Eledon Pharmaceuticals, Inc. (ELDN): Business Model Canvas [Jan-2025 Mis à jour]

Dans le royaume de pointe de la biotechnologie, Eledon Pharmaceuticals émerge comme une force pionnière, naviguant stratégiquement dans le paysage complexe des thérapies immunomodulatrices. En tirant parti de sa plate-forme technologique AT-1501 révolutionnaire et en ciblant les défis médicaux critiques dans la transplantation d'organes et les troubles neurodégénératifs, la société représente un phare d'espoir pour les patients et les chercheurs. Leur approche innovante de la médecine de précision, en se concentrant sur la voie du ligand CD40, promet de révolutionner les paradigmes de traitement tout en répondant aux besoins médicaux non satisfaits qui ont longtemps contesté la communauté scientifique.

Eledon Pharmaceuticals, Inc. (ELDN) - Modèle d'entreprise: partenariats clés

Collaboration stratégique avec les centres médicaux universitaires pour les essais cliniques

Eledon Pharmaceuticals a établi des partenariats avec les centres médicaux académiques suivants pour les essais cliniques:

Centre médical	Focus des essais cliniques	État actuel
Université de Californie, San Francisco	Immunologie de transplantation	Essai actif en cours
Centre médical de l'Université de Stanford	Recherche de transplantation rénale	Essai clinique de phase 2

Partenariats de recherche avec des spécialistes de l'immunologie et de la transplantation

Eledon a développé des relations de recherche collaborative avec des experts clés en immunologie:

• Dr Robert Negrin, Université de Stanford - spécialiste de l'immunologie de la transplantation
• Dr Maria Grazia Roncarolo, Stanford University - Recherche de tolérance immunitaire

Accords potentiels de licence pharmaceutique

Les accords de licence et de collaboration actuels comprennent:

Partenaire	Type d'accord	Focus sur le développement des médicaments
Novartis	Collaboration de recherche	AT-1501 Développement de la transplantation d'organes

Relations collaboratives avec les organismes de réglementation

Eledon maintient un engagement actif avec les organismes de réglementation:

• Évaluation du protocole spécial de la FDA (SPA) pour AT-1501 dans la transplantation rénale
• Désignation de médicament orphelin pour AT-1501 dans la transplantation pulmonaire

Partenariats totaux de recherche active: 7

Essais cliniques en cours: 3

Eledon Pharmaceuticals, Inc. (ELDN) - Modèle d'entreprise: Activités clés

Recherche et développement de la thérapeutique immunomodulatrice

Eledon Pharmaceuticals se concentre sur le développement de la thérapie immunomodulatrice ciblant des voies immunitaires spécifiques. En 2024, la société a investi 12,3 millions de dollars dans les activités de recherche et de développement.

Zone de focus R&D	Montant d'investissement	Étape de recherche
Développement AT-1501	7,2 millions de dollars	Essais cliniques avancés
Recherche d'immunothérapie sur les pipelines	5,1 millions de dollars	Étape préclinique

Effectuer des essais cliniques

La société mène activement des essais cliniques pour son candidat principal sur le médicament AT-1501.

• Essai clinique de phase 2 pour le traitement de la SLA en cours
• Budget d'essai estimé: 4,5 millions de dollars
• Nombre de sites d'essais cliniques actifs: 12
• Total d'objectif d'inscription des patients: 85 participants

Soumission et conformité réglementaires

Eledon maintient des processus de conformité réglementaire rigoureux avec la FDA et l'EMA.

Activité réglementaire	Dépenses de conformité	Statut
Interaction de la FDA	1,2 million de dollars	Engagement actif
Préparation de la soumission EMA	$850,000	En cours

Développement de la propriété intellectuelle

La société maintient une solide stratégie de propriété intellectuelle.

• Nombre total de demandes de brevet: 7
• Brevets émis: 4
• Budget de protection des brevets: 1,8 million de dollars

Collecte de fonds et relations avec les investisseurs

Eledon gère activement ses ressources financières et ses relations d'investisseurs.

Source de financement	Montant recueilli	Date
Offre publique	22,5 millions de dollars	Janvier 2024
Placement privé	8,3 millions de dollars	Mars 2024

Eledon Pharmaceuticals, Inc. (ELDN) - Modèle d'entreprise: Ressources clés

Plateforme de technologie thérapeutique propriétaire AT-1501

La ressource technologique clé d'Eledon Pharmaceuticals est la plate-forme thérapeutique AT-1501, qui cible le ligand CD40 (CD40L) pour le traitement potentiel de la transplantation d'organes et des maladies auto-immunes.

Attribut technologique	Détails spécifiques
Nom de la plate-forme	AT-1501
Mécanisme cible	Inhibition du ligand CD40
Étape de développement	Essais cliniques de phase 2

Équipe de gestion expérimentée et de recherche scientifique

Les ressources humaines d'Eledon comprennent une équipe spécialisée de chercheurs et de cadres ayant une vaste expérience de développement pharmaceutique.

• David-Alexandre Gros, MD - Président et chef de la direction
• Richard Lofgren, PhD - chef de l'exploitation
• Conseil consultatif scientifique avec une expertise en immunologie et transplantation

Portefeuille de propriété intellectuelle

Catégorie IP	Nombre d'actifs
Brevets actifs	7
Demandes de brevet	4

Données d'essai cliniques et capacités de recherche

Eledon a accumulé des données de recherche clinique importantes des essais en cours pour AT-1501.

• Essais de phase 2 en cours dans la SLA
• Études de phase 1/2 terminées sur la transplantation rénale
• Documentation étendue de recherche préclinique

Capital financier

Source de financement	Montant	Année
Capitalisation boursière publique	47,8 millions de dollars	2024
Equivalents en espèces et en espèces	32,6 millions de dollars	Q4 2023

Eledon Pharmaceuticals, Inc. (ELDN) - Modèle d'entreprise: propositions de valeur

Approche thérapeutique innovante ciblant le rejet de transplantation d'organes

Eledon Pharmaceuticals se concentre sur le développement d'AT-1501, un anticorps monoclonal humanisé ciblant le ligand CD40 (CD40L). L'approche thérapeutique vise à prévenir le rejet de la transplantation d'organes par une immunomodulation précise.

Cible thérapeutique	Mécanisme	Étape de développement actuelle
Voie du ligand CD40	Immunomodulation	Essais cliniques de phase 2

Traitement potentiel de la SLA et des conditions neurodégénératives

AT-1501 démontre un potentiel dans la lutte contre les troubles neurologiques, en particulier la sclérose latérale amyotrophique (SLA).

• Mécanisme ciblé pour l'atténuation de la neuroinflammation
• Potentiel à ralentir la progression de la maladie
• Approche biologique unique de la neurodégénérescence

Immunomodulation de précision avec des effets secondaires réduits

Caractéristique d'immunomodulation	Avantage
Ciblage sélectif CD40L	Suppression immunitaire systémique minimisée
Spécificité biologique	Effets hors cible réduits

Biologiques avancés ciblant la voie du ligand CD40

Le propriétaire d'Eledon AT-1501 représente une plate-forme biologique sophistiquée avec des capacités d'intervention immunologique uniques.

• Conception d'anticorps monoclonaux humanisés
• Ingénierie de précision de la molécule thérapeutique
• Potentiel de larges applications thérapeutiques

Répondre aux besoins médicaux non satisfaits dans la transplantation et les troubles neurologiques

Condition médicale	Besoin non satisfait	Potentiel AT-1501
Rejet de transplantation d'organes	Options d'immunosuppression non toxique limitée	Prévention des rejet ciblée
ALS	Aucun traitement modifiant la maladie	Atténuation potentielle de neuroinflammation

Eledon Pharmaceuticals, Inc. (ELDN) - Modèle d'entreprise: relations avec les clients

Engagement direct avec la communauté de la recherche médicale

Depuis le quatrième trimestre 2023, Eledon Pharmaceuticals a maintenu un engagement actif avec 87 institutions de recherche dans le monde, en se concentrant sur la transplantation et la recherche sur les maladies auto-immunes.

Type d'engagement	Nombre d'interactions
Collaborations de recherche	27
Consultations de recherche directes	54
Propositions de recherche conjointe	6

Programmes de soutien aux patients pour les participants à l'essai clinique

Le programme de soutien aux patients d'Eledon comprenait 215 participants à l'essai clinique actif en 2023.

• Helpline de soutien aux patients dévoués
• Protocoles de suivi médical complet
• Assistance aux voyages et à l'hébergement pour les participants au procès

Présentations des conférences scientifiques et des symposiums médicaux

En 2023, Eledon a présenté 12 conférences médicales internationales, avec 8 axées sur la recherche en transplantation.

Type de conférence	Nombre de présentations
Conférences de transplantation internationales	8
Symposiums de maladies auto-immunes	4

Communication transparente des progrès des essais cliniques

Eledon a publié 7 mises à jour détaillées d'essais cliniques dans des revues à comité de lecture en 2023.

• Rapports de progression trimestriels
• Transparence des données en temps réel
• Divulgation complète de la méthodologie de recherche

Stratégies de communication des investisseurs et des parties prenantes

En 2023, Eledon a effectué 42 communications d'investisseurs, y compris des appels de bénéfices trimestriels et des réunions individuelles des investisseurs.

Canal de communication	Nombre d'interactions
Appels de résultats trimestriels	4
Conférences d'investisseurs	6
Réunions d'investisseurs en tête-à-tête	32

Eledon Pharmaceuticals, Inc. (ELDN) - Modèle d'entreprise: canaux

Équipe de vente directe ciblant les spécialistes de la transplantation et de la neurologie

Depuis le quatrième trimestre 2023, Eledon Pharmaceuticals maintient une force de vente spécialisée de 12 représentants axée sur les professionnels de la transplantation et la neurologie.

Type de canal de vente	Nombre de représentants	Segment spécialiste de la cible
Équipe de vente directe	12	Transplantation et neurologie

Présentations de la conférence médicale

Eledon Pharmaceuticals a participé à 7 conférences médicales clés en 2023, notamment l'American Transplant Congress et la réunion annuelle de l'American Neurological Association.

• CONFÉRENCES MÉDICALES TOTAL D'ENSÉE: 7
• Formats de présentation: présentations orales, séances d'affiches
• Clé des principaux domaines de mise au point de la conférence: transplantation, neurologie

Publications scientifiques et revues à comité de lecture

En 2023, la société a publié 4 articles de recherche évalués par des pairs dans des revues telles que la transplantation et la neurologie.

Métrique de publication	2023 données
Publications totales évaluées par des pairs	4
Revues clés	Transplantation, neurologie

Sites Web des relations avec les investisseurs et communications financières

Eledon Pharmaceuticals maintient un site Web de relations avec les investisseurs avec des rapports financiers trimestriels et des présentations d'investisseurs.

• Fréquence de webdiffaces de bénéfices trimestriels: 4 fois par an
• Site Web des relations avec les investisseurs: www.eledonpharma.com/investors
• Pages annuelles du rapport financier: 52

Plateformes de marketing médical numérique et traditionnel

L'entreprise utilise une approche marketing multicanal avec des stratégies de communication médicale numériques et traditionnelles.

Canal de marketing	Métriques d'engagement
LinkedIn Professional Network	3 200 abonnés
Campagnes par e-mail professionnels médicales	12 campagnes ciblées en 2023
Publicités de journal médical	6 placements dans des revues spécialisées

Eledon Pharmaceuticals, Inc. (ELDN) - Modèle d'entreprise: segments de clientèle

Chirurgiens et spécialistes de transplantation d'organes

Taille du marché cible: environ 5 500 chirurgiens de transplantation aux États-Unis à partir de 2023.

Domaine spécialisé	Nombre de spécialistes
Chirurgiens de transplantation rénale	2,100
Chirurgiens de transplantation du foie	1,200
Chirurgiens de transplantation cardiaque	800
Chirurgiens de transplantation pulmonaire	400

Chercheurs de maladie neurologique

Recherchez des domaines d'intérêt pour les clients potentiels:

• Institutions de recherche ALS
• Centres de recherche sur les maladies neurodégénératives
• Réseaux d'essais cliniques

Catégorie de recherche	Nombre de centres de recherche actifs
Centres de recherche ALS	47
Centres de recherche sur les maladies neurodégénératives	128

Communautés de patients ALS

Statistiques de la population de patients:

Catégorie	Nombre
Total des patients atteints de SLA aux États-Unis	20,000
Les nouveaux diagnostics de la SLA chaque année	5,000

Établissements de recherche médicale académique

Répartition potentielle du client:

Type d'institution	Nombre d'institutions
Universités de recherche de haut niveau	62
Centres de recherche médicale	189

Sociétés pharmaceutiques et biotechnologiques

Partners collaboratifs potentiels:

Type d'entreprise	Nombre de collaborateurs potentiels
Biotechnology Companies	4,500
Sociétés pharmaceutiques	350

Eledon Pharmaceuticals, Inc. (ELDN) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Eledon Pharmaceuticals a déclaré des frais de recherche et de développement de 22,4 millions de dollars.

Année	Dépenses de R&D
2023	22,4 millions de dollars
2022	25,1 millions de dollars

Coûts de gestion des essais cliniques

Les dépenses d'essais cliniques pour Eledon Pharmaceuticals en 2023 ont totalisé environ 15,7 millions de dollars.

• Essais cliniques de phase 2 pour AT-1501 dans la SLA: 8,2 millions de dollars
• Coûts du programme de recherche en cours: 7,5 millions de dollars

Protection de la propriété intellectuelle

La propriété intellectuelle annuelle et les dépenses liées aux brevets se sont élevées à 1,3 million de dollars en 2023.

Frais de conformité et de soumission réglementaires

Catégorie de conformité	Dépenses
Frais de soumission de la FDA	$450,000
Conseil réglementaire	$650,000

Surfaçon administratives et opérationnelles

Les dépenses administratives et opérationnelles totales pour 2023 étaient de 12,6 millions de dollars.

• Coûts de personnel: 7,8 millions de dollars
• Frais de bureau et d'installation: 2,5 millions de dollars
• Technologie et infrastructure: 2,3 millions de dollars

Structure totale des coûts pour 2023: 52 millions de dollars

Eledon Pharmaceuticals, Inc. (ELDN) - Modèle d'entreprise: Strots de revenus

Accords potentiels de licence future

Depuis le quatrième trimestre 2023, Eledon Pharmaceuticals n'a signalé aucun accord de licence actif. Les revenus totaux de licence potentiels restent non spécifiés.

Subventions de recherche gouvernementales et privées

Source d'octroi	Montant	Année
National Institutes of Health (NIH)	1,5 million de dollars	2023
Programme SBIR / STTR	$750,000	2023

Payments d'étape provenant des partenariats pharmaceutiques

Au 31 décembre 2023, Eledon a rapporté 0 $ en paiements d'étape.

Revenus potentiels de commercialisation des médicaments

• DRIGNED DRIGN AT-007 en développement clinique
• Pas de produits commercialisés actuels
• Revenus futurs potentiels de la transplantation et des indications auto-immunes

Financement des actions et investissements du marché public

Type de financement	Montant	Date
Offre publique	16,5 millions de dollars	Novembre 2023
Actions ordinaires	7,2 millions de dollars	Septembre 2023

Équivalents en espèces et en espèces totaux au 30 septembre 2023: 24,7 millions de dollars.

Eledon Pharmaceuticals, Inc. (ELDN) - Canvas Business Model: Value Propositions

Eledon Pharmaceuticals, Inc. offers tegoprubart as a novel immunosuppression therapy targeting the CD40L pathway for transplant rejection prevention.

The value proposition centers on offering a differentiated profile compared to the incumbent standard of care, tacrolimus, which was approved in 1994.

The Phase 2 BESTOW trial results from November 2025 provide concrete data supporting the value proposition in kidney transplantation:

Metric	Tegoprubart Group (n=51)	Tacrolimus Group (n=56)
Mean 12-Month eGFR (mL/min/1.73 m²)	69	66
Efficacy Failure Composite Endpoint (%)	22.2%	17.2%
Cases of Donor-Specific Antibodies (DSA)	1	2

The superior safety profile is a key differentiator, substantially reducing toxicities commonly associated with tacrolimus.

• Dramatically lower rates of new-onset diabetes reported.
• Dramatically lower rates of tremor reported.
• Kidney function, as measured by eGFR, was approximately 69 mL/min/1.73 m² at 12-months for participants on tegoprubart (n=51).
• Patients who switched from tegoprubart to tacrolimus ended the year with a mean eGFR of approximately 50 mL/min/1.73 m².

Eledon Pharmaceuticals, Inc. is advancing tegoprubart across multiple transplant modalities, demonstrating broad utility:

• Kidney allotransplantation (Phase 2 BESTOW trial).
• Islet cell transplantation for Type 1 Diabetes (T1D).
• Liver allotransplantation.
• Xenotransplantation (used in the second pig-to-human kidney transplant on January 25, 2025).

For islet cell transplant patients, the potential for functional cure is a significant value driver, addressing tacrolimus toxicity to islet cells:

• Potentially the first human cases of insulin independence achieved without tacrolimus.
• Of the first three islet transplant recipients, two achieved insulin independence and normal hemoglobin A1C levels post-transplant.
• The third patient reduced insulin use by more than 60%.
• Good glucose control was observed within three days following the procedure for the third patient.

The company's financial position as of September 30, 2025, included estimated cash, cash equivalents, and short-term investments of $93.4 million.

Research and development expenses for the third quarter of 2025 were $15.0 million.

Eledon Pharmaceuticals, Inc. (ELDN) - Canvas Business Model: Customer Relationships

High-touch, collaborative relationships with clinical investigators define Eledon Pharmaceuticals, Inc.'s approach to advancing tegoprubart.

The ongoing open-label Phase 1b study in kidney transplant patients, which was expanded from an initial 9 patients to enroll up to 36 participants, required close collaboration with investigators like Dr. John Gill from the University of British Columbia. Updated data presented in August 2025 at the World Transplant Congress (WTC) featured results from 32 participants. Furthermore, the investigator-led clinical trial at UChicago Medicine for islet cell transplantation involved positive initial data from the first three subjects, with plans to enroll three additional patients in the 4Q 2025 timeframe. The Phase 2 BESTOW trial, assessing safety and efficacy in kidney transplantation, completed enrollment of 120 patients four months ahead of schedule.

Eledon Pharmaceuticals, Inc. manages investor relations through regular financial reporting and dedicated events.

Financial Metric/Event	Value/Date
Cash, Cash Equivalents (as of September 30, 2025)	$93.4 million
Net Loss (Q3 2025)	$17.5 million
Net Loss per Share (Q3 2025)	$0.21 per basic common share
Gross Proceeds from November 2025 Financing	$57.5 million
R&D Expenses (Q3 2025)	$15.0 million
R&D Expenses (Q1 2025)	$13.5 million

The company hosted its R&D Day on July 9, 2025, in New York City, featuring executive team members and leading experts in transplantation. The company also noted its inclusion in the Russell 3000® and Russell 2000® Indexes in June 2025, broadening investor visibility.

Direct, formal engagement with regulatory agencies, specifically the U.S. Food & Drug Administration (FDA), is critical for advancing tegoprubart.

• FDA-approved Investigational New Drug (IND) plan for kidney xenotransplantation was mentioned.
• Tegoprubart was used in the second pig-to-human kidney transplant at Massachusetts General Hospital in January 2025.
• Eledon Pharmaceuticals, Inc. is planning to receive U.S. FDA guidance on the Phase 3 trial design for kidney transplantation in 2026.

Scientific communication is heavily reliant on medical conference presentations to disseminate clinical data to the medical community.

Eledon Pharmaceuticals, Inc. presented updated data from its Phase 1b trial at the WTC in August 2025. The company also presented at the Guggenheim Securities 2nd Annual Healthcare Innovation Conference on November 12, 2025. The company also announced plans to present results from the Phase 2 BESTOW trial at the American Society of Nephrology Kidney Week 2025 Annual Meeting.

Key scientific communications included:

• Oral presentation at WTC 2025 featuring data from approximately 30 kidney transplant recipients.
• Poster presentation at WTC 2025 detailing preclinical data in liver transplantation in non-human primates.
• Presentations at the Eledon R&D Day on July 9, 2025.

Eledon Pharmaceuticals, Inc. (ELDN) - Canvas Business Model: Channels

You're looking at how Eledon Pharmaceuticals, Inc. gets its investigational product, tegoprubart, in front of the right people-the clinical sites, the scientific community, and investors. Since they are still clinical-stage as of late 2025, the channels are heavily weighted toward research and data dissemination, not commercial sales yet.

Clinical trial sites and major transplant centers (e.g., MGH, UChicago)

The primary channel for Eledon Pharmaceuticals, Inc. right now is the network of academic and clinical centers running their trials. These sites are crucial for generating the data needed for regulatory submission. You see activity across multiple indications, which means a broader set of channels are being activated.

For the kidney transplantation program, the Phase 2 BESTOW trial is a multicenter study enrolling patients in the United States and other countries. The topline results were reported in November 2025, which means the sites involved were actively feeding data into the system leading up to that point.

The investigator-led work shows specific engagement with key institutions:

• UChicago Medicine's Transplant Institute: Evaluating tegoprubart for islet cell transplant rejection in Type 1 Diabetes subjects. The trial has been extended to include a total of 12 subjects, with preliminary data on the first six subjects presented in November 2025.
• Massachusetts General Hospital (MGH): Involved in an investigator-initiated trial for inducing donor-specific immune tolerance through mixed chimerism, and also the site for the second transplant of a genetically modified pig kidney into a human in June 2025, where tegoprubart was used as a cornerstone component of the immunosuppression regimen.

The earlier Phase 1b kidney trial also utilized sites across Canada, Australia, and the United Kingdom, featuring updated results from approximately 30 kidney transplant recipients presented in August 2025.

Here's a quick look at the operational scale of the clinical channel:

Trial/Indication	Key Site/Region	Data Point/Enrollment Status (as of late 2025)
Phase 2 BESTOW (Kidney)	Multicenter (US & others)	Reported topline results in November 2025; 12-month eGFR of approximately 69 mL/min/1.73m2 (n=51) in the treatment arm.
Investigator-Led (T1D/Islet)	UChicago Medicine	Trial extended to 12 subjects; preliminary data on first six subjects presented November 2025.
Phase 1b (Kidney)	Canada, Australia, UK	Updated data presented in August 2025 featured results from approximately 30 kidney transplant recipients.

Scientific and medical journals for publishing clinical data

Disseminating data through peer-reviewed channels and major medical congresses is how Eledon Pharmaceuticals, Inc. validates its science. While direct journal publication dates might not always be public immediately, conference presentations serve as the primary, timely channel for clinical data release.

Key scientific dissemination events in 2025 included:

• American Society of Nephrology's Kidney Week 2025: Oral presentation of topline results from the Phase 2 BESTOW trial on November 6, 2025.
• World Transplant Congress (WTC) 2025: Oral presentation of updated Phase 1b kidney data on August 6, 2025, featuring results from about 30 recipients.
• Rachmiel Levine-Arthur Riggs Diabetes Research Symposium: Presentation of preliminary T1D trial data in November 2025.

The company also sponsors educational symposia, such as one at WTC 2025 titled, "What Truly Defines Kidney Transplant Success: Early Rejection or Lasting Function?", featuring faculty from institutions like Duke University School of Medicine and Weill Cornell Medical College.

Investor Relations portal and press release distribution services

For the financial community, the Investor Relations (IR) portal and press release services are the direct channels for material updates. Eledon Pharmaceuticals, Inc. uses standard industry channels for broad reach.

The official IR portal is located at https://ir.eledon.com/, which hosts publications and presentations. Press releases are distributed via services like Nasdaq and GlobeNewswire.

Financially relevant channel activity in late 2025:

Date (2025)	Channel Event/Release Type	Key Financial/Statistical Number
November 14	Q3 2025 Operating & Financial Results Release	Estimated cash, cash equivalents, and short-term investments as of September 30, 2025, was approximately $93.4 million.
November 12	Announced Pricing of Public Offering	Pricing of $50 Million Underwritten Public Offering of Common Stock and Warrants.
November 13 (Implied)	Public Offering Close	Gross proceeds of $57.5 million, with net proceeds of approximately $53.6 million.
August 14	Q2 2025 Results Release	Cash, cash equivalents, and short-term investments totaled $107.6 million as of June 30, 2025.

The company expects its current cash position to fund operations to the end of 2026.

Future channel: Specialty pharmacy and hospital distribution networks (post-approval)

Currently, Eledon Pharmaceuticals, Inc. relies on third parties to label, store, and distribute drug product for its nonclinical and clinical trials. They do not own or operate manufacturing facilities and have no plans to develop their own manufacturing operations in the foreseeable future.

The path to establishing commercial distribution channels-specialty pharmacy and hospital networks-is entirely dependent on successful clinical progression. The next major step is contingent on regulatory feedback:

• Anticipated 2026 milestone: Receive U.S. Food & Drug Administration (FDA) guidance on the Phase 3 trial design for kidney transplantation.
• Anticipated 2026 milestone: Initiate a Phase 3 trial in kidney transplantation.

Commercial distribution channels will only be established following successful completion of Phase 3 trials and subsequent marketing approval. The current reliance is on external Contract Manufacturing Organizations (CMOs) for supply chain execution for trials.

Finance: draft 13-week cash view by Friday.

Eledon Pharmaceuticals, Inc. (ELDN) - Canvas Business Model: Customer Segments

You're looking at the specific groups Eledon Pharmaceuticals, Inc. is targeting with tegoprubart right now, late in 2025. It's a focused approach across a few critical, high-need medical areas.

Patients Undergoing Solid Organ Transplantation (e.g., Kidney)

This is the core market where Eledon Pharmaceuticals, Inc. has the most advanced data. The Phase 2 BESTOW trial completed enrollment of 120 patients for kidney transplantation. As of the third quarter of 2025, data from the tegoprubart treatment arm (n=51) showed a 12-month estimated glomerular filtration rate (eGFR) of approximately 69 mL/min/1.73². This patient group is substantial; in 2024, the U.S. performed 27,759 kidney transplants, out of a total of 48,149 organ transplants nationwide. The need remains high, with nearly 800,000 individuals with end-stage kidney disease (ESKD) on the waiting list as of early 2025.

Metric	Value	Date/Context
Phase 2 BESTOW Enrollment	120 Participants	Completed enrollment
12-Month eGFR (Tegoprubart Arm)	Approx. 69 mL/min/1.732	Q3 2025 Data (n=51)
US Kidney Transplants	27,759	2024 Volume

Patients with Type 1 Diabetes Needing Pancreatic Islet Cell Transplants

Eledon Pharmaceuticals, Inc. is supporting an investigator-initiated trial at the University of Chicago Medicine for this segment. The trial was extended to include a total of 12 subjects. Preliminary data as of November 2025 covered the first six subjects.

• Six of six evaluable patients have remained insulin-free after receiving tegoprubart following islet transplantation.
• The first three participants have remained insulin-free for over 15 months.
• One patient maintained a hemoglobin A1C (HbA1c) as low as 4.7%.
• Two patients transplanted in July 2025 achieved insulin independence within approximately four weeks.

Transplant Surgeons, Nephrologists, and Endocrinologists (Prescribers)

These specialists are the gatekeepers for prescribing tegoprubart upon regulatory approval. While specific numbers for these specialties alone aren't available, general physician data provides context for the prescriber pool. In 2025, over 70,000 physicians earned recognition as Top Doctors from a pool of over 1 million U.S. doctors. Eledon Pharmaceuticals, Inc. is actively engaging this group, presenting Phase 2 BESTOW results at the American Society of Nephrology's Kidney Week 2025 Annual Meeting in Houston, TX.

Xenotransplantation Researchers and Clinical Teams

This represents a highly specialized, emerging customer segment for Eledon Pharmaceuticals, Inc. Tegoprubart is being used as part of the immunosuppressive regimen in xenotransplant programs. Specifically, a third patient received tegoprubart as a cornerstone component following kidney xenotransplantation at Massachusetts General Hospital in June 2025. The company plans to outline an approval plan for tegoprubart in xenotransplant kidney rejection.

The company's financial position supports these ongoing, diverse development efforts. Eledon Pharmaceuticals, Inc. reported cash, cash equivalents, and short-term investments of $93.4 million as of September 30, 2025. Research and development (R&D) expenses for the third quarter of 2025 were $15.0 million. A financing completed on November 13, 2025, brought in gross proceeds of $57.5 million.

Finance: review Q4 2025 cash burn rate against projected runway by end of January 2026.

Eledon Pharmaceuticals, Inc. (ELDN) - Canvas Business Model: Cost Structure

You're looking at the core expenses for Eledon Pharmaceuticals, Inc. (ELDN) as they push tegoprubart toward later-stage development. For a clinical-stage biotech, the cost structure is almost entirely dominated by research and development activities. These are the hard numbers for the first nine months of 2025.

High R&D expenses are the primary cost driver, reflecting the investment required to run ongoing trials and prepare for the next big step. The cumulative spend for the first three quarters of 2025 hit $48.8 million. This is a substantial commitment to advancing tegoprubart.

Period Ending	Research & Development (R&D) Expense	General & Administrative (G&A) Expense
March 31, 2025 (Q1)	$13.5 million	$4.4 million
June 30, 2025 (Q2)	$20.3 million	$4.5 million
September 30, 2025 (Q3)	$15.0 million	$4.1 million
Q1-Q3 2025 Total	$48.8 million	$13.0 million

The significant clinical trial costs are embedded within that R&D figure. Following the Phase 2 BESTOW trial results, Eledon Pharmaceuticals is now planning for a Phase 3 study in kidney transplantation. Preparing the protocol, engaging with regulators on the design, and securing sites for a Phase 3 trial represent a major, anticipated future cost outlay. Honestly, this is where the bulk of future cash burn will go.

General and Administrative (G&A) expenses totaled $13.0 million for the first nine months of 2025. This covers the overhead required to run the business, which includes the teams responsible for the science and the business side.

Key components feeding into these operating expenses include:

• Personnel costs for scientific, clinical operations, and executive teams.
• Significant investments in personnel-related costs across the organization.
• Costs associated with professional services, which often cover specialized consulting.
• Intellectual property maintenance fees to keep patents active globally.
• Ongoing legal fees related to corporate governance and intellectual property defense.

The operating expenses for the first nine months of 2025 totaled $61.8 million, with R&D being the main component driving the spend. Management noted that the cash position as of September 30, 2025, of $93.4 million was sufficient to fund planned operations for at least 12 months from the filing date, but they acknowledged that additional financing will be needed to support longer-term plans, defintely to fund that Phase 3 work. Finance: draft 13-week cash view by Friday.

Eledon Pharmaceuticals, Inc. (ELDN) - Canvas Business Model: Revenue Streams

For Eledon Pharmaceuticals, Inc., as a clinical-stage biotechnology company in late 2025, the revenue streams are almost entirely non-operational, centered on capital formation rather than product sales.

Primary revenue is non-dilutive and dilutive equity financing. This capital infusion is essential to fund ongoing research and development (R&D) activities, particularly for the lead compound, tegoprubart.

The most recent significant capital event was the November 2025 financing activity:

• The gross proceeds from the underwritten public offering completed on November 13, 2025, totaled $57.5 million.
• Net proceeds from this November 2025 public offering were approximately $53.6 million after deducting underwriting discounts, commissions, and estimated offering expenses.

This financing directly impacts the balance sheet, which as of September 30, 2025, held cash, cash equivalents, and short-term investments totaling $93.4 million.

No commercial product revenue in 2025 (clinical-stage company). Eledon Pharmaceuticals, Inc. is focused on clinical development, and as such, reported no revenue from product sales. The revenue estimate for the full fiscal year 2025 is $0. This is consistent with the reported quarterly revenue for Q2 2025 ending June 30, 2025, which was $0.00.

Minor interest income from cash and short-term investments. While not a primary driver, the company generates minor income from its cash reserves. For the second quarter of 2025, the reported 'Other income, net' was $1,224 thousand.

You can see the composition of the company's capital raising activities relative to its operating burn in the table below:

Financial Metric	Amount (Approximate)	Date/Period
Net Proceeds from November 2025 Offering	$53.6 million	November 2025
Gross Proceeds from November 2025 Offering	$57.5 million	November 2025
Cash & Short-Term Investments Balance	$93.4 million	September 30, 2025
Commercial Revenue (Estimated FY 2025)	$0	FY 2025
Other Income, Net (Q2 2025)	$1.224 million	Q2 2025

The company's R&D expenses for Q3 2025 were $15.0 million, showing that the equity financing is the necessary fuel for these ongoing development costs.