Eledon restates financials due to warrant misclassification; reports $83.6M cash and Phase 2 progress

Eledon Pharmaceuticals, Inc.

Non-reliance on FY2023 and Q1 2024 financials due to warrant derivative accounting error; expects restatement and amendments.
Ended Q2 with $83.6M cash, including $50M private placement; expects liquidity through December 2025.
Phase 2 BESTOW trial enrolled 80th participant, on track to complete enrollment by end of 2024.
Phase 1b data from 13 kidney transplant patients showed mean eGFR 70.5; two patients >90 at one year.
Identified material weakness in internal control over financial reporting; restatement is non-cash and does not affect operations.

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