Elicio Therapeutics (ELTX) 10-Q 13 Nov 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2023	Nov. 07, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Entity Transition Report	false
Entity File Number	001-39990
Entity Registrant Name	Elicio Therapeutics, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	11-3430072
Entity Address, Address Line One	451 D Street, 5th Floor
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02210
City Area Code	857
Local Phone Number	209-0050
Title of 12(b) Security	Common Stock, par value $0.01
Trading Symbol	ELTX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		8,407,106
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001601485
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 14,841	$ 6,156
Restricted cash, current	1,671	1,641
Prepaid expenses and other current assets	3,419	2,920
Total current assets	19,931	10,717
Property and equipment, net	772	1,147
Operating lease, right-of-use assets	6,768	7,350
Restricted cash, noncurrent	683	617
Other long-term prepaid assets	2,833	2,833
Total assets	30,987	22,664
Current liabilities
Accounts payable	4,406	2,805
Accrued expenses	4,416	1,935
Deferred research obligation	1,664	1,436
Operating lease liability, current	938	692
Unvested option exercise liability, current	36	0
Warrant liability	26	0
Total current liabilities	11,486	6,868
Operating lease liability, noncurrent	6,215	6,789
Unvested option exercise liability, non current	0	92
Total liabilities	17,701	13,749
Commitments and contingencies - Note 10
Convertible preferred stock:
Total convertible preferred stock	0	111,060	[1]
Stockholders' equity (deficit):
Common stock, $0.01 par value; 300,000,000 shares authorized at September 30, 2023 and December 31, 2022; 8,384,723 shares and 320,281 shares issued at September 30, 2023 and December 31, 2022, respectively; 8,378,361 and 320,281 outstanding as of September 30, 2023 and December 31, 2022, respectively	84	3
Treasury stock, at cost, 14,455 shares and no shares outstanding as of September 30, 2023 and December 31, 2022, respectively	(150)	0
Additional paid-in capital	146,631	4,860
Accumulated other comprehensive income (loss)	(25)	0
Accumulated deficit	(133,254)	(107,008)
Total stockholders' equity (deficit)	13,286	(102,145)	[1]
Total liabilities, convertible preferred stock, and stockholders' equity (deficit)	30,987	22,664
Series A Preferred Stock
Convertible preferred stock:
Total convertible preferred stock	0	7,495
Series B Preferred Stock
Convertible preferred stock:
Total convertible preferred stock	0	62,944
Series C preferred stock
Convertible preferred stock:
Total convertible preferred stock	$ 0	$ 40,621
[1]Retroactively restated for the reverse recapitalization as described in Note 3.

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2023	Jun. 30, 2023	Jun. 01, 2023	Mar. 31, 2023	Dec. 31, 2022		Oct. 18, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	[2]
Convertible preferred stock, par value (in dollars per share)					$ 0.06
Convertible preferred stock, shares authorized (in shares)					6,948,560
Convertible preferred stock, shares issued (in shares)					4,997,920
Convertible preferred stock, shares outstanding (in shares)	0	0		4,997,920	4,997,920	[1]		2,180,679	1,511,737	1,408,100	1,408,100
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01			$ 0.01
Common stock, shares authorized (in shares)	300,000,000				300,000,000
Common stock, shares issued (in shares)	8,384,723		8,387,025		320,281
Common stock, shares outstanding (in shares)	8,378,361		8,387,025		320,281
Treasury stock, shares outstanding (in shares)	14,455				0
Series A Preferred Stock
Convertible preferred stock, par value (in dollars per share)	$ 0.06				$ 0.06
Convertible preferred stock, shares authorized (in shares)	0				132,387
Convertible preferred stock, shares issued (in shares)	0				132,387		132,387
Convertible preferred stock, shares outstanding (in shares)	0				132,387
Series B Preferred Stock
Convertible preferred stock, par value (in dollars per share)	$ 0.06				$ 0.06
Convertible preferred stock, shares authorized (in shares)	0				1,927,375
Convertible preferred stock, shares issued (in shares)	0				1,927,375		1,927,375
Convertible preferred stock, shares outstanding (in shares)	0				1,927,375
Series C preferred stock
Convertible preferred stock, par value (in dollars per share)	$ 0.06				$ 0.06
Convertible preferred stock, shares authorized (in shares)	0				4,888,798
Convertible preferred stock, shares issued (in shares)	0				2,938,158
Convertible preferred stock, shares outstanding (in shares)	0				2,938,158
[1]Retroactively restated for the reverse recapitalization as described in Note 3.[2]Retroactively restated for the reverse recapitalization as described in Note 3.

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Operating expenses:
Research and development	$ 7,264	$ 4,593	$ 17,692	$ 13,813
General and administrative	3,507	1,177	8,661	3,959
Total operating expenses	10,771	5,770	26,353	17,772
Loss from operations	(10,771)	(5,770)	(26,353)	(17,772)
Other income (expense)
Change in fair value of warrant liability	6	0	(17)	0
Change in fair value of embedded derivatives	0	(360)	429	(286)
Gain on extinguishment of promissory notes payable	0	0	604	0
Loss on sale of equipment	(105)	0	(105)	(4)
Foreign exchange transaction loss	(33)	0	(45)	0
Interest income	246	10	298	10
Interest expense	(1)	(1,078)	(1,057)	(3,505)
Total other income (expense)	113	(1,428)	107	(3,785)
Net loss	(10,658)	(7,198)	(26,246)	(21,557)
Other comprehensive loss:
Foreign currency translation adjustment	(23)	0	(25)	0
Comprehensive loss	$ (10,681)	$ (7,198)	$ (26,271)	$ (21,557)
Net loss per common share, basic (in dollars per share)	$ (1.27)	$ (22.67)	$ (3.19)	$ (68.52)
Net loss per common share, diluted (in dollars per share)	$ (1.27)	$ (22.67)	$ (3.19)	$ (68.52)
Weighted average common shares outstanding, basic (in shares)	8,376,384	317,512	8,240,326	314,619
Weighted average common shares outstanding, diluted (in shares)	8,376,384	317,512	8,240,326	314,619

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders’ Equity (Deficit) - USD ($) $ in Thousands		Total	Reverse Recapitalization	Conversion Of Convertible Preferred Stock	Conversion of Convertible Debt	Common Stock		Common Stock Reverse Recapitalization	Common Stock Conversion Of Convertible Preferred Stock	Treasury Stock		Additional Paid-in Capital	Additional Paid-in Capital Reverse Recapitalization	Additional Paid-in Capital Conversion Of Convertible Preferred Stock	Additional Paid-in Capital Conversion of Convertible Debt	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Balance at beginning of period (in shares) at Dec. 31, 2021	[1]	1,408,100
Beginning balance at Dec. 31, 2021	[1]	$ 70,439
Balance at end of period (in shares) at Mar. 31, 2022		1,408,100
Ending balance at Mar. 31, 2022		$ 70,439
Balance at beginning of period (in shares) at Dec. 31, 2021	[1]					310,200
Beginning balance at Dec. 31, 2021	[1]	(74,537)				$ 3				$ 0		$ 4,261				$ 0	$ (78,801)
Treasury stock, beginning balance (in shares) at Dec. 31, 2021	[1]									0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)						71
Exercise of stock options		1										1
Issuance of common stock upon net settlement of restricted stock units and performance stock units (in shares)						2,775
Issuance of common stock upon net settlement of restricted stock units and performance stock units		3										3
Stock-based compensation		157										157
Net loss		(7,060)															(7,060)
Balance at end of period (in shares) at Mar. 31, 2022						313,046
Ending balance at Mar. 31, 2022		$ (81,436)				$ 3				$ 0		4,422				0	(85,861)
Treasury stock, ending balance (in shares) at Mar. 31, 2022										0
Balance at beginning of period (in shares) at Dec. 31, 2021	[1]	1,408,100
Beginning balance at Dec. 31, 2021	[1]	$ 70,439
Balance at end of period (in shares) at Sep. 30, 2022		2,180,679
Ending balance at Sep. 30, 2022		$ 80,448
Balance at beginning of period (in shares) at Dec. 31, 2021	[1]					310,200
Beginning balance at Dec. 31, 2021	[1]	(74,537)				$ 3				$ 0		4,261				0	(78,801)
Treasury stock, beginning balance (in shares) at Dec. 31, 2021	[1]									0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Foreign currency translation adjustment		0
Net loss		(21,557)
Balance at end of period (in shares) at Sep. 30, 2022						319,118
Ending balance at Sep. 30, 2022		$ (95,697)				$ 3				$ 0		4,658				0	(100,358)
Treasury stock, ending balance (in shares) at Sep. 30, 2022										0
Balance at beginning of period (in shares) at Mar. 31, 2022		1,408,100
Beginning balance at Mar. 31, 2022		$ 70,439
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of Series C convertible preferred stock, net of issuance costs (in shares)		103,637
Issuance of Series C convertible preferred stock, net of issuance costs		$ 1,169
Balance at end of period (in shares) at Jun. 30, 2022		1,511,737
Ending balance at Jun. 30, 2022		$ 71,608
Balance at beginning of period (in shares) at Mar. 31, 2022						313,046
Beginning balance at Mar. 31, 2022		(81,436)				$ 3				$ 0		4,422				0	(85,861)
Treasury stock, beginning balance (in shares) at Mar. 31, 2022										0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)						181
Exercise of stock options		3										3
Issuance of common stock upon net settlement of restricted stock units and performance stock units (in shares)						2,775
Issuance of common stock upon net settlement of restricted stock units and performance stock units		3										3
Stock-based compensation		113										113
Net loss		(7,299)															(7,299)
Balance at end of period (in shares) at Jun. 30, 2022						316,002
Ending balance at Jun. 30, 2022		$ (88,616)				$ 3				$ 0		4,541				0	(93,160)
Treasury stock, ending balance (in shares) at Jun. 30, 2022										0
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of Series C convertible preferred stock, net of issuance costs (in shares)		668,942
Issuance of Series C convertible preferred stock, net of issuance costs		$ 8,840
Balance at end of period (in shares) at Sep. 30, 2022		2,180,679
Ending balance at Sep. 30, 2022		$ 80,448
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)						341
Exercise of stock options		4										4
Issuance of common stock upon net settlement of restricted stock units and performance stock units (in shares)						2,775
Issuance of common stock upon net settlement of restricted stock units and performance stock units		3										3
Stock-based compensation		110										110
Foreign currency translation adjustment		0
Net loss		(7,198)															(7,198)
Balance at end of period (in shares) at Sep. 30, 2022						319,118
Ending balance at Sep. 30, 2022		$ (95,697)				$ 3				$ 0		4,658				0	(100,358)
Treasury stock, ending balance (in shares) at Sep. 30, 2022										0
Balance at beginning of period (in shares) at Dec. 31, 2022	[2]	4,997,920
Beginning balance at Dec. 31, 2022	[2]	$ 111,060
Balance at end of period (in shares) at Mar. 31, 2023		4,997,920
Ending balance at Mar. 31, 2023		$ 111,060
Balance at beginning of period (in shares) at Dec. 31, 2022		320,281				320,281	[2]
Beginning balance at Dec. 31, 2022	[2]	$ (102,145)				$ 3				$ 0		4,860				0	(107,008)
Treasury stock, beginning balance (in shares) at Dec. 31, 2022		0								0	[2]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)						4,699
Exercise of stock options		$ 40										40
Issuance of common stock upon net settlement of restricted stock units and performance stock units (in shares)						2,601
Issuance of common stock upon net settlement of restricted stock units and performance stock units		34										34
Stock-based compensation		224										224
Net loss		(8,029)															(8,029)
Balance at end of period (in shares) at Mar. 31, 2023						327,581
Ending balance at Mar. 31, 2023		$ (109,876)				$ 3				$ 0		5,158				0	(115,037)
Treasury stock, ending balance (in shares) at Mar. 31, 2023										0
Balance at beginning of period (in shares) at Dec. 31, 2022	[2]	4,997,920
Beginning balance at Dec. 31, 2022	[2]	$ 111,060
Balance at end of period (in shares) at Sep. 30, 2023		0
Ending balance at Sep. 30, 2023		$ 0
Balance at beginning of period (in shares) at Dec. 31, 2022		320,281				320,281	[2]
Beginning balance at Dec. 31, 2022	[2]	$ (102,145)				$ 3				$ 0		4,860				0	(107,008)
Treasury stock, beginning balance (in shares) at Dec. 31, 2022		0								0	[2]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		61,791
Foreign currency translation adjustment		$ (25)
Net loss		$ (26,246)
Balance at end of period (in shares) at Sep. 30, 2023		8,378,361				8,378,361
Ending balance at Sep. 30, 2023		$ 13,286				$ 84				$ (150)		146,631				(25)	(133,254)
Treasury stock, ending balance (in shares) at Sep. 30, 2023		(14,455)								(14,455)
Balance at beginning of period (in shares) at Mar. 31, 2023		4,997,920
Beginning balance at Mar. 31, 2023		$ 111,060
Increase (Decrease) in Temporary Equity [Roll Forward]
Conversion of preferred stock (in shares)		(4,997,920)
Conversion of preferred stock		$ (111,060)
Balance at end of period (in shares) at Jun. 30, 2023		0
Ending balance at Jun. 30, 2023		$ 0
Balance at beginning of period (in shares) at Mar. 31, 2023						327,581
Beginning balance at Mar. 31, 2023		(109,876)				$ 3				$ 0		5,158				0	(115,037)
Treasury stock, beginning balance (in shares) at Mar. 31, 2023										0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)						4,460
Issuance of common stock upon net settlement of restricted stock units and performance stock units (in shares)						903		26,550
Issuance of common stock upon net settlement of restricted stock units and performance stock units		11	$ 27					$ 1				11	$ 26
Conversion of preferred stock (in shares)									4,997,920
Conversion of preferred stock and settlement of promissory notes				$ 111,060	$ 10,028				$ 50					$ 111,010	$ 10,028
Issuance of common stock, net of issuance costs (in shares)						3,012,854
Issuance of common stock, net of issuance costs		19,739				$ 30						19,709
Return of common stock to pay withholding taxes on restricted stock (in shares)										(14,455)
Return of common stock to pay withholding taxes on restricted stock		(150)								$ (150)
Stock-based compensation		279										279
Foreign currency translation adjustment		(2)														(2)
Net loss		(7,559)															(7,559)
Balance at end of period (in shares) at Jun. 30, 2023						8,370,268
Ending balance at Jun. 30, 2023		$ 23,557				$ 84				$ (150)		146,221				(2)	(122,596)
Treasury stock, ending balance (in shares) at Jun. 30, 2023										(14,455)
Balance at end of period (in shares) at Sep. 30, 2023		0
Ending balance at Sep. 30, 2023		$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)						7,190
Exercise of stock options		60										60
Issuance of common stock upon net settlement of restricted stock units and performance stock units (in shares)						903
Issuance of common stock upon net settlement of restricted stock units and performance stock units		11										11
Stock-based compensation		339										339
Foreign currency translation adjustment		(23)														(23)
Net loss		$ (10,658)															(10,658)
Balance at end of period (in shares) at Sep. 30, 2023		8,378,361				8,378,361
Ending balance at Sep. 30, 2023		$ 13,286				$ 84				$ (150)		$ 146,631				$ (25)	$ (133,254)
Treasury stock, ending balance (in shares) at Sep. 30, 2023		(14,455)								(14,455)
[1]Retroactively restated for the reverse recapitalization as described in Note 3.[2]Retroactively restated for the reverse recapitalization as described in Note 3.

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders’ Equity (Deficit) (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2023	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2023	Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]
Common stock, par value (in dollars per share)	$ 0.01			$ 0.01	$ 0.01
Stock issuance costs	$ 2.4	$ 0.7	$ 0.3

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net loss	$ (10,658,000)	$ (7,198,000)	$ (26,246,000)	$ (21,557,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	0	100,000	302,000	290,000
Amortization of right-of-use assets, operating leases			582,000	473,000
Non-cash interest expense			1,061,000	3,509,000
Change in fair value of embedded derivative	0	360,000	(429,000)	286,000
Change in fair value of warrant liability	(6,000)	0	17,000	0
Stock-based compensation			842,000	380,000
Gain on extinguishment of promissory note payable	0	0	(604,000)	0
Loss on disposal of property and equipment, net	105,000	0	105,000	4,000
Changes in operating assets and liabilities:
Prepaid expenses and other current assets			(41,000)	(1,513,000)
Other long-term prepaid assets			0	114,000
Accounts payable			63,000	1,407,000
Accrued expenses and other current liabilities			1,910,000	(70,000)
Deferred research obligation			228,000	2,152,000
Operating lease liabilities			(588,000)	(378,000)
Net cash used in operating activities			(22,798,000)	(14,903,000)
Cash flows from investing activities:
Purchases of property and equipment			(66,000)	(559,000)
Proceeds from sale of property and equipment			34,000	0
Net cash used in investing activities			(32,000)	(559,000)
Cash flows from financing activities:
Cash acquired in connection with the reverse merger			24,000,000	0
Merger transaction costs			(2,366,000)	0
Proceeds from issuance of promissory notes payable			10,000,000	0
Proceeds from issuance of Series C-1 convertible preferred stock, net of issuance costs			0	10,009,000
Payment for purchase of treasury stock			(150,000)	0
Exercise of stock options			127,000	17,000
Net cash provided by financing activities			31,611,000	10,026,000
Effect of foreign currency on cash			0	0
Net increase (decrease) in cash, cash equivalents, and restricted cash			8,781,000	(5,436,000)
Cash, cash equivalents and restricted cash at beginning of period			8,414,000	10,045,000
Cash, cash equivalents and restricted cash at the end of the period	17,195,000	4,609,000	17,195,000	4,609,000
Components of cash, cash equivalents and restricted cash:
Cash and cash equivalents	14,841,000	1,839,000	14,841,000	1,839,000
Restricted cash	2,354,000	2,770,000	2,354,000	2,770,000
Total cash, cash equivalents and restricted cash	$ 17,195,000	$ 4,609,000	17,195,000	4,609,000
Supplemental disclosure of noncash investing and financing activities:
Loss on disposal of property and equipment			139,000	4,000
Accretion of promissory note discount from embedded derivative			130,000	0
Accretion of promissory note to face value			897,000	0
Settlement of promissory notes payable			10,028,000	0
Interest expense from convertible notes payable			34,000	0
Accretion of convertible notes discount from embedded derivative			0	1,639,000
Accretion of convertible notes discount from issuance costs			0	219,000
Interest expense from convertible notes payable			$ 0	$ 574,000

Description of the Business and

Description of the Business and Financial Condition	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of the Business and Financial Condition	Description of the Business and Financial Condition Elicio Therapeutics, Inc. (“Elicio” or the “Company”) was incorporated in Delaware as Vedantra Pharmaceuticals Inc., in August 2011. Elicio is a clinical-stage biotechnology company developing a pipeline of novel immunotherapies for the treatment of cancer. In December 2018, Elicio formed a wholly-owned subsidiary, Elicio Securities Corporation (“ESC”), a Massachusetts corporation. ESC is an investment company. Elicio and ESC are collectively referred to as “Elicio” throughout these unaudited consolidated financial statements. Reverse Merger Transaction On January 17, 2023, the Company entered into a definitive merger agreement (the “Merger Agreement”) with Angion Biomedica Corp. (“Angion”), a clinical development corporation. In accordance with the terms and conditions of the Agreement and Plan of Merger and Reorganization, by and among Angion, Arkham Merger Sub, Inc., a wholly owned subsidiary of Angion (“Merger Sub”), and Elicio Operating Company, Inc. (“Former Elicio”), pursuant to which Merger Sub merged with and into Former Elicio, with Former Elicio surviving the merger as a wholly owned subsidiary of Angion (the “Merger”). On June 1, 2023, the Company completed the Merger in accordance with the terms and conditions of the Merger Agreement and Angion changed its name from “Angion Biomedica Corp.” to “Elicio Therapeutics, Inc.” Immediately following the consummation of the Merger, there were approximately 9.7 million shares of the Company’s common stock outstanding on a fully-diluted basis, with Former Elicio equity holders collectively owning approximately 65.2% of the Company and Angion equity holders collectively owning approximately 34.8% of the Company, in each case on a fully diluted basis. The Merger was accounted for as a reverse recapitalization, with Former Elicio being treated as the acquirer for accounting purposes. See discussions of the transactions in connection with the Merger at Note 3 - Merger and Related Transactions. Liquidity and Going Concern The Company has experienced net losses and negative cash flows from operating activities since inception. As of September 30, 2023, the Company had an accumulated deficit of $133.3 million. The Company expects that its operating losses and operating cash flows will continue for the foreseeable future as the Company continues to develop its product candidates. As of September 30, 2023, the Company had $14.8 million in cash and cash equivalents. The Company’s losses from operations, negative operating cash flows and accumulated deficit, as well as the additional capital needed to fund operations for at least twelve months following the issuance of the condensed consolidated financial statements, raise substantial doubt about the Company’s ability to continue as a going concern. The Company expects to incur substantial expenditures in the foreseeable future for the development of its product candidates and will require additional financing to continue this development. The Company plans to address this condition through the sale of Company common stock in public offerings and/or private placements, debt financings, or through other capital sources, including licensing arrangements, partnerships and collaborations with other companies or other strategic transactions, but there is no assurance these plans will be completed successfully or at all. If the Company is unable to obtain additional capital when and as needed to continue as a going concern, it might have to further reduce or scale back its operations and/or liquidate its assets, and the values it receives for its assets in liquidation or dissolution could be significantly lower than the values reflected in its financial statements. The accompanying unaudited condensed consolidated financial statements have been prepared on a basis that assumes that the Company will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The unaudited condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The Company's unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial reporting, consistent in all material respects with those applied in the Company’s audited financial statements and accompanying notes for the year ended December 31, 2022 and 2021 included in the Company’s proxy statement/prospectus/information statement on Form S-4 filed April 26, 2023, as amended (the “Form S-4”). Any reference in these notes to applicable guidance is meant to refer to the authoritative accounting principles generally accepted in the United States as found in the Accounting Standard Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). This report should be read in conjunction with the audited consolidated financial statements in the Form S-4. The condensed consolidated financial statements include the accounts of the Company, its wholly owned subsidiary, Angion Pty Ltd. (“Angion Pty”), which was established on August 22, 2019, and its wholly-owned subsidiary, ESC, which was established in Massachusetts in December 2018. The Company established Angion Pty, an Australian subsidiary, for the purpose of qualifying for research credits for studies conducted in Australia and ESC is an investment company. All significant intercompany balances and transactions have been eliminated in consolidation. The Company’s significant accounting policies are described in Note 2 to its consolidated financial statements for the year ended December 31, 2022, included in its Form S-4. There have been no material changes to the Company’s significant accounting policies during the nine months ended September 30, 2023. Since Former Elicio was determined to be the accounting acquirer in connection with the Merger, for periods prior to the Merger, the condensed consolidated financial statements were prepared on a stand-alone basis for Former Elicio and did not include the combined entities activity or financial position. Subsequent to the Merger, the condensed consolidated financial statements as of and for the three and nine months ended September 30, 2023 include the acquired business from June 2, 2023 through September 30, 2023, and assets and liabilities at their acquisition date fair value. Historical share and per share figures of the Former Elicio have been retroactively restated based on the exchange ratio of 0.0181. Segments Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker (“CODM”) in making decisions regarding resource allocation and assessing performance. The Company views its operations and manages its business as one operating segment. The Company has determined that the chief executive officer is the CODM. Use of Estimates The Company’s management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could materially differ from those estimates. Significant estimates reflected in these condensed consolidated financial statements include but are not limited to, the accrual of research and development expenses, the valuation of stock-based awards, the operating right of use assets and operating lease liability, and going concern. Foreign Currency Translation and Transactions The United States Dollar (“USD”) is the functional currency for the Company’s operations outside the United States. Accordingly, nonmonetary assets and liabilities originally acquired or assumed in other currencies are recorded in USD at the exchange rates in effect at the date they were acquired or assumed. Monetary assets and liabilities denominated in other currencies are translated into USD at the exchange rates in effect at the balance sheet date. Translation adjustments are recorded in other comprehensive income (loss) in the consolidated statements of operations and comprehensive loss. Gains and losses realized from non-USD transactions, including intercompany balances not considered as permanent investments, denominated in currencies other than an entity’s functional currency are included in other income (expense) in the accompanying condensed consolidated statements of operations and comprehensive loss. Concentrations of Credit Risk and Off-Balance Sheet Risk Financial instruments that potentially subject the Company to concentration of credit risk consist primarily of cash, cash equivalents, and restricted cash. At times, cash balances deposited at major financial banking institutions exceed the federally insured limit. The Company regularly monitors the financial condition of the institutions in which it has depository accounts and believes the risk of loss is minimal. The Company has not experienced any losses in such accounts. Cash and Cash Equivalents Cash and cash equivalents are comprised of deposits at major financial banking institutions and highly liquid investments with an original maturity of three months or less at the date of purchase. As of September 30, 2023 and December 31, 2022, the Company’s cash equivalents were held in institutions in the United States and include deposits in a money market fund which were unrestricted as to withdrawal or use. Restricted Cash Restricted cash consists of cash securing a collateral letter of credit issued in connection with the Company’s facility operating lease and a research grant. See notes 6 and 10 for further discussion. Fair Value Measurement The Company follows the guidance prescribed by ASC Topic 820, Fair Value Measurements , which establishes a framework for measuring fair value, and expands disclosures about fair value measurements. The standard provides a consistent definition of fair value that focuses on an exit price which is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The standard establishes a three-level hierarchy for fair value measurements based on the nature of inputs used in the valuation of an asset or liability as of the measurement date. Level 1: Observable inputs such as unadjusted quoted prices in active markets for identical assets or liabilities at measurement. Level 2: Inputs (other than quoted prices included in Level 1) that are either directly or indirectly observable for the asset or liability. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The carrying amounts of financial instruments reflected in the condensed consolidated balance sheets for cash and cash equivalents, current and non-current restricted cash, accounts payable, and accrued expenses approximate their respective fair values because of the short-term maturity of those financial instruments. Property and Equipment Property and equipment are recorded at cost and depreciated using the straight-line method over the estimated useful life of the asset. Upon sale or retirement, the cost and accumulated depreciation are eliminated from their respective accounts, and the resulting gain or loss is recorded in the consolidated statement of operations and comprehensive loss. Repair and maintenance expenditures are charged to expense as incurred. Asset Class Estimated Useful Lives Equipment 5 years Furniture and fixtures 3 years Leasehold improvements Term of the lease Impairment of Long-Lived Assets Periodically, the Company evaluates its long-lived assets, which consist primarily of property and equipment, and right of use asset for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the asset exceeds the fair value of the asset. During the three and nine months ended September 30, 2023 and 2022, no impairments have occurred. Derivative Financial Instruments The convertible and promissory notes include embedded derivatives requiring bifurcation in accordance with ASC 815, Derivatives and Hedging . The valuation of the instruments are determined using widely accepted valuation techniques including the probability weighted expected return model. The fair value was determined using a model with the assumptions for equity value proceeds, probability of occurrence of various liquidation scenarios, timeline to liquidity and risk-free interest rate. The fair value of the derivative instruments are measured at each reporting period with changes in fair value reported in earnings (loss). Convertible Preferred Stock Former Elicio had classified convertible preferred stock, par value $0.06 per share, (the “Preferred Stock”) as temporary equity in the accompanying consolidated balance sheets due to certain changes in control events that are outside of the Former Elicio’s control, including sale or transfer of control of Former Elicio, as holders of the Preferred Stock could cause redemption of the shares in these situations. Former Elicio did not accrete the carrying values of the Preferred Stock to the redemption values since a liquidation event was not considered probable as of December 31, 2022. Subsequent adjustments of the carrying values to the ultimate redemption values would be made only if it becomes probable that such a liquidation event will occur. During the prior reporting period an immaterial error was discovered in Former Elicio's 2022 audited financial statements whereas the amount of Series A and Series B Preferred Stock did not include 41,887 and 609,755 shares, respectively, that were deemed to be issued due to the antidilutive protection triggered by the Series C shares issued in October 2022 at a price below $1.00. As a result of the Merger, all Former Elicio preferred stock were converted into Company common stock on June 1, 2023. See Note 7. Income Taxes The Company provides for income taxes in accordance with ASC Topic 740, Income Taxes . Deferred tax assets and liabilities are determined based on the difference between the financial reporting and tax bases of assets and liabilities using enacted tax rates and laws in effect in the years in which the differences are expected to reverse. A valuation allowance is provided if, based upon the weighted available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company provides reserves for potential payments of tax to various tax authorities related to uncertain tax positions when the Company management determines that it is probable that a loss will be incurred related to these matters and the amount of the loss is reasonably determinable. The Company has not identified any significant uncertain tax positions as of September 30, 2023. Research and Development Research and development costs are charged to expense as incurred and consist of expenses incurred in performing research and development activities, including salaries and benefits, materials and supplies, preclinical expenses, stock-based compensation expense, depreciation of equipment, contract services, and other outside expenses. The Company accrues for costs incurred by external service providers, based on estimates of services performed and costs. These estimates include the level of services performed by the third parties, and other indicators of the services completed. Based on the timing of payments to service providers, the Company may also record prepaid expenses for those service providers that will be recognized as expenses in future periods as the related services are rendered. Research and development costs may be offset by research and development refundable tax rebates received by the Company’s wholly-owned Australian subsidiary. Leases ASU No. 2016-02, Leases (“ASC 842”) establishes a right-of-use model (“ROU”) that requires a lessee to recognize a ROU asset and corresponding lease liability on the balance sheet for all leases with a term longer than 12 months. Leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the statement of operations as well as the reduction of the ROU asset. At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on specific facts and circumstances, the existence of an identified asset(s), if any, and the Company’s control over the use of the identified asset(s), if applicable. Operating lease liabilities and their corresponding ROU assets are recorded based on the present value of future lease payments over the expected lease term. The interest rate implicit in lease contracts is typically not readily determinable. As such, the Company will utilize the incremental borrowing rate, which is the rate incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. The Company has elected to combine lease and non-lease components as a single component. Operating leases are recognized on the condensed consolidated balance sheet as ROU lease assets, current lease liabilities and non-current lease liabilities. Fixed rents are included in the calculation of the lease balances, while variable costs paid for certain operating and pass-through costs are excluded. Lease expense is recognized over the expected term on a straight-line basis. Research Grant The Company recognizes the amount of grant income based on the activity in allowable expenses covered under the grant and has elected to recognize the funds earned as an offset to the related research expenses recorded in operations. Advances from the grant that have yet to be recognized are recorded as restricted cash if the grant requires the funds to be isolated from general cash and cash equivalents. The Company records a liability for any research activity that is required under the grant but has not yet been performed. The liability is recorded as deferred research obligation on the condensed consolidated balance sheets. Stock-based Compensation The Company issues stock-based awards to employees and non-employees, generally in the form of stock options. The Company accounts for stock-based awards in accordance with ASC 718, Compensation—Stock Compensation , which requires all stock-based payments, to be recognized in the condensed consolidated statements of operations based on their fair values. The expense is recognized on a straight line basis over the requisite service period, which is generally the vesting period. The Company has elected to account for option forfeitures as they occur. The Company uses the Black-Scholes option-pricing model (“Black-Scholes”) to determine the weighted-average fair value of options granted, which uses as inputs the fair value of the Company common stock, assumptions the Company makes for the volatility of its Company common stock, the expected term of its stock options, the risk-free interest rate for a period that approximates the expected term of its stock options and its expected dividend yield. Compensation cost of awards that contain a performance condition are recognized when success is considered probable during the performance period. Prior to the Merger, there was no public market for Former Elicio’s common stock. The estimated fair value of the Company common stock underlying Former Elicio’s stock-based awards was determined by Former Elicio’s board of directors as of the grant date of each option grant. To determine the fair value of Former Elicio’s common stock underlying option grants, Former Elicio’s board of directors considered, among other things, input from management and valuations of Former Elicio's common stock prepared by third-party valuation firms performed in accordance with the guidance outlined in the American Institute of Certified Public Accountants' Accounting and Valuation Guide, Valuation of Privately-Held-Company Equity Securities Issued as Compensation . Following the Merger, the fair value of Company common stock is based on the closing stock price on the date of grant as reported on the Nasdaq Global Select Market. Net Loss Per Share Basic net loss per share of Company common stock is computed by dividing net loss attributable to Company common stockholders by the weighted average number of shares of Company common stock outstanding for the period. Diluted net loss per share excludes the potential impact of Company common stock options, warrants and unvested shares of restricted stock because their effect would be anti-dilutive due to the Company's net loss. Since the Company had net losses for the three and nine months ended September 30, 2023 and 2022, basic and diluted net loss per common share are the same. Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments (ASU No. 2016-13), which requires an entity to utilize a new impairment model known as the current expected credit loss (“CECL”) model to estimate its lifetime “expected credit loss” and record an allowance that, when deducted from the amortized cost basis of the financial assets and certain other instruments, including but not limited to, available-for-sale debt securities. Credit losses relating to available-for-sale debt securities will be recorded through an allowance for credit losses rather than as a direct write-down to the security. The Company adopted ASU No. 2016-13 on January 1, 2023 and the adoption of the standard had no material impact on its condensed consolidated financial statements.

Merger and Related Transactions

Merger and Related Transactions	9 Months Ended
	Sep. 30, 2023
Reverse Recapitalization [Abstract]
Merger and Related Transactions	Merger and Related Transactions As described in Note 1, Former Elicio merged with a wholly owned subsidiary of Angion on June 1, 2023. The Merger was accounted for as a reverse recapitalization under U.S. GAAP. Former Elicio was considered the accounting acquirer for financial reporting purposes. This determination was based on the facts that, immediately following the Merger: (i) Former Elicio stockholders own a substantial majority of the voting rights; (ii) Former Elicio designated a majority (six of nine) of the initial members of the Company’s board of directors of the combined company; (iii) Former Elicio’s executive management team became the management team of the combined company; and (iv) the Company was named Elicio Therapeutics, Inc. and is headquartered in Boston, Massachusetts. Accordingly, for accounting purposes, the Merger was treated as the equivalent of Former Elicio issuing stock to acquire the net assets of Angion. As a result of the Merger, the net assets of Angion were recorded at their acquisition-date fair value, which approximated book value due to the short-term nature of the instruments, in the financial statements of Former Elicio and the reported operating results prior to the Merger were those of Former Elicio. Historical common share amounts of Former Elicio have been retroactively restated based on the exchange ratio of 0.0181 (the “Exchange Ratio”). It was concluded that any in-process research and development assets that remained as of the Merger would be de minimis when compared to the cash and investments obtained through the Merger. Prior to the effective time of the Merger, on June 1, 2023, in connection with the transactions contemplated by the Merger Agreement, the Company effected a reverse stock split of Angion’s common stock, par value $0.01 per share (“Angion common stock”), at a ratio of 10:1 (the “Reverse Stock Split”). At the effective time of the Merger, each outstanding share of Former Elicio capital stock (after giving effect to the automatic conversion of all shares of Former Elicio preferred stock into shares of Former Elicio common stock and excluding any shares held as treasury stock by Former Elicio or held or owned by Angion or any subsidiary of Angion or Former Elicio and any dissenting shares) was converted into the right to receive 0.0181 shares of Angion common stock, which resulted in the issuance by Angion of an aggregate of 5,375,751 shares of Angion common stock to the stockholders of Former Elicio (the “Exchange Shares”), and a total of 8,387,025 shares of the Company common stock being issued and outstanding immediately following the effective time of the Merger. In addition, Angion assumed the Elicio 2022 Equity Incentive Plan and the Elicio 2012 Equity Incentive Plan (the “Elicio Plans”) and each outstanding and unexercised option to purchase Former Elicio common stock and each outstanding and unexercised warrant to purchase Former Elicio capital stock were adjusted with such stock options and warrants henceforth representing the right to purchase a number of shares of the Company’s common stock equal to the Exchange Ratio multiplied by the number of shares of Former Elicio common stock previously represented by such options, and warrants at an exercise price equal to the exercise price of Former Elicio capital stock divided by the Exchange Ratio. In connection with execution of the Merger Agreement, Angion made a bridge loan to Former Elicio pursuant to a note purchase agreement and promissory notes up to an aggregate principal amount of $12.5 million, issued with a 20% original issue discount, with an initial closing held substantially concurrently with the execution of the Merger Agreement for a principal amount of $6.25 million on account of a $5.0 million loan and an additional closing for a principal amount of $6.25 million on account of a $5.0 million loan upon delivery by Former Elicio to Angion of Former Elicio’s audited financial statements for the year ended December 31, 2022. As part of the recapitalization, the Company obtained the assets and liabilities listed below (in thousands): Cash and cash equivalents $ 24,000 Other current assets 539 Promissory notes 10,028 Accrued liabilities (2,438) Net assets acquired $ 32,129 Per the terms of the Merger Agreement, upon completion of the Merger, all obligations owed by Former Elicio related to the promissory notes were automatically forgiven and the amount advanced by Angion, along with any accrued and unpaid interest, was credited towards the net cash balance used to calculate the assets and liabilities listed above. Upon settlement of the promissory notes, the Company recognized a gain of $0.6 million related to extinguishment of the promissory notes. The Company recognized the net assets acquired, excluding the promissory notes and transaction costs of $2.9 million, as a reduction to additional paid-in capital in the condensed consolidated statements of convertible preferred stock and stockholders’ equity (deficit) for the three and nine months ended September 30, 2023.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The following tables present the Company's financial assets and liabilities measured at fair value on a recurring basis and their assigned levels within the fair value hierarchy (in thousands): September 30, 2023 Level 1 Level 2 Level 3 Total Money market funds (1) $ 16,302 $ — $ — $ 16,302 Total assets $ 16,302 $ — $ — $ 16,302 Warrant liabilities $ — $ — $ 26 $ 26 Total liabilities $ — $ — $ 26 $ 26 December 31, 2022 Level 1 Level 2 Level 3 Total Money market funds (1) $ 5,340 $ — $ — $ 5,340 Total assets $ 5,340 $ — $ — $ 5,340 _________________ (1) Included in cash, cash equivalents, and restricted cash on the condensed consolidated balance sheets. This balance includes cash requirements settled on a nightly basis. There were no transfers made among the three levels in the fair value hierarchy during periods presented. As part of the Merger transaction, Former Elicio adopted Angion’s warrant liabilities. The following table presents a summary of changes in Level 3 in the fair value of the Company’s common stock warrant liability (in thousands): September 30, December 31, Balance, beginning of the period $ — $ — Existing Angion Warrant Liability 9 — Change in fair value 17 — Balance, end of the period $ 26 $ — Both observable and unobservable inputs were used to determine the fair value of positions that the Company has classified within the Level 3 category. Unrealized gains and losses associated with assets and liabilities within the Level 3 category include changes in fair value that were attributable to both observable (e.g., changes in market interest rates) and unobservable (e.g., changes in unobservable long-dated volatilities) inputs. The fair value of the warrants issued by the Company has been estimated using a variant of Black-Scholes. The underlying equity included in Black-Scholes was valued based on the equity value implied from sales of preferred and common stock at each measurement date. The fair value of the warrants was impacted by the model selected as well as assumptions surrounding unobservable inputs including the underlying equity value, expected volatility of the underlying equity, risk free interest rate, and the expected term. The Company records the change in the fair value of common stock warrants in change in fair value of warrant liability in the condensed consolidated statements of operations. The fair value of the common stock warrant liability was estimated using the following assumptions: September 30, June 1, Weighted average strike price $76.00 $76.00 Contractual term (years) 4.9 5.2 Volatility (annual) 153.2% 100.0% Risk-free rate 4.6% 3.9% Dividend yield (per share) 0.0% 0.0%

Balance Sheet Components

Balance Sheet Components	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Balance Sheet Components	Balance Sheet Components Prepaid and Other Current Assets Prepaid and other current assets consisted of the following (in thousands): September 30, December 31, Prepaid research and development contract services $ 2,379 $ 2,132 Advanced professional fees 209 648 Prepaid insurance 496 104 Miscellaneous receivables 102 — Other prepaid expenses and other current assets 233 36 Total prepaid and other current assets $ 3,419 $ 2,920 Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): September 30, December 31, Equipment $ 1,678 $ 1,787 Furniture and fixtures 374 359 Leasehold improvements 132 124 Total property and equipment 2,184 2,270 Less: accumulated depreciation (1,412) (1,123) Property and equipment, net $ 772 $ 1,147 Depreciation expense for the three and nine months ended September 30, 2023 was immaterial and $0.3 million, respectively. Depreciation expense for the three and nine months ended September 30, 2022 was $0.1 million and $0.3 million, respectively. Other long-term prepaid assets Other long-term prepaid assets consisted of the advance payments for clinical trial services, totaling $2.8 million as of September 30, 2023 and December 31, 2022, respectively. Accrued Expenses Accrued expenses consisted of the following (in thousands): September 30, December 31, Accrued professional fees $ 951 $ 180 Accrued compensation and benefits 1,577 1,491 Accrued research and development 1,875 260 Other accrued expenses 13 4 Total accrued expenses $ 4,416 $ 1,935

Research Grant

Research Grant	9 Months Ended
	Sep. 30, 2023
Research and Development [Abstract]
Research Grant	Research GrantIn September 2022, Former Elicio entered into a grant agreement with the Gastro-Intestinal (“GI”) Research Foundation, a not-for-profit organization focused on supporting research to treat, cure and prevent digestive diseases. Of the $2.8 million award, $2.3 million was received in September 2022 and the remaining $0.5 million was received in June 2023 with the completion of the development efforts as defined in the agreement. For the three and nine months ended September 30, 2023, the Company incurred zero and $1.9 million in research and development expenses related to this project. For both the three and nine months ended September 30, 2022, the Company incurred $0.1 million in research and development expenses related to this project. In September 2023, the Company entered into a second grant agreement with the GI Research Foundation for $3.1 million, with such amount received net of a $0.5 million credit. The grant funds available as of September 30, 2023 are $1.7 million, which are reflected in restricted cash and the deferred research obligation in the accompanying consolidated balance sheets. For the three and nine months ended September 30, 2023 the Company incurred $1.4 million in research and development expenses related to this project.

Convertible Preferred Stock, Co

Convertible Preferred Stock, Common Stock and Stockholders' Equity	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Convertible Preferred Stock, Common Stock and Stockholders' Equity	Convertible Preferred Stock, Common Stock and Stockholders' Equity Authorized Shares The Company's current Amended and Restated Certificate of Incorporation, as amended, authorizes 300,000,000 shares of common stock, par value $0.01 per share, and 10,000,000 shares of preferred stock, par value $0.01 per share. Convertible Preferred Stock Former Elicio’s convertible preferred stock consisted of Series A preferred stock (“Series A Preferred Shares”), Series B preferred stock (“Series B Preferred Shares”) and Series C preferred stock (“Series C Preferred Shares”). Series C Convertible Preferred Stock In May 2022, Former Elicio authorized the sale and issuance of up to 760,200 shares of $0.06 par value Series C Preferred Shares at an original issuance price of $66.30 per share and up to 325,800 shares of Series C Preferred for the settlement of the Convertible Notes Payable. The Series C Preferred Shares financing was structured to be issued in rolling closes in 2022. From the period May through September 2022, Former Elicio issued 772,579 shares of Series C Preferred Shares for gross proceeds of approximately $11.0 million. Former Elicio incurred cash issuance costs of approximately $1.0 million in connection with these shares. Conversion of Convertible Preferred Stock On June 1, 2023, Former Elicio completed the Merger with Angion in accordance with the Merger Agreement. Under the terms of the Merger Agreement, immediately prior to the effective time of the Merger, each share of Former Elicio’s preferred stock was converted into a share of Former Elicio’s common stock. At the closing of the Merger, the Company issued an aggregate of 5,375,751 shares of its common stock to Former Elicio stockholders, based on an exchange ratio of 0.0181 shares of the Company’s common stock for each share of Former Elicio’s common stock outstanding immediately prior to the Merger, including those shares of common stock issued upon conversion of the Former Elicio preferred stock. No shares and 772,579 shares of convertible preferred stock were issued during the nine months ended September 30, 2023 and 2022, respectively. The authorized, issued and outstanding shares of the convertible preferred stock and liquidation preferences of Former Elicio as of December 31, 2022 were as follows (i n thousands, except share and per share amounts) : Authorized Shares Shares Issued and Outstanding Aggregate Liquidation Amount Proceeds Net of Liquidation Costs Series A Convertible Preferred Shares 132,387 132,387 $7,495 $7,495 Series B Convertible Preferred Shares 1,927,375 1,927,375 $72,803 $62,944 Series C Convertible Preferred Shares 4,888,798 2,938,158 $41,816 $40,621 Total Preferred Shares 6,948,560 4,997,920 The Series A and Series B Preferred Shares were deemed changed as of October 18, 2022 into 132,387 and 1,927,375 preferred shares (retroactively restated for the reverse recapitalization as described in Note 3) due to the antidilutive protection triggered by the Series C shares issued in October 2022 at a price below $1.00. As a result of the Merger, the aggregate amount of 4,997,920 shares of Former Elicio preferred stock (retroactively restated for the reverse recapitalization as described in Note 3) were converted int o 4,997,920 shares of Former Elicio's common stock to be exchanged for the same number of shares of the Company’s common stock.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation 2012 Plan and 2022 Plan Pursuant to the Merger Agreement, the Company assumed the Former Elicio 2022 Equity Incentive Plan and the Former Elicio 2012 Equity Incentive Plan (the “Former Elicio Plans”) and all stock options issued and outstanding under the Former Elicio Plans. Each outstanding and unexercised option to purchase Former Elicio common stock was adjusted with such Company stock options henceforth representing the right to purchase a number of shares of the Company’s common stock based on an exchange ratio of 0.0181. Any restriction on the exercise of any Former Elicio stock option assumed by the Company will continue in full force and effect and the term, exercisability, vesting schedule, accelerated vesting provisions, and any other provisions of such Former Elicio stock option will otherwise remain unchanged; provided, however, that the Company’s board of directors or a committee thereof will assume the responsibility and the authority of Former Elicio’s board of directors or any committee thereof with respect to each Former Elicio stock option assumed by the Company. 2015 Plan In June 2019, Angion approved an Amended and Restated 2015 Equity Incentive Plan (the “2015 Plan”) permitting the granting of incentive stock options, non-statutory stock options, restricted stock and other stock-based awards. Following the effectiveness of the 2021 Equity Incentive Plan (“2021 Plan”), the Company ceased making grants under the 2015 Plan. However, the 2015 Plan continues to govern the terms and conditions of the outstanding awards granted under it. Shares of common stock subject to awards granted under the 2015 Plan that cease to be subject to such awards by forfeiture or otherwise after the termination of the 2015 Plan will be available for issuance under the 2021 Plan. 2021 Plan and Amendment to 2021 Plan On January 25, 2021, Angion’s board of directors approved the 2021 Plan (“2021 Plan”) which permits the granting of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock, restricted stock units and other stock-based awards to employees, directors, officers and consultants. The 2021 Plan provides that the number of shares reserved and available for issuance will automatically increase each January 1 by the lesser of 5% of the Company’s common stock outstanding on the immediately preceding December 31, or such lesser number of shares as determined by the Company’s board of directors. On March 17, 2023, Angion’s board of directors approved an amendment to the 2021 Plan to increase the cumulative number of shares of common stock reserved for issuance thereunder by 30,113 shares. As of September 30, 2023, 570,271 shares and 91,707 shares remain available for future grants under the 2021 plan and 2022 plan, respectively. Stock Options The following table summarizes information and activity related to the Company’s stock options: Number of Weighted Average Weighted Average Total Outstanding as of December 31, 2022 854,076 $ 5.24 7.72 $ — Options granted 186,572 9.96 Existing Angion Options outstanding 351,656 61.99 Options exercised (61,791) 10.08 Forfeited (unvested) (19,579) 33.97 Outstanding as of September 30, 2023 1,310,934 $ 19.99 7.68 $ 2,841 Options vested and exercisable 597,723 $ 38.50 5.59 $ 645 The aggregate intrinsic value in the above table is calculated as the difference between the estimated fair value of the Company's common stock price and the exercise price of the stock options. 186,572 stock options were granted in the nine months ended September 30, 2023. The weighted average grant date fair value per share for the stock option grants during the nine months ended September 30, 2023 was $9.96. As of September 30, 2023, the total unrecognized compensation related to unvested stock option awards granted was $2.7 million, which the Company expects to recognize over a weighted-average period of approximately 1.64 years. Stock-based Compensation Expense The following table summarizes total stock-based compensation expense recorded in the condensed consolidated statements of operations (in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Research and development $ 13 $ 68 $ 425 $ 200 General and administrative 326 42 417 180 Total $ 339 $ 110 $ 842 $ 380 The fair value of each option is estimated on the date of grant using Black-Scholes with the assumptions noted in the table below. The fair value of an award with only a service condition is amortized as compensation cost on a straight-line basis over the requisite service period of the awards, which is generally the vesting period. Compensation cost of awards that contain a performance condition are recognized when success is considered probable during the performance period. The Company has elected to account for forfeitures as they occur, rather than estimating the number of awards that are expected to vest. The risk-free interest rate is estimated using the weighted average rate of return on U.S. Treasury notes with a life that approximates the expected life of the option. The expected term of options granted to employees was calculated using the simplified method, which represents the average of the contractual term of the option and the weighted-average vesting period of the option. The Company uses the simplified method because it does not have sufficient historical option exercise data to provide a reasonable basis upon which to estimate expected term. The contractual life of the option was used for the expected life of options granted to non-employees. Expected volatility is based on the weighted average of the historical volatility of a peer group of publicly traded companies. The assumed dividend yield is based upon the Company's expectation of not paying dividends in the foreseeable future. The fair value of each employee and non-employee stock option grant was estimated on the date of grant using Black-Scholes based on the following assumptions. Options Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Risk-free interest rate 4.4% 2.3% 3.7% 2.3% Expected dividend yield 0.0% 0.0% 0.0% 0.0% Expected term in years (employees) 6.06 6.54 6.00 6.54 Expected volatility 71.7% - 72.1% 60.3% - 62.1% 71.9% - 72.5% 60.3% - 62.1% In March 2021 and June 2022, certain employees of the Company early exercised options to purchase shares of the Company’s common stock. The shares had not fully vested at the time of exercise and were recorded as an unvested option exercise liability. As the shares vest, the Company recognizes the shares and related expense as issuance of common stock upon settlement of restricted stock on the Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders’ Equity (Deficit) for the periods ended September 30, 2023 and December 31, 2022. Employee Stock Purchase Plan In January 2021, the board of directors of Angion approved the Employee Stock Purchase Plan (the “ESPP”). The ESPP was effective on the date immediately prior to the effectiveness of the Angion's registration statement relating to the IPO. The offering period and purchase period was determined by Angion’s board of directors. Pursuant to the Merger Agreement, the Company assumed the ESPP. No offering periods or purchasing periods were active as of September 30, 2023. As of September 30, 2023, 68,958 shares under the ESPP remain available for purchase and no offerings have been authorized. Restricted Stock Units In March 2021, Former Elicio granted restricted stock units (“RSUs”) with service and performance vesting conditions to an employee. The completion of the Merger satisfied the performance vesting criteria and triggered accelerated vesting for all unvested RSUs. As a result, the employee received 41,005 shares on June 1, 2023. To pay for the tax withholdings that were due upon vesting of the RSUs, the employee sold 14,455 shares to the Company, which are held in treasury stock as of September 30, 2023.

Warrants

Warrants	9 Months Ended
	Sep. 30, 2023
Warrants And Rights Outstanding [Abstract]
Warrants	WarrantsIn accordance with ASC 815, the warrants classified as liabilities are recorded at fair value at the issuance date, with changes in the fair value recognized in the condensed consolidated statements of operations at the end of each reporting period. Refer to Note 4 for changes in the fair value recognized during the periods reported. In accordance with ASC 815, the warrants classified as equity do not meet the definition of a derivative and are classified in stockholders' equity in the condensed consolidated balance sheets. There was no warrant activity during the nine months ended September 30, 2023, other than the assumption of the previously issued Angion warrants by the Company. The following table summarizes information regarding common stock warrants outstanding at September 30, 2023: Warrants Weighted Weighted Average Life (years) Outstanding at December 31, 2022 144,814 $ 53.59 6.5 Angion Warrants assumed 3,950 76.00 4.9 Outstanding at September 30, 2023 148,764 $ 54.19 6.5

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Operating Leases In July 2021, the Company signed an operating lease for office and laboratory space in Boston, Massachusetts (the “Boston Lease”). The Boston lease commenced in February 2022 with the term set to expire in January 2030. The lease has rent payments escalating annually, which total $11.1 million in the aggregate. As a result, at the commencement of the lease the Company recognized a right-of-use lease asset of $8.0 million with a corresponding lease liability of $8.0 million based on the present value of the minimum rental payments. In addition, the Company will make payments for operating expenses and real estate taxes. In June 2023, the Company secured a letter of credit for the deposit on the lease and has a deposit in the amount of $0.7 million, which was reported as Restricted Cash on the condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022. As part of the Merger Agreement, the Company also assumed a lease for clinical and regulatory space in Newton, Massachusetts (the “Newton lease”), comprising approximately 6,157 square feet for approximately $0.2 million per year, under a non-cancelable operating lease through June 30, 2024. Lease expense for all leases for the three and nine months ended September 30, 2023 was $0.4 million and $1.1 million, respectively, and $0.3 million and $0.9 million, for the three and nine months ended September 30, 2022, respectively. All expenses are included in operating expenses in the accompanying condensed consolidated statements of operations and comprehensive loss. The following table summarizes quantitative information about the Company's operating leases (dollars in thousands): Nine Months Ended 2023 2022 Operating cash flows from operating leases $ 1,002 $ 798 Right-of-use assets exchanged for operating lease liabilities $ — $ 8,017 Weighted-average remaining lease term—operating leases (in years) 6.2 7.3 Weighted-average discount rate—operating leases 7.7 % 8.0 % As of September 30, 2023, maturities of lease liabilities were as follows (in thousands): Year Ended December 31, Amounts 2023 (remaining three months) $ 375 2024 1,427 2025 1,349 2026 1,383 2027 1,425 Thereafter 3,232 Total 9,191 Less present value discount (2,038) Operating lease liabilities 7,153 Less: operating lease liability, current portion (938) Operating lease liability, noncurrent portion $ 6,215 Legal Proceedings From time to time, the Company may be involved in legal proceedings, as well as demands, claims and threatened litigation, which arise in the normal course of its business or otherwise. The outcome of any future litigation is uncertain. Such litigation, if not resolved, could result in substantial costs to the Company, including any costs associated with the indemnification of directors and officers. The Company may be exposed to litigation in connection with its products under development and operations. The Company’s policy is to assess the likelihood of any adverse judgments or outcomes related to legal matters, as well as ranges of probable losses. The Company is not aware of any material legal matters. License Agreements In July 2012 and January 2016, Former Elicio licensed certain intellectual property from a university. The license term for both licenses extends until terminated by either party under certain provisions. The Company is required to pay certain contractual maintenance and milestone payments related to clinical trials and royalties on product sales over the term of the contract, with minimum annual royalty payments commencing in the calendar year after commercialization. In January 2019, Former Elicio licensed additional intellectual property and terminated a license obtained in July 2012 from the university. No commercialization royalties have been achieved.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe Company did not record a provision or benefit for income taxes during the three and nine months ended September 30, 2023 and 2022. As of September 30, 2023 and December 31, 2022, the Company continues to maintain a full valuation allowance against all of its deferred tax assets in light of its history of cumulative net losses.

Net Loss Per Share

Net Loss Per Share	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Net Loss Per Share	Net Loss Per ShareThe Company has reported losses since inception and has computed basic net loss per share attributable to common stockholders by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding for the period, without consideration for potentially dilutive securities. The Company computes diluted net loss per share of common stock after giving consideration to all potentially dilutive shares of common stock, including options to purchase common stock and preferred stock, outstanding during the period determined using the treasury-stock and if-converted methods, except where the effect of including such securities would be antidilutive. Because the Company has reported net losses since inception, these potential shares of common stock and preferred stock have been anti-dilutive and basic and diluted loss per share were the same for all periods presented. Basic and diluted net loss per share attributable to common stockholders was calculated at September 30, as follows (in thousands, except share and per share data): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Numerator Net loss $ (10,658) $ (7,198) $ (26,246) $ (21,557) Denominator: Weighted-average shares used in computing net loss per share, basic and diluted 8,376,384 317,512 8,240,326 314,619 Net loss per share, basic and diluted $ (1.27) $ (22.67) $ (3.19) $ (68.52) The table below provides potentially dilutive securities not included in the calculation of the diluted net loss per share because to do so would be anti-dilutive: Nine Months Ended 2023 2022 Convertible preferred stock — 2,180,699 Shares issuable upon exercise of stock options 2,836 7,582 Shares issuable upon the exercise of warrants 148,764 144,815 Options to purchase Common Stock 1,310,934 224,319 Total 1,462,534 2,557,415

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party TransactionsThe Company paid $0.1 million and $0.7 million for the three and nine months ended September 30, 2023, respectively, and $0.1 million and $0.2 million for the three and nine months ended September 30, 2022, respectively, for consulting services provided by an entity affiliated with the Company’s former interim chief financial officer and former board member.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net loss	$ (10,658)	$ (7,559)	$ (8,029)	$ (7,198)	$ (7,299)	$ (7,060)	$ (26,246)	$ (21,557)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The Company's unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial reporting, consistent in all material respects with those applied in the Company’s audited financial statements and accompanying notes for the year ended December 31, 2022 and 2021 included in the Company’s proxy statement/prospectus/information statement on Form S-4 filed April 26, 2023, as amended (the “Form S-4”). Any reference in these notes to applicable guidance is meant to refer to the authoritative accounting principles generally accepted in the United States as found in the Accounting Standard Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). This report should be read in conjunction with the audited consolidated financial statements in the Form S-4.
Consolidation	The condensed consolidated financial statements include the accounts of the Company, its wholly owned subsidiary, Angion Pty Ltd. (“Angion Pty”), which was established on August 22, 2019, and its wholly-owned subsidiary, ESC, which was established in Massachusetts in December 2018. The Company established Angion Pty, an Australian subsidiary, for the purpose of qualifying for research credits for studies conducted in Australia and ESC is an investment company. All significant intercompany balances and transactions have been eliminated in consolidation.
Segments	Segments Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker (“CODM”) in making decisions regarding resource allocation and assessing performance. The Company views its operations and manages its business as one operating segment. The Company has determined that the chief executive officer is the CODM.
Use of Estimates	Use of EstimatesThe Company’s management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could materially differ from those estimates. Significant estimates reflected in these condensed consolidated financial statements include but are not limited to, the accrual of research and development expenses, the valuation of stock-based awards, the operating right of use assets and operating lease liability, and going concern.
Foreign Currency Translation and Transactions	Foreign Currency Translation and Transactions The United States Dollar (“USD”) is the functional currency for the Company’s operations outside the United States. Accordingly, nonmonetary assets and liabilities originally acquired or assumed in other currencies are recorded in USD at the exchange rates in effect at the date they were acquired or assumed. Monetary assets and liabilities denominated in other currencies are translated into USD at the exchange rates in effect at the balance sheet date. Translation adjustments are recorded in other comprehensive income (loss) in the consolidated statements of operations and comprehensive loss. Gains and losses realized from non-USD transactions, including intercompany balances not considered as permanent investments, denominated in currencies other than an entity’s
Concentrations of Credit Risk and Off-Balance Sheet Risk	Concentrations of Credit Risk and Off-Balance Sheet RiskFinancial instruments that potentially subject the Company to concentration of credit risk consist primarily of cash, cash equivalents, and restricted cash. At times, cash balances deposited at major financial banking institutions exceed the federally insured limit. The Company regularly monitors the financial condition of the institutions in which it has depository accounts and believes the risk of loss is minimal. The Company has not experienced any losses in such accounts.
Cash and Cash Equivalents and Restricted Cash	Cash and Cash Equivalents Cash and cash equivalents are comprised of deposits at major financial banking institutions and highly liquid investments with an original maturity of three months or less at the date of purchase. As of September 30, 2023 and December 31, 2022, the Company’s cash equivalents were held in institutions in the United States and include deposits in a money market fund which were unrestricted as to withdrawal or use. Restricted Cash
Fair Value Measurement	Fair Value Measurement The Company follows the guidance prescribed by ASC Topic 820, Fair Value Measurements , which establishes a framework for measuring fair value, and expands disclosures about fair value measurements. The standard provides a consistent definition of fair value that focuses on an exit price which is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The standard establishes a three-level hierarchy for fair value measurements based on the nature of inputs used in the valuation of an asset or liability as of the measurement date. Level 1: Observable inputs such as unadjusted quoted prices in active markets for identical assets or liabilities at measurement. Level 2: Inputs (other than quoted prices included in Level 1) that are either directly or indirectly observable for the asset or liability. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The carrying amounts of financial instruments reflected in the condensed consolidated balance sheets for cash and cash equivalents, current and non-current restricted cash, accounts payable, and accrued expenses approximate their respective fair values because of the short-term maturity of those financial instruments.
Property and Equipment	Property and Equipment Property and equipment are recorded at cost and depreciated using the straight-line method over the estimated useful life of the asset. Upon sale or retirement, the cost and accumulated depreciation are eliminated from their respective accounts, and the resulting gain or loss is recorded in the consolidated statement of operations and comprehensive loss. Repair and maintenance expenditures are charged to expense as incurred. Asset Class Estimated Useful Lives Equipment 5 years Furniture and fixtures 3 years Leasehold improvements Term of the lease
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets Periodically, the Company evaluates its long-lived assets, which consist primarily of property and equipment, and right of use asset for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the asset exceeds the fair value of the asset. During the three and nine months ended September 30, 2023 and 2022, no impairments have occurred.
Derivative Financial Instruments	Derivative Financial Instruments The convertible and promissory notes include embedded derivatives requiring bifurcation in accordance with ASC 815, Derivatives and Hedging . The valuation of the instruments are determined using widely accepted valuation techniques including the probability weighted expected return model. The fair value was determined using a model with the assumptions for equity value proceeds, probability of occurrence of various liquidation scenarios, timeline to liquidity and risk-free interest rate. The fair value of the derivative instruments are measured at each reporting period with changes in fair value reported in earnings (loss).
Convertible Preferred Stock	Convertible Preferred StockFormer Elicio had classified convertible preferred stock, par value $0.06 per share, (the “Preferred Stock”) as temporary equity in the accompanying consolidated balance sheets due to certain changes in control events that are outside of the Former Elicio’s control, including sale or transfer of control of Former Elicio, as holders of the Preferred Stock could cause redemption of the shares in these situations. Former Elicio did not accrete the carrying values of the Preferred Stock to the redemption values since a liquidation event was not considered probable as of December 31, 2022. Subsequent adjustments of the carrying values to the ultimate redemption values would be made only if it becomes probable that such a liquidation event will occur. During the prior reporting period an immaterial error was discovered in Former Elicio's 2022 audited financial statements whereas the amount of Series A and Series B Preferred Stock did not include 41,887 and 609,755 shares, respectively, that were deemed to be issued due to the antidilutive protection triggered by the Series C shares issued in October 2022 at a price below $1.00. As a result of the Merger, all Former Elicio preferred stock were converted into Company common stock on June 1, 2023.
Income Taxes	Income Taxes The Company provides for income taxes in accordance with ASC Topic 740, Income Taxes . Deferred tax assets and liabilities are determined based on the difference between the financial reporting and tax bases of assets and liabilities using enacted tax rates and laws in effect in the years in which the differences are expected to reverse. A valuation allowance is provided if, based upon the weighted available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company provides reserves for potential payments of tax to various tax authorities related to uncertain tax positions when the Company management determines that it is probable that a loss will be incurred related to these matters and the amount of the loss is reasonably determinable. The Company has not identified any significant uncertain tax positions as of September 30, 2023.
Research and Development and Research Grant	Research and Development Research and development costs are charged to expense as incurred and consist of expenses incurred in performing research and development activities, including salaries and benefits, materials and supplies, preclinical expenses, stock-based compensation expense, depreciation of equipment, contract services, and other outside expenses. The Company accrues for costs incurred by external service providers, based on estimates of services performed and costs. These estimates include the level of services performed by the third parties, and other indicators of the services completed. Based on the timing of payments to service providers, the Company may also record prepaid expenses for those service providers that will be recognized as expenses in future periods as the related services are rendered. Research and development costs may be offset by research and development refundable tax rebates received by the Company’s wholly-owned Australian subsidiary. Research Grant The Company recognizes the amount of grant income based on the activity in allowable expenses covered under the grant and has elected to recognize the funds earned as an offset to the related research expenses recorded in operations. Advances from the grant that have yet to be recognized are recorded as restricted cash if the grant requires the funds to be isolated from general cash and cash equivalents. The Company records a liability for any research activity that is required under the grant but has not yet been performed. The liability is recorded as deferred research obligation on the condensed consolidated balance sheets.
Leases	Leases ASU No. 2016-02, Leases (“ASC 842”) establishes a right-of-use model (“ROU”) that requires a lessee to recognize a ROU asset and corresponding lease liability on the balance sheet for all leases with a term longer than 12 months. Leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the statement of operations as well as the reduction of the ROU asset. At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on specific facts and circumstances, the existence of an identified asset(s), if any, and the Company’s control over the use of the identified asset(s), if applicable. Operating lease liabilities and their corresponding ROU assets are recorded based on the present value of future lease payments over the expected lease term. The interest rate implicit in lease contracts is typically not readily determinable. As such, the Company will utilize the incremental borrowing rate, which is the rate incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. The Company has elected to combine lease and non-lease components as a single component. Operating leases are recognized on the condensed consolidated balance sheet as ROU lease assets, current lease liabilities and non-current lease liabilities. Fixed rents are included in the calculation of the lease balances, while variable costs paid for certain operating and pass-through costs are excluded. Lease expense is recognized over the expected term on a straight-line basis.
Stock-based Compensation	Stock-based Compensation The Company issues stock-based awards to employees and non-employees, generally in the form of stock options. The Company accounts for stock-based awards in accordance with ASC 718, Compensation—Stock Compensation , which requires all stock-based payments, to be recognized in the condensed consolidated statements of operations based on their fair values. The expense is recognized on a straight line basis over the requisite service period, which is generally the vesting period. The Company has elected to account for option forfeitures as they occur. The Company uses the Black-Scholes option-pricing model (“Black-Scholes”) to determine the weighted-average fair value of options granted, which uses as inputs the fair value of the Company common stock, assumptions the Company makes for the volatility of its Company common stock, the expected term of its stock options, the risk-free interest rate for a period that approximates the expected term of its stock options and its expected dividend yield. Compensation cost of awards that contain a performance condition are recognized when success is considered probable during the performance period. Prior to the Merger, there was no public market for Former Elicio’s common stock. The estimated fair value of the Company common stock underlying Former Elicio’s stock-based awards was determined by Former Elicio’s board of directors as of the grant date of each option grant. To determine the fair value of Former Elicio’s common stock underlying option grants, Former Elicio’s board of directors considered, among other things, input from management and valuations of Former Elicio's common stock prepared by third-party valuation firms performed in accordance with the guidance outlined in the American Institute of Certified Public Accountants' Accounting and Valuation Guide, Valuation of Privately-Held-Company Equity Securities Issued as Compensation . Following the Merger, the fair value of Company common stock is based on the closing stock price on the date of grant as reported on the Nasdaq Global Select Market.
Net Loss Per Share	Net Loss Per Share Basic net loss per share of Company common stock is computed by dividing net loss attributable to Company common stockholders by the weighted average number of shares of Company common stock outstanding for the period. Diluted net loss per share excludes the potential impact of Company common stock options, warrants and unvested shares of restricted stock because their effect would be anti-dilutive due to the Company's net loss. Since the Company had net losses for the three and nine months ended September 30, 2023 and 2022, basic and diluted net loss per common share are the same.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments (ASU No. 2016-13), which requires an entity to utilize a new impairment model known as the current expected credit loss (“CECL”) model to estimate its lifetime “expected credit loss” and record an allowance that, when deducted from the amortized cost basis of the financial assets and certain other instruments, including but not limited to, available-for-sale debt securities. Credit losses relating to available-for-sale debt securities will be recorded through an allowance for credit losses rather than as a direct write-down to the security. The Company adopted ASU No. 2016-13 on January 1, 2023 and the adoption of the standard had no material impact on its condensed consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Schedule of Property and Equipment	Asset Class Estimated Useful Lives Equipment 5 years Furniture and fixtures 3 years Leasehold improvements Term of the lease Property and equipment, net consisted of the following (in thousands): September 30, December 31, Equipment $ 1,678 $ 1,787 Furniture and fixtures 374 359 Leasehold improvements 132 124 Total property and equipment 2,184 2,270 Less: accumulated depreciation (1,412) (1,123) Property and equipment, net $ 772 $ 1,147

Merger and Related Transactio_2

Merger and Related Transactions (Tables)	9 Months Ended
	Sep. 30, 2023
Reverse Recapitalization [Abstract]
Schedule of Reverse Recapitalization	As part of the recapitalization, the Company obtained the assets and liabilities listed below (in thousands): Cash and cash equivalents $ 24,000 Other current assets 539 Promissory notes 10,028 Accrued liabilities (2,438) Net assets acquired $ 32,129

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following tables present the Company's financial assets and liabilities measured at fair value on a recurring basis and their assigned levels within the fair value hierarchy (in thousands): September 30, 2023 Level 1 Level 2 Level 3 Total Money market funds (1) $ 16,302 $ — $ — $ 16,302 Total assets $ 16,302 $ — $ — $ 16,302 Warrant liabilities $ — $ — $ 26 $ 26 Total liabilities $ — $ — $ 26 $ 26 December 31, 2022 Level 1 Level 2 Level 3 Total Money market funds (1) $ 5,340 $ — $ — $ 5,340 Total assets $ 5,340 $ — $ — $ 5,340 _________________ (1) Included in cash, cash equivalents, and restricted cash on the condensed consolidated balance sheets. This balance includes cash requirements settled on a nightly basis.
Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	The following table presents a summary of changes in Level 3 in the fair value of the Company’s common stock warrant liability (in thousands): September 30, December 31, Balance, beginning of the period $ — $ — Existing Angion Warrant Liability 9 — Change in fair value 17 — Balance, end of the period $ 26 $ —
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation	The following table presents a summary of changes in Level 3 in the fair value of the Company’s common stock warrant liability (in thousands): September 30, December 31, Balance, beginning of the period $ — $ — Existing Angion Warrant Liability 9 — Change in fair value 17 — Balance, end of the period $ 26 $ —
Schedule of Fair Value Measurement Inputs and Valuation Techniques	The fair value of the common stock warrant liability was estimated using the following assumptions: September 30, June 1, Weighted average strike price $76.00 $76.00 Contractual term (years) 4.9 5.2 Volatility (annual) 153.2% 100.0% Risk-free rate 4.6% 3.9% Dividend yield (per share) 0.0% 0.0%

Balance Sheet Components (Table

Balance Sheet Components (Tables)	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Prepaid and Other Current Assets	Prepaid and other current assets consisted of the following (in thousands): September 30, December 31, Prepaid research and development contract services $ 2,379 $ 2,132 Advanced professional fees 209 648 Prepaid insurance 496 104 Miscellaneous receivables 102 — Other prepaid expenses and other current assets 233 36 Total prepaid and other current assets $ 3,419 $ 2,920
Schedule of Property and Equipment, Net	Asset Class Estimated Useful Lives Equipment 5 years Furniture and fixtures 3 years Leasehold improvements Term of the lease Property and equipment, net consisted of the following (in thousands): September 30, December 31, Equipment $ 1,678 $ 1,787 Furniture and fixtures 374 359 Leasehold improvements 132 124 Total property and equipment 2,184 2,270 Less: accumulated depreciation (1,412) (1,123) Property and equipment, net $ 772 $ 1,147
Schedule of Accrued Expenses	Accrued expenses consisted of the following (in thousands): September 30, December 31, Accrued professional fees $ 951 $ 180 Accrued compensation and benefits 1,577 1,491 Accrued research and development 1,875 260 Other accrued expenses 13 4 Total accrued expenses $ 4,416 $ 1,935

Convertible Preferred Stock, _2

Convertible Preferred Stock, Common Stock and Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Schedule of Convertible Preferred Stock and Liquidation Preferences	The authorized, issued and outstanding shares of the convertible preferred stock and liquidation preferences of Former Elicio as of December 31, 2022 were as follows (i n thousands, except share and per share amounts) : Authorized Shares Shares Issued and Outstanding Aggregate Liquidation Amount Proceeds Net of Liquidation Costs Series A Convertible Preferred Shares 132,387 132,387 $7,495 $7,495 Series B Convertible Preferred Shares 1,927,375 1,927,375 $72,803 $62,944 Series C Convertible Preferred Shares 4,888,798 2,938,158 $41,816 $40,621 Total Preferred Shares 6,948,560 4,997,920

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Stock Option Activity	The following table summarizes information and activity related to the Company’s stock options: Number of Weighted Average Weighted Average Total Outstanding as of December 31, 2022 854,076 $ 5.24 7.72 $ — Options granted 186,572 9.96 Existing Angion Options outstanding 351,656 61.99 Options exercised (61,791) 10.08 Forfeited (unvested) (19,579) 33.97 Outstanding as of September 30, 2023 1,310,934 $ 19.99 7.68 $ 2,841 Options vested and exercisable 597,723 $ 38.50 5.59 $ 645
Schedule of Components of Stock-Based Compensation Expense	The following table summarizes total stock-based compensation expense recorded in the condensed consolidated statements of operations (in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Research and development $ 13 $ 68 $ 425 $ 200 General and administrative 326 42 417 180 Total $ 339 $ 110 $ 842 $ 380
Schedule of Black-Scholes Option-Pricing Model Following Assumptions	The fair value of each employee and non-employee stock option grant was estimated on the date of grant using Black-Scholes based on the following assumptions. Options Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Risk-free interest rate 4.4% 2.3% 3.7% 2.3% Expected dividend yield 0.0% 0.0% 0.0% 0.0% Expected term in years (employees) 6.06 6.54 6.00 6.54 Expected volatility 71.7% - 72.1% 60.3% - 62.1% 71.9% - 72.5% 60.3% - 62.1%

Warrants (Tables)

Warrants (Tables)	9 Months Ended
	Sep. 30, 2023
Warrants And Rights Outstanding [Abstract]
Schedule of Outstanding Warrants	The following table summarizes information regarding common stock warrants outstanding at September 30, 2023: Warrants Weighted Weighted Average Life (years) Outstanding at December 31, 2022 144,814 $ 53.59 6.5 Angion Warrants assumed 3,950 76.00 4.9 Outstanding at September 30, 2023 148,764 $ 54.19 6.5

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Quantitative Information Regarding NovaPark Operating Leases	The following table summarizes quantitative information about the Company's operating leases (dollars in thousands): Nine Months Ended 2023 2022 Operating cash flows from operating leases $ 1,002 $ 798 Right-of-use assets exchanged for operating lease liabilities $ — $ 8,017 Weighted-average remaining lease term—operating leases (in years) 6.2 7.3 Weighted-average discount rate—operating leases 7.7 % 8.0 %
Schedule of Maturities of Lease Liabilities	As of September 30, 2023, maturities of lease liabilities were as follows (in thousands): Year Ended December 31, Amounts 2023 (remaining three months) $ 375 2024 1,427 2025 1,349 2026 1,383 2027 1,425 Thereafter 3,232 Total 9,191 Less present value discount (2,038) Operating lease liabilities 7,153 Less: operating lease liability, current portion (938) Operating lease liability, noncurrent portion $ 6,215

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Schedule of Net Loss Per Share, Basic and Diluted	Basic and diluted net loss per share attributable to common stockholders was calculated at September 30, as follows (in thousands, except share and per share data): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Numerator Net loss $ (10,658) $ (7,198) $ (26,246) $ (21,557) Denominator: Weighted-average shares used in computing net loss per share, basic and diluted 8,376,384 317,512 8,240,326 314,619 Net loss per share, basic and diluted $ (1.27) $ (22.67) $ (3.19) $ (68.52)
Schedule of Antidilutive Securities Excluded From Computation of Net Loss per Share	The table below provides potentially dilutive securities not included in the calculation of the diluted net loss per share because to do so would be anti-dilutive: Nine Months Ended 2023 2022 Convertible preferred stock — 2,180,699 Shares issuable upon exercise of stock options 2,836 7,582 Shares issuable upon the exercise of warrants 148,764 144,815 Options to purchase Common Stock 1,310,934 224,319 Total 1,462,534 2,557,415

Description of the Business a_2

Description of the Business and Financial Condition (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Jun. 01, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Weighted average common shares outstanding, diluted (in shares)	9,700,000	8,376,384	317,512	8,240,326	314,619
Accumulated deficit		$ 133,254		$ 133,254		$ 107,008
Cash and cash equivalents		$ 14,841	$ 1,839	$ 14,841	$ 1,839	$ 6,156
Former Elicio Equity Holders
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership percentage	65.20%
Former Angion Equity Holders
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership percentage	34.80%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) $ / shares shares	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) operating_segment $ / shares shares	Sep. 30, 2022 USD ($)	Jun. 01, 2023	Dec. 31, 2022 $ / shares shares	Oct. 31, 2022 $ / shares	Oct. 18, 2022 shares
Class of Stock [Line Items]
Recapitalization exchange ratio					0.0181
Number of operating segments | operating_segment			1
Impairment of long lived assets | $	$ 0	$ 0	$ 0	$ 0
Convertible preferred stock, par value (in dollars per share) | $ / shares						$ 0.06
Convertible preferred stock, shares issued (in shares)						4,997,920
Series A Preferred Stock
Class of Stock [Line Items]
Convertible preferred stock, par value (in dollars per share) | $ / shares	$ 0.06		$ 0.06			$ 0.06
Convertible preferred stock, shares issued (in shares)	0		0			132,387		132,387
Series A Preferred Stock | Revision of Prior Period, Error Correction, Adjustment
Class of Stock [Line Items]
Convertible preferred stock, shares issued (in shares)						41,887
Series B Preferred Stock
Class of Stock [Line Items]
Convertible preferred stock, par value (in dollars per share) | $ / shares	$ 0.06		$ 0.06			$ 0.06
Convertible preferred stock, shares issued (in shares)	0		0			1,927,375		1,927,375
Series B Preferred Stock | Revision of Prior Period, Error Correction, Adjustment
Class of Stock [Line Items]
Convertible preferred stock, shares issued (in shares)						609,755
Series C preferred stock
Class of Stock [Line Items]
Convertible preferred stock, par value (in dollars per share) | $ / shares	$ 0.06		$ 0.06			$ 0.06
Convertible preferred stock, shares issued (in shares)	0		0			2,938,158
Price per share of shares issued (in dollars per share) | $ / shares							$ 1

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Property and Equipment (Details)	Sep. 30, 2023
Equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life (in years)	5 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life (in years)	3 years

Merger and Related Transactio_3

Merger and Related Transactions - Narrative (Details) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
	Jun. 01, 2023 USD ($) board_member $ / shares shares	Sep. 30, 2023 USD ($) $ / shares shares	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) $ / shares shares	Sep. 30, 2022 USD ($)	Jun. 30, 2023 $ / shares	Dec. 31, 2022 $ / shares shares
Reverse Recapitalization [Line Items]
Number of members of the board of directors | board_member	9
Recapitalization exchange ratio	0.0181
Common stock, par value (in dollars per share) | $ / shares		$ 0.01		$ 0.01		$ 0.01	$ 0.01
Shares sold in offering (in shares) | shares	5,375,751
Common stock, shares issued (in shares) | shares	8,387,025	8,384,723		8,384,723			320,281
Common stock, shares outstanding (in shares) | shares	8,387,025	8,378,361		8,378,361			320,281
Gain on extinguishment of promissory notes payable		$ 0	$ 0	$ 604	$ 0
Transaction costs		$ 2,900		$ 2,900
Bridge Loan Between Angion and Former Elicio | Notes Payable
Reverse Recapitalization [Line Items]
Debt instrument, face amount	$ 12,500
Debt instrument, issuance discount percent	20%
Bridge Loan Between Angion and Former Elicio, Discount Amount, Initial Closing | Notes Payable
Reverse Recapitalization [Line Items]
Debt instrument, face amount	$ 6,250
Bridge Loan Between Angion and Former Elicio, Initial Closing | Notes Payable
Reverse Recapitalization [Line Items]
Debt instrument, face amount	5,000
Bridge Loan Between Angion and Former Elicio, Discount Amount, Additional Closing | Notes Payable
Reverse Recapitalization [Line Items]
Debt instrument, face amount	6,250
Bridge Loan Between Angion and Former Elicio, Additional Closing | Notes Payable
Reverse Recapitalization [Line Items]
Debt instrument, face amount	$ 5,000
Angion Common Stock
Reverse Recapitalization [Line Items]
Common stock, par value (in dollars per share) | $ / shares	$ 0.01
Stock split, conversion ratio	0.1
Former Elicio
Reverse Recapitalization [Line Items]
Number of members of the board of directors | board_member	6

Merger and Related Transactio_4

Merger and Related Transactions - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) $ in Thousands	Jun. 01, 2023 USD ($)
Reverse Recapitalization [Abstract]
Cash and cash equivalents	$ 24,000
Other current assets	539
Promissory notes	10,028
Accrued liabilities	(2,438)
Net assets acquired	$ 32,129

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - Fair value measurements, recurring - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Assets:
Money market funds	$ 16,302	$ 5,340
Total assets	16,302	5,340
Liabilities:
Warrant liabilities	26
Total liabilities	26
Level 1
Assets:
Money market funds	16,302	5,340
Total assets	16,302	5,340
Liabilities:
Warrant liabilities	0
Total liabilities	0
Level 2
Assets:
Money market funds	0	0
Total assets	0	0
Liabilities:
Warrant liabilities	0
Total liabilities	0
Level 3
Assets:
Money market funds	0	0
Total assets	0	$ 0
Liabilities:
Warrant liabilities	26
Total liabilities	$ 26

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value, Liabilities, Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Existing Angion Warrant Liability		$ 0
Warrant Liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of the period	$ 0	0
Existing Angion Warrant Liability	9
Change in fair value	17	0
Balance, ending of the period	$ 26	$ 0

Fair Value Measurements - Fai_2

Fair Value Measurements - Fair Value Measurement Inputs and Valuation Techniques (Details) - Level 3	Sep. 30, 2023 $ / shares	Jun. 01, 2023 $ / shares
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, contractual term	4 years 10 months 24 days	5 years 2 months 12 days
Weighted average strike price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	76	76
Volatility (annual)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	1.532	1
Risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	0.046	0.039
Dividend yield (per share)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	0	0

Balance Sheet Components - Sche

Balance Sheet Components - Schedule of Prepaid and Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid research and development contract services	$ 2,379	$ 2,132
Advanced professional fees	209	648
Prepaid insurance	496	104
Miscellaneous receivables	102	0
Other prepaid expenses and other current assets	233	36
Prepaid expenses and other current assets	$ 3,419	$ 2,920

Balance Sheet Components - Sc_2

Balance Sheet Components - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment	$ 2,184	$ 2,270
Less: accumulated depreciation	(1,412)	(1,123)
Property and equipment, net	772	1,147
Equipment
Property, Plant and Equipment [Line Items]
Property and equipment	1,678	1,787
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment	374	359
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment	$ 132	$ 124

Balance Sheet Components - Narr

Balance Sheet Components - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Depreciation	$ 0	$ 100,000	$ 302,000	$ 290,000
Other long-term prepaid assets	$ 2,833,000		$ 2,833,000		$ 2,833,000

Balance Sheet Components - Sc_3

Balance Sheet Components - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued professional fees	$ 951	$ 180
Accrued compensation and benefits	1,577	1,491
Accrued research and development	1,875	260
Other accrued expenses	13	4
Total accrued expenses	$ 4,416	$ 1,935

Research Grant (Details)

Research Grant (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023	Dec. 31, 2022
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Research and development	$ 7,264,000	$ 4,593,000	$ 17,692,000	$ 13,813,000
Restricted cash, current	1,671,000		1,671,000			$ 1,641,000
Research Grant Agreement with GIRF Sept. 2022
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Grant award		2,800,000		2,800,000
Grant award received		2,300,000		2,300,000	$ 500,000
Research and development	0	$ 100,000	1,900,000	$ 100,000
Research Grant Agreement with GIRF July 2023
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Grant award	3,100,000		3,100,000
Research and development	1,400,000		1,400,000
Credit	$ 500,000		$ 500,000

Convertible Preferred Stock, _3

Convertible Preferred Stock, Common Stock and Stockholders' Equity - Narrative (Details) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended			5 Months Ended	9 Months Ended
	May 31, 2022 $ / shares shares	Jun. 30, 2023 USD ($) $ / shares shares	Sep. 30, 2022 USD ($) shares	Jun. 30, 2022 USD ($) shares	Sep. 30, 2022 USD ($) shares	Sep. 30, 2023 $ / shares shares	Jun. 01, 2023 shares	Mar. 31, 2023 shares	Dec. 31, 2022 $ / shares shares		Oct. 31, 2022 $ / shares	Oct. 18, 2022 shares	Mar. 31, 2022 shares	Dec. 31, 2021 shares	[2]
Class of Stock [Line Items]
Common stock, shares authorized (in shares)						300,000,000			300,000,000
Common stock, par value (in dollars per share) | $ / shares		$ 0.01				$ 0.01			$ 0.01
Preferred stock, shares authorized (in shares)						10,000,000
Preferred stock, par value (in dollars per share) | $ / shares						$ 0.01
Convertible preferred stock, shares authorized (in shares)									6,948,560
Convertible preferred stock, par value (in dollars per share) | $ / shares									$ 0.06
Issuance of Series C convertible preferred stock, net of issuance costs (in shares)			668,942	103,637
Issuance of Series C convertible preferred stock, net of issuance costs | $			$ 8,840	$ 1,169
Stock issuance costs | $		$ 2,400	$ 700	$ 300
Common stock, shares issued (in shares)						8,384,723	8,387,025		320,281
Recapitalization exchange ratio							0.0181
Convertible preferred stock, shares issued (in shares)									4,997,920
Convertible preferred stock, shares outstanding (in shares)		0	2,180,679	1,511,737	2,180,679	0		4,997,920	4,997,920	[1]			1,408,100	1,408,100
Conversion Of Convertible Preferred Stock | Common Stock
Class of Stock [Line Items]
Conversion of preferred stock (in shares)		4,997,920
Former Elicio
Class of Stock [Line Items]
Convertible preferred stock, shares outstanding (in shares)							4,997,920
Former Elicio Equity Holders
Class of Stock [Line Items]
Common stock, shares issued (in shares)							5,375,751
Series C preferred stock
Class of Stock [Line Items]
Convertible preferred stock, shares authorized (in shares)						0			4,888,798
Convertible preferred stock, par value (in dollars per share) | $ / shares						$ 0.06			$ 0.06
Convertible preferred stock, shares issued (in shares)						0			2,938,158
Price per share of shares issued (in dollars per share) | $ / shares											$ 1
Convertible preferred stock, shares outstanding (in shares)						0			2,938,158
Series C preferred stock | Former Elicio
Class of Stock [Line Items]
Convertible preferred stock, shares authorized (in shares)	760,200
Convertible preferred stock, par value (in dollars per share) | $ / shares	$ 0.06
Shares issued, price per share (in dollars per share) | $ / shares	$ 66.30
Shares authorized from conversion of convertible debt (in shares)	325,800
Issuance of Series C convertible preferred stock, net of issuance costs (in shares)					772,579
Issuance of Series C convertible preferred stock, net of issuance costs | $					$ 11,000
Stock issuance costs | $					$ 1,000
Convertible preferred stock
Class of Stock [Line Items]
Shares issued during period (in shares)						0
Series A Preferred Stock
Class of Stock [Line Items]
Convertible preferred stock, shares authorized (in shares)						0			132,387
Convertible preferred stock, par value (in dollars per share) | $ / shares						$ 0.06			$ 0.06
Convertible preferred stock, shares issued (in shares)						0			132,387			132,387
Convertible preferred stock, shares outstanding (in shares)						0			132,387
Series B Preferred Stock
Class of Stock [Line Items]
Convertible preferred stock, shares authorized (in shares)						0			1,927,375
Convertible preferred stock, par value (in dollars per share) | $ / shares						$ 0.06			$ 0.06
Convertible preferred stock, shares issued (in shares)						0			1,927,375			1,927,375
Convertible preferred stock, shares outstanding (in shares)						0			1,927,375
[1]Retroactively restated for the reverse recapitalization as described in Note 3.[2]Retroactively restated for the reverse recapitalization as described in Note 3.

Convertible Preferred Stock, _4

Convertible Preferred Stock, Common Stock and Stockholders' Equity - Conversion of Convertible Preferred Stock and Liquidation Preferences (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022		Oct. 18, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	[2]
Temporary Equity [Line Items]
Convertible preferred stock, shares authorized (in shares)				6,948,560
Convertible preferred stock, shares issued (in shares)				4,997,920
Convertible preferred stock, shares outstanding (in shares)	0	0	4,997,920	4,997,920	[1]		2,180,679	1,511,737	1,408,100	1,408,100
Series A Preferred Stock
Temporary Equity [Line Items]
Convertible preferred stock, shares authorized (in shares)	0			132,387
Convertible preferred stock, shares issued (in shares)	0			132,387		132,387
Convertible preferred stock, shares outstanding (in shares)	0			132,387
Aggregate Liquidation Amount				$ 7,495
Proceeds Net of Liquidation Costs				$ 7,495
Series B Preferred Stock
Temporary Equity [Line Items]
Convertible preferred stock, shares authorized (in shares)	0			1,927,375
Convertible preferred stock, shares issued (in shares)	0			1,927,375		1,927,375
Convertible preferred stock, shares outstanding (in shares)	0			1,927,375
Aggregate Liquidation Amount				$ 72,803
Proceeds Net of Liquidation Costs				$ 62,944
Series C preferred stock
Temporary Equity [Line Items]
Convertible preferred stock, shares authorized (in shares)	0			4,888,798
Convertible preferred stock, shares issued (in shares)	0			2,938,158
Convertible preferred stock, shares outstanding (in shares)	0			2,938,158
Aggregate Liquidation Amount				$ 41,816
Proceeds Net of Liquidation Costs				$ 40,621
[1]Retroactively restated for the reverse recapitalization as described in Note 3.[2]Retroactively restated for the reverse recapitalization as described in Note 3.

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) $ / shares in Units, $ in Millions			9 Months Ended
	Jun. 01, 2023 shares	Jan. 25, 2021	Sep. 30, 2023 USD ($) $ / shares shares	Mar. 17, 2023 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recapitalization exchange ratio	0.0181
Options granted (in shares)			186,572
Options granted (in dollars per share) | $ / shares			$ 9.96
Unrecognized compensation related to unvested stock option awards | $			$ 2.7
Unrecognized compensation related to unvested stock option awards, period for recognition (in years)			1 year 7 months 20 days
Treasury Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Purchase of treasury stock (in shares)	14,455
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant (in shares)			68,958
Shares authorized for issuance (in shares)			0
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	41,005
2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of outstanding stock		5%
Shares reserved for future issuance (in shares)				30,113
Shares available for grant (in shares)			570,271
2022 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant (in shares)			91,707

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Share Option Activity (Details) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares
Number of Stock Options
Outstanding at beginning of period (in shares) | shares	854,076
Options granted (in shares) | shares	186,572
Existing Angion Options outstanding (in shares) | shares	351,656
Options exercised (in shares) | shares	(61,791)
Options forfeited (in shares) | shares	(19,579)
Outstanding at end of period (in shares) | shares	1,310,934	854,076
Options vested and exercisable (in shares) | shares	597,723
Weighted Average Exercise Price
Outstanding at beginning of period (in dollars per share) | $ / shares	$ 5.24
Options granted (in dollars per share) | $ / shares	9.96
Existing Angion Options outstanding (in dollars per share) | $ / shares	61.99
Options exercised (in dollars per share) | $ / shares	10.08
Forfeited (unvested) (in dollars per share) | $ / shares	33.97
Outstanding at end of period (in dollars per share) | $ / shares	19.99	$ 5.24
Options vested and exercisable (in dollars per share) | $ / shares	$ 38.50
Stock Option Activity, Additional Disclosures
Options outstanding, weighted average remaining contractual life (in years)	7 years 8 months 4 days	7 years 8 months 19 days
Options vested and exercisable, weighted average remaining contractual life (in years)	5 years 7 months 2 days
Options outstanding, total intrinsic value | $	$ 2,841	$ 0
Options vested and exercisable, total intrinsic value | $	$ 645

Stock-Based Compensation - Comp

Stock-Based Compensation - Components of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 339	$ 110	$ 842	$ 380
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	13	68	425	200
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 326	$ 42	$ 417	$ 180

Stock-Based Compensation - Sc_2

Stock-Based Compensation - Schedule of Assumptions Used to Estimate Fair Value of Stock Option Awards (Details) - Stock Option	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	4.40%	2.30%	3.70%	2.30%
Expected dividend yield	0%	0%	0%	0%
Expected term in years (employees)	6 years 21 days	6 years 6 months 14 days	6 years	6 years 6 months 14 days
Expected volatility, minimum	71.70%	60.30%	71.90%	60.30%
Expected volatility, maximum	72.10%	62.10%	72.50%	62.10%

Warrants (Details)

Warrants (Details)	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Warrants
Outstanding beginning balance (in shares) | shares	144,814
Angion Warrants assumed (in shares) | shares	3,950
Outstanding ending balance (in shares) | shares	148,764
Weighted Average Exercise Price
Outstanding beginning balance (in dollars per share) | $ / shares	$ 53.59
Angion Warrants assumed (in dollars per share) | $ / shares	76
Outstanding ending balance (in dollars per share) | $ / shares	$ 54.19
Weighted Average Life (years)
Outstanding beginning balance (in years)	6 years 6 months
Angion Warrants assumed (in years)	4 years 10 months 24 days
Outstanding ending balance (in years)	6 years 6 months

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Thousands		1 Months Ended		3 Months Ended		9 Months Ended
	Jun. 01, 2023 USD ($) ft²	Jun. 30, 2023 USD ($)	Jul. 31, 2021 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Lessee, Lease, Description [Line Items]
Operating lease, expense				$ 400	$ 300	$ 1,100	$ 900
Operating lease, right-of-use assets				6,768		6,768		$ 7,350
Operating lease liability, current				$ 938		938		$ 692
Letter of credit		$ 700
Future minimum payments						100
Future minimum payments, thereafter						$ 100
Boston, Massachusetts
Lessee, Lease, Description [Line Items]
Operating lease, expense			$ 11,100
Operating lease, right-of-use assets			8,000
Operating lease liability, current			$ 8,000
Newton, Massachusettes
Lessee, Lease, Description [Line Items]
Area of office space (in sqft) | ft²	6,157
Operating lease, payment per year	$ 200

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Quantitative Information about Operating Leases (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Operating cash flows from operating leases	$ 1,002	$ 798
Right-of-use assets exchanged for operating lease liabilities	$ 0	$ 8,017
Weighted-average remaining lease term—operating leases (in years)	6 years 2 months 12 days	7 years 3 months 18 days
Weighted-average discount rate—operating leases	7.70%	8%

Commitments and Contingencies_3

Commitments and Contingencies - Schedule of Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
2023 (remaining three months)	$ 375
2024	1,427
2025	1,349
2026	1,383
2027	1,425
Thereafter	3,232
Total	9,191
Less present value discount	(2,038)
Operating lease liabilities	7,153
Less: operating lease liability, current portion	(938)	$ (692)
Operating lease liability, noncurrent portion	$ 6,215	$ 6,789

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income tax provision (benefit)	$ 0	$ 0	$ 0	$ 0

Net Loss Per Share - Schedule o

Net Loss Per Share - Schedule of Net Loss Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended						9 Months Ended
	Jun. 01, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Numerator
Net loss		$ (10,658)	$ (7,559)	$ (8,029)	$ (7,198)	$ (7,299)	$ (7,060)	$ (26,246)	$ (21,557)
Denominator:
Weighted-average shares used in computing net loss per share, basic (in shares)		8,376,384			317,512			8,240,326	314,619
Weighted-average shares used in computing net loss per share, diluted (in shares)	9,700,000	8,376,384			317,512			8,240,326	314,619
Net loss per share, basic (in dollars per share)		$ (1.27)			$ (22.67)			$ (3.19)	$ (68.52)
Net loss per share, diluted (in dollars per share)		$ (1.27)			$ (22.67)			$ (3.19)	$ (68.52)

Net Loss Per Share - Schedule_2

Net Loss Per Share - Schedule of Antidilutive Securities Excluded From Computation of Net Loss per Share (Details) - shares	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	1,462,534	2,557,415
Convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	0	2,180,699
Shares issuable upon exercise of stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	2,836	7,582
Shares issuable upon the exercise of warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	148,764	144,815
Options to purchase Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	1,310,934	224,319

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Consulting Service Payments
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	$ 0.1	$ 0.1	$ 0.7	$ 0.2