Eledon Pharmaceuticals Restates Prior Financials and Reports Q2 2025 Results

Eledon Pharmaceuticals, Inc.

Restated financial statements for fiscal years 2023 and 2024 and Q1 2025 due to misclassification of Series X and X1 preferred stock; will reclassify as temporary equity.
Identified a material weakness in internal control over financial reporting related to accounting for equity instruments; controls and disclosure controls were not effective.
Reported Q2 2025 net loss of $11.2 million ($0.13 per share) and cash and short-term investments of $107.6 million as of June 30, 2025.
Updated Phase 1b data for tegoprubart showed mean 12-month eGFR of ~68 mL/min/1.73m²; Phase 2 BESTOW topline expected November 2025.
Company expects current cash to fund operations to the end of 2026.

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