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ELDN on Nasdaq

Eledon Pharmaceuticals, Inc.

Eledon Pharmaceuticals, Inc. is a clinical stage biotechnology company using our immunology expertise in targeting the CD40 Ligand.2 It is headquartered in Irvine, United States.2 Its shares trade on Nasdaq under the symbol ELDN.2

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Last updated Oct 21, 2026.

Overview

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  • TickerELDN on Nasdaq2
  • IndustryPharmaceutical Preparations2
  • HeadquartersIrvine, United States2
  • Incorporated inDE3
  • Business address19800 Macarthur Blvd., Suite 250, Irvine, Ca 926123
  • Filer categoryNon-accelerated filer, Smaller reporting company3
  • Legal formCorporation2
  • LEI549300S17CAM13O436062
  • StatusActive2
  • LEI statusLapsed (not renewed)2
  • Registered addressC/O THE CORPORATION TRUST COMPANY, 19801 Wilmington, United States2
  • Registered withDivision of Corporations, Department of State, 37829042

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Eledon is a clinical stage biotechnology company using our immunology expertise in targeting the CD40 Ligand (“CD40L”) pathway to develop therapies to protect transplanted organs and prevent rejection, and to treat amyotrophic lateral sclerosis (“ALS”). Our lead compound in development is tegoprubart, an IgG1, anti-CD40L antibody with high affinity for the CD40L, a well-validated biological target that we believe has broad therapeutic potential. We believe the central role of CD40L signaling in both adaptive and innate immune cell activation and function positions it as an attractive target for non-lymphocyte depleting, immunomodulatory therapeutic intervention.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Financial statements

Operating income5678-$43.0M in 2023+168% since 2019
-$100.0M-$75.0M-$50.0M-$25.0M02019: -$16.1M-$16.1M20192020: -$18.5M-$18.5M2020+15%2021: -$36.9M-$36.9M2021+100%2022: -$88.4M-$88.4M2022+140%2023: -$43.0M-$43.0M2023−51%
Net income56791011-$45.6M in 2025+185% since 2019
-$150.0M-$100.0M-$50.0M02019: -$16.0M-$16.0M20192020: -$22.8M-$22.8M2020+42%2021: -$34.5M-$34.5M2021+51%2022: -$88.0M-$88.0M2022+155%2023: -$116.5M-$116.5M2023+32%2024: -$36.2M-$36.2M2024−69%2025: -$45.6M-$45.6M2025+26%

Every line of the income statement as filed: the last 2 fiscal years, latest first.11

Period ending2025-12-312024-12-31
Research and development$66.3M$52.0M
General and administrative$17.0M$18.6M
Total operating expenses$83.3M$70.6M
Other income, net$4.2M$3.9M
Change in fair value of warrant liabilities$33.4M$30.9M
Loss before income taxes-$45.6M-$35.8M
Provision for income taxes-$35.0K-$431.0K
Net loss-$45.6M-$36.2M
Unrealized loss on available-for-sale securities, net-$2.0K
Comprehensive loss-$45.6M-$36.2M
Basic earnings per share of common stock-$0.52-$0.66
Diluted earnings per share of common stock-$0.52-$0.66
Weighted-average common shares outstanding, basic81.8M shares48.5M shares
Weighted-average common shares outstanding, diluted81.8M shares48.5M shares

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Corporate structure

Eledon Pharmaceuticals, Inc. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Eledon Pharmaceuticals, Inc.

  • Eledon Pharmaceuticals, Inc. Irvine, California, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Eledon Pharmaceuticals, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Operating-lease assets (leased space)$613.0K11 Dec 31, 2025$926.0K11 Dec 31, 2024−33.8%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$22.8M11 Dec 31, 2025$20.5M11 Dec 31, 2024+11.0%
Marketable securities, current$110.5M11 Dec 31, 2025$119.6M11 Dec 31, 2024−7.6%
Debt securities available for sale$110.5M11 Dec 31, 2025$119.6M11 Dec 31, 2024−7.6%

Properties, in its own words

Our executive offices are located in Irvine, California. We lease approximately 5,817 square feet of office space under an operating lease that expires on June 30, 2027. Additionally, we have an operating lease for approximately 6,138 square feet of office space in Burlington, Massachusetts, that expires on November 21, 2027. We believe our facilities are sufficient for our current needs.

Item 2 of the 10-K filed Mar 19, 2026.4

Leadership

Who has led Eledon Pharmaceuticals, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Jodie Pope Morrison2014–2016
  2. Gregory J. Flesher2017–2020
  3. David-Alexandre C. Gros2020–now

President

  1. Jodie Pope Morrison2014–2016
  2. Catherine C. Turkel2017–2020
  3. Steven Perrin2022–now

Chief financial officer

  1. Lee Kalowski2014–2015
  2. Paul Sean Little2021–2025

Chief operating officer

  1. John S. McBride2014–2015
201520202025
Board members and other officers (27)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • DirectorJames Robinson named May 23, 202445

Former names

  • Novus Therapeutics, Inc.Feb 23, 2017 to Dec 22, 20203
  • Tokai Pharmaceuticals IncJun 18, 2007 to May 4, 20173

Timeline

  1. Aug 13, 20268-K Results of operations46
  2. Jun 22, 20268-K Bylaws or fiscal year changed; Shareholder vote47
  3. May 13, 20268-K Results of operations48
  4. Mar 19, 20268-K Results of operations49
  5. Jan 2, 20268-K Unregistered sale of shares50
  6. Nov 14, 20258-K Results of operations51
  7. Nov 13, 20258-K Entered a material agreement52
  8. Nov 7, 20258-K Results of operations; Regulation FD disclosure53
  9. Aug 14, 20258-K Results of operations; Earlier financial statements no longer reliable54
  10. Aug 6, 20258-K Regulation FD disclosure55
  11. Jun 12, 20258-K Bylaws or fiscal year changed; Shareholder vote56
  12. May 14, 20258-K Results of operations57
  13. Sep 15, 2020New chief executive David-Alexandre C. Gros becomes CEO14
  14. May 11, 2017New chief executive Gregory J. Flesher becomes CEO15
  15. Sep 16, 2014New chief executive Jodie Pope Morrison becomes CEO16

Calendar

Coming up

  1. Nov 13, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported ($0.21) a share, on Nov 14, 2025.58

When it reported results

  1. Aug 13, 2026Reported quarterly or annual results46
  2. May 13, 2026Reported quarterly or annual results48
  3. Mar 19, 2026Reported quarterly or annual results49
  4. Nov 14, 2025Reported quarterly or annual results51
  5. Nov 7, 2025Reported quarterly or annual results53
  6. Aug 14, 2025Reported quarterly or annual results54
  7. May 14, 2025Reported quarterly or annual results57
  8. Mar 20, 2025Reported quarterly or annual results59

Drug trials and FDA: coming up

  1. Jan 2027Phase 1/2 trial readout expected Phase 1/2 trial of AT-1501 in Prevention of Rejection in Kidney Transplant: primary completion expected Jan 2027 (ClinicalTrials.gov NCT05027906).60

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). Trials from ClinicalTrials.gov, as the sponsor registered them (expected dates are the sponsor's own and often move); approvals and advisory committee meetings from the FDA. The FDA does not publish its decision (PDUFA) dates. The full markets calendar

Filings

210 filings to the SEC since October 2021: 8 annual reports, 17 quarterly reports, 47 major events, 66 insider forms, 29 large holders, 2 private raises, 41 other. The latest 20:

  1. Sep 4, 2026S-8 EDGAR
  2. Aug 13, 202610-Q EDGAR
  3. Aug 13, 20268-K EDGAR
  4. Aug 4, 20264 EDGAR
  5. Aug 4, 20264 EDGAR
  6. Jul 31, 2026SCHEDULE 13G EDGAR
  7. Jun 22, 20268-K EDGAR
  8. May 15, 2026SCHEDULE 13G/A EDGAR
  9. May 13, 202610-Q EDGAR
  10. May 13, 20268-K EDGAR
  11. May 11, 2026EFFECT EDGAR
  12. May 7, 2026CORRESP EDGAR
  13. May 7, 2026UPLOAD EDGAR
  14. May 1, 2026S-3 EDGAR
  15. Apr 30, 2026DEFA14A EDGAR
  16. Apr 30, 2026ARS EDGAR
  17. Apr 30, 2026DEF 14A EDGAR
  18. Apr 27, 2026SCHEDULE 13G EDGAR
  19. Apr 21, 2026PRE 14A EDGAR
  20. Mar 26, 2026SCHEDULE 13G/A EDGAR

The 210 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

4 open-market trades by officers, directors and large owners since October 2021: 4 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
May 9, 2024BVF INC/IL10% ownerBuy1,927,937Form 4
May 5, 2023Biotechnology Value Trading Fund OS LPBuy1,978,932Form 4
Nov 23, 2022Perrin StevenPresidentBuy1,000$2.60$2.6KForm 4
Dec 20, 2021Gros David-Alexandre CChief Executive OfficerBuy2,000$4.48$9.0KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025David-Alexandre C. GrosM.D.53$613.2K$3.2M74
2025Steven PerrinPh.D.$484.9K$1.7M74
2025Paul Little62$479.2K$1.6M74
2024Chief Executive Officer$582.3K$5.6M74
2024President and Chief Scientific Officer$455.3K$4.6M74
2024Chief Financial Officer$459.4K$3.1M74

Funding

Where the company's money came from, by calendar year: private offerings filed with the SEC, federal grants, loans, contracts and other assistance from USAspending.gov, and PPP loans from the SBA. Each bar links to the records below.

Money received by year$85.0M 2023–2024
Money received by yearMoney received by year, 2023–2024: $85.0M in all. Private raises (Form D) $85.0M.$0$20M$40M$60M2023 · Private raises (Form D): $35.0M20232024 · Private raises (Form D): $50.0M2024
Figures by year
YearPrivate raises (Form D)Total
2024$50.0M$50.0M
2023$35.0M$35.0M

Private raises

Private offerings the company reported to the SEC on Form D. The amount is what the latest filing says was sold so far, charted in the year of the first sale. Covers filings since Oct 1, 2021.

  1. May 9, 2024Raised $50 million in a private offering of equity45 Form D: 24 investors so far Form D
  2. May 5, 2023Raised $35 million in a private offering of equity75 Form D: 38 investors so far Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Bvf Inc/il6,293,282$24.8M0.6%No change
BlackRock, Inc.5,123,842$20.2M0.0%+741,597
Defilade Capital Management, L.P.3,525,338$13.9M1.9%−38,789
Vanguard Capital Management LLC3,417,223$13.5M0.0%+124,089
Goldman Sachs Group Inc2,510,308$9.9M0.0%+2,140,218
Ensign Peak Advisors, Inc2,101,224$8.3M0.0%−363,695
Geode Capital Management, LLC1,956,601$7.7M0.0%+164,818
Catalio Capital Management, LP1,695,071$6.7M1.3%+55,255
State Street Corp1,621,969$6.4M0.0%+467,298
Zimmer Partners, LP1,596,599$6.3M0.1%−278,401
Sphera Funds Management Ltd.1,191,187$4.7M0.7%−580,944
AWM Investment Company, Inc.1,100,000$4.3M0.4%No change
UBS Group AG1,048,245$4.1M0.0%+500,798
Kingdon Capital Management, L.l.c.1,039,275$4.1M0.6%No change
Millennium Management LLC979,712$3.9M0.0%New
Bank Of America Corp /de/883,097$3.5M0.0%+13,553
ADAR1 Capital Management, LLC647,812$2.6M0.1%−326,609
22nw, LP636,364$2.5M2.4%No change
Northern Trust Corp616,399$2.4M0.0%+72,557
Aqr Capital Management LLC581,028$2.3M0.0%+408,611
CM Management, LLC575,000$2.3M1.4%−75,000
Blue Owl Capital Holdings LP566,509$2.2M0.3%−853,403
Dimensional Fund Advisors LP538,738$2.1M0.0%+471,657
Vanguard Portfolio Management LLC533,365$2.1M0.0%+103,476
Vanguard Fiduciary Trust Co528,963$2.1M0.0%+25,199

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Eledon Pharmaceuticals, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGAREledon Pharmaceuticals, Inc.1
  • CIK0001404281
  • Employer ID (EIN)20-10009674
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company4
  • Incorporated inDelaware4
  • Fiscal year endsDecember 311
  • Industry code (SIC)2834 Pharmaceutical Preparations1
  • SEC reviewing officeOffice of Life Sciences, Division of Corporation Finance1
  • Business address19800 Macarthur Blvd., Suite 250, Irvine, CA 926121
  • Phone949-238-80901
  • Shares outstanding81,261,152 as of Aug 10, 202613
  • Public float$145.2M as of Jun 30, 20254
  • AuditorDeloitte & Touche LLP, Costa Mesa, CA PCAOB ID 34; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceJun 18, 20071
  • Filings613 in all: 4 (167), 8-K (116), 3 (45), 10-Q (36), SC 13G/A (25), UPLOAD (17), CORRESP (16), DEFA14A (16)1
    All 46 form types

    SC 13G (16), SC 13D/A (14), DEF 14A (13), 10-K (12), EFFECT (12), S-3 (9), S-8 (9), D (8), SCHEDULE 13G/A (7), 424B5 (6), CT ORDER (6), 10-K/A (5), 424B3 (5), ARS (5), SCHEDULE 13G (5), 8-K/A (4), PRE 14A (4), S-1 (4), SC 13D (4), PRER14A (3), 10-Q/A (2), DRS/A (2), IRANNOTICE (2), REGDEX (2), S-1/A (2), S-3/A (2), 424B2 (1), 424B4 (1), 8-A12B (1), 8-A12B/A (1), CERTNAS (1), DEFM14A (1), DRS (1), FWP (1), NT 10-Q (1), PREM14A (1), RW (1), S-1MEF (1)

  • Latest filingsAnnual report (10-K) Mar 19, 2026
    Quarterly report (10-Q) Aug 13, 2026
    Proxy statement (DEF 14A) Apr 30, 2026
    Latest 8-K (8-K) Aug 13, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, $0.001 par valueELDNNasdaq

From the cover page of the 10-K filed Mar 19, 2026 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks Eledon Pharmaceuticals, Inc. names in Item 1A of its 10-K filed Mar 19, 2026: 38 risks under these headings, as written.4

  • Risks Related to Our Operations
  • Our short operating history and shifts in our business strategy may make it difficult to evaluate the success of our business to date and to assess our future viability.
  • We have incurred significant operating losses since our inception and expect that we will continue to incur losses over the next several years and may never achieve or maintain profitability.
  • We will require additional funding to be able to complete the development of our lead drug candidate. If we are unable to raise capital, we will be forced to significantly alter our business strategy, substantially curtail our current operations, or liquidate and cease operations altogether.
  • Our product candidates are in the early stages of clinical development and may not be successfully developed. If we are unable to successfully develop and commercialize these or any other product candidate, or if we experience significant delays in doing so, our business will be materially harmed.
  • Public health crises, including pandemics or epidemics could adversely affect our business.
  • Unfavorable global economic conditions could adversely affect our business, financial condition and results of operations
  • Adverse conditions in the financial markets, including bank failures, could adversely affect our liquidity and financial performance.
  • Drug development involves a lengthy and expensive process with an uncertain outcome, including failure to demonstrate safety and efficacy to the satisfaction of the FDA or similar regulatory authorities outside the United States. We may incur additional costs or experience delays in completing, or ultimately be unable to complete, the formulation and commercialization of our product candidates.
  • If we experience delays or difficulties in the enrollment of patients in clinical trials, our receipt of necessary regulatory approvals could be delayed or prevented and expenses for the development of our product candidates could increase.
  • Our ability to conduct clinical trials in some jurisdictions outside of the United States may be adversely affected.
  • If severe adverse events or unacceptable side effects are identified during the development of our product candidates, we may need to abandon or limit our development of some of our product candidates.
The other 27 risks
  • Our future success depends on our ability to retain executives and key employees and to attract, retain and motivate qualified personnel in the future.
  • Risks Related to Regulatory Approval of Our Product Candidates and Other Compliance Matters
  • If we are not able to obtain, or if there are delays in obtaining, required regulatory approvals, or the approvals may be for a narrow indication, we may not be able to commercialize our product candidates, and our ability to generate revenue may be materially impaired.
  • Any product candidate for which we obtain marketing approval will be subject to extensive post-marketing regulatory requirements and could be subject to post-marketing restrictions or withdrawal from the market, and we may be subject to penalties if we fail to comply with regulatory requirements or if we experience unanticipated problems with our products, when and if any of them are approved.
  • Legislation regulating the pharmaceutical and healthcare industries may increase the difficulty and cost for us to obtain marketing approval of and commercialize our product candidates and affect the prices we may obtain.
  • Our business operations and relationships with healthcare providers, physicians, third-party payers, and customers will be subject to applicable anti-kickback, fraud and abuse and other broadly applicable healthcare laws, which could expose us to criminal sanctions, civil penalties, program exclusion, contractual damages, reputational harm and diminished profits and future earnings.
  • We depend on our information systems and those of our third-party collaborators, service providers, contractors or consultants, which may fail or suffer cybersecurity incidents that could result in a material disruption of our development programs or loss of data and have a material adverse effect on our reputation, business, financial condition or results of operations.
  • The compromise of privacy, security, integrity or confidentiality of sensitive information related to our business or failure to comply with confidentiality and data privacy obligations could have a material adverse effect on our business.
  • European data collection is governed by restrictive regulations governing the collection, use, processing and cross-border transfer of personal information.
  • If we fail to comply with environmental, health and safety laws and regulations, we could become subject to fines or penalties or incur costs that could harm our business.
  • Risks Related to the Commercialization of Our Product Candidates
  • Even if any of our product candidates receives marketing approval, we may fail to achieve the degree of market acceptance by physicians, patients, third-party payers and others in the medical community necessary for commercial success.
  • If our current product candidates, or a future product candidate receives marketing approval and we, or others, later discover that the product is less effective than previously believed or causes undesirable side effects that were not previously identified, the ability to market the product could be compromised.
  • We currently have no marketing and sales force. If we are unable to establish effective marketing and sales capabilities or enter into agreements with third parties to market and sell our product candidates, we may not be able to effectively market and sell our product candidates, if approved, or generate product revenues.
  • We face substantial competition, which may result in others discovering, developing or commercializing competing products before or more successfully than we do.
  • The insurance coverage and reimbursement status of newly approved products is uncertain. Failure to obtain or maintain adequate coverage and reimbursement for new or current products could limit our ability to market those products and decrease our ability to generate revenue.
  • Product liability lawsuits against us could cause us to incur substantial liabilities and to limit commercialization of any products that we may develop.
  • Risks Related to Our Dependence on Third Parties
  • We contract with third parties for the manufacture of our product candidates for non-clinical and clinical trials and expect to continue to do so for commercialization. This reliance on third parties increases the risk that we will not have sufficient quantities of our product candidates or products at an acceptable cost and quality, which could delay, prevent or impair our development or commercialization efforts.
  • We depend on CROs and other contracted third parties to perform non-clinical and clinical testing and certain other research and development activities. As a result, the outcomes of the activities performed by these organizations will be, to a certain extent, beyond our control.
  • Risks Related to Our Intellectual Property
  • If we are unable to obtain and maintain intellectual property protection for our technology and products or if the scope of the intellectual property protection obtained is not sufficiently broad, our competitors could develop and commercialize technology and products similar or identical to ours, and our ability to successfully commercialize our technology and products may be impaired.
  • We may become involved in lawsuits to protect or enforce our patents or other intellectual property, which could be expensive, time-consuming and unsuccessful.
  • We may need to license certain intellectual property from third parties, and such licenses may not be available or may not be available on commercially reasonable terms.
  • If we are unable to protect the confidentiality of our trade secrets, our business and competitive position would be harmed.
  • We may be subject to claims of misappropriation of trade secrets from former employers of Company personnel.
  • Risks Related to Our Common Stock
  • We expect our stock price to be volatile, and the market price of our common stock may drop unexpectedly.
  • We have previously identified and remediated a material weakness in our internal control over financial reporting. If we fail to maintain effective internal controls, we may conclude that our internal control over financial reporting is not effective, which could adversely affect our ability to report our results of operations and financial condition accurately and in a timely manner.
  • Provisions in our corporate charter documents and under Delaware law could make an acquisition of the Company, which may be beneficial to our stockholders, more difficult and may prevent attempts by our stockholders to replace or remove our current management.
  • We do not expect to pay any cash dividends in the foreseeable future.

Legal proceedings

Neither we nor any of our subsidiaries is a party to, and none of their respective property is the subject of, any material legal proceeding, although we are from time-to-time party to legal proceedings that arise in the ordinary course of our business.

The opening of Item 3, Legal Proceedings.4

Sources

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