Forensic Analysis · Pharmaceuticals & Biotechnology · as of Nov 11, 2026
Eledon Pharmaceuticals, Inc. (ELDN)
A forensic read on Eledon Pharmaceuticals, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
F · Poor — capital at risk
Forensic grade
Distress
Financial health
-2.4
Distress distance
2
Forensic signals
-63.6%
ROE
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Eledon Pharmaceuticals, Inc. earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads -2.4, placing it in the Distress zone. 2 forensic signals were flagged in its latest SEC filings, led by share-count dilution.
What the filings flag
+82.3%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +232% over the last 2 years to FY2025 (+82.3%/yr). The count is growing — 24.6M shares in FY2023, 81.8M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~82.3% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~70%.
+15.5%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +15.5% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. The build is led by payables paid down 38% on the year. A cash-flow measure on the same base agrees: reported earnings ran ahead of operating cash by 16% of net operating assets, against an accruals ratio of 15.5%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.
Key fundamentals
Return on Equity-63.6%
Debt / Equity0.00x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Eledon Pharmaceuticals, Inc.'s actual 10-K/10-Q/8-K filings?