Eledon Q3 net loss narrows to $3.9M on warrant gain
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
Eledon Pharmaceuticals, Inc. (ELDN) reported Q3 2026 results and tegoprubart updates. Cash, cash equivalents and short-term investments were $69.7 million as of September 30, 2026, with expected runway into Q2 2027. Net loss was $3.9 million versus $17.5 million a year earlier, including a $17.0 million non-cash gain from warrant-liability fair-value changes; excluding those changes, net loss was $21.0 million versus $18.0 million.
In Phase 2 BESTOW kidney-transplant data, month-24 mean eGFR was 71 versus 58 mL/min/1.73m² for tegoprubart and tacrolimus, respectively; no BPAR cases were reported in the tegoprubart arm beyond six months, versus seven in the tacrolimus arm. In an islet-transplant study, 12 patients treated to date achieved 100% insulin independence, with stable graft function through 22 months.
The FDA cleared an IND for a planned registrational-path islet-transplant study and granted Fast Track designation for kidney-transplant rejection prevention. Eledon expects to initiate the global Phase 3 LEGACY trial in Q4 2026; it is expected to enroll approximately 600 patients and assess non-inferiority to tacrolimus at 52 weeks using a composite of BPAR, graft loss and death.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointNet loss: $3.9 million versus $17.5 million, with a $17.0 million warrant-liability gain. 7.8% of market cap
Negative
- Minor pointQuarterly net loss excluding warrant-liability fair-value changes: $21.0 million versus $18.0 million.
Filing Explained
By September 30, 2026, common shares outstanding had risen to 81,442,402 from 75,430,033 at year-end, reducing existing holders’ ownership percentages absent offsets.
The Form 8-K furnishes Eledon Pharmaceuticals’ third-quarter results and reports 450,000,000 common shares authorized at
That issued-and-outstanding count had risen from 75,430,033 at
8-K Event Classification
Key Figures
Key Terms
Fast Track designation regulatory
Investigational New Drug (IND) application regulatory
estimated glomerular filtration rate (eGFR) medical
biopsy-proven acute rejection (BPAR) medical
non-inferiority medical
warrant liabilities financial
Earnings Snapshot
Cash, cash equivalents and short-term investments on hand are expected to fund operations into Q2 2027; Eledon expects to initiate the global Phase 3 LEGACY trial in Q4 2026.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were Eledon (ELDN)'s Q3 2026 net loss and cash balance?
How large is Eledon’s planned LEGACY kidney-transplant trial?
What did Phase 2 BESTOW show about tegoprubart versus tacrolimus?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On November 12, 2026, Eledon Pharmaceuticals, Inc. (the “Company”) issued a press release regarding its quarter ended September 30, 2026. A copy of the press release is attached hereto as Exhibit 99.1.
The information in this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, is furnished to comply with Item 2.02 of Form 8-K, and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit No. |
Description |
99.1 |
Press Release Issued on November 12, 2026 |
104 |
Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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Eledon Pharmaceuticals, Inc. |
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Date: |
November 12, 2026 |
By: |
/s/ David-Alexandre C. Gros, M.D. |
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Name: David-Alexandre C. Gros, M.D. |
Exhibit 99.1
Eledon Pharmaceuticals Reports Third Quarter 2026 Financial Results and Recent Business Highlights
Planned global Phase 3 LEGACY trial of tegoprubart in kidney transplantation remains on track to initiate in Q4 2026
FDA cleared the Company’s IND application for a planned registrational path study of tegoprubart in islet cell transplantation for patients with type 1 diabetes
FDA Fast Track designation granted to tegoprubart for the prevention of rejection in kidney transplantation
Cash, cash equivalents and short-term investments of $69.7 million with cash runway into Q2 2027
IRVINE, Calif., November 12, 2026 (GLOBE NEWSWIRE) -- Eledon Pharmaceuticals, Inc. (“Eledon”) (Nasdaq: ELDN) today reported its third quarter 2026 operating and financial results and provided recent business highlights.
“We continue to execute across our key strategic priorities and make meaningful progress in the tegoprubart clinical program across multiple transplant types, including plans to initiate our global Phase 3 LEGACY trial in kidney transplantation by year end,” said David-Alexandre C. Gros, M.D., Chief Executive Officer of Eledon. “New patient-reported outcomes data from the Phase 2 BESTOW program further strengthened the evidence supporting tegoprubart’s differentiated profile compared to today’s standard of care immunosuppression therapy, while investigator-initiated studies and compassionate-use protocols help expand our understanding of tegoprubart and its therapeutic potential in different transplant settings where significant unmet needs remain.”
Third Quarter 2026 Business Highlights
Kidney Transplantation
Exhibit 99.1
Islet Cell Transplantation
Exhibit 99.1
Anticipated Upcoming Milestones
The Company anticipates the following milestones over the next 12 months:
Third Quarter 2026 Financial Results
Cash, cash equivalents and short-term investments totaled $69.7 million as of September 30, 2026, compared to $133.3 million as of December 31, 2025. The Company expects cash, cash equivalents and short-term investments currently on hand to fund operations into Q2 2027.
Research and development (R&D) expenses for the third quarter of 2026 were $17.8 million, including $0.9 million of non-cash stock-based compensation expense, compared to $15.0 million, including $1.1 million of non-cash stock-based compensation expense, for the comparable period in 2025.
General and administrative (G&A) expenses for the third quarter of 2026 were $3.9 million, including $1.0 million of non-cash stock-based compensation expense, compared to $4.1 million, including $1.4 million of non-cash stock-based compensation expense, for the comparable period in 2025.
Net loss for the third quarter of 2026 was $3.9 million, or $0.03 per basic common share, compared to a net loss of $17.5 million, or $0.21 per basic common share, for the comparable period in 2025. Net loss in the third quarter of 2026 included a non-cash gain of $17.0 million from changes in the fair value of warrant liabilities, while the 2025 net loss included a non-cash gain of $0.6 million from such changes. Excluding the non-cash items related to changes in the fair value of warrant liabilities, Eledon would have recorded a net loss of $21.0 million for the three months ended September 30, 2026, and $18.0 million for the three months ended September 30, 2025.
Exhibit 99.1
About Eledon Pharmaceuticals and tegoprubart
Eledon Pharmaceuticals, Inc. is a clinical stage biotechnology company that is developing immune-modulating therapies for the management and treatment of life-threatening conditions. The Company’s lead investigational product is tegoprubart, an anti-CD40L antibody with high affinity for the CD40 Ligand, a well-validated biological target that has broad therapeutic potential. 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. The Company is building upon a deep historical knowledge of anti-CD40L biology to conduct preclinical and clinical studies in kidney allograft transplantation, xenotransplantation, islet cell transplantation, liver transplantation, and amyotrophic lateral sclerosis (ALS). Eledon is headquartered in Irvine, California. For more information, please visit the Company’s website at www.eledon.com.
Follow Eledon Pharmaceuticals on social media: LinkedIn; X
Forward-Looking Statements
This press release contains forward-looking statements that involve substantial risks and uncertainties. Any statements about the Company’s future expectations, plans and prospects, including statements about planned clinical trials, the development of product candidates, expected timing for initiation of future clinical trials, expected timing for receipt of data from clinical trials, the Company’s capital resources and ability to finance planned clinical trials, as well as other statements containing the words “believes,” “anticipates,” “plans,” “expects,” “estimates,” “intends,” “predicts,” “projects,” “targets,” “looks forward,” “could,” “may,” and similar expressions, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Specifically, our ability to achieve our anticipated future development and corporate milestones depends on our ability to obtain additional financing on acceptable terms. Forward-looking statements are inherently uncertain and are subject to numerous risks and uncertainties, including: our short operating history and shifts in our business strategy; our operating losses since inception; our need for additional funding to develop our lead drug candidate and our ability to secure additional funding on acceptable terms or at all; the impact of issuances of our common stock, including the possibility of dilution or a decline in our stock price; our ability to successfully develop our product candidates; unfavorable global economic and financial market conditions; the regulatory environment of our business and our ability to obtain required regulatory approvals; results of non-clinical studies and clinical trials, and risks that non-clinical studies or early clinical trials may not be predictive of results of later-stage clinical trials; delays or difficulties in enrollment of patients in clinical trials; our ability to attract and retain our executives and key employees; legislation of the pharmaceutical and healthcare industries; cybersecurity and data privacy risks; the ability of our products to achieve marketing approval; competition in our industry; our ability to obtain
Exhibit 99.1
insurance coverage; our dependence on contract research organizations; our ability to protect our intellectual property; public health crises; our ability to maintain proper and effective internal control over financial reporting and other risks disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission on March 19, 2026. Actual results may differ materially from those indicated by such forward-looking statements as a result of various factors. These risks and uncertainties, as well as other risks and uncertainties that could cause the Company’s actual results to differ materially from the forward-looking statements contained herein, are discussed in our Annual Report on Form 10-K, and other filings with the U.S. Securities and Exchange Commission, which can be found at www.sec.gov. Any forward-looking statements contained in this press release speak only as of the date hereof and not of any future date, and the Company expressly disclaims any intent to update any forward-looking statements, whether as a result of new information, future events or otherwise.
Investor Contact:
Stephen Jasper
Gilmartin Group
(858) 525-2047
stephen@gilmartinir.com
Media Contact:
Jenna Urban
CG Life
(212) 253-8881
jurban@cglife.com
Exhibit 99.1
ELEDON PHARMACEUTICALS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
(Unaudited)
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September 30, |
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December 31, |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
6,882 |
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$ |
22,808 |
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Short-term investments |
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62,790 |
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110,528 |
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Prepaid expenses and other current assets |
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4,038 |
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2,352 |
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Total current assets |
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73,710 |
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135,688 |
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Operating lease asset, net |
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358 |
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613 |
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In-process research and development |
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32,386 |
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32,386 |
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Other assets |
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185 |
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322 |
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Total assets |
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$ |
106,639 |
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$ |
169,009 |
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LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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Accounts payable |
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$ |
2,842 |
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$ |
3,627 |
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Current operating lease liabilities |
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341 |
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358 |
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Accrued expenses and other liabilities |
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8,519 |
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14,359 |
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Total current liabilities |
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11,702 |
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18,344 |
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Deferred tax liabilities |
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2,187 |
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2,187 |
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Non-current operating lease liabilities |
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35 |
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283 |
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Warrant liabilities |
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22,901 |
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11,416 |
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Total liabilities |
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36,825 |
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32,230 |
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Commitments and contingencies |
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Convertible preferred stock, 5,000,000 shares authorized at September 30, 2026 and December 31, 2025: |
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Series X non-voting convertible preferred stock, $0.001 par value, 10,000 shares designated; 4,422 shares issued and outstanding at September 30, 2026 and December 31, 2025 |
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2,151 |
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2,151 |
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Series X1 non-voting convertible preferred stock, $0.001 par value, 515,000 shares designated; 75,800 and 110,086 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively |
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36,867 |
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53,543 |
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Stockholders’ equity: |
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Common stock, $0.001 par value, 450,000,000 shares authorized at September 30, 2026 and 300,000,000 shares authorized at December 31, 2025; 81,442,402 and 75,430,033 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively |
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82 |
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75 |
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Additional paid-in capital |
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506,631 |
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482,189 |
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Accumulated other comprehensive income (loss) |
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(126 |
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24 |
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Accumulated deficit |
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(475,791 |
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(401,203 |
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Total stockholders’ equity |
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30,796 |
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81,085 |
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Total liabilities, convertible preferred stock and stockholders’ equity |
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$ |
106,639 |
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$ |
169,009 |
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Exhibit 99.1
ELEDON PHARMACEUTICALS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(In thousands, except share and per share data)
(Unaudited)
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For the Three Months |
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For the Nine Months Ended September 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Operating expenses |
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Research and development |
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$ |
17,761 |
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$ |
14,969 |
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$ |
53,188 |
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$ |
48,776 |
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General and administrative |
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3,911 |
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4,101 |
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12,534 |
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12,991 |
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Total operating expenses |
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21,672 |
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19,070 |
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65,722 |
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61,767 |
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Loss from operations |
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(21,672 |
) |
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(19,070 |
) |
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(65,722 |
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(61,767 |
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Other income, net |
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714 |
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1,047 |
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2,694 |
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3,680 |
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Change in fair value of warrant liabilities |
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17,025 |
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564 |
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(11,560 |
) |
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22,917 |
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Net loss |
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$ |
(3,933 |
) |
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$ |
(17,459 |
) |
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$ |
(74,588 |
) |
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$ |
(35,170 |
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Other comprehensive loss: |
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Unrealized gain (loss) on available-for-sale securities, net |
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(12 |
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57 |
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(150 |
) |
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(17 |
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Comprehensive loss |
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$ |
(3,945 |
) |
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$ |
(17,402 |
) |
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$ |
(74,738 |
) |
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$ |
(35,187 |
) |
Basic and diluted net loss per share of common stock |
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$ |
(0.03 |
) |
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$ |
(0.21 |
) |
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$ |
(0.63 |
) |
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$ |
(0.42 |
) |
Weighted-average common shares outstanding, basic and diluted |
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114,722,339 |
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77,156,068 |
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113,601,123 |
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77,146,407 |
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Basic and diluted net loss per share of Series X and Series X1 non-voting convertible preferred stock |
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$ |
(1.83 |
) |
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$ |
(11.61 |
) |
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$ |
(34.84 |
) |
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$ |
(23.40 |
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Weighted-average shares outstanding of Series X and Series X1 non-voting convertible preferred stock, basic and diluted |
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80,222 |
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|
|
114,508 |
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|
96,076 |
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114,508 |
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