Eledon Pharmaceuticals (ELDN) – 3Q23 Reported With Review Of Clinical Progress

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Friday, November 10, 2023

Robert LeBoyer, Senior Vice President, Equity Research Analyst, Biotechnology, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

3Q23 Loss Was Less Than Projected. Eledon reported 3Q23 loss of $10.3 million or ($0.35) per share, compared with our estimate of a loss of $14.5 million or $(0.57) per share. The difference was mostly due to R&D expense of $7.9 million compared with our estimate of $11.9 million. Cash and equivalents at the end of the quarter were $59.6 million.

Phase 1b Data Shows Protection and Strong Function. As discussed in our Research Note on November 3, data from the Phase 1b trial testing tegoprubart in prevention of renal transplant rejection was presented at the American Society of Nephrology Kidney Week. The data from 11 patients showed tegoprubart was safe, well-tolerated, and had no rejection. Importantly, all of the patients that were evaluated at least 90 days after transplantation had eGFR (estimated glomerular filtration rate) above 70 ml/min/1.72 m2. This is above 50th percentile of 50 ml/min/1.72 m2 average in published studies, and is a strong predicator of graft survival. One patient who completed the 1-year treatment period had a eGFR of 91 ml/min/1.72 m2 and went into the open-label extension study.

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