Eledon Pharmaceuticals, Inc.
ELDN Healthcare Biotechnology
In the quarter to June 2026, EPS fell 107.7% and free cash flow fell 28.0%, each against the same quarter a year earlier.
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Eledon Pharmaceuticals, Inc. (ELDN) Beneish M-score
Beneish M-score, annual
Annual newest first
| Period | Beneish M-score | Change (points) |
|---|
How the score is made up
There are no annual figures to work it out from.
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| UPB Upstream Bio, Inc. compare | −2.8× |
| IVVD Invivyd, Inc. compare | −1.6× |
| CGEN Compugen Ltd. compare | −1.6× |
| RNAC Cartesian Therapeutics, Inc. compare | 8.9× |
| LYEL Lyell Immunopharma, Inc. compare | — |
| ELDN Eledon Pharmaceuticals, Inc. | — |
| SION Sionna Therapeutics, Inc. compare | — |
| ACOG Alpha Cognition Inc. compare | — |
| PRQR ProQR Therapeutics N.V. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI