Company posted a net loss of $11.2 million, or $0.13 per basic common share
IRVINE: Eledon Pharmaceuticals, Inc. (Nasdaq: ELDN) on Thursday reported a significantly reduced net loss for the second quarter of 2025, alongside key clinical and operational milestones for its lead investigational candidate, tegoprubart.
The company posted a net loss of $11.2 million, or $0.13 per basic common share, compared with a net loss of $44.9 million, or $0.92 per share, in the same period last year. Cash, cash equivalents and short-term investments totaled $107.6 million as of June 30, 2025, with funding expected to support operations through the end of 2026.
“We are proud to enter the second half of the year with strong momentum,” said CEO David-Alexandre C. Gros, M.D. “The positive data we 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”.
Clinical Progress Highlights
- Updated Phase 1b data from 32 kidney transplant patients showed tegoprubart was well tolerated, with no cases of death, graft loss, drug-related tremor, sepsis, or new-onset diabetes. Kidney function stabilized post-transplant, with 12-month eGFR averaging ~68 mL/min/1.73 m², outperforming historical benchmarks of ~53 mL/min/1.73 m².
- A third patient received tegoprubart in a kidney xenotransplantation at Massachusetts General Hospital in collaboration with eGenesis.
- At the University of Chicago Medicine, three islet cell transplant recipients achieved insulin independence in an investigator-led trial. Enrollment has now reached six patients.
- Preclinical liver transplant data presented at WTC 2025 showed prolonged graft survival in non-human primates, supporting tegoprubart’s potential for tolerance induction via CD40 Ligand pathway targeting.
- A second islet transplant trial was launched at UChicago for patients with impaired kidney function.
Corporate Developments
- Eledon hosted an R&D Day in New York City spotlighting tegoprubart’s clinical trajectory, including the ongoing Phase 2 BESTOW trial in kidney transplantation.
- In June, the company was added to the Russell 3000® and Russell 2000® Indexes, expanding investor visibility ahead of key regulatory milestones.
Upcoming Milestones
- November 2025: Topline results from the Phase 2 BESTOW trial.
- Launch of a mixed chimerism trial at MGH to evaluate donor-specific immune tolerance.
- Additional patient enrollment in the UChicago islet transplant trial for type 1 diabetes.