TeGoing Strong: eGFR Separation Widens Between Tego’ and Tac’ in BESTOW EXTENSION

Research evidence excerpt

TeGoing Strong: eGFR Separation Widens Between Tego’ and Tac’ in BESTOW EXTENSION

Biotechnology

Eledon Pharmaceuticals Inc. (ELDN)

EQUITY RESEARCH Company Update

June 21, 2026

TeGoing Strong: eGFR Separation Widens Between Price: $3.92

Price Target: NA Tego’ and Tac’ in BESTOW EXTENSION

Rating: Overweight

ELDN reported positive data from the P2 BESTOW EXTENSION study

Key Statistics: evaluating tegoprubart (anti-CD40L) as a replacement immunosuppressant

Symbol NASDAQ: ELDN for SoC tacrolimus in kidney transplant recipients at ATC this weekend. 52-Week Range 1.35 - 4.60

Market Cap 302.6 ●Additional data on a conference call tomorrow (6/22) at 8 AM ET, and

ADV (3 mo) 1,399,020 a 12 PM ET oral presentation at ATC. Shares Out (M) 77.2

Kidney function, measured by eGFR, remained stable with signals of

Research Analysts: improvement for tego’, as the tac arm declined → the two arms clearly

Pete Stavropoulos, Ph.D.

212-915-1966 separated at month 15-21, the investor bar for success.

Pete.Stavropoulos@cantor.com

●eGFR at month 18 for the tego’ was 74 mL/min/yr vs 61 for tac’, Samantha Schaeffer, Ph.D.

212-915-1238 a difference of 12 points, exceeding the threshold for clinically

Samantha.Schaeffer@cantor.com meaningful (≥ 10).

REV ($M) ●On month 21, eGFR was 73 mL/min/yr for tego', and 63 for tac’,

FYE Dec 2025A 2026E 2027E a difference of 10 points.

1Q $0.0 $0.0A $0.0

2Q $0.0 $0.0E $0.0 ●We expect to see continued separation as the data further

3Q $0.0 $0.0E $0.0 mature, with eGFR remaining stable in the tego’ arm and a

4Q $0.0 $0.0E $0.0 decline in the tac’ arm as its well-established nephrotoxic effects

Year $0.0 $0.0E $0.0 continue to impact kidney function.

EPS

●Recall that at month 12, the eGFR data for tac’ was confounding → one FYE Dec 2025A 2026E 2027E