Eledon Pharmaceuticals Reports Third Quarter 2022 Operating and Financial Results
Received FDA clearance of IND application to evaluate tegoprubart in a Phase 2 trial for the prevention of rejection in patients receiving a kidney transplant
Dosed initial two patients in ex-
Received FDA clearance of IND application to evaluate tegoprubart for the treatment of IgA Nephropathy (IgAN)
Conference call today at
“The third quarter was highlighted by significant progress on both the clinical and regulatory fronts, highlighted by IND application clearances to evaluate tegoprubart in the
Third Quarter 2022 and Recent Corporate Developments
- Received Investigational New Drug (IND) application clearance from the
U.S. Food and Drug Administration(FDA) to evaluate tegoprubart for the treatment of IgAN. Eledon plans to open U.S. sites under this IND as part of its ongoing global Phase 2a clinical trial evaluating tegoprubart for the treatment of IgAN. Including the U.S., the trial has now received regulatory clearances in 11 countries with plans to expand the study into Chinain 2023. Multiple patients in the Phase 2a study have begun receiving treatment with tegoprubart.
- Received IND application clearance from the FDA for a controlled, Phase 2 trial of tegoprubart for the prevention of organ rejection in persons receiving a kidney transplant. The IND-opening Phase 2 study will be a multicenter, open-label, 2-arm, active comparator safety, pharmacokinetic, and efficacy study that will enroll approximately 120 participants (60/arm) undergoing kidney transplant and will run in parallel to the ongoing Phase 1b clinical trial of tegoprubart in kidney transplantation.
- Dosed initial two patients in a Phase 1b, open-label study of tegoprubart in
Canada, the United Kingdomand Australiato evaluate tegoprubart for the prevention of rejection in patients receiving a kidney transplant.
- Presented data from the tegoprubart Phase 2a trial in amyotrophic lateral sclerosis (ALS) at ALS One 5th Annual ALS Research Symposium and the
Northeast Amyotrophic Lateral Sclerosis Consortium(NEALS).
Upcoming Anticipated Milestones
- 1Q 2023: initial three and six-month open label data from the Phase 1b trial of tegoprubart in kidney transplantation.
- 1Q 2023: initial six-month open label data from the Phase 2a trial of tegoprubart in IgAN with the completion of enrollment in the first half of 2023.
- 1Q 2023: initial three-month open label data from the Phase 1/2 trial of tegoprubart in islet cell transplantation.
Financial Results for the Three Months Ended
The company reported a net loss of
- Research and development expenses were
$7.5 millionfor the three months ended September 30, 2022, compared to $7.7 millionfor the comparable period in 2021, a decrease of $0.2 million. The decrease was primarily due to lower manufacturing costs related to the production of clinical trial materials of $0.5 million. The decrease was partially offset by an increase in clinical development costs of $0.1 million, primarily with external CROs, as we advance our tegoprubart program, and increased headcount costs of $0.2 million.
- General and administrative expenses were
$3.1 millionfor the three months ended September 30, 2022, compared to $2.8 millionfor the comparable period in 2021, an increase of $0.3 million. The increase was primarily related to an increase in professional services costs of $0.1 million, general operating costs of $0.1 million, and stock-based compensation costs of $0.1 million.
- The company had approximately
$65.9 millionin cash and cash equivalents as of September 30, 2022, compared to $84.8 millionin cash and cash equivalents as of December 31, 2021. The company believes that it has sufficient financial resources to fund operating activities into 2024.
Eledon will hold a conference call today, November 14, 2022, at 4:30 pm Eastern Time to discuss third quarter 2022 results. The dial-in numbers are 877-300-8521 for domestic callers and 412-317-6026 for international callers. The conference ID is 10171988. A live webcast of the conference call will be available on the Investor Relations section of the Company's website at www.eledon.com. The webcast will be archived on the website following the completion of the call.
This press release contains forward-looking statements that involve substantial risks and uncertainties. Any statements about the company’s 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’s capital resources and ability to finance planned clinical trials, as well as other statements containing the words “believes,” “anticipates,” “plans,” “expects,” “estimates,” “intends,” “predicts,” “projects,” “targets,” “looks forward,” “could,” “may,” 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’s 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’s 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
(858) 525 2047
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
|Cash and cash equivalents||$||65,889||$||84,833|
|Prepaid expenses and other current assets||1,676||3,513|
|Total current assets||67,565||88,346|
|Operating lease asset, net||832||768|
|In-process research and development||32,386||32,386|
|LIABILITIES AND STOCKHOLDERS’ EQUITY|
|Current operating lease liability||378||369|
|Accrued expenses and other liabilities||2,043||2,219|
|Total current liabilities||6,280||4,401|
|Deferred tax liability||1,752||1,752|
|Non-current operating lease liability||461||400|
|Commitments and contingencies|
|Series X1non-voting convertible preferred stock,
|Series X non-voting convertible preferred stock,
|Additional paid-in capital||285,560||278,880|
|Total stockholders’ equity||141,093||163,995|
|Total liabilities and stockholders’ equity||$||149,586||$||170,548|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(In thousands, except share and per share data)
|For the Three Months
|For the Nine Months
|Research and development||$||7,452||$||7,658||$||19,830||$||17,553|
|General and administrative||3,146||2,848||9,910||9,929|
|Total operating expenses||10,598||10,506||29,740||27,482|
|Loss from operations||(10,598||)||(10,506||)||(29,740||)||(27,482||)|
|Other income, net||127||3||158||7|
|Loss before income tax benefit||(10,471||)||(10,503||)||(29,582||)||(27,475||)|
|Income tax benefit||—||686||—||1,775|
|Net loss and comprehensive loss||$||(10,471||)||$||(9,817||)||$||(29,582||)||$||(25,700||)|
|Net loss per share, basic and diluted||$||(0.73||)||$||(0.66||)||$||(2.07||)||$||(1.73||)|
|Weighted-average common shares outstanding, basic and diluted||14,265,905||14,815,852||14,289,729||14,820,822|
Source: Eledon Pharmaceuticals, Inc.
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