Eledon Pharmaceuticals, Inc.
ELDNHealthcare|Biotechnology|US
$2.60
+0.14 (+5.89%)
DCF Value
$0.24
Tangible Book / Share
$0.35
Cash / Share
$0.78
Financials
Financial Snapshot
Market Cap
$211.7M
Enterprise Value
$205.3M
Revenue (TTM)
$0.00
Net Income (TTM)
-$98.6M
Cash & Investments
$88.8M
Net Cash
$88.3M
Free Cash Flow (TTM)
-$73.9M
Operating CF (TTM)
-$73.9M
Debt/Equity
0.01
Cash Runway & Burn Rate
Cash on Hand
$88.8M
Quarterly Burn
$18.5M
Monthly Burn
$6.2M
Est. Runway
~4.8 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $27.4M | $17.2M | $13.0M | $8.8M | $114.2M | $84.8M | $56.4M | $51.1M | $140.2M | $133.3M | $88.8M | |
| Operating Cash Flow | -$36.5M | -$14.9M | -$11.9M | -$13.9M | -$15.2M | -$28.9M | -$28.4M | -$39.5M | -$47.3M | -$62.3M | -$73.9M | |
| Free Cash Flow | -$36.5M | -$14.9M | -$11.9M | -$13.9M | -$15.2M | -$28.9M | -$28.4M | -$39.5M | -$47.3M | -$62.3M | -$73.9M | |
| Capital Expenditure | -$17.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Financing Cash Flow | $37.0K | $7.9M | $7.6M | $9.7M | $109.6M | -$449.0K | $0.00 | $33.0M | $133.5M | $53.8M | $53.8M |
R&D Spending
R&D (TTM)
$67.9M
R&D Intensity
—
R&D Growth vs Prior
+2.4%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D Expense | $25.0M | $2.0M | $6.8M | $8.1M | $6.1M | $23.7M | $27.1M | $30.3M | $52.0M | $66.3M | $67.9M | |
| SG&A | $13.1M | $11.1M | $7.2M | $5.9M | $10.1M | $13.1M | $12.7M | $12.7M | $18.6M | $17.0M | $16.7M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Cost of Revenue | $35.0K | $22.0K | $11.0K | $182.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Gross Profit | -$35.0K | -$22.0K | -$11.0K | -$182.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D | $25.0M | $2.0M | $6.8M | $8.1M | $6.1M | $23.7M | $27.1M | $30.3M | $52.0M | $66.3M | $67.9M | |
| SG&A | $13.1M | $11.1M | $7.2M | $5.9M | $10.1M | $13.1M | $12.7M | $12.7M | $18.6M | $17.0M | $16.7M | |
| Operating Income | -$38.1M | -$13.1M | -$14.1M | -$14.2M | -$18.5M | -$36.9M | -$88.4M | -$43.0M | -$70.6M | -$83.3M | -$84.6M | |
| Interest Expense | $0.00 | $0.00 | $0.00 | $0.00 | $9.7M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | -$38.0M | -$13.1M | -$14.1M | -$16.0M | -$23.2M | -$36.9M | -$88.0M | -$116.5M | -$35.8M | -$45.6M | -$98.5M | |
| Net Income | -$38.0M | -$13.1M | -$14.1M | -$16.0M | -$22.8M | -$34.5M | -$88.0M | -$116.5M | -$36.2M | -$45.6M | -$98.6M | |
| EPS (Diluted) | -398.52 | -41.40 | -28.11 | -24.42 | -17.16 | -2.33 | -6.16 | -4.73 | -0.75 | -0.56 | -0.99 | |
| EBITDA | -$6.9M | -$13.1M | -$14.0M | -$15.8M | -$16.0M | -$36.7M | -$39.4M | -$116.2M | -$35.4M | -$45.3M | -$80.9M | |
| Shares Out. (M) | 4.15 | 4.68 | 9.01 | 11.80 | 15.16 | 14.82 | 14.29 | 24.62 | 48.54 | 81.84 | 113.63 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $23.2M | $17.2M | $13.0M | $8.8M | $114.2M | $84.8M | $56.4M | $4.6M | $20.5M | $22.8M | $6.8M | |
| Short-Term Investments | $4.2M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $46.5M | $119.6M | $110.5M | $82.0M | |
| Total Current Assets | $29.5M | $19.0M | $14.3M | $10.0M | $115.6M | $88.3M | $59.5M | $56.1M | $143.7M | $135.7M | $93.1M | |
| Total Assets | $29.8M | $20.9M | $17.0M | $10.9M | $197.2M | $170.5M | $92.8M | $89.1M | $177.4M | $169.0M | $126.1M | |
| Total Current Liabilities | $2.8M | $1.4M | $2.5M | $1.3M | $2.5M | $4.4M | $6.5M | $3.9M | $11.6M | $18.3M | $11.8M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $2.9M | $1.4M | $2.5M | $1.5M | $6.6M | $6.6M | $8.6M | $81.9M | $59.3M | $87.9M | $54.1M | |
| Stockholders' Equity | $26.9M | $19.5M | $14.5M | $9.5M | $190.6M | $164.0M | $84.2M | $7.2M | $118.1M | $81.1M | $72.0M | |
| Retained Earnings | -$169.4M | -$27.5M | -$41.6M | -$57.6M | -$80.4M | -$114.9M | -$202.9M | -$319.4M | -$355.6M | -$401.2M | -$471.9M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$36.5M | -$14.9M | -$11.9M | -$13.9M | -$15.2M | -$28.9M | -$28.4M | -$39.5M | -$47.3M | -$62.3M | -$73.9M | |
| Capital Expenditure | -$17.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Free Cash Flow | -$36.5M | -$14.9M | -$11.9M | -$13.9M | -$15.2M | -$28.9M | -$28.4M | -$39.5M | -$47.3M | -$62.3M | -$73.9M | |
| Investing Cash Flow | $35.7M | $23.3M | $0.00 | $0.00 | $11.0M | $0.00 | $0.00 | -$45.3M | -$70.3M | $10.8M | $21.1M | |
| Financing Cash Flow | $37.0K | $7.9M | $7.6M | $9.7M | $109.6M | -$449.0K | $0.00 | $33.0M | $133.5M | $53.8M | $53.8M | |
| Issuance of Stock | $0.00 | $4.8M | $7.5M | $9.7M | $9.0M | -$449.0K | $0.00 | $33.0M | $133.3M | $53.6M | $53.7M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | -$25.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $2.9M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $3.0M | $579.0K | $1.5M | $1.3M | $3.2M | $7.9M | $8.2M | $6.5M | $13.1M | $10.5M | $10.2M | |
| Net Change in Cash | -$800.0K | $16.2M | -$4.3M | -$4.2M | $105.4M | -$29.4M | -$28.4M | -$51.8M | $15.9M | $2.3M | $1.1M |
Dilution Tracker
Shares outstanding grew 439.8% over 5 years — significant dilution
Shares Outstanding
81M
5-Year Share Growth
+439.8%
Stock Issuance (TTM)
$53.7M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 4.15 | 4.68 | 9.01 | 11.80 | 15.16 | 14.82 | 14.29 | 24.62 | 48.54 | 81.84 | 113.63 | |
| Change vs Prior % | — | 12.6% | 92.5% | 31.0% | 28.5% | -2.2% | -3.6% | 72.3% | 97.2% | 68.6% | 38.9% | |
| Stock Issuance | $0.00 | $4.8M | $7.5M | $9.7M | $9.0M | -$449.0K | $0.00 | $33.0M | $133.3M | $53.6M | $53.7M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | -$25.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $3.0M | $579.0K | $1.5M | $1.3M | $3.2M | $7.9M | $8.2M | $6.5M | $13.1M | $10.5M | $10.2M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE % | -141.3% | -67.4% | -97.1% | -169.2% | -12.0% | -21.0% | -104.5% | -1616.8% | -30.6% | -56.3% | -136.4% | |
| ROA % | -127.5% | -62.8% | -82.6% | -146.5% | -11.6% | -20.2% | -94.8% | -130.8% | -20.4% | -27.0% | -78.2% | |
| ROIC % | -125.4% | -67.5% | -97.0% | -144.9% | -9.3% | -20.7% | -102.0% | -50.3% | -42.5% | -55.1% | -73.8% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Gross Profit | 67.9% | 37.1% | 50.0% | -1554.5% | 100.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Operating Income | 15.8% | 65.6% | -7.2% | -0.9% | -30.2% | -99.7% | -139.9% | 51.4% | -64.1% | -18.0% | |
| Net Income | 15.8% | 65.4% | -7.2% | -13.8% | -42.5% | -51.3% | -154.9% | -32.5% | 69.0% | -26.1% | |
| EPS (Diluted) | -22.4% | 89.6% | 32.1% | 13.1% | 29.7% | 86.4% | -164.4% | 23.2% | 84.1% | 25.3% | |
| Operating Cash Flow | 11.4% | 59.1% | 20.4% | -16.5% | -9.8% | -90.1% | 1.7% | -39.1% | -19.6% | -31.9% | |
| Free Cash Flow | 12.6% | 59.1% | 20.4% | -16.5% | -9.8% | -90.1% | 1.7% | -39.1% | -19.6% | -31.9% | |
| R&D Expense | -23.3% | -91.9% | 237.1% | 19.2% | -24.6% | 287.1% | 14.1% | 11.9% | 71.4% | 27.5% | |
| SG&A Expense | 3.8% | -15.3% | -34.7% | -18.9% | 71.1% | 30.6% | -3.3% | -0.1% | 46.7% | -8.8% | |
| Total Assets | -56.2% | -29.8% | -18.5% | -35.8% | 1703.9% | -13.5% | -45.6% | -4.0% | 99.2% | -4.7% | |
| Book Value / Share | -73.8% | -35.7% | -61.3% | -50.2% | 1467.3% | -12.0% | -46.7% | -95.0% | 731.2% | -59.3% | |
| Debt | 0.0% | -100.0% | 0.0% | 0.0% | -55.6% | 434.0% | -3.0% | -48.7% | 149.1% | -32.8% | |
| Diluted Shares | 66.3% | 12.6% | 92.5% | 31.0% | 28.5% | -2.2% | -3.6% | 72.3% | 97.2% | 68.6% |
Valuation
P/E (TTM)At Loss
P/S0.00
P/B4.11
10Y Low / Med / High0.39 / 6.15 / 24.51
EV/EBITDAAt Loss
EV/Revenue0.00
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$0.24
Tangible Book / Share
$0.35
Net Current Assets / Share
$0.48
Graham Net-Net
$0.31
Cash / Share
$0.78
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -0.40 | -1.77 | -1.02 | -0.43 | -0.90 | -1.89 | -0.37 | -0.38 | -5.49 | -2.70 | -2.63 | |
| P/S Ratio | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| P/B Ratio | 24.51 | 17.57 | 17.90 | 13.01 | 1.22 | 0.40 | 0.39 | 6.15 | 1.69 | 1.52 | 4.11 | |
| EV/EBITDA | -92.55 | -24.78 | -17.54 | -7.25 | -7.46 | 0.51 | 0.59 | -0.35 | -5.10 | -2.24 | -2.54 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
-4.24
Distress
Piotroski F-Score
1
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $0.00 | $0.00 | $17.4M |
| Net Income | -$77.7M | -$67.9M | -$71.3M |
| EPS | $-0.95 | $-0.83 | $-0.84 |
| # Analysts (EPS) | 3 | 2 | 4 |