Eledon Pharmaceuticals Inc Financials

ELDN

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Eledon Pharmaceuticals Inc (ELDN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 13 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Piotroski F-Score Weak

1/9

Eledon Pharmaceuticals Inc passes 1 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality Low Quality

1.31x

For every $1 of reported earnings, Eledon Pharmaceuticals Inc generates $1.31 in operating cash flow (-$47.3M OCF vs -$36.2M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Revenue

N/A

EBITDA

N/A

Free Cash Flow

N/A

Net Income

-$36.2M

YoY+69.0%

Eledon Pharmaceuticals Inc reported -$36.2M in net income in fiscal year 2024. This represents an increase of 69.0% from the prior year.

EPS (Diluted)

$-0.75

YoY+84.1%

Eledon Pharmaceuticals Inc earned $-0.75 per diluted share (EPS) in fiscal year 2024. This represents an increase of 84.1% from the prior year.

Cash & Debt

$20.5M

YoY+345.6%

5Y CAGR+18.5%

10Y CAGR-15.1%

Eledon Pharmaceuticals Inc held $20.5M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

60M

YoY+146.9%

Eledon Pharmaceuticals Inc had 60M shares outstanding in fiscal year 2024. This represents an increase of 146.9% from the prior year.

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

N/A

R&D Spending

$52.0M

YoY+71.4%

5Y CAGR+44.9%

10Y CAGR+13.6%

Eledon Pharmaceuticals Inc invested $52.0M in research and development in fiscal year 2024. This represents an increase of 71.4% from the prior year.

Share Buybacks

N/A

Capital Expenditures

N/A

ELDN Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$52.0M+71.4%	$30.3M+11.9%	$27.1M+14.1%	$23.7M+287.1%	$6.1M-24.6%	$8.1M
SG&A Expenses	$18.6M+46.7%	$12.7M-0.1%	$12.7M-3.3%	$13.1M+30.6%	$10.1M+66.0%	$6.1M
Operating Income	N/A	-$43.0M+51.4%	-$88.4M-139.9%	-$36.9M-99.7%	-$18.5M-15.0%	-$16.1M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$431K	$0	$0+100.0%	-$2.4M-482.7%	-$404K	N/A
Net Income	-$36.2M+69.0%	-$116.5M-32.5%	-$88.0M-154.9%	-$34.5M-51.3%	-$22.8M-42.5%	-$16.0M
EPS (Diluted)	$-0.75+84.1%	$-4.73+23.2%	$-6.16-164.4%	$-2.33	N/A	N/A

Metric	Q3'25	Q3'25	Q3'25	Q3'24	Q3'24	Q3'24	Q3'24	Q4'23
Revenue	$0	$0	$0	$0	$0	$0	$0	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$15.0M-26.2%	$20.3M+49.8%	$13.5M	N/A	$16.5M+63.5%	$10.1M+36.4%	$7.4M	N/A
SG&A Expenses	$4.1M-8.0%	$4.5M+0.5%	$4.4M	N/A	$4.0M-9.2%	$4.4M+27.1%	$3.5M	N/A
Operating Income	-$19.1M+22.9%	-$24.7M-37.7%	-$18.0M-223.7%	-$5.5M+72.9%	-$20.5M-41.4%	-$14.5M-33.4%	-$10.9M	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	$0	N/A	N/A	N/A	N/A	N/A
Net Income	-$17.5M-55.7%	-$11.2M-72.7%	-$6.5M-17.6%	-$5.5M-107.2%	$77.0M+271.4%	-$44.9M-90.0%	-$23.6M	N/A
EPS (Diluted)	$-0.21-61.5%	$-0.13-62.5%	$-0.08	N/A	$-0.28+69.6%	$-0.92-41.5%	$-0.65	N/A

ELDN Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$177.4M+99.2%	$89.1M-4.0%	$92.8M-45.6%	$170.5M-13.5%	$197.2M+1703.9%	$10.9M
Current Assets	$143.7M+156.1%	$56.1M-5.7%	$59.5M-32.6%	$88.3M-23.6%	$115.6M+1059.7%	$10.0M
Cash & Equivalents	$20.5M+345.6%	$4.6M-91.8%	$56.4M-33.5%	$84.8M-25.7%	$114.2M+1199.0%	$8.8M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	$0	$0-100.0%	$48.6M0.0%	$48.6M	N/A
Total Liabilities	$115.0M-16.4%	$137.6M+99.3%	$69.0M+953.0%	$6.6M-0.5%	$6.6M+349.5%	$1.5M
Current Liabilities	$11.6M+197.2%	$3.9M-39.8%	$6.5M+47.1%	$4.4M+77.2%	$2.5M+87.8%	$1.3M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$62.4M+228.8%	-$48.5M-303.8%	$23.8M-85.5%	$164.0M-14.0%	$190.6M+1913.7%	$9.5M
Retained Earnings	-$355.6M-11.3%	-$319.4M-57.4%	-$202.9M-76.6%	-$114.9M-42.9%	-$80.4M-39.6%	-$57.6M

Metric	Q3'25	Q3'25	Q3'25	Q3'24	Q3'24	Q3'24	Q3'24	Q4'23
Total Assets	$129.9M-10.4%	$144.9M-10.2%	$161.3M-9.1%	$177.4M+54.8%	$114.6M-4.9%	$120.5M+49.1%	$80.8M-9.3%	$89.1M
Current Assets	$96.3M-13.6%	$111.4M-12.8%	$127.7M-11.1%	$143.7M+76.3%	$81.5M-6.5%	$87.2M+81.8%	$48.0M-14.5%	$56.1M
Cash & Equivalents	$3.7M-36.1%	$5.7M-32.4%	$8.5M-58.7%	$20.5M+204.4%	$6.8M-74.1%	$26.0M+360.5%	$5.7M+22.6%	$4.6M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	$1.9M0.0%	$1.9M0.0%	$1.9M	$0
Total Liabilities	$94.5M-0.1%	$94.6M-7.7%	$102.4M-10.9%	$115.0M+22.0%	$94.2M-49.0%	$184.7M+22.1%	$151.2M+10.0%	$137.6M
Current Liabilities	$14.3M+4.2%	$13.7M+49.4%	$9.2M-20.7%	$11.6M-7.3%	$12.5M+107.3%	$6.0M+41.9%	$4.2M+9.0%	$3.9M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$35.4M-29.7%	$50.3M-14.5%	$58.9M-5.7%	$62.4M+206.6%	$20.4M+131.7%	-$64.2M+8.8%	-$70.4M-45.2%	-$48.5M
Retained Earnings	-$390.8M-4.7%	-$373.3M-3.1%	-$362.1M-1.8%	-$355.6M-14.3%	-$311.0M+19.8%	-$387.9M-13.1%	-$343.0M-7.4%	-$319.4M

ELDN Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$47.3M-19.6%	-$39.5M-39.1%	-$28.4M+1.7%	-$28.9M-90.1%	-$15.2M-9.8%	-$13.9M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$70.3M-55.3%	-$45.3M	N/A	N/A	$11.0M	N/A
Financing Cash Flow	$133.5M+304.4%	$33.0M	N/A	-$449K-100.4%	$109.6M+1032.5%	$9.7M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q3'25	Q3'25	Q3'24	Q3'24	Q3'24	Q3'24	Q4'23
Operating Cash Flow	-$14.5M+18.3%	-$17.7M-10.3%	-$16.1M+15.4%	-$19.0M-61.3%	-$11.8M-51.4%	-$7.8M+11.1%	-$8.7M+4.3%	-$9.1M
Capital Expenditures	$7K+16.7%	$6K-50.0%	$12K+200.0%	$4K	N/A	N/A	N/A	N/A
Free Cash Flow	-$4.5M+17.6%	-$5.4M-13.3%	-$4.8M+29.8%	-$6.8M	N/A	N/A	N/A	N/A
Investing Cash Flow	$12.4M-17.1%	$15.0M+284.3%	$3.9M+108.2%	-$47.4M-270.1%	-$12.8M+35.7%	-$19.9M-303.5%	$9.8M-2.9%	$10.1M
Financing Cash Flow	$0	$0-100.0%	$115K-99.9%	$80.2M+1417.5%	$5.3M-89.0%	$48.1M+4807000.0%	$1K	$0
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

ELDN Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-20.4%+110.4pp	-130.8%-36.0pp	-94.8%-74.6pp	-20.2%-8.7pp	-11.6%+134.9pp	-146.5%
Current Ratio	12.42-2.0	14.41+5.2	9.19-10.9	20.07-26.5	46.57+39.0	7.54
Debt-to-Equity	1.84+4.7	-2.84-5.7	2.90+2.9	0.040.0	0.03-0.1	0.15
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q3'25	Q3'25	Q3'24	Q3'24	Q3'24	Q3'24	Q4'23
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	378.0%	N/A	N/A	N/A
Return on Assets	-13.4%-5.7pp	-7.7%-3.7pp	-4.0%+13.1pp	-17.1%-84.3pp	67.2%+104.5pp	-37.3%-8.0pp	-29.2%	N/A
Current Ratio	6.74-1.4	8.12-5.8	13.91+1.5	12.42+5.9	6.53-7.9	14.48+3.2	11.30-3.1	14.41
Debt-to-Equity	2.67+0.8	1.88+0.1	1.74-0.1	1.84-2.8	4.63+7.5	-2.88-0.7	-2.15+0.7	-2.84
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

Is Eledon Pharmaceuticals Inc profitable?

No, Eledon Pharmaceuticals Inc (ELDN) reported a net income of -$36.2M in fiscal year 2024.

What is Eledon Pharmaceuticals Inc's earnings per share (EPS)?

Eledon Pharmaceuticals Inc (ELDN) reported diluted earnings per share of $-0.75 for fiscal year 2024. This represents a 84.1% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Eledon Pharmaceuticals Inc's operating cash flow?

Eledon Pharmaceuticals Inc (ELDN) generated -$47.3M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Eledon Pharmaceuticals Inc's total assets?

Eledon Pharmaceuticals Inc (ELDN) had $177.4M in total assets as of fiscal year 2024, including both current and long-term assets.

How much does Eledon Pharmaceuticals Inc spend on research and development?

Eledon Pharmaceuticals Inc (ELDN) invested $52.0M in research and development during fiscal year 2024.

How many shares does Eledon Pharmaceuticals Inc have outstanding?

Eledon Pharmaceuticals Inc (ELDN) had 60M shares outstanding as of fiscal year 2024.

What is Eledon Pharmaceuticals Inc's current ratio?

Eledon Pharmaceuticals Inc (ELDN) had a current ratio of 12.42 as of fiscal year 2024, which is generally considered healthy.

What is Eledon Pharmaceuticals Inc's debt-to-equity ratio?

Eledon Pharmaceuticals Inc (ELDN) had a debt-to-equity ratio of 1.84 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Eledon Pharmaceuticals Inc's return on assets (ROA)?

Eledon Pharmaceuticals Inc (ELDN) had a return on assets of -20.4% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Eledon Pharmaceuticals Inc's cash runway?

Based on fiscal year 2024 data, Eledon Pharmaceuticals Inc (ELDN) had $20.5M in cash against an annual operating cash burn of $47.3M. This gives an estimated cash runway of approximately 5 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Eledon Pharmaceuticals Inc's Piotroski F-Score?

Eledon Pharmaceuticals Inc (ELDN) has a Piotroski F-Score of 1 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Eledon Pharmaceuticals Inc's earnings high quality?

Eledon Pharmaceuticals Inc (ELDN) has an earnings quality ratio of 1.31x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.