Eledon prices 15.15M shares at $1.65 in underwritten public offering

Eledon Pharmaceuticals (ELDN) announced the pricing of its underwritten public offering of 15,152,485 shares of its common stock at a public offering price of $1.65 per share and in lieu of common stock to certain investors, pre-funded warrants to purchase up to an aggregate of 15,151,515 shares of common stock at a public offering price of $1.649 per pre-funded warrant. The pre-funded warrants will be immediately exercisable and will have an exercise price of $0.001 per share. The gross proceeds from the offering, before deducting underwriting discounts and commissions and offering expenses, are expected to be approximately $50M. In addition, Eledon has granted to the underwriters a 30-day option to purchase up to 4,545,600 additional shares of common stock at the public offering price, less underwriting discounts and commissions. All of the shares of common stock and pre-funded warrants in the offering are to be sold by Eledon. The offering is expected to close on or about November 13, 2025, subject to the satisfaction of customary closing conditions. Leerink Partners, Cantor and LifeSci Capital are acting as joint book-running managers for the offering.