Free cash flow remains consistently negative, with a 2026Q1 outflow of $22.6 million highlighting an accelerating burn rate that threatens the firm's liquidity.
| 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 |
|---|
| Cash from Operations | -68.89M | -62.34M | -47.27M | -39.53M | -28.42M | -28.91M | -15.21M | -13.86M | -11.89M | -14.94M | -36.52M | -41.24M | -21.12M | -15.48M | -9.33M |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating CF Growth % | -165.87% | -31.88% | -19.59% | -39.06% | 1.69% | -90.07% | -9.78% | -16.51% | 20.4% | 59.09% | 11.44% | -95.24% | -36.48% | -65.82% | - |
| Net Income | -78.15M | -45.62M | -36.18M | -116.54M | -87.97M | -34.51M | -22.81M | -16.01M | -14.06M | -13.12M | -37.96M | -45.09M | -23.3M | -15.72M | -9.65M |
| Depreciation & Amortization | 0 | 0 | 359K | 374K | 373K | 195K | 183K | 182K | 11K | 22K | 171K | 109K | 21K | 10K | 9K |
| Stock-Based Compensation | 7.59M | 10.45M | 13.12M | 6.54M | 8.15M | 7.9M | 3.17M | 1.31M | 1.54M | 579K | 3M | 2.9M | 2.11M | 238K | 210K |
| Deferred Taxes | 5K | 5K | 431K | 0 | 0 | -2.35M | -404K | 0 | 0 | 0 | 352K | 72K | 0 | -238K | -210K |
| Other Non-Cash Items | -4.9M | -34.83M | -33.71M | 75.01M | 48.65M | 0 | 4.83M | 1.87M | 471K | 49K | -2K | -235K | -158K | 238K | 210K |
| Working Capital Changes | 6.56M | 7.65M | 8.71M | -4.92M | 2.37M | -152K | -180K | -1.2M | 618K | -2.48M | -2.08M | 1M | 204K | 1K | 97K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 149 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 4.83M | 6.72M | 7.75M | -2.6M | 2.08M | 2.14M | -39K | -1.39M | 1.09M | -1.96M | -778K | 443K | 760K | -759K | -119K |
| Cash from Investing | 12.86M | 10.79M | -70.31M | -45.29M | 0 | 0 | 11.04M | 0 | 0 | 23.26M | 35.68M | -40.51M | -175K | -53K | -8K |
| Capital Expenditures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -17K | -565K | -25K | -23K | -8K |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 11.04M | 0 | 0 | 23.25M | -2K | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8K | 2K | -70K | -150K | -30K | 0 |
| Cash from Financing | 53.69M | 53.81M | 133.52M | 33.02M | 0 | -449K | 109.58M | 9.68M | 7.56M | 7.87M | 37K | 513K | 94.8M | 35.59M | 18.78M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.93M | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 53.58M | 53.81M | 133.31M | 33.02M | 0 | -449K | 104.23M | 9.68M | 7.49M | 4.75M | 0 | 0 | 97.93M | 35.41M | 18.77M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | -25K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | -25K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 115K | 0 | 215K | 0 | 0 | 0 | 5.38M | 0 | 71K | 3.12M | 0 | 513K | -3.13M | 185K | 4K |
| Net Change in Cash | -2.34M | 2.26M | 15.94M | -51.8M | -28.42M | -29.36M | 105.4M | -4.18M | -4.33M | 16.19M | -800K | -81.23M | 73.5M | 20.06M | 9.44M |
| Free Cash Flow | -68.89M | -62.34M | -47.27M | -39.53M | -28.42M | -28.91M | -15.21M | -13.86M | -11.89M | -14.94M | -36.54M | -41.8M | -21.15M | -15.5M | -9.34M |
| FCF Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| FCF Growth % | -26.2% | -31.88% | -19.59% | -39.06% | 1.69% | -90.07% | -9.78% | -16.51% | 20.4% | 59.11% | 12.59% | -97.68% | -36.43% | -65.92% | - |
| FCF per Share | -0.61 | -0.76 | -0.97 | -1.61 | -1.99 | -1.95 | -1.00 | -21.14 | -23.77 | -57.49 | -15468.67 | -301.18 | -529.54 | -110.06 | -66.33 |
| FCF Conversion (FCF/Net Income) | 0.88x | 1.37x | 1.31x | 0.34x | 0.32x | 0.84x | 0.67x | 0.87x | 0.85x | 1.14x | 0.96x | 0.91x | 0.91x | 0.98x | 0.97x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial funding shortfall
According to historical financial statements, Eledon's operating cash flow consistently trails net income, with the OCF/NI ratio fluctuating wildly—reaching a low of -0.15 in 2024Q3—which suggests that reported earnings are frequently distorted by non-operating items rather than reflecting the underlying cash-consuming nature of the business.
The significant divergence between net income and operating cash flow indicates that investors should prioritize cash burn metrics over GAAP earnings to gauge true operational health. This disconnect appears to stem from non-cash accounting adjustments that obscure the reality of the company's ongoing clinical development expenditures.
Based on reported quarterly figures, Eledon's free cash flow has remained consistently negative, with the most recent 2026Q1 outflow of $22.6 million highlighting an accelerating burn rate that warrants close monitoring as the company approaches critical Phase 2 data readouts and potential Phase 3 requirements.
The trajectory of free cash flow suggests that the company is in a high-intensity capital consumption phase with no immediate path to self-funding. This trend implies that the firm's survival remains tethered to external capital markets rather than internal operational efficiency.
As indicated by the quarterly cash flow data, working capital changes have been erratic, swinging from a $6.8 million inflow in 2024Q3 to a $4.4 million outflow in 2026Q1, which suggests that timing differences in clinical trial payments may be creating lumpy liquidity requirements for the firm.
These fluctuations in working capital appear to reflect the irregular nature of CRO and CMO milestone payments rather than operational efficiency. Investors should interpret these swings as a sign of the inherent unpredictability in managing a clinical-stage biotech's cash position.
Based on the provided financial data, stock-based compensation has consistently added back to the cash flow statement, peaking at $6.6 million in 2024Q4, which effectively masks the true economic cost of talent retention during this high-risk clinical development phase for the company's lead asset.
The reliance on stock-based compensation as a non-cash expense suggests that management is attempting to preserve cash, yet this practice dilutes existing shareholders to fund operations. This warrants further investigation into whether the current compensation structure aligns with long-term clinical success or merely short-term survival.
Quick answers to the most common questions about buying ELDN stock.
Eledon Pharmaceuticals, Inc. (ELDN) generated $-62.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Eledon Pharmaceuticals, Inc. (ELDN) reported negative free cash flow of $62.3M in 2025, indicating capital requirements exceeded cash from operations.
Eledon Pharmaceuticals, Inc. (ELDN) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.