Overview

• US biotech firm's Q1 net loss widened yr/yr, impacted by non-cash warrant liability loss

• Company highlighted positive tegoprubart results in islet and kidney transplantation studies

• FDA granted Orphan Drug designation to tegoprubart for liver transplantation

Outlook

• Company expects FDA guidance on Phase 3 trial design for tegoprubart in kidney transplantation in 2026

• Eledon plans to initiate several new clinical trials for tegoprubart in 2026

• Company expects current cash and investments to fund operations into 2Q 2027

Result Drivers

• CLINICAL MILESTONES - Co cited positive data updates in kidney and islet cell transplantation studies for tegoprubart as key achievements in the quarter

• REGULATORY DESIGNATION - FDA granted Orphan Drug designation to tegoprubart for prevention of allograft rejection in liver transplantation

Company press release: ID:nGNX2FbTf9

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Net Income		-$39.03 mln
Q1 Income from Operations		-$21.18 mln
Q1 Operating Expenses		$21.18 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 7 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the biotechnology & medical research peer group is "buy"

• Wall Street's median 12-month price target for Eledon Pharmaceuticals Inc is $8.50, about 117.9% above its May 12 closing price of $3.90

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