Eledon Q1 net loss $39M; cash $111.1M; 100% insulin independence in islet trial

Eledon Pharmaceuticals, Inc.

Cash, equivalents and short-term investments $111.1M as of March 31, 2026, down from $133.3M at Dec 31, 2025; funding expected into Q2 2027.
Net loss $39.0M ($0.33/share) vs $6.5M ($0.08/share) in Q1 2025; includes $19M non-cash loss from warrant liabilities.
R&D expense $17.2M (incl. $1.1M stock comp) vs $13.5M in prior year; G&A $4.0M vs $4.4M.
10/10 evaluable patients achieved 100% insulin independence with tegoprubart in islet transplantation; no rejection or tacrolimus-like toxicities.
FDA granted Orphan Drug designation for tegoprubart in liver transplantation; Phase 3 kidney trial design guidance expected from FDA.

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