Eledon Pharmaceuticals, Inc. (ELDN) intrinsic value & 10-year financials

Eledon Pharmaceuticals, Inc. (ELDN) has a Graham intrinsic value of $64.38 per share. At $2.13 on Oct 17, 2026, the stock trades 97% below that value.

Graham intrinsic value
$64.38
Share price (Oct 17, 2026)
$2.13
Price vs Graham value
97% below
Market cap
$174.3M
Revenue (FY2025)
—
Revenue growth (10-yr CAGR)
-76.0%
ROIC (10-yr avg)
-390.7%
Free cash flow (FY2025)
—

ELDN 10-year financial history

Fiscal year Revenue Net income EPS (diluted) Free cash flow Operating margin ROIC
FY2025 — -$45.6M -$0.52 — — -58.2%
FY2024 — -$36.2M -$0.75 — — -40.9%
FY2023 — -$40.3M -$0.82 — — -80.4%
FY2022 — -$88.0M -$3.08 — — -164.2%
FY2021 — -$34.5M -$1.17 — — -43.4%
FY2020 $120.0K -$22.8M — — -15387.5% —
FY2019 $500.0K -$16.0M — — -3210.2% -1957.3%
FY2018 — -$14.1M — — — —
FY2017 — -$13.1M — — — —
FY2016 $0 -$38.0M — -$36.5M — —

Source: annual 10-K filings on SEC EDGAR. Figures in USD.

Executive summary

Eledon Pharmaceuticals, Inc. revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.

Eledon Pharmaceuticals, Inc. has historically struggled to out-earn its cost of capital, averaging just -40.7% ROIC.

Eledon Pharmaceuticals, Inc. capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.

Benjamin Graham lens

Under Benjamin Graham's formula using SEC EDGAR fundamentals, Eledon Pharmaceuticals, Inc. is modeled at -76.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $64.38 per share.

ELDN stock: frequently asked questions

What is the intrinsic value of Eledon Pharmaceuticals, Inc. (ELDN) stock?

Using Benjamin Graham's revised formula, V = EPS × (8.5 + 2g) × 4.4 / Y, with reported diluted earnings per share, a -76.0% normalized growth rate (capped at 15%) and a 5.1% AAA corporate bond yield, ELDN's intrinsic value is about $64.38 per share.

Is ELDN stock undervalued?

At $2.13 (close on Oct 17, 2026), ELDN trades 97% below its Graham value of $64.38. On Graham's terms that leaves a margin of safety. A formula is a starting point for research, not a recommendation.

What is ELDN's return on invested capital?

Average ROIC over the last 10 fiscal years was -390.7%, and average return on equity was -65.8%. Sustained ROIC above about 15% usually points to a durable competitive advantage.

Where does this ELDN data come from?

From Eledon Pharmaceuticals, Inc.'s annual 10-K filings on SEC EDGAR, most recently filed Aug 13, 2026. Prices are end-of-day snapshots; valuations are formula outputs, not investment advice.

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