Eledon Pharmaceuticals Reports $17.7 Million Net Loss, Focuses on Tegoprubart Development

Eledon Pharmaceuticals, Inc. reported a net loss of $17.7 million for the six months ended June 30, 2025, a significant improvement compared to a net loss of $68.5 million for the same period in 2024. The company's total operating expenses increased to $42.7 million from $25.4 million year-over-year, primarily driven by a rise in research and development costs associated with its lead compound, tegoprubart, which is in clinical trials for kidney transplantation and amyotrophic lateral sclerosis (ALS). Research and development expenses surged to $33.8 million, up from $17.5 million, reflecting increased activities in ongoing clinical trials.

Eledon's financial position showed a decline in cash and cash equivalents, which fell to $5.7 million as of June 30, 2025, down from $20.5 million at the end of 2024. The company also reported short-term investments of $101.8 million, down from $119.6 million. Total assets decreased to $144.9 million from $177.4 million, while total liabilities dropped to $38.9 million from $59.3 million, largely due to a reduction in warrant liabilities, which fell from $44.9 million to $22.5 million. The company’s accumulated deficit increased to $373.3 million, reflecting ongoing operational losses.

Strategically, Eledon has focused its resources on the development of tegoprubart for kidney transplantation, having discontinued its islet cell transplantation and IgA nephropathy programs. The company has received regulatory approvals for a Phase 1b clinical trial and a Phase 2 study, with the first subject in the Phase 1b trial dosed in July 2022. Eledon also announced the completion of enrollment in the Phase 2 BESTOW study, which aims to compare tegoprubart to standard immunosuppressive therapy in kidney transplant patients.

Operationally, Eledon has seen an increase in its workforce to support its clinical development programs, with personnel-related expenses rising to $5.2 million for the first half of 2025. The company has also engaged in collaborations, including a partnership with eGenesis for xenotransplantation studies. However, Eledon noted that it will require additional financing to continue its clinical development efforts, particularly for ALS, as it currently lacks sufficient liquidity for this program.

Looking ahead, Eledon anticipates that its existing cash and investments will fund operations for at least the next 12 months. However, the company acknowledges the need for additional capital to support ongoing and future clinical trials, as well as to cover operational costs. The ability to raise funds will depend on various factors, including market conditions and the progress of its clinical programs.