Detailed financial statements for Eledon Pharmaceuticals, Inc. (ELDN): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Eledon Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical firm dedicated to creating innovative treatments for individuals battling autoimmune disorders, amyotrophic lateral sclerosis (ALS), and those undergoing organ or cell transplantation. Their flagship therapeutic candidate, AT-1501, is a humanized monoclonal antibody engineered to specifically target CD40 Ligand, a crucial protein found on the surface of immune system T cells.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $2.67, ELDN has negative trailing earnings (P/E not meaningful) and an ROE of -136.45%. Market capitalisation stands at $206M.
Balance sheet quality for ELDN: current ratio of 7.4, net cash position of $132.7M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cost of Revenue | $35000 | $22000 | $11000 | $182000 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Profit | -$35000 | -$22000 | -$11000 | -$182000 | 0 | 0 | 0 | 0 | 0 | 0 |
| Research & Development | $25.0M | $2.0M | $6.8M | $8.1M | $6.1M | $23.7M | $27.1M | $30.3M | $52.0M | $66.3M |
| Selling, General & Admin | $13.1M | $11.1M | $7.2M | $5.9M | $10.1M | $13.1M | $12.7M | $12.7M | $18.6M | $17.0M |
| Operating Expenses | $38.1M | $13.1M | $14.1M | $14.0M | $18.5M | $36.9M | $88.4M | $43.0M | $70.6M | $83.3M |
| Operating Income | -$38.1M | -$13.1M | -$14.1M | -$14.2M | -$18.5M | -$36.9M | -$88.4M | -$43.0M | -$70.6M | -$83.3M |
| EBITDA | -$6.9M | -$13.1M | -$14.0M | -$15.8M | -$16.0M | -$36.7M | -$39.4M | -$116.2M | -$35.4M | -$45.3M |
| Interest Expense | 0 | 0 | 0 | 0 | $9.7M | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$38.0M | -$13.1M | -$14.1M | -$16.0M | -$23.2M | -$36.9M | -$88.0M | -$116.5M | -$35.8M | -$45.6M |
| Income Tax | $136000 | 0 | -$5000 | 0 | -$404000 | -$2.4M | 0 | 0 | $431000 | $35000 |
| Net Income | -$38.0M | -$13.1M | -$14.1M | -$16.0M | -$22.8M | -$34.5M | -$88.0M | -$116.5M | -$36.2M | -$45.6M |
| EPS | $-398.52 | $-41.40 | $-28.11 | $-24.42 | $-17.16 | $-2.33 | $-6.16 | $-4.73 | $-0.75 | $-0.56 |
| EPS (Diluted) | $-398.52 | $-41.40 | $-28.11 | $-24.42 | $-17.16 | $-2.33 | $-6.16 | $-4.73 | $-0.75 | $-0.56 |
| Shares Outstanding (Diluted) | $4.2M | $4.7M | $9.0M | $11.8M | $15.2M | $14.8M | $14.3M | $24.6M | $48.5M | $81.8M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | 0 | 0 | 0 |
| Operating Income | -$19.1M | -$21.5M | -$21.2M | -$22.9M |
| EBITDA | -$17.5M | -$10.3M | -$39.0M | -$14.1M |
| Net Income | -$17.5M | -$10.4M | -$39.0M | -$31.6M |
| EPS | $-0.23 | $-0.14 | $-0.35 | $-0.27 |
| EPS (Diluted) | $-0.23 | $-0.14 | $-0.35 | $-0.27 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $23.2M | $17.2M | $13.0M | $8.8M | $114.2M | $84.8M | $56.4M | $4.6M | $20.5M | $22.8M |
| Short-term Investments | $4.2M | 0 | 0 | 0 | 0 | 0 | 0 | $46.5M | $119.6M | $110.5M |
| Receivables | 0 | 0 | $594000 | $245000 | $110000 | 0 | 0 | 0 | 0 | $514000 |
| Inventory | 0 | 0 | 0 | $881000 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $29.5M | $19.0M | $14.3M | $10.0M | $115.6M | $88.3M | $59.5M | $56.1M | $143.7M | $135.7M |
| Property, Plant & Equipment | $98000 | $25000 | $14000 | $321000 | $138000 | $768000 | $739000 | $365000 | $926000 | $613000 |
| Goodwill | 0 | $1.9M | $1.9M | 0 | $48.6M | $48.6M | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | $32.4M | $32.4M | $32.4M | $32.4M | $32.4M | $32.4M |
| Total Assets | $29.8M | $20.9M | $17.0M | $10.9M | $197.2M | $170.5M | $92.8M | $89.1M | $177.4M | $169.0M |
| Accounts Payable | $338000 | $418000 | $689000 | $329000 | $1.4M | $1.8M | $2.2M | $967000 | $5.8M | $3.6M |
| Short-term Debt | $3.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $2.8M | $1.4M | $2.5M | $1.3M | $2.5M | $4.4M | $6.5M | $3.9M | $11.6M | $18.3M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $2.9M | $1.4M | $2.5M | $1.5M | $6.6M | $6.6M | $8.6M | $81.9M | $59.3M | $87.9M |
| Retained Earnings | -$169.4M | -$27.5M | -$41.6M | -$57.6M | -$80.4M | -$114.9M | -$202.9M | -$319.4M | -$355.6M | -$401.2M |
| Total Equity | $26.9M | $19.5M | $14.5M | $9.5M | $190.6M | $164.0M | $84.2M | $7.2M | $118.1M | $81.1M |
| Total Debt | $3.4M | 0 | 0 | $324000 | $144000 | $769000 | $746000 | $383000 | $954000 | $641000 |
| Net Debt | -$24.0M | -$17.2M | -$13.0M | -$8.5M | -$114.1M | -$84.1M | -$55.7M | -$50.7M | -$139.2M | -$132.7M |
| Working Capital | $26.7M | $17.6M | $11.7M | $8.6M | $113.1M | $83.9M | $53.0M | $52.2M | $132.2M | $117.3M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $3.7M | $22.8M | $6.2M | $6.8M |
| Total Assets | $129.9M | $169.0M | $146.7M | $126.1M |
| Total Liabilities | $94.5M | $87.9M | $46.2M | $54.1M |
| Total Equity | $35.4M | $81.1M | $100.5M | $72.0M |
| Total Debt | $722000 | $641000 | $555000 | $467000 |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$38.0M | -$13.1M | -$14.1M | -$16.0M | -$22.8M | -$34.5M | -$88.0M | -$116.5M | -$36.2M | -$45.6M |
| Depreciation & Amortization | $171000 | $22000 | $11000 | $182000 | $183000 | $195000 | $373000 | $374000 | $359000 | $313000 |
| Stock-based Compensation | $3.0M | $579000 | $1.5M | $1.3M | $3.2M | $7.9M | $8.2M | $6.5M | $13.1M | $10.5M |
| Change in Working Capital | -$2.1M | -$2.5M | $618000 | -$1.2M | -$180000 | -$152000 | $2.4M | -$4.9M | $8.7M | $7.7M |
| Operating Cash Flow | -$36.5M | -$14.9M | -$11.9M | -$13.9M | -$15.2M | -$28.9M | -$28.4M | -$39.5M | -$47.3M | -$62.3M |
| Capital Expenditure | -$17000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Acquisitions | -$2000 | $23.2M | 0 | 0 | $11.0M | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | -$25000 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | -$25000 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$36.5M | -$14.9M | -$11.9M | -$13.9M | -$15.2M | -$28.9M | -$28.4M | -$39.5M | -$47.3M | -$62.3M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$14.5M | -$14.1M | -$22.6M | -$22.7M |
| Capital Expenditure | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$14.5M | -$14.1M | -$22.6M | -$22.7M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $2.4M | $2.5M | $2.2M | $3.2M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income Growth (YoY) | | +65.4% | -7.2% | -13.8% | -42.5% | -51.3% | -154.9% | -32.5% | +69.0% | -26.1% |
| EPS Growth (YoY) | | +89.6% | +32.1% | +13.1% | +29.7% | +86.4% | -164.4% | +23.2% | +84.1% | +25.3% |
| Shares Change (YoY) | | +12.6% | +92.5% | +31.0% | +28.5% | -2.2% | -3.6% | +72.3% | +97.2% | +68.6% |
| FCF Growth (YoY) | | +59.1% | +20.4% | -16.5% | -9.8% | -90.1% | +1.7% | -39.1% | -19.6% | -31.9% |
| Effective Tax Rate | -0.4% | -0.0% | 0.0% | -0.0% | 1.7% | 6.4% | -0.0% | -0.0% | -1.2% | -0.1% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-8.79 | $-3.19 | $-1.32 | $-1.17 | $-1.00 | $-1.95 | $-1.99 | $-1.61 | $-0.97 | $-0.76 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $4.2M | $4.7M | $9.0M | $11.8M | $15.2M | $14.8M | $14.3M | $24.6M | $48.5M | $81.8M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -136.45% |
| Return on Invested Capital | -73.77% |
| Return on Assets | -78.16% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.01 |
| Current Ratio | 7.90 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -0.40 | -1.77 | -1.02 | -0.43 | -0.90 | -1.89 | -0.37 | -0.38 | -5.49 | -2.70 |
| P/B | 24.51 | 17.57 | 17.90 | 13.01 | 1.22 | 0.40 | 0.39 | 6.15 | 1.69 | 1.52 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |