Author: slightbourne@noblecapitalmarkets.com

November 12, 2025

PDF Version

IRVINE, Calif., Nov. 12, 2025 (GLOBE NEWSWIRE) — Eledon Pharmaceuticals, Inc. (“Eledon”) (NASDAQ: ELDN), today announced the pricing of its underwritten public offering of (i) 15,152,485 shares of its common stock at a public offering price of $1.65 per share and (ii) in lieu of common stock to certain investors, pre-funded warrants to purchase up to an aggregate of 15,151,515 shares of common stock at a public offering price of $1.649 per pre-funded warrant. The pre-funded warrants will be immediately exercisable and will have an exercise price of $0.001 per share. The gross proceeds from the offering, before deducting underwriting discounts and commissions and offering expenses, are expected to be approximately $50 million. In addition, Eledon has granted to the underwriters a 30-day option to purchase up to 4,545,600 additional shares of common stock at the public offering price, less underwriting discounts and commissions. All of the shares of common stock and pre-funded warrants in the offering are to be sold by Eledon. The offering is expected to close on or about November 13, 2025, subject to the satisfaction of customary closing conditions.

Leerink Partners, Cantor and LifeSci Capital are acting as joint book-running managers for the offering.

Eledon currently intends to use the net proceeds from the offering to support the continued clinical development of its product candidates and advance its pipeline programs as well as for general corporate purposes.

The offering is being made pursuant to a registration statement on Form S-3 (File No. 333-282260), previously filed with the Securities and Exchange Commission (the “SEC”) on September 20, 2024 and declared effective on October 2, 2024. The offering is being made only by means of a prospectus and prospectus supplement that form a part of the registration statement. A preliminary prospectus supplement and accompanying prospectus relating to the offering was filed with the SEC on November 12, 2025 and a final prospectus supplement relating to the offering will be filed with the SEC and available on the SEC’s website at www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus, once available, may also be obtained by contacting Leerink Partners LLC, Attention: Syndicate Department, 53 State Street, 40th Floor, Boston, Massachusetts 02109, by telephone at (800) 808-7525, ext. 6105, or by email at syndicate@leerink.com, or Cantor Fitzgerald & Co., Attention: Capital Markets, 110 East 59^th Street, 6th Floor, New York, NY 10022, or by email at prospectus@cantor.com. The final terms of the proposed offering will be disclosed in a final prospectus supplement to be filed with the SEC.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

About Eledon Pharmaceuticals and tegoprubart

Eledon Pharmaceuticals, Inc. is a clinical stage biotechnology company that is developing immune-modulating therapies for the management and treatment of life-threatening conditions. Eledon’s lead investigational product is tegoprubart, an anti-CD40L antibody with high affinity for the CD40 Ligand, a well-validated biological target that has broad therapeutic potential. The central role of CD40L signaling in both adaptive and innate immune cell activation and function positions it as an attractive target for non-lymphocyte depleting, immunomodulatory therapeutic intervention. Eledon is building upon a deep historical knowledge of anti-CD40 Ligand biology to conduct preclinical and clinical studies in kidney allograft transplantation, xenotransplantation, and amyotrophic lateral sclerosis (ALS). Eledon is headquartered in Irvine, California.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties, including statements regarding Eledon’s expectations on the timing and completion of the offering and the anticipated use of proceeds therefrom. No assurance can be given that the offering will be completed on the terms described. Forward-looking statements are inherently uncertain and are subject to numerous risks and uncertainties, including market conditions, failure of customary closing conditions and the risk factors and other matters set forth in the preliminary prospectus supplement and final prospectus supplement that will be filed with the SEC and other risks and uncertainties that could cause Eledon’s actual results to differ materially from the forward-looking statements contained herein are discussed in the company’s quarterly 10-Qs, annual 10-K, and other filings with the SEC, which can be found at www.sec.gov. Any forward-looking statements contained in this press release speak only as of the date hereof and not of any future date, and the company expressly disclaims any intent to update any forward-looking statements, whether as a result of new information, future events or otherwise.

Investor Contact:

Stephen Jasper
Gilmartin Group
(858) 525 2047
stephen@gilmartinir.com

Media Contact:

Jenna Urban
CG Life
(212) 253 8881
jurban@cglife.com

Source: Eledon Pharmaceuticals

In a move signaling renewed interest in the digital radio sector, Canadian media and technology company Stingray Group has acquired internet radio service TuneIn for $175 million. The deal includes $150 million in cash at closing and up to $25 million in deferred payment, financed through Stingray’s renewed credit facility.

The acquisition marks a major shift in the online streaming landscape. Once valued near $500 million, TuneIn was a pioneer in internet radio streaming, known for bringing traditional radio stations, talk shows, sports broadcasts, and music to a global digital audience. Unlike subscription-heavy services such as Spotify or Apple Music, TuneIn built its business around live radio content accessible across devices, including smart speakers, connected cars, and mobile apps.

Founded in 2002, TuneIn grew to over 75 million monthly active listeners across more than 100 countries and over 200 connected platforms. However, the company faced increasing pressure as consumer listening habits evolved toward on-demand music and podcasts. Despite efforts to diversify into ad-free subscriptions and audiobooks, TuneIn’s growth slowed amid intense competition and changing user expectations.

For Stingray, the deal represents an opportunity to expand beyond its traditional media and music services. Based in Montreal, Stingray operates television music channels, radio stations, and ad-supported streaming platforms. Acquiring TuneIn gives the company instant global reach, access to a vast listener base, and valuable relationships with automakers and device manufacturers. TuneIn’s integration in over 50 car infotainment systems could position Stingray as a stronger player in the in-car audio experience, a fast-growing battleground for streaming companies.

The acquisition values TuneIn at approximately 1.6 times its projected 2025 sales of $110 million and about six times its adjusted EBITDA of $30 million. For a company that once attracted big-name investors and partnerships, the sale price highlights how crowded and capital-intensive the streaming audio market has become.

Still, Stingray appears to be betting on a rebound in digital radio and live content consumption. As advertisers look for alternatives to traditional broadcast and major streaming services, TuneIn’s platform offers diverse ad inventory and a global audience. The acquisition could also help Stingray cross-promote its other media properties, while using TuneIn’s distribution network to scale faster internationally.

The deal is expected to close by year-end, pending customary approvals. Post-acquisition, the TuneIn brand will remain active, while Stingray forecasts that combined revenue will exceed $400 million annually.

For small-cap investors, the move underscores how mid-sized media companies can leverage acquisitions to compete in a market dominated by giants. By acquiring undervalued digital assets like TuneIn, firms such as Stingray can tap into niche but loyal audiences, diversify revenue streams, and strengthen their foothold in the evolving audio ecosystem.

If successful, this acquisition could set the stage for renewed investor confidence in small and mid-cap media technology plays — especially those with the scale and strategy to bridge traditional and digital listening experiences.