Eledon completes BESTOW enrollment early; reports $77M net income on non-cash gain

Eledon Pharmaceuticals, Inc.

2024-Q3 EPS reported -$1.42

Phase 2 BESTOW trial for tegoprubart in kidney transplant hit target of 120 patients ~4 months ahead of schedule.
First two islet transplant recipients with type 1 diabetes achieved insulin independence on tegoprubart without tacrolimus.
Completed oversubscribed $85M offering in October; net proceeds ~$79.5M extend cash runway to end of 2026.
Q3 2024 net income $77M ($1.05 basic EPS) includes $96.4M non-cash fair value gain; adjusted net loss $19.5M.
Cash and short-term investments $78.2M at Sep 30, 2024; R&D expenses rose to $16.5M from $7.9M YoY.

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