Eledon Pharmaceuticals Reports Improved Financial Performance and Focus on Kidney Transplantation Programs

Eledon Pharmaceuticals, Inc. reported a significant increase in its financial performance for the fiscal year ending December 31, 2024, with total operating expenses rising to $70.6 million, up from $43.0 million in 2023. The increase was primarily driven by a 71% rise in research and development expenses, which reached $52.0 million, largely due to heightened activities in clinical trials for its lead product candidate, tegoprubart, particularly in kidney transplantation programs. The company reported a net loss of $36.2 million for the year, a notable improvement from a net loss of $116.5 million in the previous year, reflecting a 69% reduction in losses.

In terms of strategic developments, Eledon has focused its resources on kidney transplantation programs, announcing in January 2023 the discontinuation of its islet cell transplantation and IgAN programs. The company is advancing tegoprubart through multiple clinical trials, including a Phase 1b trial and the Phase 2 BESTOW trial, which aims to evaluate the drug's efficacy compared to standard immunosuppressive therapies. Interim results from these trials have indicated improved renal function and a favorable safety profile, with no significant adverse events typically associated with standard treatments.

Operationally, Eledon has made strides in expanding its clinical development efforts, with a total employee count of 31 as of March 2025. The company has also engaged in various financing activities, raising approximately $133.5 million through private placements and an underwritten offering in 2024. As of December 31, 2024, Eledon reported cash and cash equivalents of $20.5 million, alongside short-term investments totaling $119.6 million, providing a solid financial foundation for ongoing and future clinical trials.

Looking ahead, Eledon anticipates continued investment in its clinical programs, particularly for tegoprubart, which targets the CD40L pathway to prevent organ rejection and treat ALS. However, the company has indicated that it will require additional funding to sustain its operations and clinical development, particularly for its ALS program, which is currently on hold pending financing. The company’s ability to secure this funding will be critical to its future growth and operational success, as it navigates the complexities of drug development and regulatory approval processes.