Capital erosion is evident as the equity base contracted from $118.1 million in 2024Q4 to $100.5 million in 2026Q1, while goodwill remains stagnant at $32.4 million.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Total Current Assets | 113.57M | 135.69M | 143.73M | 56.13M | 59.52M | 88.35M | 115.63M | 9.97M | 14.28M | 19M | 29.54M | 67.17M | 107.51M | 32.18M | 11.93M |
| Cash & Short-Term Investments | 111.09M | 133.34M | 140.18M | 51.1M | 56.41M | 84.83M | 114.19M | 8.79M | 12.97M | 17.23M | 27.4M | 63.96M | 105.26M | 31.75M | 11.69M |
| Cash Only | 6.15M | 22.81M | 20.55M | 4.61M | 56.41M | 84.83M | 114.19M | 8.79M | 12.97M | 17.23M | 23.22M | 24.02M | 105.26M | 31.75M | 11.69M |
| Short-Term Investments | 104.94M | 110.53M | 119.63M | 46.49M | 0 | 0 | 0 | 0 | 0 | 0 | 4.17M | 39.93M | 0 | 0 | 0 |
| Accounts Receivable | 583K | 514K | 0 | 0 | 0 | 0 | 110K | 245K | 594K | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 881K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | 1.77K | - | - | - | - | - | - | - |
| Other Current Assets | 9K | 11K | 729K | 90K | 28K | 34K | 38K | 54K | 36K | 88K | 47K | 3.21M | 2.25M | 0 | 0 |
| Total Non-Current Assets | 33.09M | 33.32M | 33.67M | 32.94M | 33.27M | 82.2M | 81.56M | 960K | 2.75M | 1.89M | 218K | 804K | 233K | 109K | 36K |
| Property, Plant & Equipment | 530K | 613K | 926K | 365K | 739K | 768K | 138K | 321K | 14K | 25K | 98K | 489K | 33K | 29K | 16K |
| Fixed Asset Turnover | 0.00x | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 48.65M | 48.65M | 0 | 1.87M | 1.87M | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 32.39M | 32.39M | 32.39M | 32.39M | 32.39M | 32.39M | 32.39M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 270K | 0 | 0 | 0 |
| Other Non-Current Assets | 177K | 322K | 363K | 186K | 150K | 400K | 383K | 639K | 869K | 0 | 120K | 45K | 200K | 80K | 20K |
| Total Assets | 146.67M | 169.01M | 177.41M | 89.07M | 92.79M | 170.55M | 197.19M | 10.93M | 17.03M | 20.89M | 29.76M | 67.97M | 107.74M | 32.29M | 11.96M |
| Asset Turnover | 0.00x | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Asset Growth % | 19.8% | -4.73% | 99.18% | -4.02% | -45.59% | -13.51% | 1703.91% | -35.8% | -18.5% | -29.8% | -56.22% | -36.91% | 233.71% | 169.91% | - |
| Total Current Liabilities | 13.46M | 18.34M | 11.58M | 3.9M | 6.47M | 4.4M | 2.48M | 1.32M | 2.53M | 1.44M | 2.82M | 6.16M | 4.24M | 2.21M | 2.02M |
| Accounts Payable | 6.58M | 3.63M | 5.83M | 967K | 2.2M | 1.81M | 1.37M | 329K | 689K | 418K | 338K | 1.21M | 765K | 5K | 764K |
| Days Payables Outstanding | - | - | - | - | - | - | - | 659.81 | 22.86K | 6.93K | 3.52K | 4.05K | 1000K | - | - |
| Short-Term Debt | 369K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.45M | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.45M | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 4.86M | 4.18M | 1.6M | 2M | 0 | 1.51M | 98K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Current Ratio | 8.44x | 7.40x | 12.42x | 14.41x | 9.19x | 20.07x | 46.57x | 7.54x | 5.63x | 13.19x | 10.48x | 10.90x | 25.34x | 14.57x | 5.91x |
| Quick Ratio | 8.44x | 7.40x | 12.42x | 14.41x | 9.19x | 20.07x | 46.57x | 6.88x | 5.63x | 13.19x | 10.48x | 10.90x | 25.34x | 14.57x | 5.91x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 32.75M | 69.58M | 47.69M | 77.96M | 2.13M | 2.15M | 4.11M | 144K | 1.84M | 1.02M | 84K | 88K | 0 | 85.34M | 49.84M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 1.31M | 283K | 640K | 0 | 383K | 400K | 0 | 144K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 8.74M | 2.19M | 2.18M | 1.75M | 0 | 1.75M | 4.11M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 30.38M | 67.11M | 44.87M | 76.21M | 1.75M | 0 | 0 | 0 | 0 | 0 | 0 | 88K | 0 | 85.34M | 49.84M |
| Total Liabilities | 46.21M | 87.92M | 59.27M | 81.86M | 8.61M | 6.55M | 6.59M | 1.47M | 2.53M | 1.44M | 2.9M | 6.25M | 4.24M | 87.55M | 51.86M |
| Total Debt | 555K | 641K | 954K | 383K | 746K | 769K | 144K | 324K | 0 | 0 | 3.45M | 0 | 0 | 0 | 0 |
| Net Debt | -5.6M | -22.17M | -19.59M | -4.23M | -55.66M | -84.06M | -114.05M | -8.47M | -12.97M | -17.23M | -19.78M | -24.02M | -105.26M | -31.75M | -11.69M |
| Debt / Equity | 0.01x | 0.01x | 0.01x | 0.05x | 0.01x | 0.00x | 0.00x | 0.03x | - | - | 0.13x | - | - | - | - |
| Debt / EBITDA | -0.01x | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.06x | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | - | - | - | - | - | - | -1.68x | - | - | - | - | -259.12x | - | - | - |
| Total Equity | 100.46M | 81.08M | 118.14M | 7.21M | 84.18M | 164M | 190.6M | 9.46M | 14.49M | 19.45M | 26.86M | 61.72M | 103.5M | -55.27M | -39.9M |
| Equity Growth % | 1250.04% | -31.37% | 1539.01% | -91.44% | -48.67% | -13.96% | 1913.69% | -34.69% | -25.5% | -27.57% | -56.49% | -40.36% | 287.27% | -38.51% | - |
| Book Value per Share | 0.89 | 0.99 | 2.43 | 0.29 | 5.89 | 11.07 | 12.57 | 14.44 | 28.97 | 74.85 | 11370.87 | 444.72 | 2591.87 | -392.45 | -283.34 |
| Total Shareholders' Equity | 100.46M | 81.08M | 118.14M | 7.21M | 84.18M | 164M | 190.6M | 9.46M | 14.49M | 19.45M | 26.86M | 61.72M | 103.5M | -55.27M | -39.9M |
| Common Stock | 76K | 75K | 60K | 24K | 14K | 14K | 15K | 13K | 9K | 7K | 23K | 23K | 22K | 0 | 0 |
| Retained Earnings | -440.23M | -401.2M | -355.59M | -319.4M | -202.87M | -114.9M | -80.39M | -57.58M | -41.57M | -27.51M | -169.4M | -131.44M | -86.35M | -63.05M | -47.33M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -72K | 24K | 26K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1K | -55K | -58K | -43K | -51K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial funding shortfall
As reported in recent financial statements, Eledon's equity base has experienced significant volatility, contracting from $118.1 million in 2024Q4 to $100.5 million by 2026Q1, reflecting the persistent depletion of capital required to fund ongoing clinical trials for its lead asset, tegoprubart.
The downward trajectory in equity highlights the company's reliance on external financing to offset recurring operational losses. Investors should monitor whether this trend accelerates as the firm approaches more capital-intensive Phase 3 development stages.
Based on the company's reported figures, cash reserves have declined sharply from a peak of $26.0 million in 2024Q2 to just $6.2 million in 2026Q1, indicating a tightening liquidity buffer that may necessitate near-term capital raises to maintain current clinical trial momentum.
While the current ratio remains high due to low current liabilities, the absolute cash position is insufficient to support long-term R&D requirements. This suggests that the company's ability to continue operations is increasingly contingent on favorable equity market conditions.
According to quarterly balance sheet data, goodwill remains stagnant at $32.4 million, representing a significant portion of total assets, which warrants further investigation into the underlying valuation assumptions given the company's pre-revenue status and the inherent risks of its clinical-stage pipeline.
The concentration of intangible assets suggests that the balance sheet is highly sensitive to clinical trial outcomes. Any failure to meet primary endpoints could trigger impairment charges, further weakening the company's already strained financial position.
As indicated by the historical balance sheet data, the company's periodic shifts between negative and positive equity suggest frequent reliance on dilutive equity offerings, which may mask the true economic cost of development and create significant overhang for existing shareholders.
The lack of debt on the balance sheet preserves flexibility but shifts the entire burden of financing onto equity holders. This structure implies that future capital needs will likely result in further dilution rather than interest-bearing obligations.
Quick answers to the most common questions about buying ELDN stock.
As of 2025, Eledon Pharmaceuticals, Inc. (ELDN) had total assets of $169.0M including $135.7M in current assets.
Eledon Pharmaceuticals, Inc. (ELDN) carries total debt of $0.6M, offset by $133.3M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Eledon Pharmaceuticals, Inc. (ELDN) has total shareholders' equity (book value) of $81.1M ($0.99 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Eledon Pharmaceuticals, Inc. (ELDN) reported a current ratio of 7.40x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.