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ELDN

Eledon Pharmaceuticals, Inc.

ELDN

Eledon Pharmaceuticals, Inc. • NASDAQ
$1.63 ▲ 5.16% (+0.08)
Market Cap $97.72 M
52w High $5.08
52w Low $1.35
Dividend Yield 0%
P/E -1.25
Volume 728.01K
Outstanding Shares 59.95M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $19.07M ▼ $-17.459M ▼ 0% $-0.226 ▼ $-17.459M ▲
Q2-2025 $0 $24.733M ▲ $-11.216M ▼ 0% $-0.15 ▼ $-24.733M ▼
Q1-2025 $0 $17.964M ▼ $-6.495M ▲ 0% $-0.084 ▲ $-6.495M ▲
Q4-2024 $0 $24.608M ▲ $-44.617M ▼ 0% $-0.75 ▼ $-44.098M ▼
Q3-2024 $0 $20.51M $76.971M 0% $1.05 $-20.431M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $93.401M ▼ $129.857M ▼ $94.497M ▲ $35.36M ▼
Q2-2025 $107.57M ▼ $144.909M ▼ $38.881M ▼ $106.028M ▼
Q1-2025 $124.881M ▼ $161.308M ▼ $46.728M ▼ $114.58M ▼
Q4-2024 $140.178M ▲ $177.405M ▲ $59.265M ▲ $118.14M ▲
Q3-2024 $78.191M $114.576M $38.518M $76.058M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-17.459M ▼ $-14.477M ▲ $12.405M ▼ $0 $-2.072M ▲ $-14.477M ▲
Q2-2025 $-11.216M ▼ $-17.713M ▼ $14.958M ▲ $0 ▼ $-2.755M ▲ $-17.713M ▼
Q1-2025 $-6.495M ▲ $-16.06M ▲ $3.892M ▲ $115K ▼ $-12.053M ▼ $-16.06M ▲
Q4-2024 $-44.617M ▼ $-18.987M ▼ $-47.382M ▼ $80.167M ▲ $13.798M ▲ $-18.987M ▼
Q3-2024 $63.635M $-11.769M $-12.802M $5.283M $-19.288M $-11.769M

Five-Year Company Overview

Income Statement

Income Statement Eledon is still a pure R&D story with essentially no product revenue over the past several years. All of its spending goes into research, development, and overhead, which shows up as steady operating and net losses each year. The losses are meaningful but have not exploded; they’ve stayed in a relatively narrow band. The wide swings in per‑share loss mainly reflect changes in share count and reverse splits, not dramatic changes in the underlying business. Overall, the income statement looks typical for a small, clinical‑stage biotech: no sales yet, consistent red ink, and value tied to trial outcomes rather than current earnings power.

Balance Sheet

Balance Sheet The balance sheet is lean and simple. Assets are mostly cash and equivalents, with very little in physical assets or long‑term investments, which fits a virtual biotech model. There is essentially no financial debt, so the company is not burdened by interest payments. However, both total assets and shareholders’ equity have trended down over time, showing that accumulated losses are eating into the capital base. Equity is now relatively thin, which limits cushion for setbacks and increases reliance on future funding from equity issuances or partnerships to sustain operations and later‑stage trials.

Cash Flow

Cash Flow Operating cash flow has been consistently negative, reflecting ongoing R&D and corporate costs without any offsetting revenue. The burn rate appears fairly steady rather than rapidly accelerating, but given the modest cash base, even a moderate burn can translate into a limited runway. Capital spending is minimal, which reinforces that most cash is going into people, trials, and external services rather than buildings or equipment. Free cash flow is therefore almost entirely driven by operating losses, and the company’s ability to keep funding its pipeline will hinge on raising additional capital or signing value‑sharing collaborations.

Competitive Edge

Competitive Edge Eledon is positioned as a focused player in transplant immunology, centered on tegoprubart, a novel antibody targeting the CD40L pathway. Its key competitive angle is the potential to match current drugs on preventing rejection while offering a gentler safety profile, especially versus older agents like tacrolimus that are known for kidney toxicity and metabolic side effects. This could be attractive in kidney transplantation and other settings if confirmed in larger trials. The company also benefits from early visibility in high‑profile areas such as xenotransplantation and islet cell transplantation, which showcase the drug’s mechanism. On the other hand, Eledon is small and resource‑constrained compared with major pharma companies, operates in a highly regulated, trial‑driven space, and faces both scientific and competitive risks from other CD40/CD40L and novel immunosuppressive approaches.

Innovation and R&D

Innovation and R&D Innovation is the core of Eledon’s story. Tegoprubart is a single, platform‑like asset being explored across multiple transplant settings: kidney, islet cells for Type 1 diabetes, liver, and emerging xenotransplantation. The mechanism—blocking CD40L to modulate the immune response—has strong scientific rationale and early data suggest a potentially cleaner safety profile than existing standards. The Phase 2 kidney trial did not prove superiority on its main efficacy endpoint but did show non‑inferior rejection control along with improved safety markers, which shapes how regulators and clinicians may view the risk‑benefit balance. The company is now working toward a pivotal Phase 3 design, while supporting investigator‑led studies and xenotransplant work. Overall, the R&D program is concentrated but deep, with meaningful upside if the lead asset succeeds, and high dependence on that single program if it does not.

Summary

Eledon is a small, clinical‑stage biotech fully geared toward a single, high‑impact goal: redefining immunosuppression in transplantation with tegoprubart. Financially, it looks like a classic early‑stage biotech—with no revenue, recurring losses, and ongoing cash burn, offset by a clean balance sheet without debt but a shrinking equity cushion. Its long‑term value will be driven less by current financials and more by scientific and regulatory milestones. Competitively, it has a differentiated mechanism and an appealing safety story in an area dominated by older, toxic drugs, plus early visibility in cutting‑edge fields like xenotransplantation. The main risks center on clinical, regulatory, and financing uncertainty, as well as reliance on a single lead drug. The coming steps—Phase 3 design, further trial readouts, and any strategic partnerships—will be key in determining whether the company can turn its scientific promise into a sustainable business.

NEWS

November 18, 2025 · 4:05 PM UTC

Eledon Reports Preliminary Data from First Six Patients with Type 1 Diabetes Treated with Tegoprubart as the Core Immunosuppressant Following Islet Transplantation in Investigator-Initiated Trial at UChicago Medicine

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November 14, 2025 · 5:00 PM UTC

Eledon Pharmaceuticals Announces Recent Business Highlights and Third Quarter 2025 Financial Results

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November 12, 2025 · 7:56 AM UTC

Eledon Pharmaceuticals Announces Pricing of $50 Million Underwritten Public Offering of Common Stock and Pre-Funded Warrants

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November 11, 2025 · 5:26 PM UTC

Eledon Pharmaceuticals Announces Proposed Underwritten Public Offering of Common Stock and Pre-Funded Warrants

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November 6, 2025 · 6:30 PM UTC

Eledon Presents Phase 2 BESTOW Trial Results for Tegoprubart for the Prevention of Rejection in Kidney Transplantation at the American Society of Nephrology's Kidney Week 2025 Annual Meeting

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