Eledon Pharmaceuticals, Inc. · NASDAQ:ELDN
Eledon Pharmaceuticals — Investor Presentation (September 2026)
33 slides from Eledon Pharmaceuticals's investor presentation, September 2026
Slide 1: Corporate Overview
Corporate Overview September 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains forward‐looking statements that involves substantial risks and uncertainties. Any statements about the company’s future expectations, plans and prospects, including statements about its strategy, future operations, development of its product cand
Slide 3: Eledon's Vision is Transforming Transplant Immunosuppression to Deliver One Transplant for Life
Eledon’s Vision is Transforming Transplant Immunosuppression to Deliver “One Transplant for Life” Current transplant Standard …Tegoprubart has the potential of Care falls short… to improve outcomes and become the new standard • Current calcineurin-based (CNI) … immunosuppression causes kidney • Eled
Slide 4: Eledon Company Highlights
Eledon Company Highlights Optimized & Strong Differentiated Expected 12 Month Financial Lead Asset: Milestones Profile Tegoprubart • Novel anti-CD40L antibody with multi- • $88.8M in cash, cash equivalents and i. Launch Phase 3 in Kidney indication safety and clinical short-term investments as of Ju
Slide 5: Tegoprubart Offers a Broad Pipeline in a Single Molecule
Tegoprubart Offers a Broad Pipeline in a Single Molecule with Multiple Transplant Programs in Clinical Trials / EAP DEVELOPMENT STAGE INDICATIONS KEY HIGHLIGHTS UPCOMING CATALYSTS PRE-CLINICAL PHASE 1 (1) PHASE 2 PHASE 3 ALLOTRANSPLANTATION • Phase 2 BESTOW completed; Phase 1b & • Initiate Phase 3 s
Slide 6: Mechanism Overview of Tegoprubart & CD40L Signaling
Mechanism Overview of Tegoprubart & CD40L Signaling • Interaction of CD40 with CD40L on immune cells mediates CD40/CD40L Pathway and activation of the co-stimulatory immune pathway, controlling Tegoprubart Site of Action "cross talk” between the adaptive and innate immune systems • Maximal activatio
Slide 7: Kidney Transplantation: Market Overview
Kidney Transplantation: Market Overview 7 7
Slide 8: Over 49,000 Organs Were Transplanted in the United States in 2025
Over 49,000 Organs Were Transplanted in the United States in 2025 Lungs Corneas >3K performed in 2025 Can help improve 20 sight for YEARS • Without 68% survival 3-year rate immunosuppression, the transplant Liver Heart recipient’s immune system will see the new 12.3K performed in 2025 4.6K performed
Slide 9: Transplant Immunosuppression is a Large Market with Multiple Blockbuster Drugs
Transplant Immunosuppression is a Large Market with Multiple Drugs Having Achieved Blockbuster Revenues Astellas’ tacrolimus, first approved in the U.S. in 1994, reached peak global Global organ transplant Novartis’ cyclosporine sales of ~$3.5B in the immunosuppressant franchise achieved early 2010s
Slide 10: Standard of Care Immunosuppression with Tacrolimus is Associated with a Wide Range of Side Effects
Standard of Care Immunosuppression with Tacrolimus is Associated with a Wide Range of Side Effects Kidney Metabolic Neuro Nephrotoxicity Diabetes (NODAT) Tremor Hyperglycemia Headache Fibrosis Hyperkalemia PRES Hypertension Loss of balance Hypomagnesemia Seizures GI Infection Immune / Diarrhea CMV/B
Slide 11: Kidney Transplantation is Highly Concentrated Market that can be Covered by a Nimble Biotech
Kidney Transplantation is Highly Concentrated Market that can be Covered by a Nimble Biotech Distribution of Kidney Transplants Among U.S. Transplant Centers (100% = 27,759 transplants) • The U.S. kidney transplant market is highly concentrated, with half of kidney transplants performed at the top 2
Slide 12: Kidney Transplantation: Long Term Tego Experience
Kidney Transplantation: Long Term Tego Experience 12 COMPANY CONFIDENTIAL & PROPRIETARY INFORMATION. FOR INTERNAL USE ONLY. MAY CONTAIN TRADE SECRETS. DO NOT DUPLICATE, DETAIL, DISTRIBUTE, TRANSMIT, FORWARD, OR USE IN ANY PROMOTIONAL MANNER.
Slide 13: Long-Term Extensions for the Phase 1b & Phase 2 Kidney Transplantation Studies are Ongoing
Long-Term Extensions for the Phase 1b & Phase 2 Kidney Transplantation Studies are Ongoing Head-to-head, superiority study • 51 tegoprubart and 56 tacrolimus treated Phase 2 “BESTOW” patients finished 12 months in initial study ATG induction therapy plus 127 participants (2 arms) • 49 (96%) tegoprub
Slide 14: Key Efficacy Endpoints Examined
Key Efficacy Endpoints Examined Secondary Endpoint: Approvable Endpoint: eGFR as Potential Predictor of Long- Non-Inferiority for “Efficacy Failure” Term Graft Function • Since the 1990’s the primary US FDA approvable endpoint has been non- inferiority based on a composite of efficacy failure using:
Slide 15: BESTOW Conclusions at 1 Year
BESTOW Conclusions at 1 Year 1. Observed composite endpoint (death, graft loss, BPAR, LTFU) failure rate in BESTOW was within the range reported in previous late-phase trials of approved immunosuppressive agents and demonstrated non-inferiority for tegoprubart vs. tacrolimus, using a 20% non- inferi
Slide 16: Tegoprubart Demonstrated Superior Mean eGFR Over Time vs. Tacrolimus in BESTOW Patients
Tegoprubart Demonstrated Superior Mean eGFR Over Time vs. Tacrolimus in BESTOW Patients Tegoprubart Tacrolimus 90 • Statistically significant separation 85 of eGFR curves achieved at 18, 21 * * * eGFR mL/min/1.73 m2 80 and 24 months with a treatment 75 difference of 13 mL/min/1.73 m2 at 70 24 months
Slide 17: BPAR Rates Over Time Are Similar in BESTOW LTE Patients, but...
BPAR Rates Over Time Are Similar in BESTOW LTE Patients, but… Product-Limit Survival Estimates With Number of Patients at Risk 1.0 • Tegoprubart: No BPAR 0.8 after an initial 13 patients with BPAR during the first 6 0.6 months on therapy Probability • Tacrolimus: ~64% of BPAR (7 of 11 cases total) 0
Slide 18: Patients Who Experienced Rejection While on Tegoprubart Demonstrated Superior Kidney Function
…Patients Who Experienced Rejection While on Tegoprubart Demonstrated Superior Kidney Function vs. Those on Tacrolimus 100 • Benefit in kidney function, 95 as measured by eGFR, 90 increased from ~15 at 12 85 eGFR mL/min/1.73 m2 months to ~25 80 mL/min/1.73 m2 at 21 75 months between patients 70 trea
Slide 19: Long Term eGFR Data From Phase 1b Mirrors That of BESTOW
Long Term eGFR Data From Phase 1b Mirrors That of BESTOW’s Phase 1b Patients: eGFR Over Time vs. BPAR 100 90 Mean eGFR+/- SE 80 (mL/min/1.73m2) 70 60 50 40 30 BPAR stay on Tego BPAR switch to Tac 20 No BPAR 10 0 1 3 6 9 12 15 18 21 24 27 30 33 36 Months BPAR stay on Tego (n) 3 3 3 3 3 3 2 2 BPAR swi
Slide 20: Safety & Tolerability in Year 1
Safety & Tolerability in Year 1: AEs ≥5% with ≥2 Times Risk Observed in One Arm Tegoprubart (N=63) Tacrolimus (N=64) Relative n (%) n (%) Difference1 Opportunistic Bacteremia 1 (1.6) 7 (10.9) 6.8x 6.8x Infections Sepsis 2 (3.2) 5 (7.8) 2.4x 2.4x Renal Proteinuria 10 (15.9) 1 (1.6) 9.9x 9.9x Hypergly
Slide 21: Safety & Tolerability - New Onset Adverse Events in Year 2
Safety & Tolerability - New Onset Adverse Events in Year 2 & AEs ≥5% with ≥2 Times Risk Observed in One Arm Tegoprubart Tacrolimus • Tegoprubart and tacrolimus both demonstrate Event n (%) n (%) good long-term safety in extension study: Any TEAE 39 (80) 41 (85) - 4 discontinuations in each arm Mild
Slide 22: Patient Reported Outcomes Demonstrated Lower & Improving Symptom Burden on Tegoprubart
Patient Reported Outcomes Demonstrated Lower & Improving Symptom Burden on Tegoprubart Over 1st Post-Transplant Year Change from Baseline Treatment Differencea: Patient Reported Outcome Scale mean (95%Cl) Tegoprubart Tacrolimus MTSOSD-59R (mean, (SD)) Statistically Week 25 -7.7 (21.3) -0.2 (12.5) -7
Slide 23: Planned Phase 3 Study Evaluating Tegoprubart as the Core of a CNI-free Regimen
Planned Phase 3 Study Evaluating Tegoprubart as the Core of a CNI-free Regimen for Prevention of Kidney Transplant Rejection DESIGN PLANNED DATA GENERATION • 52-week, prospective, global multicenter, active- • Primary endpoint: controlled, randomized, open-label Phase 3 trial • Non-inferiority of te
Slide 24: Islet Cell Transplantation
Islet Cell Transplantation 24
Slide 25: Severe Type 1 Diabetes Remains a Potentially Life-Threatening Unmet Medical Need
Severe Type 1 Diabetes Remains a Potentially Life-Threatening Unmet Medical Need for 100k-200k US Patients • Severe T1D remains potentially life-threatening in many T1D Clinical implication of severe hypoglycemia in T1D patients ~3x higher all-cause – Despite optimized insulin therapy, ~12% T1D pati
Slide 26: Islet Cell Transplant Procedure & Rationale for Tegoprubart
Islet Cell Transplant Procedure & Rationale for Tegoprubart Tegoprubart may unlock the islet cell transplant market by potentially: 1. Improving islet cell graft survival regardless of cell source (i.e., isolated from deceased donor pancreases or stem-cell derived) 2. Reducing side effects associate
Slide 27: Phase 1/2 Study Assessing the Use of Tegoprubart to Prevent Islet Cell Transplant Rejection
Phase 1/2 Study Assessing the Use of Tegoprubart to Prevent Islet Cell Transplant Rejection in Participants with Type 1 Diabetes (T1D) DESIGN PLANNED DATA GENERATION • 52-week, open label, single dose level study • Safety & tolerability • Initial group of 12 patients with T1D transplanted in an • Gr
Slide 28: Subject Demographics and Transplanted Islet Dose(s)
Subject Demographics and Transplanted Islet Dose(s) Age at Years Baseline Baseline 1st Tx 2nd Tx Subject Gender BMI Transplant of T1D HbA1C Insulin (u) (IEQ/Kg) (IEQ/Kg) 1 F 42 31 30 8.4 80 4,092 5,501 2 F 30 26 21 8.5 60 6,775 3 M 37 19 30 9.9 90 4,086 4,211 All patients have 4 F 51 40 19 7.8 35 5,
Slide 29: Pre- and Post- Transplant HbA1C Levels & Timing of Independence from Exogenous Insulin
Pre- and Post- Transplant HbA1C Levels & Timing of Independence from Exogenous Insulin 10 • 12 of 12 patients Pt 1 Pt 2 1st Tx (100%) achieved Pt 3 Pt 4 2nd Tx 9 Insulin Free insulin independence Pt 5 Pt 6 Switched • 12 of 12 patients Pt 7 Pt 8 to tac after (100%) achieved a Pt 9 Pt 10 relocating 8
Slide 30: Tegoprubart Demonstrated Higher Levels of Mean Calculated Islet Engraftment at Day 75
Tegoprubart Demonstrated Higher Levels of Mean Calculated Islet Engraftment at Post-Transplant Day 75 vs. Historical Tacrolimus C-Peptide / C-Peptide / • Average calculated IEQ (Glucose x IEQ) engraftment rates were 60 higher in patients on tegoprubart vs. historical tacrolimus comps 50 • Single don
Slide 31: Tegoprubart Has Not Demonstrated the Negative Impact on eGFR Previously Observed in Tacrolimus Regimens
Tegoprubart Has Not Demonstrated the Negative Impact on eGFR Previously Observed in Tacrolimus Based Regimens Tacrolimus/Rapamycin Tegoprubart/MPA vs. Tacrolimus/Rapamycin 31 Source: Witkowski, ADA 2026; FDA Lantidra (donislecel) BLA Clinical Review Memorandum (Approval date 28Jun2023).
Slide 32: Tego in Islet Cell Transplant: Safety Profile Summary To Date
Tego in Islet Cell Transplant: Safety Profile Summary To Date All 12 patients achieved stable islet graft function with rapidly improved blood glucose control No severe hypoglycemic events No signs of rejection or de novo donor specific antibodies (DSAs) No signs of kidney toxicity, neurotox
Slide 33: Thank You!
Thank You! 19800 MacArthur Blvd., Suite 250 Irvine, California 92612, USA info@eledon.com +1 949-238-8090
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