10-Q · May 13, 2026
Eledon Pharmaceuticals reported a significant net loss of $39.0 million for Q1 2026, escalating from a loss of $6.5 million in Q1 2025. Operating expenses rose to $21.2 million, primarily due to increased research and…
Earnings analysis · 10-Q
ELDN earnings analysis
Filed August 13, 2026 · Our reading of the company's report
The latest report
Eledon reported a Q2 2026 diluted EPS loss of $0.27, while revenue, gross margin, operating margin, and free cash flow were not disclosed in the provided filing text. Clinical development progressed, including a roughly…
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Eledon reported a Q2 2026 diluted EPS loss of $0.27, while revenue, gross margin, operating margin, and free cash flow were not disclosed in the provided filing text. Clinical development progressed, including a roughly 600-patient Phase 3 kidney-transplant trial targeted for late 2026 and insulin independence in all 12 reported islet-transplant patients. However, the financial outlook is materially pressured: the six-month net loss was $70.7 million, liquidity was $88.8 million, and management concluded that substantial doubt exists about the company’s ability to continue as a going concern without additional financing.
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Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.27
What stood out
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Controls remained effective
Management concluded that disclosure controls and procedures were effective at the reasonable-assurance level as of June 30, 2026, and reported no changes in internal control over financial reporting that materially affected, or were reasonably likely to materially affect, controls during the quarter.
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Late-stage clinical programs advanced
Clinical progress remained positive: 100% of the 12 islet-transplant patients achieved insulin independence, while FDA alignment supports a roughly 600-patient Phase 3 kidney-transplant trial.
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Kidney Phase 3 targeted for late 2026
Management reported that the planned Phase 3 kidney-transplant trial remains on track to initiate in late 2026, subject to securing the substantial additional capital required for the trial.
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No material litigation disclosed
The company reported no material legal proceedings, stating that neither it nor its subsidiaries is a party to any material legal proceeding as of the filing.
What to watch
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Going-concern and financing risk
The company disclosed substantial doubt about its ability to continue as a going concern: as of June 30, 2026, cash, cash equivalents and short-term investments were $88.8 million, and management said it did not have sufficient cash to fund operations for at least 12 months from issuance of the financial statements.
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Persistent losses and no product revenue
The six-month net loss was $70.7 million and the accumulated deficit was $471.9 million as of June 30, 2026. The company has generated no revenue from product sales and expects losses to continue for several years.
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Large potential equity dilution
The company had 80,891,404 common shares outstanding and pre-funded and common warrants exercisable for 48,693,790 shares as of June 30, 2026, creating substantial potential dilution and possible downward pressure on the stock price.
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Trial funding may be unavailable
Initiating the Phase 3 kidney-transplant trial and a potential company-sponsored islet-cell study would require substantial additional capital; management stated that financing may not be available on acceptable terms or at all.
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Manufacturing and tariff exposure
The company relies on third parties for manufacturing and has no arrangements for redundant supply. Its suppliers could also face higher costs from proposed pharmaceutical tariffs, including a proposed 100% tariff on branded and patented pharmaceutical products.
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Product-liability coverage may be inadequate
The company disclosed that it currently carries $10.0 million of aggregate product-liability insurance with a $10.0 million per-incident limit, which may be inadequate as clinical programs expand.
Management's outlook
No numeric revenue or EPS guidance was provided. Management stated that cash, cash equivalents and short-term investments of $88.8 million are expected to fund operations into the second quarter of 2027, and that the planned Phase 3 kidney-transplant trial remains on track to initiate in late 2026.
Earlier filings 4
10-K · March 19, 2026
Eledon positions itself as a focused immunology biotech advancing tegoprubart (anti-CD40L) for prevention of allograft rejection in kidney transplantation and for ALS (ALS development paused absent financing). The 10-K…
10-Q · November 14, 2025
Eledon reported a net loss for Q3 2025 of $(17,459) thousand (basic EPS -$0.21) vs net income $76,971 thousand (EPS $1.05) in the prior-year quarter, driven largely by a much smaller change in fair value of warrant…
10-Q · November 12, 2024
Eledon reported a Q3 net income of $76.971 million driven by a $96.439 million non‑cash gain on warrant liabilities; excluding that gain the quarter would have been a loss of $19.468 million. Operating expenses rose…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.