Eledon Pharmaceuticals, Inc.
ELDN evidence brief
What we can confirm
What it means
What to watch
Prepared research question
What matters most for ELDN—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · ELDN
Eledon Pharmaceuticals is a clinical-stage biotech developing tegoprubart, an anti-CD40L antibody, for kidney and islet cell transplantation, with a Phase 2 BESTOW trial completed and a Phase 3 trial planned.
Key risk: Need for additional capital
BioSniper Score
Based on 4 of 6 signals
Financial data as of Jun 30, 2026.
Tracking 1 pipeline candidate · 3 clinical trials for Eledon Pharmaceuticals, Inc..
Eledon Pharmaceuticals is a clinical-stage biotech developing tegoprubart, an anti-CD40L antibody, for kidney and islet cell transplantation, with a Phase 2 BESTOW trial completed and a Phase 3 trial planned.
- Lead candidate tegoprubart is an anti-CD40L antibody being developed for kidney transplantation and islet cell transplantation [sec_mda · as of 2026-08-13].
- Phase 2 BESTOW trial (NCT05983770) in kidney transplant is listed as completed [catalyst].
- Cash, cash equivalents and short-term investments were $88.8 million as of June 30, 2026 [sec_mda · as of 2026-08-13].
- Accumulated deficit was $471.9 million as of June 30, 2026 [sec_mda · as of 2026-08-13].
- Company plans to initiate a Phase 3 clinical trial in kidney transplantation and continue the islet cell transplantation program [sec_mda · as of 2026-08-13].
What works
- Tegoprubart has completed a Phase 2 trial (BESTOW) in kidney transplantation, a key milestone de-risking the program [sec · filed 2026-04-30].
- Cash position of $88.8 million as of June 30, 2026 provides runway to advance clinical programs [sec_mda · as of 2026-08-13].
- Company has an ongoing extension study (BESTOW-EXTENSION) to gather long-term safety and tolerability data [catalyst].
What to weigh
- Company has an accumulated deficit of $471.9 million and has not yet achieved profitability [sec_mda · as of 2026-08-13].
- Substantial additional capital is required to fund planned Phase 3 trial and other operations, with no guarantee of financing [sec_mda · as of 2026-08-13].
- Dilution risk exists from equity offerings, including an at-the-market program and outstanding warrants [sec_mda · as of 2026-03-19].
- Tegoprubart is still in clinical development and has not received regulatory approval; risks include trial delays, costs, and macroeconomic uncertainties [sec_mda · as of 2026-08-13].
From the filings
Quoted directly from source documents.
Cash position as of June 30, 2026
“As of June 30, 2026, we had cash, cash equivalents and short-term investments of $88.8 million”
SEC MD&A · August 13, 2026
Accumulated deficit as of June 30, 2026
“accumulated deficit of $471.9 million”
SEC MD&A · August 13, 2026
Planned Phase 3 trial initiation
“our current operating plan, including the planned initiation of a Phase 3 clinical trial in kidney transplantation”
SEC MD&A · August 13, 2026
BESTOW trial completion
“AT-1501-K207: BESTOW: A Phase 2, Multicenter, Randomized, Open-Label Study to Evaluate the Safety an - NCT: NCT05983770. Status: Completed.”
Catalysts
Risks & what to watch (3)›
Key risks
- Need for additional capital — Substantial additional capital required for Phase 3 trial and operations; no assurance of financing [sec_mda · as of 2026-08-13].
- Clinical and regulatory risk — Tegoprubart is unapproved; risks include trial delays, costs, and macroeconomic impacts [sec_mda · as of 2026-08-13].
- Dilution from equity offerings — At-the-market program and outstanding warrants may cause significant dilution to existing stockholders [sec_mda · as of 2026-03-19].
What to watch
- Initiation and enrollment of the planned Phase 3 kidney transplant trial [sec_mda · as of 2026-08-13].
- Topline data from the BESTOW extension study (NCT06126380) [catalyst].
- Any financing events, including equity or debt offerings, to support ongoing operations [sec_mda · as of 2026-08-13].
- Regulatory interactions or updates on tegoprubart's development path.
Sources: Catalysts · SEC filings · SEC MD&A · Generated August 15, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 4 of 6 signals · derived from public data
11.4 months
D/E 1.64 · 0% dilution
Lead: Phase 2
1 candidate
No upcoming catalysts tracked
No insider transactions in the last 180 days
Runway
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
119
Total value held
$111.2M
| Holder | Shares | Value |
|---|---|---|
| vanguard capital management llc | 6,586,268 | $20.3M |
| bvf inc/il | 6,293,282 | $19.4M |
| blackrock, inc. | 4,382,245 | $13.5M |
| zimmer partners, lp | 1,875,000 | $5.8M |
| geode capital management, llc | 1,791,783 | $5.5M |
| sphera funds management ltd. | 1,772,131 | $5.5M |
| state street corp | 1,154,671 | $3.6M |
| awm investment company, inc. | 1,100,000 | $3.4M |
| jefferies financial group inc. | 1,094,456 | $3.4M |
| kingdon capital management, l.l.c. | 1,039,275 | $3.2M |
Showing top 10 of 119 institutional holders of Eledon Pharmaceuticals, Inc.. Open the full 13F history after sign-in.
Short Interest
as of Apr 28, 2026- % of float
- 11.2%
- Days to cover
- 5.1
- Shares short
- 7,812,771
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
ELDN short interestGovernance
Frequently asked questions
What is the AI investment thesis for Eledon Pharmaceuticals, Inc.?
Eledon Pharmaceuticals is a clinical-stage biotech developing tegoprubart, an anti-CD40L antibody, for kidney and islet cell transplantation, with a Phase 2 BESTOW trial completed and a Phase 3 trial planned.
What is Eledon Pharmaceuticals, Inc.'s lead drug candidate?
Eledon Pharmaceuticals, Inc.'s most advanced tracked candidate is tegoprubart (Phase 2) for amyotrophic lateral sclerosis (ALS).
Who is the CEO of Eledon Pharmaceuticals, Inc.?
Dr. David-Alexandre C. Gros M.D., Ph.D. is the chief executive officer of Eledon Pharmaceuticals, Inc. (ELDN).
Where is Eledon Pharmaceuticals, Inc. headquartered?
Eledon Pharmaceuticals, Inc. (ELDN) is headquartered in Irvine, CA, United States.
What therapeutic areas does Eledon Pharmaceuticals, Inc. focus on?
Eledon Pharmaceuticals, Inc. develops therapies across Neurology, Immunology, Nephrology.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.