ELDN
Eledon Pharmaceuticals, Inc.Eledon Pharmaceuticals, Inc., clinical stage biopharmaceutical company, focuses on developing medicines for the patients living with autoimmune disease and amyotrophic lateral sclerosis (ALS), and requiring an organ or cell-based transplant. Its lead product candidate includes AT-1501, a humanized monoclonal antibody to target CD40 Ligand that is a molecule expressed on the surface of human immune system T cells, which is in Phase 2a clinical trials for the treatment of ALS, and Phase 2 clinical
2-Year Price History
Quarterly Financials & Projections
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Est | 2027-Q3 | 0.0 | 0.0 | -- | 0.0 | -- | 0.0 | -0.0 | 111.1 | -- | -- | -- | -- | -- |
| Est | 2027-Q2 | 0.0 | 0.0 | -- | 0.0 | -- | 0.0 | -0.0 | 111.1 | -- | -- | -- | -- | -- |
| Est | 2027-Q1 | 0.0 | 0.0 | -- | 0.0 | -- | 0.0 | -0.0 | 111.1 | -- | -- | -- | -- | -- |
| Est | 2026-Q4 | 0.0 | 0.0 | -- | 0.0 | -- | 0.0 | -0.0 | 111.1 | -- | -- | -- | -- | -- |
| Est | 2026-Q3 | 0.0 | 0.0 | -- | 0.0 | -- | 0.0 | -0.0 | 111.1 | -- | -- | -- | -- | -- |
| Est | 2026-Q2 | 0.0 | 0.0 | -- | 0.0 | -- | 0.0 | -0.0 | 111.1 | -- | -- | -- | -- | -- |
| Est | 2026-Q1 | 0.0 | 0.0 | -- | 0.0 | -- | 0.0 | -0.0 | 111.1 | -- | -- | -- | -- | -- |
| Act | 2026-Q1 | 0.0 | -21.2 | -21.2 | -39.0 | -22.6 | -22.6 | -0.0 | 111.1 | 0.6 | 112.4 | -79.5% | -- | -- |
| Est | 2025-Q4 | 0.0 | 0.0 | -- | 0.0 | -- | 0.0 | -0.0 | 111.1 | -- | -- | -- | -- | -- |
| Act | 2025-Q4 | 0.0 | -21.4 | -21.5 | -10.5 | -14.1 | -14.1 | -0.0 | 133.3 | 0.6 | 75.4 | -97.0% | -- | -- |
| Act | 2025-Q3 | 0.0 | -17.5 | -19.1 | -17.5 | -14.5 | -14.5 | -0.0 | 93.4 | 0.7 | 77.2 | -174.9% | -- | -- |
| Act | 2025-Q2 | 0.0 | -24.7 | -24.7 | -11.2 | -17.7 | -17.7 | -0.0 | 107.6 | 0.8 | 77.2 | -85.2% | -- | -- |
| Act | 2025-Q1 | 0.0 | -6.5 | -18.0 | -6.5 | -16.1 | -16.1 | -0.0 | 124.9 | 0.9 | 77.1 | -56.7% | -- | -- |
| Act | 2024-Q4 | 0.0 | -44.1 | -24.7 | -44.6 | -19.0 | -19.0 | -0.0 | 140.2 | 1.0 | 59.8 | -74.7% | -- | -- |
| Act | 2024-Q3 | 0.0 | -20.4 | -20.5 | 77.0 | -11.8 | -11.8 | -0.0 | 78.2 | 0.5 | 55.5 | -90.0% | -- | -- |
| Act | 2024-Q2 | 0.0 | -44.8 | -14.5 | -44.9 | -7.8 | -7.8 | -0.0 | 83.6 | 0.7 | 42.3 | -842.9% | -- | -- |
| Act | 2024-Q1 | 0.0 | -10.8 | -10.9 | -23.6 | -8.7 | -8.7 | -0.0 | 42.9 | 0.3 | 30.0 | <-999% | -- | -- |
| Act | 2023-Q4 | 0.0 | -85.7 | -10.3 | -85.8 | -9.1 | -9.1 | -0.0 | 51.1 | 0.4 | 24.2 | <-999% | -253.7x | -- |
| Act | 2023-Q3 | 0.0 | -9.8 | -11.2 | -9.9 | -12.3 | -12.3 | -0.0 | 59.6 | 0.5 | 30.0 | -269.3% | -- | -- |
| Act | 2023-Q2 | 0.0 | -65.7 | -10.4 | -65.8 | -8.2 | -8.3 | -0.0 | 71.4 | 0.6 | 24.0 | -161.0% | -- | -- |
| Act | 2023-Q1 | 0.0 | -10.7 | -11.1 | -10.8 | -9.9 | -9.9 | -0.0 | 46.5 | 0.7 | 14.3 | <-999% | -- | -- |
| Act | 2022-Q4 | 0.0 | -58.3 | -10.0 | -58.4 | -9.5 | -9.5 | -0.0 | 56.4 | 0.8 | 13.8 | <-999% | -- | -- |
| Act | 2022-Q3 | 0.0 | -10.4 | -10.6 | -10.5 | -4.6 | -4.6 | -0.0 | 65.9 | 0.8 | 14.3 | -121.2% | -- | -- |
| Act | 2022-Q2 | 0.0 | -9.2 | -9.3 | -9.3 | -6.2 | -6.2 | -0.0 | 70.5 | 0.6 | 14.3 | -85.0% | -- | -- |
| Act | 2022-Q1 | 0.0 | -9.8 | -9.9 | -9.9 | -8.2 | -8.2 | -0.0 | 76.7 | 0.7 | 14.3 | -76.6% | -1954.2x | -- |
Multiples vs the company's own history — cheap or rich relative to itself? Historical fiscal years, then TTM, then forward projections (E). Forward rows hold today's price against projected earnings, so the multiple compresses if the company grows into it.
| Year | Price | Rev Gr | EBITDA % | EBITDA | EV/EBITDA | EV/FCF | P/E | P/S |
|---|---|---|---|---|---|---|---|---|
| 2022 | 2.28 | — | — | -88 | — | — | n/m | — |
| 2023 | 1.80 | — | — | -172 | — | — | n/m | — |
| 2024 | 4.12 | — | — | -120 | n/m | n/m | n/m | — |
| 2025 | 1.51 | — | — | -70 | n/m | n/m | n/m | — |
| TTM | 3.81 | — | — | -85 | 0.0× | 0.0× | 0.0× | — |
| 2026E | 3.81 | — | — | 0 | — | — | — | — |
EBITDA in reporting-currency $M. Historical multiples use year-end market cap (split-adjusted price history); TTM & forward years use today's.
AI Analysis
LLM Evaluations
Eledon is a high-risk clinical-stage biotech with a genuinely interesting anti-CD40L asset (tegoprubart) targeting a real unmet need in transplant medicine. However, the Phase 2 BESTOW trial missing its primary superiority endpoint materially increases the Phase 3 risk/reward calculus. The 52% stock crash post-data reflected the market correctly repricing this risk. With zero revenue, ~$93M cash, ~$55M annual burn rate accelerating with Phase 3, a massive 32.4M warrant overhang (42% of basic shares), near-certain additional dilution in 2026-2027, and accounting restatements that suggest a junior finance operation, the risk-reward at $2.76 is unfavorable relative to the full universe of investable biotech names. The T1D insulin independence data and strong long-term eGFR trajectory provide legitimate upside optionality, but this is a speculative name where the probability-weighted outcome for common equity holders is negative after accounting for inevitable dilution. Not a short at this depressed level, but not a compelling long either — better risk/reward exists elsewhere in biotech.
Valuation & Metrics
Market Stats
TTM Financial Snapshot
DCF Fair Value Estimate
Forward Outlook & Risk
Short Interest
Options
| Strike | Call Bid/Ask | Call OI | Put Bid/Ask | Put OI |
|---|---|---|---|---|
| $2.50 | $0.80/$1.70 | 5 | --/$0.70 | 0 |
| $5.00 | --/$0.80 | 27 | $0.90/$1.90 | 0 |
| $7.50 | $0.10/$0.20 | 0 | $3.10/$4.10 | 0 |
Forward Projections & Estimates
Employees
Cash Runway
Institutional Ownership
Headline & net flow
In Q1 2026 so far (quarter still filing), institutions are roughly balanced — bought 8.3% of float, sold 7.6%. 4 filers moved >1% of shares (2 buying, 2 selling).
Ownership composition
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| BVF INC/IL | $19.4M | $2.37 | +$0 | +$0 | -0.4% | $3.14B |
| BlackRock, Inc.Passive | $13.5M | $2.85 | +$2.3M | +$11.5M | -0.2% | $5.69T |
| Defilade Capital Management, L.P. | $11.0M | $1.63 | +$843K | +$11.0M | +1.3% | $680M |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $10.1M | $3.08 | +$10.1M | +$10.1M | — | $4.04T |
| Ensign Peak Advisors, Inc | $7.6M | $2.53 | +$0 | +$3.7M | -0.4% | $53.58B |
| Zimmer Partners, LP | $5.8M | $2.47 | −$1.6M | +$3.4M | +0.4% | $3.95B |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $5.5M | $2.94 | +$1.1M | +$3.5M | +2.3% | $1.61T |
| SPHERA FUNDS MANAGEMENT LTD. | $5.5M | $2.90 | −$1.1M | −$1.6M | -9.9% | $575M |
| Catalio Capital Management, LP | $5.1M | $2.57 | +$1.2M | +$5.1M | +3.2% | $479M |
| Blue Owl Capital Holdings LP | $4.4M | $3.27 | −$1.6M | −$1.2M | -2.3% | $372M |
| STATE STREET CORPPassive | $3.6M | $2.75 | +$1.2M | +$2.9M | -0.2% | $2.89T |
| AWM Investment Company, Inc. | $3.4M | $4.12 | +$0 | −$1K | -0.6% | $903M |
| Jefferies Financial Group Inc. | $3.4M | $1.55 | −$1.5M | +$3.3M | -1.6% | $7.90B |
| KINGDON CAPITAL MANAGEMENT, L.L.C. | $3.2M | $1.51 | +$0 | +$3.2M | -2.4% | $597M |
| ADAR1 Capital Management, LLC | $3.0M | $1.53 | −$2.6M | +$3.0M | +8.3% | $1.64B |
| BANK OF AMERICA CORP /DE/ | $2.7M | $3.13 | +$2.5M | +$2.7M | -0.1% | $1.36T |
| Sanofi | $2.5M | $4.12 | +$0 | +$0 | +4.1% | $336M |
| CM Management, LLC | $2.0M | $2.73 | +$0 | +$1.2M | -4.5% | $120M |
| 22NW, LP | $2.0M | $3.39 | +$0 | +$0 | -0.5% | $127M |
| SG Americas Securities, LLCMM | $2.0M | $1.58 | +$26K | +$1.9M | -0.1% | $90.20B |
Trading behavior
▸ Compare to holder-profile behavior (across all their stocks)
Biggest decreases this quarter
New buyers this quarter
Top-5 holders · 46.9%
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
Analyst Coverage
| Quarter | Revenue | EBITDA | Net Inc | EPS | EPS Range | # Analysts |
|---|---|---|---|---|---|---|
| 2025 Q3 | 0M | 0M | -19M | $-0.25 | $-0.36 – $-0.18 | 5 |
| 2025 Q4 | 0M | 0M | -15M | $-0.20 | $-0.22 – $-0.17 | 4 |
| 2026 Q1 | 0M | 0M | -21M | $-0.18 | $-0.29 – $-0.07 | 2 |
| 2026 Q2 | 0M | 0M | -17M | $-0.15 | $-0.19 – $-0.12 | 2 |
| 2026 Q3 | 0M | 0M | -20M | $-0.18 | $-0.21 – $-0.16 | 2 |
| 2026 Q4 | 0M | 0M | -21M | $-0.18 | $-0.18 – $-0.18 | 1 |
| 2027 Q1 | 0M | 0M | -23M | $-0.20 | $-0.20 – $-0.20 | 1 |
| 2027 Q2 | 0M | 0M | -24M | $-0.21 | $-0.21 – $-0.21 | 1 |
| 2027 Q3 | 0M | 0M | -23M | $-0.20 | $-0.20 – $-0.20 | 1 |
| 2027 Q4 | 0M | 0M | -24M | $-0.21 | $-0.21 – $-0.21 | 1 |
Corporate
Executive Compensation (2023-2025)
Order Flow (FINRA, ~3w lag)
Filing Risk Analysis
Filing Risk Scores
Eledon Pharmaceuticals: A Warrant-Weighted Dilution Engine Fueled by High-Octane Cash Burn
Counter-Thesis
Counter-Thesis & Recent News
In January 2026, Eledon reported positive 24-month long-term data from its Phase 1b kidney transplant trial, showing mean kidney function (eGFR) actually increased from 67.0 to 74.2 mL/min/1.73 m² over the second year with zero rejections or deaths. Additionally, the Phase 2 BESTOW trial results presented in November 2025 confirmed 'non-inferiority' to the standard-of-care (tacrolimus) with a superior safety profile, including significantly lower rates of new-onset diabetes and tremors (Source: Eledon PR, Investing.com).
The core of the short thesis relies on the Phase 2 BESTOW trial missing its primary efficacy endpoint of statistical superiority in eGFR at 12 months. Bears argue that the slightly higher efficacy-failure rate for tegoprubart (22.2%) compared to tacrolimus (17.2%) suggests a risk of rejection that a superior safety profile may not fully offset in the eyes of the FDA (Source: Clinical Trials Arena, Simply Wall St).
The stock suffered a significant ~52% single-day drop in November 2025 following the BESTOW data release, indicating a loss of momentum. Furthermore, a $57.5 million underwritten public offering in late 2025 caused substantial shareholder dilution, and the company reported a net loss of $17.5 million for Q3 2025 with zero revenue (Source: Timothy Sykes, Public.com).
Tacrolimus remains the entrenched 'standard of care' despite its toxicity; displacing it requires definitive Phase 3 success. Eledon also faces competition from other biotech firms developing anti-CD40L and anti-CD40 antibodies, such as Sanofi and Biogen, which are targeting similar transplant and autoimmune indications.
Sentiment among specialists is highly positive regarding 'insulin independence' results in Type 1 Diabetes; all six patients in a UChicago investigator-led trial achieved insulin freedom using tegoprubart. Nephrologists are encouraged by the 69-74 eGFR levels, which are among the highest ever reported in transplant trials, suggesting a high clinical demand for a 'tacrolimus-free' regimen (Source: FirstWord Pharma, Seeking Alpha).