Eledon Pharmaceuticals(ELDN) - 2025 Q2 - Quarterly Results

Eledon Pharmaceuticals Second Quarter 2025 Results Business and Operational Highlights The company reports positive clinical trial momentum for its lead candidate, tegoprubart, in various transplant applications - The company is on track to report topline results from its Phase 2 BESTOW trial in kidney transplantation in November 2025[1] - CEO David-Alexandre C. Gros highlighted positive data reinforcing tegoprubart's potential to improve long-term transplant outcomes[2] Year-to-Date 2025 Business Highlights - Updated Phase 1b data showed tegoprubart was well-tolerated, with kidney function (eGFR) at 12 months of approximately 68 mL/min/1.73 m2, compared to the standard of care at 53 mL/min/1.73 m2[3] - A third patient was treated with tegoprubart in a kidney xenotransplantation at Massachusetts General Hospital (MGH)[3] - The first three islet cell transplant recipients achieved insulin independence with a tegoprubart-based regimen[3][4] - In June 2025, Eledon was added to the Russell 3000® and Russell 2000® Indexes, increasing investor visibility[8] Anticipated Upcoming Milestones for 2H 2025 - Report topline results from the Phase 2 BESTOW trial in kidney transplantation in November 2025[8] - Launch an investigator-initiated trial at MGH to evaluate tegoprubart for inducing donor-specific immune tolerance[8] - Enroll three additional patients in the investigator-led clinical trial for pancreatic islet transplant rejection[8] Second Quarter 2025 Financial Results The company reported a strong cash position sufficient to fund operations to late 2026, alongside a narrowed net loss Financial Position (Balance Sheet) - Cash, cash equivalents, and short-term investments totaled $107.6 million as of June 30, 2025, expected to fund operations to the end of 2026[5] Condensed Consolidated Balance Sheet Summary (in thousands) | Metric | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $5,741 | $20,549 | | Short-term investments | $101,829 | $119,629 | | Total Assets | $144,909 | $177,405 | | Total Liabilities | $38,881 | $59,265 | | Total Stockholders' Equity | $50,334 | $62,446 | Financial Performance (Income Statement) Q2 2025 vs Q2 2024 Operating Expenses (in thousands) | Expense Category | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Research and development (R&D) | $20,276 | $10,106 | | General and administrative | $4,457 | $4,396 | Q2 2025 vs Q2 2024 Net Loss (in thousands, except per share data) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Change in fair value of warrant liabilities | $12,293 | ($31,274) | | Net loss | ($11,216) | ($44,907) | | Net loss per basic common share | ($0.13) | ($0.92) | About Eledon Pharmaceuticals Eledon is a clinical-stage biotechnology company developing its lead anti-CD40L antibody, tegoprubart, for various transplant and ALS indications - Eledon is a clinical-stage biotechnology company developing immune-modulating therapies for life-threatening conditions[10] - The company's lead product is tegoprubart, an anti-CD40L antibody targeting a well-validated biological pathway[10] - Tegoprubart is under investigation for use in kidney, liver, and xenotransplantation, as well as for amyotrophic lateral sclerosis (ALS)[10]