Eledon Pharmaceuticals, Inc. (ELDN) Stock

Eledon Pharmaceuticals, Inc. (ELDN) is a Healthcare stock trading at $3.44 (as of 2026-08-21), with a market capitalization of $279.13M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Eledon Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company developing therapies for people with autoimmune disorders and amyotrophic lateral sclerosis (ALS), including settings requiring an organ or cell-based transplant. Its lead candidate, AT-1501, is a humanized monoclonal antibody targeting CD40 ligand, studied in ALS and in islet cell transplantation for type 1 diabetes.

Understand Eledon Pharmaceuticals, Inc.: how it makes money

Eledon Pharmaceuticals is a clinical-stage biopharmaceutical company developing medicines for patients with autoimmune disease and ALS, and for people needing an organ or cell-based transplant. Its lead candidate, AT-1501 (a humanized monoclonal antibody targeting CD40 Ligand on human T cells), is in Phase 2a trials for ALS and Phase 2 trials related to islet cell transplantation for type 1 diabetes. The provided information does not describe any marketed product revenue stream.

With the lead asset AT-1501 still in Phase 2, the profit model is structurally driven by clinical trial readouts (for example, efficacy failure rates and transplant rejection and graft-function metrics) translating into later development success and potential approval, rather than by current product sales.

Business quality (Weak): Data provided emphasize Phase 2 trial metrics for AT-1501, but there is no clean reportable segment revenue breakdown and no described commercial product revenue in the latest period.

Bull case

AT-1501 targets a defined immune pathway: AT-1501 is described as a humanized monoclonal antibody targeting CD40 Ligand, a molecule expressed on the surface of human immune system T cells.
Multiple Phase 2 programs for different indications: AT-1501 is in Phase 2a clinical trials for ALS and Phase 2 clinical trials related to islet cell transplantation for type 1 diabetes.
Trial endpoints reported for transplant and diabetes outcomes: Provided operating metrics include an insulin independence rate more than four weeks post-transplant of 100% and a mean most recent hemoglobin A1c of 5.35 across type 1 diabetes patients.

Bear case

Clinical-stage uncertainty: The company is described as clinical stage, with its lead candidate in Phase 2 studies, so efficacy and safety outcomes remain uncertain at this stage.
Not all trial performance measures are clearly favorable: Provided operating metrics include an efficacy failure composite endpoint rate of 22.0% and an acute rejection rate in all biopsies of 20.6%.
Graft-function complications are reflected in the metrics: Provided operating metrics include delayed graft function incidence of 14.3% and dialysis duration days for delayed graft function of 4.6 days.

Valuation — source: SEC EDGAR (first-party)
Price	$3.44
Market Cap	$279.13M
Price / Book	8.46

Valuation vs Sector & Industry
Sector P/E (Healthcare)	21.7
Industry P/E (Pharmaceutical Products)	17.2

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	BVF INC/IL ($19.38M)
Institutional Holders Tracked	10

Company
Sector	Healthcare
Industry	Pharmaceutical Products
CEO	David-Alexandre C. Gros
Employees	31
Country	US
IPO Date	2014-09-17

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Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.