Eledon Pharmaceuticals (ELDN) Q1 2026 earnings summary

Executive summary

• Tegoprubart, an anti-CD40L antibody, is being developed for organ transplantation and ALS, with clinical programs in kidney, xenotransplantation, islet cell transplantation, and ALS.

• Achieved 100% insulin independence in 10 type 1 diabetes patients post-islet transplantation using tegoprubart, with no graft rejection or major side effects reported.

• Phase 2 BESTOW trial in kidney transplantation showed tegoprubart provided non-inferior efficacy to tacrolimus with a favorable safety profile, especially regarding metabolic and cardiovascular side effects.

• Presented 24-month follow-up data in kidney transplantation showing no acute rejection, graft loss, or new-onset diabetes, and improved kidney function.

• FDA granted Orphan Drug designation to tegoprubart for liver transplantation allograft rejection prevention.

Financial highlights

• Net loss of $39.0 million for the three months ended March 31, 2026, compared to $6.5 million for the same period in 2025.

• Cash, cash equivalents, and short-term investments totaled $111.1 million as of March 31, 2026, down from $133.3 million at year-end 2025.

• Operating expenses increased to $21.2 million from $18.0 million year-over-year, driven by higher manufacturing costs.

• R&D expenses were $17.2 million (including $1.1 million non-cash stock-based compensation), up from $13.5 million in Q1 2025.

• Net loss included a $19.0 million non-cash loss from warrant liabilities; adjusted net loss was $20.1 million in Q1 2026 versus $16.6 million in Q1 2025.

Outlook and guidance

• Sufficient cash to fund operations for at least the next 12 months, with some projections extending into Q2 2027; additional capital will be required for Phase 3 trials and further development.

• Plans to seek FDA guidance and potentially initiate Phase 3 kidney transplantation trial in 2026, subject to funding and regulatory alignment.

• ALS program advancement contingent on securing dedicated financing.

• Plans to report long-term data from ongoing kidney transplant studies and initiate new investigator-led trials in islet cell, liver, and kidney transplantation.