Eledon Pharmaceuticals, Inc. (ELDN) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 21, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 13, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the ELDN SEC filings page.
This page shows Eledon Pharmaceuticals, Inc. (ELDN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 14 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).
The business is funding expanding research with external capital, while cash consumption is worsening faster than reported losses.
Cash conversion is weakening: FY2025 operating cash outflow reached$62.3M against a net loss of$45.6M , so operations required more cash than accounting losses alone suggest. The gap widened from FY2024, when those figures were$47.3M and$36.2M , respectively.
Development spending dominates the cost structure: research and development reached
External financing is supporting the balance sheet: financing supplied
Financial Health Signals
Eledon Pharmaceuticals, Inc. does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Eledon Pharmaceuticals, Inc. passes 0 of 6 computable financial strength tests (3 of the nine could not be computed from available data). No profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).
Eledon Pharmaceuticals, Inc. reported a net loss of $45.6M while operations used $62.3M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Eledon Pharmaceuticals, Inc. reported a net loss of $31.6M in Q2 2026. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Eledon Pharmaceuticals, Inc. earned -$0.27 per diluted share (EPS) in Q2 2026. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Not reported for Q2 2026.
Not reported for Q2 2026.
Cash & Balance Sheet
Eledon Pharmaceuticals, Inc. held $6.8M in cash as of Q2 2026; no long-term debt figure is on record for that period.
Not reported for Q2 2026.
Not reported for Q2 2026.
Margins & Returns
Eledon Pharmaceuticals, Inc.'s quarterly ROE was -95.8% in Q2 2026: one quarter's net income over shareholder equity, not annualized. This is down 73.5 percentage points from the same quarter a year earlier. Against the prior quarter it is down 8.6 percentage points.
Not reported for Q2 2026.
Not reported for Q2 2026.
Not reported for Q2 2026.
Capital Allocation
Eledon Pharmaceuticals, Inc. invested $18.2M in research and development in Q2 2026. This represents a decrease of 10.1% from the same quarter a year earlier. Against the prior quarter it is up 6.0%.
Not reported for Q2 2026.
Not reported for Q2 2026.
ELDN Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| R&D Expenses | $18.2M-10.1% | $17.2M+27.1% | N/A | $15.0M-9.4% | $20.3M+100.6% | $13.5M+82.6% | N/A | $16.5M+108.3% |
| SG&A Expenses | $4.6M+4.1% | $4.0M-10.1% | N/A | $4.1M+2.8% | $4.5M+1.4% | $4.4M+28.2% | N/A | $4.0M+22.1% |
| Operating Income | -$22.9Mn/m | -$21.2Mn/m | N/A | -$19.1Mn/m | -$24.7Mn/m | -$18.0Mn/m | N/A | -$20.5Mn/m |
| Net Income | -$31.6Mn/m | -$39.0Mn/m | N/A | -$17.5M-122.7% | -$11.2Mn/m | -$6.5Mn/m | N/A | $77.0Mn/m |
| EPS (Basic) | -$0.27n/m | -$0.33n/m | -$0.10n/m | -$0.21-120.0% | -$0.13 | -$0.08 | -$0.79 | $1.05 |
| EPS (Diluted) | -$0.27n/m | -$0.33n/m | -$0.10-117.5% | -$0.21n/m | -$0.13 | -$0.08 | $0.57 | -$0.28 |
| Diluted Shares (Avg) | 114M+47.3% | 112M+45.8% | N/A | 77M+39.1% | 77M | 77M | N/A | 55M |
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, EBITDA, Interest Expense, Income Tax.
ELDN Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $126.1M-13.0% | $146.7M-9.1% | $169.0M-4.7% | $129.9M+13.3% | $144.9M+20.3% | $161.3M+99.6% | $177.4M+99.2% | $114.6M+19.3% |
| Current Assets | $93.1M-16.4% | $113.6M-11.1% | $135.7M-5.6% | $96.3M+18.1% | $111.4M+27.7% | $127.7M+166.2% | $143.7M+156.1% | $81.5M+29.4% |
| Cash & Equivalents | $6.8M+18.5% | $6.2M-27.6% | $22.8M+11.0% | $3.7M-45.7% | $5.7M-78.0% | $8.5M+50.2% | $20.5M+345.6% | $6.8M+84.1% |
| Short-Term Investments | $82.0M-19.5% | $104.9M-9.8% | $110.5M-7.6% | $89.7M+25.6% | $101.8M+76.9% | $116.4M+212.8% | $119.6M+157.3% | $71.4M+27.7% |
| Long-Term Investments | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m |
| Total Liabilities | $93.1M-1.6% | $101.9M-0.5% | $87.9M-23.5% | $94.5M+0.3% | $94.6M-48.8% | $102.4M-32.3% | $115.0M-16.4% | $94.2M+55.8% |
| Current Liabilities | $11.8M-14.1% | $13.5M+46.5% | $18.3M+58.5% | $14.3M+14.5% | $13.7M+127.7% | $9.2M+116.3% | $11.6M+197.2% | $12.5M+330.8% |
| Non-Current Liabilities | $81.3M+0.5% | $88.4M-5.1% | $69.6M-32.7% | $80.2M-1.9% | $80.9M-54.7% | $93.2M-36.6% | $103.4M-22.7% | $81.7M+41.9% |
| Total Equity | $33.0M-34.4% | $44.8M-24.0% | $81.1M+29.8% | $35.4M+73.6% | $50.3Mn/m | $58.9Mn/m | $62.4Mn/m | $20.4M-42.8% |
| Retained Earnings | -$471.9Mn/m | -$440.2Mn/m | -$401.2Mn/m | -$390.8Mn/m | -$373.3Mn/m | -$362.1Mn/m | -$355.6Mn/m | -$311.0Mn/m |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill, Long-Term Debt.
ELDN Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$22.7Mn/m | -$22.6Mn/m | -$14.1Mn/m | -$14.5Mn/m | -$17.7Mn/m | -$16.1Mn/m | -$19.0Mn/m | -$11.8Mn/m |
| Stock-Based Compensation | $3.2M+17.1% | $2.2M-23.1% | N/A | $2.4M+36.2% | $2.7M-12.0% | $2.9M+69.1% | N/A | $1.8M+2.8% |
| Investing Cash Flow | $23.2M+55.3% | $6.0M+53.0% | -$20.5Mn/m | $12.4Mn/m | $15.0Mn/m | $3.9M-60.2% | -$47.4M-570.2% | -$12.8Mn/m |
| Financing Cash Flow | N/A | N/A | $53.7M-33.0% | $0-100.0% | $0-100.0% | $115K+11400.0% | $80.2Mn/m | $5.3Mn/m |
Not reported in any period shown, so not listed: Depreciation & Amortization, Capital Expenditures, Free Cash Flow, Dividends Paid, Share Buybacks.
ELDN Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Return on Equity | -95.8%-73.5pp | -87.2%-76.2pp | N/A | -49.4%-427.4pp | -22.3% | -11.0% | N/A | 378.0%+405.8pp |
| Return on Assets | -25.1%-17.3pp | -26.6%-22.6pp | N/A | -13.4%-80.6pp | -7.7%+29.5pp | -4.0%+25.2pp | N/A | 67.2%+77.5pp |
| Current Ratio | 7.90-0.2x | 8.44-5.5x | 7.40-5.0x | 6.74+0.2x | 8.12-6.4x | 13.91+2.6x | 12.42-2.0x | 6.53-15.2x |
| Liabilities-to-Equity | 2.82+0.9x | 2.28+0.5x | 1.08-0.8x | 2.67-2.0x | 1.88 | 1.74 | 1.84 | 4.63+2.9x |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Debt-to-Equity, Asset Turnover, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Eledon Pharmaceuticals, Inc. ELDN | FY2025 | N/A | -$45.6M | N/A | $183.2M | — |
| Seres Therapeutics, Inc. MCRB | FY2025 | $789K | $5.7M | N/A | $23.2M | — |
| Nkarta, Inc. NKTX | FY2025 | $0 | -$104.1M | N/A | $124.6M | — |
| Aardvark Therapeutics, Inc. AARD | FY2025 | $5.1M | -$57.6M | N/A | $85.4M | 55/100 |
| Nuvectis Pharma, Inc. NVCT | FY2025 | N/A | -$26.4M | N/A | $672.1M | — |
| Cabaletta Bio, Inc. CABA | FY2025 | N/A | -$167.9M | N/A | $273.0M | — |
Where Eledon Pharmaceuticals, Inc. Ranks
Frequently Asked Questions
Is Eledon Pharmaceuticals, Inc. profitable?
No, Eledon Pharmaceuticals, Inc. (ELDN) reported a net loss of $45.6M in fiscal year 2025.
What is Eledon Pharmaceuticals, Inc.'s return on equity (ROE)?
Eledon Pharmaceuticals, Inc. (ELDN) has a return on equity of -56.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Eledon Pharmaceuticals, Inc.'s operating cash flow?
Eledon Pharmaceuticals, Inc. (ELDN) recorded an outflow of $62.3M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Eledon Pharmaceuticals, Inc.'s total assets?
Eledon Pharmaceuticals, Inc. (ELDN) had $169.0M in total assets as of fiscal year 2025, including both current and long-term assets.
How much does Eledon Pharmaceuticals, Inc. spend on research and development?
Eledon Pharmaceuticals, Inc. (ELDN) invested $66.3M in research and development during fiscal year 2025.
What is Eledon Pharmaceuticals, Inc.'s current ratio?
Eledon Pharmaceuticals, Inc. (ELDN) had a current ratio of 7.40 as of fiscal year 2025, which is generally considered healthy.
What is Eledon Pharmaceuticals, Inc.'s liabilities-to-equity ratio?
Eledon Pharmaceuticals, Inc. (ELDN) had a liabilities-to-equity ratio of 1.08 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity. No debt-to-equity ratio is shown for fiscal year 2025, because the filing data we hold for that year carries no long-term debt figure.
What is Eledon Pharmaceuticals, Inc.'s return on assets (ROA)?
Eledon Pharmaceuticals, Inc. (ELDN) had a return on assets of -27.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Eledon Pharmaceuticals, Inc.'s P/E ratio?
Eledon Pharmaceuticals, Inc. (ELDN) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $183.2M as of Oct 21, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Eledon Pharmaceuticals, Inc.'s price-to-sales ratio?
Eledon Pharmaceuticals, Inc. (ELDN) has no price-to-sales ratio at the moment: no revenue reported. The market capitalization is $183.2M as of Oct 21, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does Eledon Pharmaceuticals, Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Eledon Pharmaceuticals, Inc. (ELDN) held $133.3M in cash, cash equivalents and investments, and reported an operating cash outflow of $62.3M over that year. Dividing the one by the other, the reported balance equals about 26 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Eledon Pharmaceuticals, Inc.'s Piotroski F-Score?
Eledon Pharmaceuticals, Inc. (ELDN) has a Piotroski F-Score of 0 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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) reported a net loss of $45.6M while operations used $62.3M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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.