Eledon Pharmaceuticals reported a net loss of $17.5 million, or $0.21 per basic common share, for the third quarter of 2025, compared to a net income of $77.0 million, or $1.05 per basic common share, in the same period in 2024. The 2024 net income included a non-cash gain of $96.4 million from changes in warrant liabilities; without this gain, the net loss would have been $19.5 million. As of September 30, 2025, cash, cash equivalents, and short-term investments totaled $93.4 million, down from $140.2 million at the end of 2024. Research and development expenses were $15.0 million, compared to $16.5 million in the third quarter of 2024. General and administrative expenses were $4.1 million, similar to $4.0 million in the prior year. Business highlights include positive Phase 2 BESTOW trial results for tegoprubart, supporting advancement to Phase 3 for kidney transplant rejection prevention, and a $57.5 million financing to fund transplantation programs.