Clinical Development Failure Risk: Elicio's product candidates are in early stages of clinical development, and there is a high risk that they may fail to demonstrate efficacy or safety in clinical trials, or that trials may be delayed, preventing regulatory approval and commercialization.

Regulatory Approval Uncertainty Risk: Even if clinical trials are successful, obtaining regulatory approvals from agencies like the FDA is a complex, costly, and lengthy process, and there is no guarantee that Elicio will receive approval for any of its product candidates.

Significant Capital Requirements Risk: Elicio has incurred substantial losses and expects to continue to incur significant expenses as it develops its product candidates, requiring substantial additional capital that may not be available on acceptable terms or at all, potentially leading to financial distress or dilution for existing shareholders.