ELDN · Eledon Pharmaceuticals, Inc.

Eledon Pharmaceuticals' Q1 2026 results highlight robust clinical progress for its lead asset tegoprubart, an anti-CD40L antibody, offsetting elevated operating losses driven by increased R&D investment. Key achievements include 100% insulin independence in 10 high-risk type 1 diabetes patients more than four weeks post-islet transplantation in a UChicago Medicine-led study, with no graft rejection, de novo donor-specific antibodies, or common tacrolimus-related toxicities like nephrotoxicity or hypertension. This builds on encouraging 24-month Phase 1b kidney transplant data showing no biopsy-proven acute rejections, graft losses, or deaths, alongside improving eGFR from 67.0 to 74.2 mL/min/1.73m². FDA Orphan Drug designation for liver transplant rejection prevention further validates tegoprubart's potential across transplantation indications. Financially, R&D expenses rose 27% year-over-year to $17.2 million, reflecting program advancement, while G&A dipped slightly to $4.0 million. The $39.0 million net loss, or $0.33 per share, was inflated by a $19.0 million non-cash warrant liability loss; adjusted for this and prior-year gain, operating losses were $20.1 million versus $16.6 million. Cash burn reduced position to $111.1 million from $133.3 million at year-end, sufficient into 2Q 2027. CEO David-Alexandre C. Gros emphasized 2026 catalysts like Phase 3 kidney transplant trial initiation post-FDA feedback, long-term data readouts, regulatory paths for islet/xenotransplantation, and new investigator-led trials in liver, islet, and kidney tolerance, positioning Eledon for potential accelerated development.