Eledon Pharmaceuticals Inc

The asset remains in a high-confidence Stage 4 decline with a bearish medium-term bias and no mean-reversion support. Price trades below all key EMAs with persistent downward momentum. Until a corrective rally into the 50DMA/200DMA resistance zone and rejection is evident, sales should be deferred. The recommended execution is to Trim into structural rallies rather than aggressive selling into weakness.

• ↑Phase 2 BESTOW showed Tegoprubart eGFR >70 mL/min vs tacrolimus.
• ↑Secured $185 M financing; holds ~$56 M cash to fund Phase II through 2023.
• ↓Reported Q4 net loss $58.4 M; R&D spend rose to $7.3 M.