{"id":828223,"date":"2025-03-20T16:06:06","date_gmt":"2025-03-20T20:06:06","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/eledon-pharmaceuticals-reports-fourth-quarter-and-full-year-2024-operating-and-financial-results\/"},"modified":"2025-03-20T16:06:06","modified_gmt":"2025-03-20T20:06:06","slug":"eledon-pharmaceuticals-reports-fourth-quarter-and-full-year-2024-operating-and-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/eledon-pharmaceuticals-reports-fourth-quarter-and-full-year-2024-operating-and-financial-results\/","title":{"rendered":"Eledon Pharmaceuticals Reports Fourth Quarter and Full Year 2024 Operating and Financial Results"},"content":{"rendered":"<div class=\"mw_release\">\n<p align=\"center\">\n        <em>Tegoprubart used as a key component of immunosuppression regimen in the second transplant of a genetically modified pig kidney into a human conducted at Massachusetts General Hospital<\/em>\n      <\/p>\n<p align=\"center\">\n        <em>Announced positive initial data from first three subjects with type 1 diabetes treated with tegoprubart as part of immunosuppression regimen following islet transplantation in investigator-initiated trial at UChicago Medicine<\/em>\n      <\/p>\n<p align=\"center\">\n        <em>Topline results from Phase 2 BESTOW trial of tegoprubart in kidney transplantation expected in fourth quarter of 2025<\/em>\n      <\/p>\n<p align=\"center\">\n        <em>Proceeds from oversubscribed\u00a0$85 million\u00a0underwritten offering extend cash runway to end of 2026<\/em>\n      <\/p>\n<p>IRVINE, Calif., March  20, 2025  (GLOBE NEWSWIRE) &#8212; Eledon Pharmaceuticals, Inc. (\u201cEledon\u201d) (Nasdaq: ELDN) today reported its fourth quarter and full year 2024 operating and financial results and reviewed recent business highlights.<\/p>\n<p>\u201cWe have recently made great strides in expanding our role in bringing new options in organ transplantation to patients. Tegoprubart was a cornerstone immunosuppression component in recent historic procedures including kidney xenotransplant and islet transplants in patients with type 1 diabetes,\u201d said David-Alexandre C. Gros, M.D., Chief Executive Officer of Eledon. \u201cThe results from these landmark studies together with the encouraging allograft kidney transplant clinical data we have shared continue to reinforce tegoprubart\u2019s broad potential to protect transplanted organs and cells, regardless of the transplant type and the organ source. We are entering 2025 from a position of balance sheet strength and we are on track to deliver on multiple key milestones in the coming months, including topline results from our Phase 2 BESTOW trial in the fourth quarter of 2025.\u201d<\/p>\n<p>\n        <strong>Fourth Quarter 2024 and Recent Business Highlights<\/strong>\n      <\/p>\n<ul type=\"disc\">\n<li style=\"margin-bottom:8pt\">Announced the use of tegoprubart as a lead component of the immunosuppression treatment regimen following the second transplant of a genetically modified pig kidney into a human in a study conducted at Massachusetts General Hospital. Following the successful transplant on January 25, 2025, the patient was discharged from the hospital without need for continued treatment with dialysis for the first time in over two years.<\/li>\n<li style=\"margin-bottom:8pt\">Reported positive initial data for the first three islet transplant recipients treated with tegoprubart as part of an immunosuppression regimen for the prevention of islet transplant rejection in subjects with type 1 diabetes in an investigator-initiated trial at the University of Chicago Medicine\u2019s Transplant Institute. The data demonstrated potentially the first in human cases of insulin independence achieved using an anti-CD40L monoclonal antibody immunosuppression therapy without the use of tacrolimus, the current standard for care for prevention of transplant rejection.<\/li>\n<li style=\"margin-bottom:8pt\">Completed an oversubscribed, underwritten offering of common stock and pre-funded warrants for total gross proceeds of $85.0 million and net proceeds of approximately $79.5 million after deducting underwriting discounts, commissions, and offering expenses. The offering, which priced at a premium, included participation from both new and existing investors.<\/li>\n<\/ul>\n<p>\n        <strong>Anticipated Upcoming Milestones<\/strong>\n      <\/p>\n<ul type=\"disc\">\n<li style=\"margin-bottom:8pt\">Summer 2025: Report updated interim clinical data from the ongoing Phase 1b open-label trial evaluating tegoprubart for the prevention of organ rejection in kidney transplant patients.<\/li>\n<li style=\"margin-bottom:8pt\">4Q 2025: Report topline results from the Phase 2 BESTOW trial of tegoprubart in kidney transplantation.<\/li>\n<li style=\"margin-bottom:8pt\">2025: Report updated interim clinical data from the investigator-led clinical trial with UChicago Medicine for pancreatic islet transplantation in subjects with type 1 diabetes.<\/li>\n<\/ul>\n<p>\n        <strong>Fourth Quarter 2024 Financial Results<\/strong>\n      <\/p>\n<p>\n        <strong><br \/>\n          <em>Cash, cash equivalents and short-term investments<\/em><br \/>\n        <\/strong> totaled $140.2 million as of December 31, 2024 compared to $78.2 million at September 30, 2024. The company expects current cash, cash equivalents and short-term investments to fund operations to the end of 2026.<\/p>\n<p>\n        <strong><br \/>\n          <em>Research and development (R&amp;D) expenses<\/em><br \/>\n        <\/strong> for the fourth quarter of 2024 were $17.9 million, including $2.7 million of non-cash stock-based compensation expense, compared to $7.1 million, including $0.3 million of non-cash stock-based compensation expense,\u00a0for the comparable period in 2023.<\/p>\n<p>\n        <strong><br \/>\n          <em>General and administrative expenses<\/em><br \/>\n        <\/strong> for the fourth quarter of 2024 were $6.8 million, including $3.9 million of non-cash stock-based compensation expense, compared to $3.3 million, including $1.4 million of non-cash stock-based compensation expense,\u00a0for the comparable period in 2023.<\/p>\n<p>\n        <strong><br \/>\n          <em>Net loss<\/em><br \/>\n        <\/strong> for the fourth quarter of 2024 was $44.6 million, or $0.64 per basic share, compared with a net loss of $30.1 million, or $1.00 per basic share,\u00a0for the comparable period in 2023. Both periods included a non-cash loss from changes in the fair value of warrant liabilities, totaling $20.9 million in 2024 and $20.5 million in 2023.<\/p>\n<p>\n        <strong>Full Year 2024 Financial Results<\/strong>\n      <\/p>\n<p>\n        <strong><br \/>\n          <em>Research and development (R&amp;D) expenses<\/em><br \/>\n        <\/strong> for the year ended December 31, 2024 were $52.0 million, including $4.3 million of non-cash stock-based compensation expense, compared to $30.3 million, including $1.5 million of non-cash stock-based compensation expense,\u00a0for the comparable period in 2023. The increase was primarily driven by a rise in clinical development expenses related to the Phase 1b, Phase 2 BESTOW and Phase 2 open-label extension trials for kidney transplantation, an increase in manufacturing costs for drug substance and drug product clinical trial supply, an increase in stock-based compensation expense and employee compensation and benefits related to increased headcount.<\/p>\n<p>\n        <strong><br \/>\n          <em>General and administrative expenses<\/em><br \/>\n        <\/strong> for the year ended December 31, 2024 were $18.6 million, including $8.8 million of non-cash stock-based compensation expense, compared to $12.7 million, including $5.0 million of non-cash stock-based compensation expense,\u00a0for the comparable period in 2023. The increase was primarily driven by an increase in stock-based compensation expense, professional services and employee compensation and benefits.<\/p>\n<p>\n        <strong><br \/>\n          <em>Net loss<\/em><br \/>\n        <\/strong> for the year ended December 31, 2024 was $36.2 million, or $0.75 per basic share, compared with a net loss of $116.5 million, or $4.73 per basic share, in 2023. The 2024 net loss included a non-cash gain of $30.9 million from changes in the fair value of warrant liabilities, whereas the 2023 net loss included a non-cash loss of $76.2 million from such changes. Excluding the non-cash items related to changes in the fair value of warrant liabilities, the company would have recorded a net loss of $67.1 million for the year ended December 31, 2024 and a net loss of $40.3 million for the year ended December 31, 2023.<\/p>\n<p>\n        <strong>About\u00a0Eledon Pharmaceuticals\u00a0and tegoprubart<\/strong>\n      <\/p>\n<p>Eledon Pharmaceuticals, Inc.\u00a0is a clinical stage biotechnology company that is developing immune-modulating therapies for the management and treatment of life-threatening conditions. The Company\u2019s lead investigational product is tegoprubart, an anti-CD40L antibody with high affinity for the CD40 Ligand, a well-validated biological target that has broad therapeutic potential. The central role of CD40L signaling in both adaptive and innate immune cell activation and function positions it as an attractive target for non-lymphocyte depleting, immunomodulatory therapeutic intervention. The Company is building upon a deep historical knowledge of anti-CD40 Ligand biology to conduct preclinical and clinical studies in kidney allograft transplantation, xenotransplantation, and amyotrophic lateral sclerosis (ALS). Eledon is headquartered in\u00a0Irvine,\u00a0California. For more information, please visit the Company\u2019s website at\u00a0<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=4M22Iq0oxdXaHr9yWb-wgRhXtWxV10oWjdNFbqpWpRf2oEoY5Qe2utu1r9054A7ggGFyf9QDmom5P5tNipsoKI43poqwr0jlgPFWmd0lWGwBPemQRKxsEnEEAHXkSICiZhlkH408KHtsVvFTq3Q1mKGSKhXMKLV9Wy0hUtKEQMc--PIYwSKMcvDhQp7E2-SKMTZvxnAhVqQtU4u83ysj15AuViuTrGRWLMxBPnn_-LykD_LZG2aR2TFyCLwjEMMrScAzoGGW2XmlWnxDuo8v7dl1mJV96RJFqBTBOYxeQNdY6QpYsygLfE0w7S4dOiNL7k-Rqj8XwylwBwdIsqqxRPRzXqonKE3VqhkJ5N6p9Ovv2TTdiaw5O8U1lspVaTJv3Tc2Q-vDebVW7-1zuchM70Zwd5UB0-S26Tj1wIddr6A8e5Ew0ghRI9Kh5ZfCcQ9YRS7rnwMFZ_ctP_Dbntp8DB7VIS9FOre_1VF50QmSj-h4FEaHJ3N5Q4YNdeB5YSI22phURvW3jN_qtdB6RO505vZ4xyMeCCwWcbl2UcmKD8dR66ZrJRYyOl_e94g5pEvWuiE4y-IOUe3mkgL6SkFPu0-X27D1vVUrf7WGwf4H0Bhyuu1P2uOdqYq4NqvD8wDiP7Q3oiVXFUZeiVzVE3Iq2Ug0ID8j01z5uSQiX1yUfyGu9C3fXyQAW88bpt8lNuIOMTpqz_huipyij6QrKadc_8337zHPKdxyBZge5JeG0yBOxg8aUwIQGeQP8SB5NC6n5HHKO-2u8RaavXI8lv7Z7uPtFbPPAtksiA1M8ZqNELPcWn8OTDp7Ao4xMTsnZ7NadpKVTc1uldvwOZNjIN4qnYNN7cuB6ounvDqDr3KZZGlWbihh11KNWVxWExY7pwppuokgxyRGpeGJSqJURzLRBbwc-q7rtOBrUOPt2T9e_IVb1f7JqPHwsQqaYCEujYrLkUHdzqrWXUMEn3sTB3nXtTmX-1g3Kg079w_BCNxhzwoh68Oc6ycRDAxF_aGrHv__BrACEu7v9i_qMvWsMe2GeatI4gCxkG8rcLy-6tbYnPsNVAoAuJN6PDxXycs829jRnFnaswLh-bQOrYd7BW7tsA1iatlaR7SksUdHcEYjuTEAsyFfEo6mc6SYeVM9GytpqnnBFfJlE1nkLmG9ZKid0a7DSqcCI_oiObe2sy8_S9Can8-cBuiv_WFThkdGRUkvE3Mq7kimE54DuEwRat5QcFgElsENkOgbGWoMX_-dIfH9l0OhQSoIQa-u994HA5xot-2infGta3jwLBCkE8k6sFiDier7vPwdaD-4EuiAEDAxCdw6OPybYtH3TvWKke79mSrHvobrVBmj8ypbFls3UBta_e6OirsnboWLROLozUUb9yR0h2jUqeBRae2brz37CkEwwWfdSpG4rk0jZXoETuDmi61S4hBj-8Z2NAeCspoyHPqlo4YwNX3lDXpH60yJMpuViKV2twbDJnoYx98Fl7BE4_WMTCki8Gyo5dowJu8apGshyIimsb4C0wvbiVziUUhMYh6y8lS1nilzVGJxwjv47wucVzQuMkGT3CZT4uUkyf4Doqvr_XubQ-COzaJs0wLEzvLrxokCx6QoKU7nwuXYdOhWcJtpsdm6B0BCW8DvBM1zh3c2GeoaI86tVYBabZQIVhNcqjP1gbQThc3F31RBtwzK_E221kkpF43CmnL4vinJGfP8kVX8gSRCnUayL68tuU2QfxuvnlBVr8juhd1jS1VTRgx1w77PtgzecL-p3g9avyrmH_PL36jygLeP348nSF5Y6zsvK4LbcEOCuU83pGVmU4W2wbkVtQeLNvU4Gehy20_D0-yfr1zew6W5FMVsqt7X8w5dcIkxMUn2oEloqDvvGmYWPvwoT0daZoYUiAAJkK0qfdQXWXfxoxM1AKF2gkh4zCmgRHcLvKzTPzvBI1NugeiWPgxGwnZDbvxzxz-gM-M2IYfYMAuqB_GtupmL5_wi7Q8L0VjLkBER5FDg0DjDTmObANVGMBqKC9-O6ATmiaK2CprAFZ6r_Kec5RjE7GjYPF46LU1o-PitliCOSZf2aus8hy-FW7sZG7X5QLZMgMv3oaLhr49WDJtwlx2VHKfyY4TR8p1ybpHr8FK-5WBng5sfmanhaQ97BlIO2-5Ciwv5ZiS10xYZg8QIAqq-Cm9FuYAWpGq5MYFWZvVDBe35cFzUmwjFvtky4TAKTh3dOFfdRh4s_LrdR3UWaOEO49rDyJFu83ejXjg2VHtV03no_rh4iBC6pXlBuXScdG3SKBVe9z17h5LBL4NmHBdxEpzjPvo6EyusT6M6eYT4JhgsI66gYhzXprRnIR4b7g7Mlevq_i6CY-ChnYokO7QKLbluWcvfmh3pCo-JaBRu3tlA63hcPCfbbRg4O8Oy1JRwZ6j9E6n7qbjbAfuRzcoPIivg629j9QyHPUUfA44HusZoPJEskTyjc6BKjL00IimyfcTkcsAgwRYd65zGU4eqBGz8Sa_vKhKCmMIoReY_GDSZoQgIuutRsAImcn4c4SC8GhqQN4Z0CJU1Xl95wG7LzC29_FDzApPLK6XPfsCxPB6D5SseVPD17RZNDMaqVJfVei0B2SOhYSEiwvkEbln4SE8x_RiuyqOA0UHj-q8LAkXqDQ3H1oOhZfWbubUHVu87kqeu_Q2dL50VYrgpPGY5VKafKNwuO4oH-TkkpUYX8luqwBxncYIJtZbBSH5mI-ypez9bB3XU_TDtmy4aqlyD0XMouGrPILv3ciEnxgoR8F86psm563SoSXpRya660pWbdXR-fBtZx7CtWi_At42nc2me9e-16hhfgagUSQ==\" 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rel=\"nofollow\" target=\"_blank\">Twitter<\/a><\/p>\n<p>\n        <strong>Forward Looking Statements<\/strong>\n      <\/p>\n<p>This press release contains forward-looking statements that involve substantial risks and uncertainties. Any statements about the company\u2019s future expectations, plans and prospects, including statements about planned clinical trials, the development of product candidates, expected timing for initiation of future clinical trials, expected timing for receipt of data from clinical trials, the company\u2019s capital resources and ability to finance planned clinical trials, as well as other statements containing the words \u201cbelieves,\u201d \u201canticipates,\u201d \u201cplans,\u201d \u201cexpects,\u201d \u201cestimates,\u201d \u201cintends,\u201d \u201cpredicts,\u201d \u201cprojects,\u201d \u201ctargets,\u201d \u201clooks forward,\u201d \u201ccould,\u201d \u201cmay,\u201d and similar expressions, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are inherently uncertain and are subject to numerous risks and uncertainties, including: risks relating to the safety and efficacy of our drug candidates; risks relating to clinical development timelines, including interactions with regulators and clinical sites, as well as patient enrollment; risks relating to costs of clinical trials and the sufficiency of the company\u2019s capital resources to fund planned clinical trials; and risks associated with the impact of the ongoing coronavirus pandemic. Actual results may differ materially from those indicated by such forward-looking statements as a result of various factors. These risks and uncertainties, as well as other risks and uncertainties that could cause the company\u2019s actual results to differ significantly from the forward-looking statements contained herein, are discussed in our quarterly 10-Q, annual 10-K, and other filings with the U.S. Securities and Exchange Commission, which can be found at www.sec.gov. Any forward-looking statements contained in this press release speak only as of the date hereof and not of any future date, and the company expressly disclaims any intent to update any forward-looking statements, whether as a result of new information, future events or otherwise.<\/p>\n<p>\n        <strong>Investor Contact:<\/strong>\n      <\/p>\n<p>Stephen Jasper<br \/>Gilmartin Group<br \/>(858) 525 2047<br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=vukqITZMXOOA9kXIU17KG7Tuwbcju7c77thC0bcbWPsAAKNxJJYXj2QVQL_F4xn90iDGf2PqVJdfFGKGf9eMdjWyWmUOsb7sT1VUBdkrwgv24LAbA339DZk8zcyNW63O3r0GRYSbHkyANLsXYzTB23Unmvlb1xevPcT7E0Kvo8pvSNm_gRibm_eSlvAk8C-XgudkJUOrg9v4tALc-GXV1V0bFWN3bKe3ThflagXE92fgwVLhQT4igQzDfNK8Z5qt9PjboUuCgp7b_DHnezrBxe_9bZiN5g9xmJND_l7v3ncAFA2FhuMIWviHUXQTGYn8dvYhUqMZBNtp2GuTGtC06qa5um1q_KId0iTuuwIMuEnQ-_JQuF2xUETvbNLf8Ai_HijlZDGgRgeLgBEFrA7tkRgakZu1gTq-9OLin7VpS4mrDpTjqJTbeRRuTC6RseFZgQAHmpEw_0kJICHVyPQP9FMYSwRCHSMRCmFHTDV5la6XIh6Kf14uOstvKBt_7g2_O3I4wOJk8I8y6aMLoby7oTzFQoEZyn01zFnmTw0IYFROAjRB3R62CGYnAp0SbpmdN8NEhc-xD40YX-dnHl1VD6st1SheRrn-yPkNrPN_swB6NdT6vNOwvqqxRr0MkTZp9IVLbez2KP_F62Kog0amhHdh7EU9t9PUXuHAnjuzuVh9RjHjsQTAYhKZPdTP3B-ijZQN3-1FtgwJdacIrUVr-okF4mlcGXWnfl_94VBE99L40Eit36jBFZRU75vWE9BLBjV2-fyaBFMf_fE90wy06lxavRBF4dc9go3DOKzrosHKvdyAKoclx61vgS9O3w9SzUCgLs0O2ASispfBjgfpYnyHjrxUmhaWIwNaKuUGiSUNRz3yyP83GC0Jh5AyiEs-oDDt8ztFIcYv6V0Gfa6xV-JpY_JIa6MQ4Ez60SriU7thiOfSsrWZQ1b6pJedeO5WyuqNUCGdi4xWsMZaH_2mTY7w9T6Mbo7Cuu8HWaTew_0rZplQE-rR0QmeEHzvZvjzRi-KJic2akuZ6Qsxrc1cPGTw2cqwgg9umgQOpSeBGm2s6rNOmwo8GOf3b3PBR6Cp90OBiKuF5IbDF7RxlAzRXkrmk5-c84xUnvM9CAFdqhON0e5r9mNs_D6pwdI6Xp6TbuMcFwdufvEb6fNcSTN9MwvTVpunVjeq3RffOHaoGD-85WNG0VSXfsUVYYzIK25V\" rel=\"nofollow\" target=\"_blank\">stephen@gilmartinir.com<\/a><\/p>\n<p>\n        <strong>Media Contact:<\/strong>\n      <\/p>\n<p>Jenna Urban<br \/>CG Life<br \/>(212) 253 8881<br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=wZ2aXuhF3P4NdZVL0AunFq5Xjj-Gn2EUlKNbRtR7Llu4wtBRY8UArke2RK0NcfbEljIYdZ7Xjmhy73HkL6f4d4Dt9sNOKK0T5575VNOXHEA=\" rel=\"nofollow\" target=\"_blank\">jurban@cglife.com<\/a><\/p>\n<p>Source:\u00a0Eledon Pharmaceuticals<\/p>\n<table align=\"center\" style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"6\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>ELEDON PHARMACEUTICALS, INC. <\/strong><br \/>\n            <br \/>\n            <strong>CONSOLIDATED BALANCE SHEETS <\/strong><br \/>\n            <br \/>\n            <strong>(In thousands, except share and per share data)<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"6\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"6\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>December 31,<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2024<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2023<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: top;vertical-align: bottom\">\n            <strong>ASSETS<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top;vertical-align: bottom\">Current assets:<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:73%;width:73%;min-width:73%;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: top;vertical-align: bottom\">Cash and cash equivalents<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:11%;width:11%;min-width:11%;text-align: right;vertical-align: middle;vertical-align: bottom\">20,549<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:11%;width:11%;min-width:11%;text-align: right;vertical-align: middle;vertical-align: bottom\">4,612<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: top;vertical-align: bottom\">Short-term investments<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">119,629<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">46,490<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: top;vertical-align: bottom\">Prepaid expenses and other current assets<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">3,552<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">5,027<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top;vertical-align: bottom\">Total current assets<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">143,730<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">56,129<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top;vertical-align: bottom\">Operating lease right-of-use asset, net<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">926<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">365<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top;vertical-align: bottom\">In-process research and development<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">32,386<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">32,386<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top;vertical-align: bottom\">Other assets<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">363<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">186<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top;vertical-align: bottom\">Total assets<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">177,405<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">89,066<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: top;vertical-align: bottom\">\n            <strong>LIABILITIES AND STOCKHOLDERS\u2019 EQUITY<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-top: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top;vertical-align: bottom\">Current liabilities:<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: top;vertical-align: bottom\">Accounts payable<\/td>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">5,833<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">967<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: top;vertical-align: bottom\">Current operating lease liability<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">314<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">383<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: top;vertical-align: bottom\">Accrued expenses and other liabilities<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">5,430<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">2,545<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top;vertical-align: bottom\">Total current liabilities<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">11,577<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">3,895<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top;vertical-align: bottom\">Deferred tax liability<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">2,183<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">1,752<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top;vertical-align: bottom\">Non-current operating lease liability<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">640<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top;vertical-align: bottom\">Warrant liabilities<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">44,865<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">76,211<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top;vertical-align: bottom\">Total liabilities<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">59,265<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">81,858<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top;vertical-align: bottom\">Commitments and contingencies<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top;vertical-align: bottom\">Stockholders\u2019 equity:<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top;vertical-align: bottom\">Preferred stock, $0.001 par value, 5,000,000 shares authorized at December 31,\u00a02024 and 2023:<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: top;vertical-align: bottom\">Series X<sup>1<\/sup> non-voting convertible preferred stock, $0.001 par value, 515,000\u00a0shares designated; 110,086 shares issued and outstanding at December 31,\u00a02024 and 2023<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: top;vertical-align: bottom\">Series X non-voting convertible preferred stock, $0.001 par value, 10,000\u00a0shares designated; 4,422 shares issued and outstanding at December 31,\u00a02024 and 2023<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top;vertical-align: bottom\">Common stock, $0.001 par value, 200,000,000 shares authorized at\u00a0December 31, 2024 and 2023; 59,789,275 and 24,213,130 shares issued\u00a0and outstanding at December 31, 2024 and 2023, respectively<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">60<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">24<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top;vertical-align: bottom\">Additional paid-in capital<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">473,640<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">326,586<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top;vertical-align: bottom\">Accumulated other comprehensive income<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">26<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top;vertical-align: bottom\">Accumulated deficit<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(355,586<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(319,402<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top;vertical-align: bottom\">Total stockholders\u2019 equity<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">118,140<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">7,208<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top;vertical-align: bottom\">Total liabilities and stockholders\u2019 equity<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">177,405<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">89,066<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p align=\"center\">\n        \n      <\/p>\n<table align=\"center\" style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"8\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>ELEDON PHARMACEUTICALS, INC. <\/strong><br \/>\n            <br \/>\n            <strong>CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS <\/strong><br \/>\n            <br \/>\n            <strong>(In thousands, except share and per share data)<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"6\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Year Ended<\/strong><br \/>\n            <br \/>\n            <strong>December 31,<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2024<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2023<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top;vertical-align: bottom\">\n            <strong>Operating expenses<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:73%;width:73%;min-width:73%;vertical-align: top;vertical-align: bottom\">Research and development<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:11%;width:11%;min-width:11%;text-align: right;vertical-align: middle;vertical-align: bottom\">51,964<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:11%;width:11%;min-width:11%;text-align: right;vertical-align: middle;vertical-align: bottom\">30,312<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top;vertical-align: bottom\">General and administrative<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">18,613<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">12,688<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: top;vertical-align: bottom\">Total operating expenses<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">70,577<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">43,000<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top;vertical-align: bottom\">Other income, net<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3,924<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">2,674<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top;vertical-align: bottom\">Change in fair value of warrant liabilities and fair value of financial instruments issued in excess of proceeds<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">30,900<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(76,211<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top;vertical-align: bottom\">Loss before income taxes<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(35,753<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(116,537<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top;vertical-align: bottom\">Provision for income taxes<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(431<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top;vertical-align: bottom\">Net loss and comprehensive loss<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(36,184<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(116,537<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top;vertical-align: bottom\">Net loss per share, basic and diluted<\/td>\n<td style=\"border-top: double black 3pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: double black 3pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(0.75<\/td>\n<td style=\"border-top: double black 3pt;border-bottom: double black 3pt;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: double black 3pt;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: double black 3pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(4.73<\/td>\n<td style=\"border-top: double black 3pt;border-bottom: double black 3pt;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top;vertical-align: bottom\">Weighted-average common shares outstanding, basic and diluted<\/td>\n<td style=\"border-top: double black 3pt;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: double black 3pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">48,543,787<\/td>\n<td style=\"border-top: double black 3pt;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: double black 3pt;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: double black 3pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">24,619,197<\/td>\n<td style=\"border-top: double black 3pt;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p>      <img decoding=\"async\" alt=\"\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=OTM5ODI5NyM2ODE2ODUyIzIwMDY1NTA=\" \/><br \/>\n      <br \/>\n      <img decoding=\"async\" alt=\"\" src=\"https:\/\/ml.globenewswire.com\/media\/YWIyOTU2NTItOTAzMS00YjkxLThiYTctMTgyNDFjM2NmYmRlLTEwMTgxMjMtMjAyNS0wMy0yMC1lbg==\/tiny\/Eledon-Pharmaceuticals-Inc-.png\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Tegoprubart used as a key component of immunosuppression regimen in the second transplant of a genetically modified pig kidney into a human conducted at Massachusetts General Hospital Announced positive initial data from first three subjects with type 1 diabetes treated with tegoprubart as part of immunosuppression regimen following islet transplantation in investigator-initiated trial at UChicago Medicine Topline results from Phase 2 BESTOW trial of tegoprubart in kidney transplantation expected in fourth quarter of 2025 Proceeds from oversubscribed\u00a0$85 million\u00a0underwritten offering extend cash runway to end of 2026 IRVINE, Calif., March 20, 2025 (GLOBE NEWSWIRE) &#8212; Eledon Pharmaceuticals, Inc. (\u201cEledon\u201d) (Nasdaq: ELDN) today reported its fourth quarter and full year 2024 operating and financial results and reviewed recent business highlights. \u201cWe have &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/eledon-pharmaceuticals-reports-fourth-quarter-and-full-year-2024-operating-and-financial-results\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Eledon Pharmaceuticals Reports Fourth Quarter and Full Year 2024 Operating and Financial Results&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-828223","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Eledon Pharmaceuticals Reports Fourth Quarter and Full Year 2024 Operating and Financial Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/eledon-pharmaceuticals-reports-fourth-quarter-and-full-year-2024-operating-and-financial-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Eledon Pharmaceuticals Reports Fourth Quarter and Full Year 2024 Operating and Financial Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Tegoprubart used as a key component of immunosuppression regimen in the second transplant of a genetically modified pig kidney into a human conducted at Massachusetts General Hospital Announced positive initial data from first three subjects with type 1 diabetes treated with tegoprubart as part of immunosuppression regimen following islet transplantation in investigator-initiated trial at UChicago Medicine Topline results from Phase 2 BESTOW trial of tegoprubart in kidney transplantation expected in fourth quarter of 2025 Proceeds from oversubscribed\u00a0$85 million\u00a0underwritten offering extend cash runway to end of 2026 IRVINE, Calif., March 20, 2025 (GLOBE NEWSWIRE) &#8212; Eledon Pharmaceuticals, Inc. (\u201cEledon\u201d) (Nasdaq: ELDN) today reported its fourth quarter and full year 2024 operating and financial results and reviewed recent business highlights. \u201cWe have &hellip; Continue reading &quot;Eledon Pharmaceuticals Reports Fourth Quarter and Full Year 2024 Operating and Financial Results&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/eledon-pharmaceuticals-reports-fourth-quarter-and-full-year-2024-operating-and-financial-results\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2025-03-20T20:06:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=OTM5ODI5NyM2ODE2ODUyIzIwMDY1NTA=\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"8 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/eledon-pharmaceuticals-reports-fourth-quarter-and-full-year-2024-operating-and-financial-results\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/eledon-pharmaceuticals-reports-fourth-quarter-and-full-year-2024-operating-and-financial-results\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Eledon Pharmaceuticals Reports Fourth Quarter and Full Year 2024 Operating and Financial Results\",\"datePublished\":\"2025-03-20T20:06:06+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/eledon-pharmaceuticals-reports-fourth-quarter-and-full-year-2024-operating-and-financial-results\\\/\"},\"wordCount\":1608,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/eledon-pharmaceuticals-reports-fourth-quarter-and-full-year-2024-operating-and-financial-results\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.globenewswire.com\\\/newsroom\\\/ti?nf=OTM5ODI5NyM2ODE2ODUyIzIwMDY1NTA=\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/eledon-pharmaceuticals-reports-fourth-quarter-and-full-year-2024-operating-and-financial-results\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/eledon-pharmaceuticals-reports-fourth-quarter-and-full-year-2024-operating-and-financial-results\\\/\",\"name\":\"Eledon Pharmaceuticals Reports Fourth Quarter and Full Year 2024 Operating and Financial Results - 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