Eledon Pharmaceuticals Q1 Net Loss Widens to $39.0M; Cash Declines

Eledon Pharmaceuticals reported a significant widening of its net loss to $39.0 million for the first quarter of 2026, compared to a $6.5 million loss in Q1 2025. This was largely driven by an $18.9 million negative change in the fair value of warrant liabilities. Research and development expenses also increased to $17.2 million. As of March 31, 2026, the company's cash and cash equivalents decreased to $6.2 million, and total current assets fell to $113.6 million. Eledon anticipates its existing funds will cover operations for at least the next 12 months but expects to require additional financing.