Eledon Pharmaceuticals (ELDN) Q2 2026 earnings summary

Executive summary

• Focused on developing tegoprubart, an anti-CD40L antibody, for organ transplantation and ALS, with recent clinical progress in kidney and islet cell transplantation programs.

• Advanced regulatory framework for Phase 3 kidney transplantation trial of tegoprubart, set to begin in late 2026, targeting 600 patients with a non-inferiority endpoint versus tacrolimus at 52 weeks.

• Long-term Phase 2 BESTOW data showed sustained higher kidney function and improved patient-reported outcomes for tegoprubart compared to tacrolimus, with no BPAR events after six months in tegoprubart-treated patients.

• Updated islet cell transplantation data showed 100% insulin independence in all 12 type 1 diabetes patients, with stable graft function and no severe adverse events.

• Orphan drug designations granted for tegoprubart in kidney, islet cell, and liver transplantation; additional studies planned pending financing.

Financial highlights

• Net loss of $31.6 million for Q2 2026, compared to $11.2 million in Q2 2025; net loss of $70.7 million for the six months ended June 30, 2026, versus $17.7 million in the prior year period.

• Cash, cash equivalents, and short-term investments totaled $88.8 million as of June 30, 2026, down from $133.3 million at December 31, 2025.

• Operating expenses for Q2 2026 were $22.9 million, down from $24.7 million in Q2 2025; six-month operating expenses rose to $44.1 million from $42.7 million year-over-year.

• Change in fair value of warrant liabilities resulted in a $9.6 million loss in Q2 2026 and $28.6 million loss for the six months ended June 30, 2026.

• Excluding warrant liability changes, adjusted net loss was $22.0 million for Q2 2026 versus $23.5 million for Q2 2025.

Outlook and guidance

• Phase 3 kidney transplantation trial for tegoprubart to initiate in late 2026, contingent on securing further capital.

• Plans to support new investigator-led studies in islet cell and liver transplantation, and to initiate a company-sponsored islet cell transplantation study.

• Anticipates FDA guidance on tegoprubart's path to market in xenotransplantation.

• Current cash resources are insufficient to fund operations for at least twelve months; substantial doubt exists about the ability to continue as a going concern without additional financing.

• Management intends to seek additional funding through equity, debt, or strategic partnerships.