The company remains in a pre-commercial stage with no revenue generation, while quarterly R&D expenses have escalated to $17.2 million as of 2026Q1.
| 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 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 182K | 11K | 22K | 35K | 109K | 58 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -182K | -11K | -22K | -35K | -109K | -58 | 0 | 0 |
| Gross Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | - | - | - | - | 100% | -1554.55% | 50% | 37.14% | 67.89% | -187831.03% | - | - | - |
| Operating Expenses | 86.47M | 83.25M | 70.58M | 43M | 88.43M | 36.87M | 18.46M | 14M | 14.06M | 13.12M | 38.12M | 45.26M | 23.46M | 15.75M | 9.65M |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 16.54M | 16.98M | 18.61M | 12.69M | 12.7M | 13.13M | 10.05M | 5.87M | 7.24M | 11.1M | 13.1M | 12.62M | 8.88M | 3.55M | 2.28M |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Research & Development | 69.93M | 66.27M | 51.96M | 30.31M | 27.08M | 23.73M | 6.13M | 8.13M | 6.82M | 2.02M | 25.02M | 32.64M | 14.58M | 12.2M | 7.37M |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 48.65M | 0 | 2.28M | 0 | -5K | 5K | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -86.47M | -83.25M | -70.58M | -43M | -88.43M | -36.87M | -18.46M | -14.18M | -14.06M | -13.12M | -38.12M | -45.26M | -23.46M | -15.75M | -9.65M |
| Operating Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | -17.96% | -64.13% | 51.37% | -139.86% | -99.66% | -30.18% | -0.88% | -7.16% | 65.58% | 15.77% | -92.91% | -48.97% | -63.22% | - |
| EBITDA | -86.39M | -82.94M | -70.22M | -42.63M | -88.06M | -36.67M | -18.28M | -14M | -14.05M | -13.1M | -38.09M | -45.15M | -23.44M | -15.74M | -9.64M |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | -11.6% | -18.12% | -64.73% | 51.59% | -140.12% | -100.59% | -30.57% | 0.33% | -7.25% | 65.61% | 15.64% | -92.62% | -48.94% | -63.27% | - |
| D&A (Non-Cash Add-back) | 81K | 313K | 359K | 374K | 373K | 195K | 183K | 182K | 11K | 22K | 35K | 109K | 21K | 10K | 9K |
| EBIT | -86.47M | -83.25M | -70.58M | -43M | -39.78M | -36.87M | -16.18M | -16.01M | -14.06M | -13.12M | -6.93M | -45.09M | -23.3M | -15.72M | -9.65M |
| Net Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | -9.66M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 9.66M | 0 | 0 | 0 | 0 | 174K | 0 | 0 | 0 |
| Other Income/Expense | 8.36M | 37.67M | 34.82M | -73.54M | 462K | 7K | -4.75M | -1.83M | -5K | 5K | -527K | 174K | 166K | 24K | 0 |
| Pretax Income | -78.11M | -45.58M | -35.75M | -116.54M | -87.97M | -36.86M | -23.21M | -16.01M | -14.06M | -13.12M | -37.96M | -45.09M | -23.3M | -15.72M | -9.65M |
| Pretax Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Income Tax | 35K | 35K | 431K | 0 | 0 | -2.35M | -404K | 0 | -5K | 0 | 136K | 0 | -187K | 0 | 0 |
| Effective Tax Rate % | -0.04% | -0.08% | -1.21% | 0% | 0% | 6.39% | 1.74% | 0% | 0.04% | 0% | -0.36% | 0% | 0.8% | 0% | 0% |
| 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 |
| Net Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | -310.26% | -26.07% | 68.95% | -32.48% | -154.93% | -51.27% | -42.47% | -13.84% | -7.24% | 65.45% | 15.81% | -93.54% | -48.15% | -62.97% | - |
| Net Income (Continuing) | -78.15M | -45.62M | -36.18M | -116.54M | -87.97M | -34.51M | -22.81M | -16.01M | -14.06M | -13.12M | -5.66M | -45.09M | -23.3M | -15.72M | -9.65M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.70 | -0.56 | -0.75 | -4.73 | -6.16 | -2.33 | -17.16 | -24.42 | -28.11 | -41.40 | -398.52 | -325.62 | -583.20 | -112.33 | -68.76 |
| EPS Growth % | 60.71% | 25.33% | 84.14% | 23.21% | -164.38% | 86.42% | 29.73% | 13.13% | 32.1% | 89.61% | -22.39% | 44.17% | -419.18% | -63.37% | - |
| EPS (Basic) | - | -0.56 | -0.75 | -4.73 | -6.16 | -2.33 | -17.16 | -24.42 | -28.11 | -41.40 | -398.52 | -325.62 | -583.20 | -112.33 | -68.76 |
| Diluted Shares Outstanding | 112.42M | 81.84M | 48.54M | 24.62M | 14.29M | 14.82M | 15.16M | 655.52K | 500.3K | 259.87K | 2.36K | 138.79K | 39.93K | 140.82K | 140.82K |
| Basic Shares Outstanding | 112.42M | 81.84M | 48.54M | 24.62M | 14.29M | 14.82M | 15.16M | 655.52K | 500.3K | 259.87K | 2.36K | 138.79K | 39.93K | 140.82K | 140.82K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Clinical trial funding shortfall
As reported in recent financial filings, Eledon's quarterly R&D expenditures have climbed from $7.1 million in 2023Q4 to $17.2 million in 2026Q1, reflecting the intensified clinical trial activity required to advance the tegoprubart pipeline toward potential regulatory milestones and eventual commercialization readiness.
The consistent upward trajectory in R&D spending highlights the company's reliance on external clinical execution, which remains the primary driver of its operational loss. Investors should monitor whether these costs stabilize as specific cohorts complete enrollment or if further trial expansion necessitates additional capital infusions.
Based on the company's reported income statements, operating losses have widened significantly, reaching $21.2 million in 2026Q1, as the firm lacks the revenue base to offset the fixed overhead and clinical trial costs inherent in its current pre-commercial stage of development.
The absence of revenue means that any increase in operational activity directly translates into deeper losses, preventing the realization of traditional operating leverage. This structure suggests that the company's financial health is entirely dependent on its ability to manage clinical milestones without exhausting its limited cash reserves.
According to historical financial data, Eledon's net income has experienced significant fluctuations, including a notable $77.0 million gain in 2024Q3, which appears to be driven by non-operating items rather than core business performance, complicating the assessment of the company's underlying financial sustainability.
These lumpy, non-operating adjustments obscure the true cash burn rate, making it difficult for investors to gauge the actual cost of operations. Analysts should focus on adjusted cash flow metrics to strip away these anomalies and better understand the company's true runway.
As indicated by the company's financial statements, the persistent net losses and lack of revenue generation suggest that Eledon remains highly vulnerable to equity market volatility, which may force dilutive financing rounds to sustain its ongoing clinical development programs in the coming quarters.
The reliance on external capital to fund R&D creates a structural risk where the company's valuation may be decoupled from its clinical progress. Investors should consider the potential for significant shareholder dilution if the company fails to secure non-dilutive partnerships or reach value-inflecting data readouts before cash reserves are depleted.
Quick answers to the most common questions about buying ELDN stock.
For fiscal year 2025, Eledon Pharmaceuticals, Inc. (ELDN) reported total revenue of $0.0M.
Eledon Pharmaceuticals, Inc. (ELDN) reported a net loss of $45.6M for the fiscal year ending 2025.