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Eledon Pharmaceuticals Eledon Pharmaceuticals Reports First Quarter 2021 Operating and Financial Results May 13 , 2021 Continued enrollment in Phase 2 clinical trial of AT - 1501 in amyotrophic lateral sclerosis ( ALS ) Strengthens senior leadership team with four key additions IRVINE , Calif . , May 13 , 2021 ( GLOBE NEWSWIRE ) -- Eledon Pharmaceuticals , Inc. , ( " Eledon " ) ( NASDAQ : ELDN ) , a clinical stage biopharmaceutical company focused on developing targeted medicines for persons living with autoimmune disease , requiring an organ or cell - based transplant , or living with amyotrophic lateral sclerosis ( ALS ) , today reported its first quarter 2021 operating and financial results . " We have made valuable progress advancing AT - 1501 during the first quarter , including with our Phase 2 clinical trial in ALS with top line data readout expected in first half 2022 , " stated David - Alexandre C. Gros , M.D. , Chief Executive Officer of Eledon Pharmaceuticals , Inc. " At the same time , we remain on track to initiate a Phase 2 trial of AT - 1501 in islet cell transplantation , giving us two important programs in the clinic in the near term . With what I regard as a world class team in place , and a strong balance sheet , we believe we are well positioned to deliver on important clinical milestones this year and next . " First Quarter 2021 and Recent Corporate Developments • Announced updated development strategy for AT - 1501 in renal transplantation based on discussions with the U.S. Food and Drug Administration ( " FDA ” ) . As a result , Eledon plans to initiate an evaluation of AT - 1501 in a standard non - human primate model of renal transplantation which is expected to be completed late 2022. In parallel , the company will continue to explore potentially conducting a renal transplantation clinical trial outside the United States . • Announced appointments of seasoned biopharmaceutical executives - Jeff Bornstein , M.D. as Chief Medical Officer , Paul Little as Chief Financial Officer , David Hovland , Ph.D. , as Chief Regulatory Officer and Bryan Smith , J.D. as General Counsel , Corporate Secretary , and Chief Compliance Officer . Upcoming Anticipated Milestones • Deliver two posters and two oral presentations , including pre - clinical data showing the effectiveness of AT - 1501 in preventing islet allograft rejection in nonhuman primate models , at the American Society of Transplantation annual meeting , which is being held virtually June 4 - June 9 . • Enroll first patient in Phase 2 trial of AT - 1501 in islet cell transplantation for type 1 diabetes with interim data readout expected in first half 2022 . • Initiate Phase 2 trial of AT - 1501 in an autoimmune nephritis indication in late 2021 . Financial Results for the Three Months Ended March 31 , 2021 The company reported a net loss of $ 8.5 million , or $ 0.57 per share , for the three months ended March 31 , 2021 , compared to a net loss of $ 8.2 million , or $ 8.52 per share , for the same period in 2020 . • Research and development expenses were $ 5.6 million for the three months ended March 31 , 2021 , compared to $ 1.6 million for the comparable period in 2020 , an increase of $ 4.0 million . • General and administrative expenses were $ 3.3 million for the three months ended March 31 , 2021 , compared to $ 1.7 million for the comparable period in 2020 , an increase of $ 1.6 million . • The company had approximately $ 108.6 million in cash and cash equivalents as of March 31 , 2021 , compared to $ 114.2 million in cash and cash equivalents as of December 31 , 2020. The Company believes that it has sufficient financial resources to fund operations as currently planned well into 2023 . Conference Call Eledon will hold a conference call today , May 13 , 2021 at 4:30 pm Eastern Time to discuss first quarter results . The dial - in numbers are 800-709-0218 for domestic callers and 212-231-2926 for international callers . The conference ID is 21994011. A live webcast of the conference call will be available on the Investor Relations section of the Company's website at www.eledon.com . The webcast will be archived on the website following the completion of the call . About Eledon Pharmaceuticals and AT - 1501 Eledon Pharmaceuticals is a clinical stage biotechnology company using its expertise in targeting the CD40L pathway to develop potential treatments for patients living with an autoimmune disease , patients requiring an organ or cell - based transplant , and for patients living with ALS . The company's lead compound in development is AT - 1501 , an anti - CD40L antibody with high affinity for CD40 ligand ( CD40L , also called CD154 ) , a well - validated biological target with broad therapeutic potential . AT - 1501 is a humanized IgG1 antibody engineered to potentially both improve safety and provide