Eledon Pharmaceuticals

Q2 FY2026 EarningsQ2 FY26 GAAP EPS was -$0.27, missing consensus of -$0.158 due to a significant non-cash $9.6M fair value adjustment of warrant liabilities. Operating loss of $22.9M was roughly in-line with the $22.3M consensus, as a $3.0M decrease in kidney trial costs was offset by a $1.0M increase in R&D stock-based compensation. Cash reserves of $88.8M triggered a 'going concern' warning, as management noted current funds are insufficient for the next 12 months including the planned Phase 3 tegoprubart launch.