors, which will be crucial in determining the next steps in the program.
“While we cannot promise any specific results, we are actively working to secure additional soft funding to advance the ELC-401 glioblastoma program to clinical development. We are also focused on expanding collaborations around our iTANK platform, which we see as an important strategic asset with broad potential applications.”
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