Eledon Pharmaceuticals(ELDN) - 2024 Q3 - Quarterly Results

Clinical Trials and Research - Completed enrollment for the Phase 2 BESTOW clinical trial with 120 participants, four months ahead of schedule[3] - Positive initial data from the first three islet transplant recipients treated with tegoprubart, with two achieving insulin independence[4] - Anticipated milestones include reporting topline results from the Phase 2 BESTOW trial in Q4 2025 and updated interim data from Phase 1b studies in mid-2025[6] Financial Performance and Funding - Completed an oversubscribed offering, raising $85.0 million in gross proceeds, extending cash runway to the end of 2026[5] - Cash, cash equivalents, and short-term investments totaled$78.2 million as of September 30, 2024, with net proceeds from the October offering adding $79.5 million[7] - Net income for Q3 2024 was$77.0 million, primarily due to a non-cash gain of $96.4 million from changes in fair value of warrant liabilities[9] - Total current assets as of September 30, 2024, were$81.5 million, including $71.4 million in short-term investments[14] - Total liabilities as of September 30, 2024, were$38.5 million, with warrant liabilities decreasing to $24.0 million from$76.2 million in December 2023[15] Expenses and Costs - R&D expenses for Q3 2024 increased to $16.5 million, up from$7.9 million in Q3 2023, driven by clinical development and CMC expenses[7] - General and administrative expenses for Q3 2024 increased to $4.0 million, up from$3.3 million in Q3 2023, driven by professional services and operating expenses[9]