ELTX is trading 31.5% down now at $3.52 after a deeply dilutive $15 million registered direct offering and continued selling pressure from its failed Phase 2 AMPLIFY-7P trial in KRAS-driven pancreatic cancer. Investors are reacting to both the equity raise overhang and the loss of a key regulatory catalyst, which together have sharply reset expectations for ELI-002 7P and Elicio’s valuation.