Eledon Pharmaceuticals Reports Third Quarter 2023 Operating and Financial Results
Reported updated data from ongoing Phase 1b trial further supporting the potential of tegoprubart as a novel kidney transplant immunosuppressive therapy to prevent rejection and better preserve organ function
First participant dosed in Phase 2 BESTOW trial evaluating tegoprubart for the prevention of rejection in kidney transplantation
“We were thrilled recently to report updated results from our ongoing Phase 1b study that continue to validate tegoprubart’s potential as an immunosuppressive agent that can prevent the rejection of transplanted kidneys,” said
Recent Corporate Developments
- Reported data from the ongoing Phase 1b open-label trial evaluating tegoprubart for the prevention of rejection in patients undergoing kidney transplantation at the
American Society of Nephrology Kidney Week2023 Annual Meeting that took place in Philadelphia, PAfrom November 2-5, 2023. Data from 11 participants demonstrated that tegoprubart successfully prevented kidney transplant rejection and was generally safe and well-tolerated. Aggregate mean eGFR was above 70 mL/min/1.73m2 at all reported time points after day 90 supporting tegoprubart’s potential to protect organ function in patients undergoing kidney transplantation.
- Announced that tegoprubart was used as a cornerstone component of the chronic immunosuppressive regimen administered following the second-ever transplant of a genetically modified heart from a pig to a human. The procedure was completed on
September 20that University of Maryland Medical Centeron a 58-year-old male suffering from heart failure.
- Dosed the first participant in the Phase 2 BESTOW trial evaluating tegoprubart for the prevention of organ rejection in patients receiving a kidney transplant.
- Enrolled the first participant in the Phase 2 open-label extension (OLE) study which will evaluate the long-term safety, pharmacokinetics, and efficacy of tegoprubart in participants who have completed one year of treatment in the ongoing Phase 1b study, or the Phase 2 BESTOW study.
- Announced the publication of results from a study evaluating tegoprubart as an immunomodulatory monotherapy in nonhuman primate kidney and islet allotransplants in Science Translational Medicine. Results from the study showed that treatment with tegoprubart as a monotherapy promoted long-term kidney and islet allograft survival and function in nonhuman primates, indicating its potential as an immunomodulatory agent for organ transplantation.
- Strengthened leadership team with appointment of
Eliezer Katz, M.D., FACS as Chief Medical Officer.
- Appointed industry veteran
James Robinsonand renowned transplant surgeon Allan Kirk, M.D., Ph.D., to its Board of Directors.
Upcoming Anticipated 2024 Milestones
- First Half 2024: Report updated interim clinical data from the ongoing Phase 1b trial of tegoprubart in kidney transplantation.
- End of 2024: Complete enrollment in the Phase 2 BESTOW trial of tegoprubart in kidney transplantation.
Third Quarter Financial Results
The company reported a net loss of $10.3 million, or $0.35 per share, for the three months ended September 30, 2023, compared to a net loss of $10.5 million, or $0.73 per share, for the same period in 2022.
Research and development expenses were $7.9 million for the three months ended September 30, 2023, compared to $7.5 million for the comparable period in 2022, an increase of $0.4 million. The increase in research and development expenses was primarily driven by an increase in expenses related to the production of clinical trial materials of
General and administrative expenses were $3.3 million for the three months ended September 30, 2023, compared to $3.1 million for the comparable period in 2022, a decrease of $0.2 million. The increase in general and administrative expenses was primarily driven by an increase in employee compensation and benefits primarily driven by higher non-cash stock-based compensation expenses.
The company had approximately $59.6 million in cash and cash equivalents and short-term investments as of September 30, 2023, compared to $56.4 million in cash and cash equivalents as of December 31, 2022.
About Eledon Pharmaceuticals and tegoprubart
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 sides, 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 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.
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Source: Eledon Pharmaceuticals
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
|Cash and cash equivalents||$||3,667||$||56,409|
|Prepaid expenses and other current assets||3,382||3,109|
|Total current assets||62,991||59,518|
|Operating lease asset, net||459||739|
|In-process research and development||32,386||32,386|
|LIABILITIES AND STOCKHOLDERS’ EQUITY|
|Current operating lease liabilities||396||363|
|Accrued expenses and other liabilities||2,038||3,912|
|Total current liabilities||2,899||6,475|
|Deferred tax liabilities||1,752||1,752|
|Non-current operating lease liabilities||83||383|
|Commitments and contingencies|
|Series X1non-voting convertible preferred stock,
515,000 shares designated; 110,086 and 117,970 shares issued and
|Series X non-voting convertible preferred stock,
10,000 shares designated; 4,422 and 6,204 shares issued and
|Additional paid-in capital||324,876||287,034|
|Total stockholders’ equity||91,335||84,183|
|Total liabilities and stockholders’ equity||$||96,069||$||92,793|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(In thousands, except share and per share data)
|For the Three Months
|For the Nine Months
|Research and development||$||7,931||$||7,452||$||23,245||$||19,830|
|General and administrative||3,267||3,146||9,417||9,910|
|Total operating expenses||11,198||10,598||32,662||29,740|
|Loss from operations||(11,198||)||(10,598||)||(32,662||)||(29,740||)|
|Other income, net||849||127||1,962||158|
|Net loss and comprehensive loss||$||(10,349||)||$||(10,471||)||$||(30,700||)||$||(29,582||)|
|Net loss per share, basic and diluted||$||(0.35||)||$||(0.73||)||$||(1.35||)||$||(2.07||)|
|Weighted-average common shares outstanding, basic and diluted||29,974,400||14,265,905||22,813,085||14,289,729|
Source: Eledon Pharmaceuticals, Inc.