Eledon Pharmaceuticals Reports Second Quarter 2025 Operating and Financial Results
Eledon Pharmaceuticals (NASDAQ: ELDN) reported Q2 2025 financial results and clinical progress for its lead drug tegoprubart. The company highlighted positive Phase 1b data in kidney transplant patients, showing a mean 12-month eGFR of approximately 68 mL/min/1.73 m2, significantly better than the historical standard of care (~53 mL/min/1.73 m2).
Key developments include successful treatment of six islet cell transplant recipients at UChicago Medicine, with the first three achieving insulin independence, and a third patient receiving tegoprubart in kidney xenotransplantation at MGH. The company reported $107.6 million in cash as of June 30, 2025, expected to fund operations through 2026, and anticipates Phase 2 BESTOW trial results in kidney transplantation by November 2025.
Eledon Pharmaceuticals (NASDAQ: ELDN) ha annunciato i risultati finanziari del secondo trimestre 2025 e i progressi clinici del suo farmaco di punta, tegoprubart. La societ脿 ha sottolineato dati positivi di Fase 1b nei pazienti con trapianto renale, con una eGFR media a 12 mesi di circa 68 mL/min/1,73 m2, nettamente superiore allo standard storico di cura (~53 mL/min/1,73 m2).
I principali sviluppi includono il trattamento riuscito di sei riceventi di trapianto di cellule insulari presso l'UChicago Medicine, con i primi tre che hanno raggiunto l'indipendenza dall'insulina, e un terzo paziente che ha ricevuto tegoprubart in un trapianto renale xenotrapianto al MGH. La societ脿 ha dichiarato di avere 107,6 milioni di dollari in cassa al 30 giugno 2025, sufficienti a finanziare le operazioni fino al 2026, e prevede i risultati della Fase 2 BESTOW per i trapianti renali entro novembre 2025.
Eledon Pharmaceuticals (NASDAQ: ELDN) inform贸 los resultados financieros del segundo trimestre de 2025 y los avances cl铆nicos de su f谩rmaco principal, tegoprubart. La compa帽铆a destac贸 datos positivos de la Fase 1b en pacientes con trasplante renal, mostrando una eGFR media a 12 meses de aproximadamente 68 mL/min/1,73 m2, significativamente superior al est谩ndar hist贸rico de atenci贸n (~53 mL/min/1,73 m2).
Entre los hitos clave figura el tratamiento exitoso de seis receptores de trasplante de islotes en UChicago Medicine, con los primeros tres alcanzando independencia de la insulina, y un tercer paciente que recibi贸 tegoprubart en un xenotrasplante renal en MGH. La compa帽铆a report贸 107,6 millones de d贸lares en efectivo al 30 de junio de 2025, que se espera financien las operaciones hasta 2026, y anticipa los resultados del ensayo de Fase 2 BESTOW en trasplante renal para noviembre de 2025.
Eledon Pharmaceuticals (NASDAQ: ELDN)電� 2025雲� 2攵勱赴 鞛 鞁れ爜瓿� 欤茧牓 鞎诫 韰岅碃頂勲（氚旐姼鞚� 鞛勳儊 歆勴枆 靸來櫓鞚� 氚滍憸頄堨姷雼堧嫟. 須岇偓電� 鞁犾灔鞚挫嫕 頇橃瀽鞐愳劀鞚� 旮嶌爼鞝侅澑 1b靸� 雿办澊韯�毳� 臧曥“頄堨溂氅�, 12臧滌洈 韽夑窢 eGFR鞚� 鞎� 68 mL/min/1.73 m2搿� 瓿缄卑 響滌 旃橂(~53 mL/min/1.73 m2)氤措嫟 鞙犾潣頃橁矊 鞖办垬頃橂嫟瓿� 氚濏様鞀惦媹雼�.
欤检殧 雮挫毄鞙茧電� UChicago Medicine鞐愳劀 鞐劘 氇呾潣 鞚挫瀽 鞚挫嫕 靾橅槣鞛�毳� 靹标车鞝侅溂搿� 旃橂頄堨溂氅�, 觳橃潓 靹� 氇呾潃 鞚胳姁毽� 霃呺鞚� 雼劚頄堦碃, 靹� 氩堨Ц 頇橃瀽電� MGH鞐愳劀 鞁犾灔 鞚挫鞚挫嫕鞐� 韰岅碃頂勲（氚旐姼毳� 韴棳氚涭晿雼る姅 鞝愳澊 韽暔霅╇媹雼�. 須岇偓電� 2025雲� 6鞗� 30鞚� 旮办 順勱笀 1鞏� 760毵� 雼煬毳� 氤挫湢頃橁碃 鞛堨柎 2026雲勱箤歆� 鞖挫榿 鞛愱笀鞚� 頇曤炒霅� 瓴冹溂搿� 鞓堨儊頃橂┌, 2025雲� 11鞗旉箤歆� 鞁犾灔 鞚挫嫕 甏�霠� 2靸� BESTOW 鞁滍棙 瓴瓣臣毳� 旮半寑頃橁碃 鞛堨姷雼堧嫟.
Eledon Pharmaceuticals (NASDAQ: ELDN) a publi茅 ses r茅sultats financiers du deuxi猫me trimestre 2025 et les progr猫s cliniques de son m茅dicament phare, tegoprubart. La soci茅t茅 a mis en avant des donn茅es positives de Phase 1b chez des patients transplant茅s r茅naux, avec une eGFR moyenne 脿 12 mois d'environ 68 mL/min/1,73 m2, nettement sup茅rieure 脿 la norme historique (~53 mL/min/1,73 m2).
Parmi les avanc茅es cl茅s figurent le traitement r茅ussi de six receveurs de greffe d'卯lots 脿 l'UChicago Medicine, dont les trois premiers sont devenus ind茅pendants de l'insuline, et un troisi猫me patient ayant re莽u tegoprubart lors d'une x茅nogreffe r茅nale au MGH. La soci茅t茅 a d茅clar茅 disposer de 107,6 millions de dollars de tr茅sorerie au 30 juin 2025, suffisants selon elle pour financer ses activit茅s jusqu'en 2026, et pr茅voit les r茅sultats de l'essai de Phase 2 BESTOW en transplantation r茅nale d'ici novembre 2025.
Eledon Pharmaceuticals (NASDAQ: ELDN) ver枚ffentlichte die Finanzergebnisse f眉r Q2 2025 und den klinischen Fortschritt seines f眉hrenden Medikaments Tegoprubart. Das Unternehmen hob positive Phase鈥�1b鈥慏aten bei Nierentransplantationspatienten hervor, mit einer mittleren eGFR nach 12 Monaten von etwa 68 mL/min/1,73 m2, deutlich besser als der historische Standard (~53 mL/min/1,73 m2).
Zu den wichtigsten Entwicklungen z盲hlt die erfolgreiche Behandlung von sechs Inselzelltransplantatempf盲ngern an der UChicago Medicine, wobei die ersten drei insulinunabh盲ngig wurden, sowie ein dritter Patient, der Tegoprubart bei einer Nierexentransplantation am MGH erhielt. Das Unternehmen meldete zum 30. Juni 2025 107,6 Millionen US-Dollar in bar, was voraussichtlich die Gesch盲ftst盲tigkeit bis 2026 finanziert, und erwartet die Ergebnisse der Phase鈥�2 BESTOW鈥慡tudie zur Nierentransplantation bis November 2025.
- Phase 1b trial showed superior kidney function (eGFR ~68) compared to standard of care (eGFR ~53)
- First three islet cell transplant recipients achieved insulin independence
- Strong cash position of $107.6M, funding operations through 2026
- No serious safety concerns in kidney transplant trial - no deaths, graft loss, or new-onset diabetes
- R&D expenses doubled to $20.3M in Q2 2025 vs $10.1M in Q2 2024
- Net cash position decreased from $140.2M to $107.6M over six months
- Reported net loss of $11.2M for Q2 2025
Insights
Eledon reports solid Q2 with promising kidney transplant data showing superior eGFR outcomes versus standard therapy while maintaining strong $107.6M cash position.
Eledon's Q2 results demonstrate continued clinical progress for tegoprubart across multiple transplant indications. The updated Phase 1b kidney transplant data is particularly compelling - patients maintained a mean 12-month eGFR of approximately
The safety profile continues to be favorable with no reported deaths, graft losses, tremors, sepsis, or new-onset diabetes - complications that often plague current immunosuppressive regimens. The company's multipronged strategy spanning kidney, islet cell, and liver transplantation, plus the pioneering xenotransplantation work, creates multiple paths to potential success.
Financially, Eledon reports
The upcoming Phase 2 BESTOW readout in November represents a critical near-term catalyst that could validate tegoprubart's efficacy in a larger, controlled trial setting. Additional potential value drivers include the UChicago islet cell transplant work showing insulin independence and the innovative tolerance induction program at MGH.
Updated data from ongoing open-label Phase 1b trial demonstrated a mean 12-month eGFR of approximately 68 mL/min/1.73 m2 post-transplant for patients on tegoprubart
Company on track to report topline results from Phase 2 BESTOW trial in kidney transplantation in November 2025
Cash, cash equivalents and short-term investments of
IRVINE, Calif., Aug. 14, 2025 (GLOBE NEWSWIRE) -- Eledon Pharmaceuticals, Inc. (鈥淓ledon鈥�) (Nasdaq: ELDN) today reported its second quarter 2025 operating and financial results and reviewed recent business highlights.
鈥淲e are proud to enter the second half of the year with strong momentum as we have achieved all of our key milestones to date including advancing tegoprubart in kidney, islet cell (type 1 diabetes), and liver allotransplantation, as well as in xenotransplantation. The positive data we recently presented at the World Transplant Congress reinforce the potential of tegoprubart to improve long-term transplant outcomes while reducing the toxic side effects often associated with the current standard of care,鈥� said David-Alexandre C. Gros, M.D., Chief Executive Officer of Eledon. 鈥淲ith these encouraging results in hand, we look forward to sharing topline data later this year from our Phase 2 BESTOW trial in kidney transplantation and to continuing to explore tegoprubart鈥檚 broad potential in other transplant indications.鈥�
Year-to-Date 2025 Business Highlights
- Presented updated data at the World Transplant Congress (WTC) in August 2025 from the ongoing Phase 1b open-label trial evaluating tegoprubart for the prevention of organ rejection in kidney transplant patients. Updated data from 32 participants demonstrated that tegoprubart continues to be well tolerated with no cases of death, graft loss, drug related tremor, sepsis, or new-onset diabetes. Kidney function, as assessed by estimated glomerular filtration rate (eGFR), generally stabilized after the first month post-transplant and remained in the range of approximately 68 mL/min/1.73 m2 through 12 months for participants (n=12) who remained on tegoprubart. For comparison, data from historical studies using the standard of care, calcineurin inhibitor-based immunosuppression therapy, typically report aggregate mean eGFRs of approximately 53 mL/min/1.73 m2 at 12 months after kidney transplant.
- In June 2025, a third patient was treated with tegoprubart as a cornerstone component of the immunosuppression treatment regimen following kidney xenotransplantation conducted at Massachusetts General Hospital听(MGH) in collaboration with eGenesis.
- Announced the first three islet cell transplant recipients treated at the University of Chicago Medicine鈥檚 Transplant Institute in an investigator-initiated trial evaluating tegoprubart as part of an immunosuppression regimen for the prevention of islet transplant rejection achieved insulin independence. An additional three islet transplant recipients have now been enrolled as well, bringing the total enrollment in the trial to six patients.
- Preclinical data in liver allotransplantation utilizing tegoprubart was presented at WTC 2025 demonstrating markedly prolonged graft survival in non-human primates (NHPs) by targeting the CD40 Ligand pathway and the potential for transplant tolerance induction.
- Announced a second investigator-initiated trial at the University of Chicago Medicine鈥檚 Transplant Institute evaluating tegoprubart as part of an immunosuppression regimen for the prevention of islet transplant rejection in patients with impaired kidney function.
- Hosted an R&D Day in New York City that highlighted recent progress for the Company鈥檚 lead investigational candidate, tegoprubart, with a focus on its clinical development progress in organ and cell transplantation, including the ongoing Phase 2 BESTOW trial. The event featured members of Eledon鈥檚 executive team and leading experts in the field of transplantation. A replay of the R&D Day event can be found on Eledon鈥檚 website at
- In听June听2025, the Company was added to the Russell听3000庐听and Russell听2000庐听Indexes following the annual reconstitution, broadening visibility among investors as Eledon approaches key regulatory milestones.
Anticipated Upcoming Milestones for 2H 2025
- November 2025: Report topline results from the Phase 2 BESTOW trial of tegoprubart in kidney transplantation.
- Launch an investigator-initiated trial at MGH evaluating tegoprubart as part of an immunosuppression regimen to induce donor-specific immune tolerance through mixed chimerism.
- Enroll three additional patients in the investigator-led clinical trial at UChicago Medicine in subjects with type 1 diabetes treated with tegoprubart as part of an immunosuppression regimen for the prevention of pancreatic islet transplant rejection.
Second Quarter 2025 Financial Results
Cash, cash equivalents and short-term investments totaled
Research and development (R&D) expenses for the second quarter of 2025 were
General and administrative expenses for the second quarter of 2025 were
Net loss听for the second quarter of 2025 was
About听Eledon Pharmaceuticals听and tegoprubart
Eledon Pharmaceuticals, Inc. is a clinical stage biotechnology company that is developing immune-modulating therapies for the management and treatment of life-threatening conditions. The Company鈥檚 lead investigational product is tegoprubart, an anti-CD40L antibody with high affinity for the CD40 Ligand, a well-validated biological target that has broad therapeutic potential. The central role of CD40L signaling in both adaptive and innate immune cell activation and function positions it as an attractive target for non-lymphocyte depleting, immunomodulatory therapeutic intervention. The Company is building upon a deep historical knowledge of anti-CD40 Ligand biology to conduct preclinical and clinical studies in kidney allograft transplantation, xenotransplantation, liver allograft transplantation, and amyotrophic lateral sclerosis (ALS). Eledon is headquartered in Irvine, California. For more information, please visit the Company鈥檚 website at .
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Forward Looking Statements
This press release contains forward-looking statements that involve substantial risks and uncertainties. Any statements about the company鈥檚 future expectations, plans and prospects, including statements about planned clinical trials, the development of product candidates, expected timing for initiation of future clinical trials, expected timing for receipt of data from clinical trials, the company鈥檚 capital resources and ability to finance planned clinical trials, as well as other statements containing the words 鈥渂elieves,鈥� 鈥渁nticipates,鈥� 鈥減lans,鈥� 鈥渆xpects,鈥� 鈥渆stimates,鈥� 鈥渋ntends,鈥� 鈥減redicts,鈥� 鈥減rojects,鈥� 鈥渢argets,鈥� 鈥渓ooks forward,鈥� 鈥渃ould,鈥� 鈥渕ay,鈥� and similar expressions, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are inherently uncertain and are subject to numerous risks and uncertainties, including: risks relating to the safety and efficacy of our drug candidates; risks relating to clinical development timelines, including interactions with regulators and clinical sides, as well as patient enrollment; risks relating to costs of clinical trials and the sufficiency of the company鈥檚 capital resources to fund planned clinical trials; and risks associated with the impact of the ongoing coronavirus pandemic. Actual results may differ materially from those indicated by such forward-looking statements as a result of various factors. These risks and uncertainties, as well as other risks and uncertainties that could cause the company鈥檚 actual results to differ significantly from the forward-looking statements contained herein, are discussed in our quarterly 10-Q, annual 10-K, and other filings with the U.S. Securities and Exchange Commission, which can be found at www.sec.gov. Any forward-looking statements contained in this press release speak only as of the date hereof and not of any future date, and the company expressly disclaims any intent to update any forward-looking statements, whether as a result of new information, future events or otherwise.
Investor Contact:
Stephen Jasper
Gilmartin Group
(858) 525 2047
Media Contact:
Jenna Urban
CG Life
(212) 253 8881
Source:听Eledon Pharmaceuticals
| ELEDON PHARMACEUTICALS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share data) (Unaudited) | 听 | |||||||
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| 听 | 听 | June听30, 2025 | 听 | 听 | December听31, 2024 | 听 | ||
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| ASSETS | 听 | 听 | 听 | 听 | 听 | 听 | ||
| Current assets: | 听 | 听 | 听 | 听 | 听 | 听 | ||
| Cash and cash equivalents | 听 | $ | 5,741 | 听 | 听 | $ | 20,549 | 听 |
| Short-term investments | 听 | 听 | 101,829 | 听 | 听 | 听 | 119,629 | 听 |
| Prepaid expenses and other current assets | 听 | 听 | 3,834 | 听 | 听 | 听 | 3,552 | 听 |
| Total current assets | 听 | 听 | 111,404 | 听 | 听 | 听 | 143,730 | 听 |
| Operating lease asset, net | 听 | 听 | 773 | 听 | 听 | 听 | 926 | 听 |
| In-process research and development | 听 | 听 | 32,386 | 听 | 听 | 听 | 32,386 | 听 |
| Other assets | 听 | 听 | 346 | 听 | 听 | 听 | 363 | 听 |
| Total assets | 听 | $ | 144,909 | 听 | 听 | $ | 177,405 | 听 |
| LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS鈥� EQUITY | 听 | 听 | 听 | 听 | 听 | 听 | ||
| Current liabilities: | 听 | 听 | 听 | 听 | 听 | 听 | ||
| Accounts payable | 听 | $ | 5,831 | 听 | 听 | $ | 5,833 | 听 |
| Current operating lease liabilities | 听 | 听 | 336 | 听 | 听 | 听 | 314 | 听 |
| Accrued expenses and other liabilities | 听 | 听 | 7,552 | 听 | 听 | 听 | 5,430 | 听 |
| Total current liabilities | 听 | 听 | 13,719 | 听 | 听 | 听 | 11,577 | 听 |
| Deferred tax liabilities | 听 | 听 | 2,183 | 听 | 听 | 听 | 2,183 | 听 |
| Non-current operating lease liabilities | 听 | 听 | 467 | 听 | 听 | 听 | 640 | 听 |
| Warrant liabilities | 听 | 听 | 22,512 | 听 | 听 | 听 | 44,865 | 听 |
| Total liabilities | 听 | 听 | 38,881 | 听 | 听 | 听 | 59,265 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||
| Commitments and contingencies | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||
| Convertible preferred stock, 5,000,000听shares authorized at June 30, 2025 and December 31, 2024: | 听 | 听 | 听 | 听 | 听 | 听 | ||
| Series X1non-voting convertible preferred stock, | 听 | 听 | 53,543 | 听 | 听 | 听 | 53,543 | 听 |
| Series X non-voting convertible preferred stock, | 听 | 听 | 2,151 | 听 | 听 | 听 | 2,151 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||
| Stockholders鈥� equity: | 听 | 听 | 听 | 听 | 听 | 听 | ||
| Common stock, | 听 | 听 | 60 | 听 | 听 | 听 | 60 | 听 |
| Additional paid-in capital | 听 | 听 | 423,619 | 听 | 听 | 听 | 417,946 | 听 |
| Accumulated other comprehensive income (loss) | 听 | 听 | (48 | ) | 听 | 听 | 26 | 听 |
| Accumulated deficit | 听 | 听 | (373,297 | ) | 听 | 听 | (355,586 | ) |
| Total stockholders鈥� equity | 听 | 听 | 50,334 | 听 | 听 | 听 | 62,446 | 听 |
| Total liabilities, convertible preferred stock and stockholders鈥� equity | 听 | $ | 144,909 | 听 | 听 | $ | 177,405 | 听 |
| ELEDON PHARMACEUTICALS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (In thousands, except share and per share data) (Unaudited) | 听 | |||||||||||||||
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| 听 | 听 | For the Three Months Ended June听30, | 听 | 听 | For the Six Months Ended June听30, | 听 | ||||||||||
| 听 | 听 | 2025 | 听 | 听 | 2024 | 听 | 听 | 2025 | 听 | 听 | 2024 | 听 | ||||
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||
| Operating expenses | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||
| Research and development | 听 | $ | 20,276 | 听 | 听 | $ | 10,106 | 听 | 听 | $ | 33,807 | 听 | 听 | $ | 17,516 | 听 |
| General and administrative | 听 | 听 | 4,457 | 听 | 听 | 听 | 4,396 | 听 | 听 | 听 | 8,890 | 听 | 听 | 听 | 7,855 | 听 |
| Total operating expenses | 听 | 听 | 24,733 | 听 | 听 | 听 | 14,502 | 听 | 听 | 听 | 42,697 | 听 | 听 | 听 | 25,371 | 听 |
| Loss from operations | 听 | 听 | (24,733 | ) | 听 | 听 | (14,502 | ) | 听 | 听 | (42,697 | ) | 听 | 听 | (25,371 | ) |
| Other income, net | 听 | 听 | 1,224 | 听 | 听 | 听 | 869 | 听 | 听 | 听 | 2,633 | 听 | 听 | 听 | 1,443 | 听 |
| Change in fair value of warrant liabilities | 听 | 听 | 12,293 | 听 | 听 | 听 | (31,274 | ) | 听 | 听 | 22,353 | 听 | 听 | 听 | (44,610 | ) |
| Net loss | 听 | $ | (11,216 | ) | 听 | $ | (44,907 | ) | 听 | $ | (17,711 | ) | 听 | $ | (68,538 | ) |
| Other comprehensive loss: | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||
| Unrealized loss on available-for-sale securities, net | 听 | 听 | (30 | ) | 听 | 听 | 鈥� | 听 | 听 | 听 | (74 | ) | 听 | 听 | 鈥� | 听 |
| Comprehensive loss | 听 | $ | (11,246 | ) | 听 | $ | (44,907 | ) | 听 | $ | (17,785 | ) | 听 | $ | (68,538 | ) |
| Basic and diluted earnings per share of common stock (2024 As Restated) | 听 | $ | (0.13 | ) | 听 | $ | (0.92 | ) | 听 | $ | (0.21 | ) | 听 | $ | (1.61 | ) |
| Weighted-average common shares outstanding, basic and diluted | 听 | 听 | 77,156,068 | 听 | 听 | 听 | 42,278,411 | 听 | 听 | 听 | 77,141,196 | 听 | 听 | 听 | 36,133,906 | 听 |
| Basic and diluted earnings per share of Series X and Series X1non-voting convertible preferred stock (2024 As Restated) | 听 | $ | (7.46 | ) | 听 | $ | (51.29 | ) | 听 | $ | (11.78 | ) | 听 | $ | (89.60 | ) |
| Weighted-average shares outstanding of Series X and Series X1non-voting convertible preferred stock, basic and diluted (2024 As Restated) | 听 | 听 | 114,508 | 听 | 听 | 听 | 114,508 | 听 | 听 | 听 | 114,508 | 听 | 听 | 听 | 114,508 | 听 |
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FAQ
What were the key findings from Eledon's Phase 1b kidney transplant trial for tegoprubart?
How much cash does Eledon (ELDN) have and how long will it last?
What were Eledon's Q2 2025 financial results?
When will Eledon report Phase 2 BESTOW trial results?
What progress has Eledon made in islet cell transplantation?
