let's understand the meaning:
pheromone is emanated from a tiny gland on the underside of the ants' bodies.
this pheromones leave trails.
these trails can be used as signals or messages for other ants.
(A) Thought to emanate from a tiny gland on the underside of their bodies, ants leave behind pheromone trails that can be used
it should be pheromone the subject of the sentence, not ants. it is not ants who are thought to emanate from a tiny gland.
(B) Ants leave behind pheromone trails that are thought to emanate from a tiny gland on the underside of their bodies, and they can use this
the original sentence does not mention that the ants leave behind pheromone with the purpose of using the trails... so b is out.
note how this one is switched to active voice?

(C) Thought to emanate from a tiny gland on the underside of ants’ bodies, pheromone trails left behind can be used
looks good. pheromone is thought to emanate from a tiny gland. trails can be used for smth. so looks good.
(D) Emanating it is thought from a tiny gland on the underside of their bodies, ants leave behind pheromone trails they can use
2 IC connected with comma only. incorrect. moreover, very wordy and difficult to comprehend. Again, change of voice now implies that ants who left the trails use them.
(E) Emanating, it is thought, from a tiny gland on the underside of their bodies, pheromone trails are left behind by ants that can be used
ants that can be used - that can be used incorrectly modifies ants, thus this change is incorrect.