Eledon Pharmaceuticals Shares Sink After Pricing $50M Public Offering

Dow Jones11-12

By Connor Hart

Shares of Eledon Pharmaceuticals fell after the company priced a $50 million public offering of common stock and pre-funded warrants.

The stock fell 17% to $1.77 in premarket trading Wednesday. Through Tuesday's close, shares have lost nearly half of their value in the past year.

Ahead of the opening bell, the Irvine, Calif., biotech company said it will sell about 15.2 million shares of its common stock for $1.65 apiece. To certain investors, the company will instead sell pre-funded warrants immediately exercisable to purchase common stock.

Eledon will also grant underwriters a 30-day option to purchase up to about 4.55 million shares of common stock at a discounted price.

The company said it will use net proceeds from the sale to support the clinical development of its product candidates and advance its pipeline programs, as well as for general corporate purposes.

Leerink Partners, Cantor and LifeSci Capital are acting as joint book-running managers for the offering, which is expected to close on or about Thursday.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

November 12, 2025 08:45 ET (13:45 GMT)

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Through Tuesday's close, shares have lost nearly half of their value in the past year. \n\n\n  Ahead of the opening bell, the Irvine, Calif., biotech company said it will sell about 15.2 million shares of its common stock for $1.65 apiece. 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