Eledon Pharmaceuticals (ELDN) Q4 2025 earnings summary

Executive summary

• Advanced tegoprubart as a next-generation immunosuppressive therapy, with over 100 patients treated across transplantation programs.

• Achieved key milestones, including Orphan Drug designation for tegoprubart in liver transplantation and positive clinical data in kidney and islet cell transplantation.

Financial highlights

• Research and development expenses for 2025 were $66.3 million, up from $52.0 million in 2024, driven by expanded clinical trials and manufacturing scale-up.

• General and administrative expenses for 2025 were $17.0 million, down from $18.6 million in 2024, mainly due to lower stock-based compensation.

• Net loss for 2025 was $45.6 million ($0.52 per share), compared to $36.2 million ($0.66 per share) in 2024; excluding non-cash warrant liability gains, net loss was $79.1 million in 2025 and $67.1 million in 2024.

• Cash and cash equivalents plus short-term investments totaled $133.3 million at year-end 2025, down from $140.2 million at year-end 2024.

Outlook and guidance

• Anticipates FDA guidance and initiation of Phase 3 trial for tegoprubart in kidney transplantation.

• Plans to initiate additional islet and liver transplantation trials and report long-term data from ongoing studies.