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Eledon Pharmaceuticals Inc. (ELDN+2.89%) has submitted its Annual Report on Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details Eledon's focus on developing tegoprubart, a therapeutic candidate targeting the CD40 Ligand pathway, for applications in organ transplantation, autoimmune diseases, and neurodegenerative conditions such as ALS.
Eledon has prioritized its kidney transplantation programs, with ongoing Phase 1b and Phase 2 clinical trials aimed at evaluating tegoprubart's safety and efficacy in preventing transplant rejection.
The company reported a net loss of $36.2 million for the year, compared to a net loss of $116.5 million in the previous year. This reduction in losses was primarily due to a change in the fair value of warrant liabilities.
Research and development expenses increased to $52.0 million from $30.3 million, driven by expanded clinical trial activities and manufacturing costs.
General and administrative expenses rose to $18.6 million from $12.7 million, mainly due to increased professional fees and stock-based compensation.
Eledon raised net proceeds of approximately $79.5 million from an underwritten offering and $48.1 million from a private placement in 2024 to support its clinical development programs.
As of December 31, 2024, Eledon had cash and cash equivalents and short-term investments totaling $140.2 million, with working capital of $132.2 million.
The company acknowledges the need for additional funding to continue its development programs, particularly for ALS, and plans to seek further capital through equity offerings or other financing options.
Eledon continues to face risks common to the pharmaceutical industry, including regulatory approval challenges, competition, and the need for significant capital investment.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Eledon Pharmaceuticals Inc. annual 10-K report dated March 20, 2025. To report an error, please email earnings@qz.com.