ELDN: Additional Tegoprubart Data at ATC Adds to Our Enthusiasm; Reiterate Buy Rating

Research evidence excerpt

ELDN: Additional Tegoprubart Data at ATC Adds to Our Enthusiasm; Reiterate Buy Rating

FLASH NOTE

June 22, 2026

Vamil Divan, M.D. vamil.divan@guggenheimpartners.com ELDN: Additional Tegoprubart Data at ATC Adds to

212 823 6543 Our Enthusiasm; Reiterate Buy Rating

Edouard Mullarky, Ph.D.

edouard.mullarky@guggenheimpartners.com

212 518 9579 Key Message: Eledon released encouraging long-term data from the Phase 2 BESTOW

trial of tegoprubart in kidney transplantation at the American Transplant Congress (ATC) Arseniy Shabashvili

arseniy.shabashvili@guggenheimpartners.com this weekend, and hosted a conference call to discuss that data as well as data in islet

212 699 1971 cell transplant that they released earlier this month at the American Diabetes Association

(ADA) Meeting. Overall we are encouraged by the progress the company is making on

Daniel Krizay, Ph.D. both fronts (and in xenotransplantation) with the latest kidney transplant data showing daniel.krizay@guggenheimpartners.com

212 823 6561 patients treated with tegoprubart had ~12 point higher mean eGFR levels after 18 months

of follow-up as compared to patients who were on tacrolimus, and tegoprubart's safety

profile continuing to differentiate it from the known side effects seen with tacrolimus.

The company plans to start a Phase 3 trial in kidney transplant by the end of the year

that would at minimum look to show non-inferiority for tegoprubart vs. tacrolimus on aELDN composite 12-month primary efficacy endpoint (biopsy-proven acute rejection, graft loss Eledon Pharmaceuticals, Inc. and death), while superior results possible on kidney function, safety and patient-reported Sector: Biotechnology

outcomes. In our follow-up call, the team said they expect the trial to take ~18 months