Earnings Releases·Nov 12, 2026, 4:10 PM ET

Eledon Pharmaceuticals — Third Quarter 2026 Earnings Summary

Q3 2026 net loss narrowed to $3.9 million ($0.03/share) from $17.5 million ($0.21/share) in Q3 2025, driven by a $17.0 million non-cash gain on warrant liabilities; excluding this, the adjusted net loss was $21.0 million versus $18.0 million in the prior year period.
Cash and short-term investments declined to $69.7 million as of September 30, 2026, from $133.3 million at year-end 2025, with management stating current funds are sufficient to operate through Q2 2027.
The Phase 3 LEGACY trial for tegoprubart in kidney transplantation is on track to initiate in Q4 2026 with ~600 patients, while a registrational path study in type 1 diabetes and an organ rejection study in liver transplant patients are anticipated within the next 12 months.
Clinical data from the BESTOW program demonstrated sustained eGFR advantages and zero biopsy-proven acute rejection events beyond six months for tegoprubart versus tacrolimus, alongside 100% insulin independence in 12 islet cell transplant patients treated to date.
Forward-looking statements emphasize that achieving clinical milestones is contingent upon securing additional financing on acceptable terms, with risks including potential stock dilution and no guarantee of regulatory approval.