The centerpiece of Elicera’s progress so far in 2025 is the phase I/IIa CARMA study of its CAR T-cell candidate ELC-301 for B-cell lymphoma. Early data showed that four out of six patients achieved complete metabolic response (no active disease), including one patient who had relapsed after prior CD19-directed CAR T treatment. These results underscore the potential of ELC-301 in particularly hard-to-treat cases.
Most patients treated so far had already undergone at least three prior lines of therapy, highlighting the difficulty of this population. Additionally, following the Data Safety and Monitoring Board’s (DSMB) approval in August, recruitment has begun for the third and final dose cohort, where patients will receive a dose ten times higher than in cohort 1.
— We are well positioned to continue driving our clinical programs forward, CEO said the CEO Jamal El-Mosleh said in the interim report. This reflects the company's commitment to advancing its iTANK-armed therapies, aiming to enhance immune responses against aggressive cancers.
Alongside CARMA, Elicera is preparing for final reporting from the phase I/IIa study of ELC-100, its oncolytic virus candidate for neuroendocrine tumors, which was delayed due to database migration. The program nevertheless advanced in recognition, receiving Orphan Drug Designation from the FDA earlier this year for pancreatic neuroendocrine tumors. Furthermore, Elicera entered a Material Transfer Agreement with University Hospital Tübingen to test ELC-100 and ELC-201.
Expanding the pipeline
The company continues to push forward with its preclinical efforts, particularly with ELC-401 for glioblastoma, one of the most aggressive brain cancers. Built on the iTANK platform, ELC-401 has shown encouraging immune-activating effects in preclinical studies. Elicera is actively exploring grants and partnerships to move this program into the clinic.
Reflecting on the company's pipeline as a whole, El-Mosleh stated:
— These developments highlight the significant progress Elicera Therapeutics is making as we enter an exciting period with several clinical data reports on the horizon.
Financial overview
Elicera reported an operating loss of SEK -10,9 million for the first half of 2025, a slight improvement compared to last year. Importantly, strong support with the high exercise rate of 96,3 per cent for the company’s warrant program earlier this year brought in SEK 22 million before costs, extending its financial runway until mid-2027. At the end of June, the company’s cash position stood at SEK 39,7 million, providing sufficient funding to complete the CARMA study and advance other key programs.
Outlook and CEO comment
With robust clinical progress, extended financial security, and a exciting pipeline, Elicera enters the second half of 2025 in a strong position. The company’s dual focus on CAR T-cell therapies and oncolytic viruses underscores its strategy to broaden treatment options in cancer immunotherapy. Key upcoming milestones include the final ELC-100 data and potential partnerships for preclinical programs.
In a comment to BioStock, CEO Jamal El-Mosleh says:
— We are highly encouraged by the promising early results from ELC-301 in the CARMA study, which strengthen our confidence in the road ahead. With our current cash position, we are funded through mid-2027, enabling us to complete recruitment and treatment of all 18 planned patients in the CARMA study. This positions us to achieve key clinical milestones and significant value inflection points.
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