Eledon Pharmaceuticals reported Phase 2 Bestow results for tegoprubart (tego), a CD40‑ligand targeting therapy for preventing rejection in de novo kidney transplant patients, and the study failed to meet its primary endpoint versus tacrolimus. Despite the primary endpoint miss, the company highlighted durable estimated GFR and an encouraging safety profile that support planning for a Phase 3 program. Management said it will consult regulators and investigators as it refines the development path; the company’s shares fell sharply on the data release, reflecting investor disappointment over the missed primary outcome even as some clinicians at Kidney Week described the secondary kidney function signals as clinically interesting. Eledon’s situation illustrates a common mid‑stage dilemma: determining whether favorable secondary and safety data justify expensive late‑stage trials after a negative primary readout. The company signaled intent to pursue Phase 3 if regulators and payers can be adequately engaged.