Eledon Pharmaceuticals, Inc.
ELDN evidence brief
What we can confirm
- Market Cap:
- $225.9M
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, Inc. is a clinical-stage biotechnology company developing tegoprubart, an anti-CD40L antibody, for prevention of organ transplant rejection and treatment of ALS, with a Phase 3 kidney transplant trial expected to initiate in late 2026.
Key risk: Need for additional capital
Market Cap
$225.9M
Cash Runway
—
Lead Asset
—
Next Catalyst
—
Financial data as of Jun 30, 2026.
Tracking 4 clinical trials for Eledon Pharmaceuticals, Inc..
Eledon Pharmaceuticals, Inc. is a clinical-stage biotechnology company developing tegoprubart, an anti-CD40L antibody, for prevention of organ transplant rejection and treatment of ALS, with a Phase 3 kidney transplant trial expected to initiate in late 2026.
- Successful End-of-Phase 2 meeting with FDA supports advancement of tegoprubart into a global Phase 3 kidney transplantation trial, on track to initiate in late 2026 [news · 2026-08-13].
- Long-term Phase 2 BESTOW data presented at ATC 2026 demonstrated sustained higher kidney function and improved patient-reported outcomes with tegoprubart compared with tacrolimus [news · 2026-08-13].
- Updated islet cell transplantation data presented at ADA 2026 showed 100% insulin independence in all 12 patients with type 1 diabetes [news · 2026-08-13].
- Cash, cash equivalents and short-term investments were $88.8 million as of June 30, 2026, with an accumulated deficit of $471.9 million [sec_mda · as of 2026-08-13].
- The company expects expenses to increase as it expands clinical programs and will require substantial additional capital to fund operations [sec_mda · as of 2026-08-13].
What works
- Tegoprubart has shown positive clinical data in both kidney and islet cell transplantation, including sustained higher kidney function and 100% insulin independence in a small islet cell study [news · 2026-08-13].
- The FDA has cleared tegoprubart to advance into a global Phase 3 kidney transplant trial, indicating regulatory alignment on the development path [news · 2026-08-13].
- Preclinical studies showed no adverse events regarding coagulation, platelet activation or thromboembolism at high doses, suggesting a favorable safety profile for an anti-CD40L molecule [sec_mda · as of 2026-08-13].
What to weigh
- The company has an accumulated deficit of $471.9 million as of June 30, 2026 and expects to require substantial additional capital to fund its Phase 3 trial and other operations [sec_mda · as of 2026-08-13].
- Cash, cash equivalents and short-term investments of $88.8 million as of June 30, 2026 may not be sufficient to complete the planned Phase 3 trial without additional financing [sec_mda · as of 2026-08-13].
- The company has a history of net losses, with a net loss of $31.6 million for the six months ended June 30, 2026 [latest reported financials · as of 2026-06-30].
- Dilution risk exists from ongoing at-the-market equity offerings and potential future financings [sec_mda · as of 2026-03-19].
From the filings
Quoted directly from source documents.
FDA supports Phase 3 trial initiation
“Successful End-of-Phase 2 meeting with FDA supports advancement of tegoprubart into a global Phase 3 kidney transplantation trial, on track to initiate in late 2026”
News · August 13, 2026
Positive Phase 2 BESTOW data
“Long-term Phase 2 BESTOW data presented at ATC 2026 demonstrated sustained higher kidney function and improved patient-reported outcomes with tegoprubart compared with tacrolimus”
News · August 13, 2026
100% insulin independence in islet cell study
“Updated islet cell transplantation data presented at ADA 2026 showed 100% insulin independence in all 12 patients with type 1 diabetes”
News · August 13, 2026
Cash position and accumulated deficit
“As of June 30, 2026, we had cash, cash equivalents and short-term investments of $88.8 million, working capital of $81.3 million and an accumulated deficit of $471.9 million.”
SEC MD&A · August 13, 2026
Catalyst timeline
- 2026-10-01 · Phase 3 kidney transplant trial start — Initiation of a multicenter, randomized, active-controlled, open-label Phase 3 study of tegoprubart in kidney transplant recipients.
Risks & what to watch (4)›
Key risks
- Need for additional capital — The company expects to require substantial additional capital to fund the Phase 3 trial and operations; cash of $88.8M may not be sufficient [sec_mda · as of 2026-08-13].
- Clinical trial risk — Phase 3 kidney transplant trial may fail to meet endpoints or show safety issues, which could delay or prevent approval [sec_mda · as of 2026-08-13].
- Dilution from equity offerings — Ongoing at-the-market equity program and future financings could significantly dilute existing stockholders [sec_mda · as of 2026-03-19].
- Accumulated deficit and losses — Accumulated deficit of $471.9M and net loss of $31.6M in first half of 2026 highlight ongoing cash burn [sec_mda · as of 2026-08-13].
What to watch
- Initiation of the global Phase 3 kidney transplantation trial expected in late 2026 [news · 2026-08-13].
- Additional data from the islet cell transplantation program and any updates on ALS development [sec_mda · as of 2026-08-13].
- Future financing activities, including equity or debt offerings, to support clinical programs [sec_mda · as of 2026-08-13].
- Regulatory milestones such as potential FDA interactions or designations for tegoprubart [news · 2026-08-13].
Sources: Catalysts · News · SEC filings · SEC MD&A · Generated October 6, 2026 · How we verify sources →
Run Eledon Pharmaceuticals, Inc. through your own thesis
Use the pipeline, catalyst, financial, FDA, and market facts on this page as inputs to a protocol you control.
Your protocol can:
- Turn available Eledon Pharmaceuticals, Inc. facts into screen rules or deeper checks
- Show cited findings, blockers, and unresolved evidence together
- Save the logic and rerun it as the company evidence changes
Evidence & data
Regulatory
Financials
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, Inc. is a clinical-stage biotechnology company developing tegoprubart, an anti-CD40L antibody, for prevention of organ transplant rejection and treatment of ALS, with a Phase 3 kidney transplant trial expected to initiate in late 2026.
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 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.