Eledon Pharmaceuticals, Inc.

ELDNdata completeness 63%14 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

Eledon Pharmaceuticals, Inc. earns about -55% on invested capital, but has diluted owners by 452% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own

Figure	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025
Revenue	—	—	—	—	—
Net income	−$34.5M¹	−$88M²	−$116.5M³	−$36.2M⁴	−$45.6M⁴
Operating cash flow	−$28.9M⁵	−$28.4M⁶	−$39.5M⁷	−$47.3M⁸	−$62.3M⁸
Capital expenditure	—	—	—	—	—
Free cash flow (derived)	—	—	—	—	—
Total debt	—	—	—	—	—
Cash & equivalents	$84.8M⁹	$56.4M¹⁰	$4.61M¹¹	$20.5M¹²	$22.8M¹²
Diluted shares	14.8M	14.3M	24.6M	48.5M	81.8M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal

If you owned

Net assets behind them

$9.91

your share of equity

Profit it earned you last year

−$5.57

Free cash flow it threw off

—

Debt you’d be carrying

—

10 shares is a claim on $9.91 of net worth that earned you −$5.57 last year.

iii. Is this a good business?

Moat signal · return on invested capital

-55% avg · 5y

FY21 -37%FY22 —FY23 —FY24 -67%FY25 -62%

It earned an average -55% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

+452% shares · 5y

Share count is up 452% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

DCF · Growth Exit 10Y

not applicable

only 0 years of FCF (need ≥3) — model not applicable

DCF · Growth Exit 5Y

not applicable

only 0 years of FCF (need ≥3) — model not applicable

Earnings Power Value

not applicable

normalized (5y-median) earnings non-positive — EPV undefined

Graham Number

not applicable

diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts

10-K · period ending 2021-12-31 · accession 0000950170-23-011011 (NetIncomeLoss)
10-K/A · period ending 2022-12-31 · accession 0000950170-24-098575 (NetIncomeLoss)
10-K/A · period ending 2023-12-31 · accession 0001193125-25-180865 (NetIncomeLoss)
10-K · period ending 2024-12-31 · accession 0001193125-26-116164 (NetIncomeLoss)
10-K · period ending 2021-12-31 · accession 0000950170-23-011011 (NetCashProvidedByUsedInOperatingActivities)
10-K/A · period ending 2022-12-31 · accession 0000950170-24-098575 (NetCashProvidedByUsedInOperatingActivities)
10-K/A · period ending 2023-12-31 · accession 0001193125-25-180865 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2024-12-31 · accession 0001193125-26-116164 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2021-12-31 · accession 0000950170-23-011011 (CashAndCashEquivalentsAtCarryingValue)
10-K/A · period ending 2022-12-31 · accession 0000950170-24-098575 (CashAndCashEquivalentsAtCarryingValue)
10-K/A · period ending 2023-12-31 · accession 0001193125-25-180865 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2024-12-31 · accession 0001193125-26-116164 (CashAndCashEquivalentsAtCarryingValue)