Eledon Pharmaceuticals(ELDN) - 2023 Q4 - Annual Results

Financial Performance - Eledon Pharmaceuticals reported a net loss of $9.6 million, or $0.32 per share, for Q4 2023, a significant decrease from a net loss of $58.4 million, or $4.09 per share, in Q4 2022[7]. - For the full year 2023, the company reported a net loss of $40.3 million, or $1.64 per share, compared to a net loss of $88.0 million, or $6.16 per share, in 2022[9]. - Total operating expenses for the year ended December 31, 2023, were $43.0 million, a decrease from $88.4 million in 2022, primarily due to the absence of a goodwill impairment charge[18]. Research and Development - Research and development expenses for Q4 2023 were $7.1 million, slightly down from $7.3 million in Q4 2022, while general and administrative expenses increased to $3.3 million from $2.8 million[8]. - Eledon enrolled 12 participants in the Phase 2 BESTOW trial evaluating tegoprubart for kidney transplantation, with the trial expected to complete enrollment by the end of 2024[3][4]. - Data from 11 participants in the Phase 1b trial showed that tegoprubart was generally safe and well-tolerated, with an estimated glomerular filtration rate (eGFR) above 70 mL/min/1.73m² at all reported time points after 90 days post-transplant[6]. - The company amended the Phase 1b trial protocol to allow enrollment of up to 24 participants undergoing kidney transplantation[6]. - Eledon partnered with the University of Chicago Transplantation Institute to fund a study in pancreatic islet cell transplantation for type 1 diabetes, evaluating tegoprubart for transplant rejection prevention[6]. - The company anticipates reporting updated interim clinical data from the ongoing Phase 1b trial in the second quarter of 2024[6]. Cash Position - The company ended 2023 with approximately $51.1 million in cash and cash equivalents, down from $56.4 million at the end of 2022[11].