Eledon Pharmaceuticals, Inc. reported its third quarter 2024 financial results on November 12, 2024, showing cash, cash equivalents, and short-term investments totaling $78.2 million as of September 30, 2024. This figure does not include the net proceeds of approximately $79.5 million received from the October 2024 underwritten offering.
The company's research and development (R&D) expenses increased to $16.5 million for the third quarter of 2024, up from $7.9 million in the comparable period of 2023, driven by increased clinical development and manufacturing costs. General and administrative expenses also rose to $4.0 million from $3.3 million year-over-year.
Eledon reported a net income of $77.0 million, or $1.05 per basic share, for Q3 2024, a significant increase from a net loss of $9.9 million in Q3 2023. This net income was primarily due to a non-cash gain of $96.4 million related to changes in the fair value of warrant liabilities and financial instruments.
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