Eledon Pharmaceuticals Reports Fourth Quarter and Full Year 2024 Operating and Financial Results

Core Insights - Eledon Pharmaceuticals has made significant advancements in organ transplantation, particularly with the use of tegoprubart as a key immunosuppression component in recent transplants, including a genetically modified pig kidney and islet transplants for type 1 diabetes patients [2][6] - The company reported positive initial data from its trials, indicating the potential of tegoprubart to protect transplanted organs and cells across various transplant types [2][6] - Eledon is well-positioned financially, with an oversubscribed offering raising $85 million, extending its cash runway to the end of 2026 [5][6] Recent Business Highlights - Tegoprubart was utilized in the second transplant of a genetically modified pig kidney into a human, with the patient discharged without the need for dialysis for the first time in over two years [6] - Initial data from three islet transplant recipients showed promising results, potentially achieving insulin independence without the use of tacrolimus [6] - The company completed an underwritten offering, raising approximately $79.5 million after expenses, with participation from both new and existing investors [6] Financial Results - As of December 31, 2024, cash, cash equivalents, and short-term investments totaled $140.2 million, up from $78.2 million at September 30, 2024 [5] - Research and development expenses for Q4 2024 were $17.9 million, compared to $7.1 million in Q4 2023, reflecting increased clinical development activities [7] - The net loss for Q4 2024 was $44.6 million, or $0.64 per share, compared to a net loss of $30.1 million, or $1.00 per share, in Q4 2023 [9] Anticipated Upcoming Milestones - Updated interim clinical data from the ongoing Phase 1b trial for kidney transplant patients is expected in Summer 2025 [6] - Topline results from the Phase 2 BESTOW trial of tegoprubart in kidney transplantation are anticipated in Q4 2025 [6] Full Year Financial Overview - For the year ended December 31, 2024, total operating expenses were $70.6 million, compared to $43.0 million in 2023, driven by increased R&D and administrative costs [19] - The net loss for 2024 was $36.2 million, or $0.75 per share, significantly reduced from a net loss of $116.5 million, or $4.73 per share, in 2023 [12][19]