ELDN Stock — Eledon Pharmaceuticals Inc.: Cash, EV, Pipeline

What they do

Our lead compound in development is tegoprubart, an IgG1, anti-CD40L antibody with high affinity for the CD40L, a well-validated biological target that we believe has broad therapeutic potential. We believe the central role of CD40L signaling in both adaptive and innate immune cell activation and function positions it as an attractive target for non-lymphocyte depleting, immunomodulatory therapeutic intervention.

Source: 10-K FY2025 via SEC EDGAR

Share price

$2.60

Market cap

$211.7M

Cash

$88.8M

Enterprise value

$122.9M

Balance sheet

Cash	$88.8M
Debt	$0.0M
Net cash	$88.8M
Enterprise value	$122.9M
Basic shares	81.3M shares
Fully diluted shares	150.0M shares
Fully diluted market cap	$390.0M
Cash per share	$1.09
Quarterly burn	$22.7M
Cash runway	3.9 quarters

Cash figures as of 2026-06-30. Database snapshot: 2026-11-07.

Share structure

Common

81.3M

Pre-funded warrants

33.5M

Options

15.2M

RSUs

0.3M

Warrants

15.2M

Converts

0.0M

Conv preferred

4.5M

ESPP reserve

0.0M

FDSO

150.0M

Cap table as of 2026-08-10.

Price history

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Next catalyst

AT-1501 · Feb 12 - Mar 26 in 14 wks · Phase 1/2 · Prevention of Rejection in Kidney Transplant

Recently reported

Tacrolimus Phase 2 Positive · 2026-10-26

MTSOSD-59R · kidney transplant rejection

Primary: Patient-reported outcomes (total MTSOSD-59R symptom occurrence and KDQOL-SF) in the Phase 2 BESTOW trial of tegoprubart versus tacrolimus following kidney transplantation — Tegoprubart-treated patients demonstrated a mean improvement on the total MTSOSD-59R symptom occurrence scale at 12 months while tacrolimus-treated patients experienced a mean worsening of symptom occurrence

· KDQOL-SF Symptoms and Problems subscale mean change from baseline at Month 12: 9.0 points tegoprubart versus 3.3 points tacrolimus (p<0.05)

· SF-12 mental component summary score increased by 1.5 points on tegoprubart versus a decline of 1.6 points on tacrolimus, a 3.1-point between-group difference

· Tegoprubart demonstrated greater symptom improvement than tacrolimus in 22 of 23 domains where differential improvement was observed

Safety: not disclosed

Source release →

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Feb 12 - Mar 26 in 14 wks	AT-1501	Phase 1/2	Prevention of Rejection in Kidney Transplant	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

tegoprubart

Phase 2 · Active Modality: antibody

Target CD40L (CD40 ligand)

Partnerships eGenesis, Inc. (non-exclusive collaborative research agreement, Jan 2023: access to tegoprubart for preclinical and clinical xenotransplantation studies in eGenesis kidney, heart and islet cell programs)

Indications

kidney transplant rejection prevention (tacrolimus replacement) (Phase 2)
pancreatic islet cell transplantation (type 1 diabetes) (Stage not disclosed)
xenotransplantation (Stage not disclosed)

Status note Anti-CD40L antibody. Kidney transplant: Phase 2 BESTOW trial (IND cleared July 2022; topline 12-month data announced November 6, 2025; company believes results if replicated in Phase 3 would support approvability) running in parallel with ongoing Phase 1b trial (first subject dosed July 2022; 24-month long-term extension data presented January 2026). Orphan drug designation 2022 for prevention of allograft rejection in pancreatic islet cell transplantation.

ALS program

Preclinical · Active

Target CD40L

Partnerships ALS Therapy Development Institute (exclusive patent/know-how license, May 2015)

Indications

amyotrophic lateral sclerosis (ALS) (Preclinical)

Status note Program milestones under the ALS TDI Agreement include dosing first subjects in a first NHP toxicity study and dosing the first patient in a Phase 1 trial. No named candidate disclosed.

Per-asset detail extracted from the 10-Q filed 2026-08-13. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	Tegoprubart
Lead indication	Kidney Transplant Rejection
Lead phase	Phase 3
Active trials	2
Collaborator trials	2

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT06126380	Phase 2	Enrolling by invitation	Sponsor	Eledon Pharmaceuticals	—	Kidney Transplant Rejection	—
NCT05027906	Phase 1/2	Recruiting	Sponsor	Eledon Pharmaceuticals	—	Prevention of Rejection in Kidney Transplant	—
NCT06305286	Phase 1/2	Active, not recruiting	Collaborator	University of Chicago	—	Type 1 Diabetes Mellitus	—
NCT06972069	Early Phase 1	Recruiting	Collaborator	Tatsuo Kawai, MD, PhD	—	Kidney Failure; Transplant Recipient (Kidney); Transplant Tolerance	—

Sponsor-matched active trials from ClinicalTrials.gov (2 as sponsor, 2 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 4 active trials for Eledon Pharmaceuticals on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
BVF Partners	6,293,282	no change	0.63%	2026-08-14
Sphera Biotech	1,191,187	-580,944	0.67%	2026-08-14
ADAR1 Capital Management	647,812	-326,609	0.12%	2026-08-14
Stonepine Capital	0	-35,000	0.00%	2026-08-17

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

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ELDN — Eledon Pharmaceuticals Inc. ☆