Eledon Pharmaceuticals(US:ELDN)2024-05-13 20:30Financial Performance - Eledon Pharmaceuticals reported a net loss of $10.3 million, or $0.34 per share, for Q1 2024, compared to a net loss of $10.8 million, or $0.75 per share, in Q1 2023[4]. - Research and development expenses decreased to $7.4 million in Q1 2024 from $8.1 million in the same period in 2023, a reduction of approximately 8.6%[4]. - General and administrative expenses increased to $3.5 million in Q1 2024 from $3.0 million in Q1 2023, an increase of approximately 16.7%[5]. - Total current assets decreased to $47.977 million as of March 31, 2024, from $56.129 million as of December 31, 2023[12]. - Total stockholders' equity decreased to $74.819 million as of March 31, 2024, from $83.419 million as of December 31, 2023[12]. Cash and Investments - Eledon ended Q1 2024 with approximately $42.9 million in cash, cash equivalents, and short-term investments, excluding the $50 million raised in a recent private placement[5]. - The company completed an oversubscribed private placement raising $50 million at a price per share of $2.37[3]. Clinical Trials and Research - The first participant in a clinical trial for islet cell transplantation using tegoprubart has been dosed, marking a significant milestone in the study[3]. - Eledon enrolled the 12th participant in the ongoing Phase 2 BESTOW trial, which compares tegoprubart with tacrolimus for kidney transplantation[3]. - The company anticipates reporting updated interim clinical data from the ongoing Phase 1b trial at the American Transplant Congress in June 2024[8].