Eledon Pharmaceuticals Announces Recent Business Highlights and Third Quarter 2024 Financial Results

Core Insights - Eledon Pharmaceuticals has completed enrollment for the Phase 2 BESTOW trial of tegoprubart in kidney transplantation four months ahead of schedule, with topline results expected in Q4 2025 [1][3] - Initial positive data from an investigator-initiated trial at UChicago Medicine shows promising results for tegoprubart in type 1 diabetes patients following islet transplantation [1][3] - The company successfully raised $85 million in an oversubscribed underwritten offering, extending its cash runway to the end of 2026 [1][3] Recent Business Highlights - Enrollment for the Phase 2 BESTOW clinical trial reached 120 participants, four months earlier than planned, focusing on the safety and efficacy of tegoprubart for preventing organ rejection in kidney transplantation [3] - Initial data from the UChicago Medicine trial indicated that the first two subjects achieved insulin independence, with the third subject on track for similar outcomes; treatment was well tolerated with no unexpected adverse events [3] - The recent financing round raised approximately $79.5 million after expenses, with participation from both new and existing healthcare investors [3] Anticipated Upcoming Milestones - Mid-2025: Updated interim clinical data from ongoing Phase 1b and long-term safety studies of tegoprubart in kidney transplantation will be reported [4] - Q4 2025: Topline results from the Phase 2 BESTOW trial will be shared [4] - 2025: Longer-term follow-up data from the UChicago Medicine trial for pancreatic islet transplantation in type 1 diabetes subjects will be reported [4] Financial Results - As of September 30, 2024, the company reported cash, cash equivalents, and short-term investments totaling $78.2 million, which will be supplemented by the recent financing to fund operations until the end of 2026 [5] - R&D expenses for Q3 2024 were $16.5 million, a significant increase from $7.9 million in Q3 2023, primarily due to clinical development costs and increased employee compensation [6] - General and administrative expenses rose to $4.0 million in Q3 2024 from $3.3 million in the same period last year, driven by higher professional services and operating expenses [7] - The company reported a net income of $77.0 million for Q3 2024, a substantial increase from a net loss of $9.9 million in Q3 2023, largely due to a non-cash gain related to changes in the fair value of warrant liabilities [8]