SCHEDULE: Coastlands Capital Discloses 5.98% Stake in Eledon Pharma

Coastlands Capital and its affiliates, including Matthew D. Perry, have disclosed a significant passive stake in Eledon Pharmaceuticals, Inc., reaching up to 5.98% of common stock.

Summary

• Coastlands Capital LP, Coastlands Capital Partners LP, Coastlands Capital GP LLC, Coastlands Capital LLC, and Matthew D. Perry are the reporting persons.
• The filing concerns Eledon Pharmaceuticals, Inc.'s Common Stock, par value $0.001 per share (CUSIP: 28617K101).
• Matthew D. Perry beneficially owns 4,762,691 shares, representing 5.98% of the class, with shared voting and dispositive power.
• Coastlands Capital LP and its related entities (Partnership, General Partner, Coastlands GP) each beneficially own 4,203,764 shares, representing 5.28% of the class, with shared voting and dispositive power.
• The beneficial ownership calculation is based on 79,630,297 shares outstanding as of November 13, 2025, as provided by the Issuer.
• The reported ownership excludes pre-funded warrants held by the reporting persons due to a beneficial ownership limitation of 4.99%.
• The securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Eledon Pharmaceuticals, Inc.

Sentiment

Score: 5

Explanation: The filing is a factual disclosure of beneficial ownership and does not contain information that would inherently lead to a positive or negative sentiment regarding the company's operational or financial performance. The acquisition of a significant stake by an institutional investor can be viewed positively, but the filing itself is neutral in tone and content regarding company prospects.

Positives

• A significant institutional investor, Coastlands Capital, and its control person, Matthew D. Perry, have taken a substantial passive stake in Eledon Pharmaceuticals, Inc., indicating potential confidence in the company's long-term prospects.
• The disclosure of a 5.98% stake by Matthew D. Perry and 5.28% by Coastlands Capital entities highlights increased institutional interest in the company.

Negatives

• No direct negatives are indicated in this passive beneficial ownership disclosure.

Risks

• The reporting persons explicitly state that the securities were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer, mitigating concerns of a hostile takeover or activist campaign.

Future Outlook

This filing is a disclosure of beneficial ownership and does not contain forward-looking statements or guidance regarding Eledon Pharmaceuticals, Inc.'s future performance or strategic direction.

Industry Context

The disclosure of a significant passive stake by an investment firm like Coastlands Capital in a pharmaceutical company such as Eledon Pharmaceuticals is a common occurrence in the biotechnology and pharmaceutical sectors, where institutional investors often take positions based on perceived long-term value, pipeline potential, or market trends. Such filings indicate ongoing investor activity and interest within the industry.

Stakeholder Impact

• Shareholders: Increased institutional ownership may lead to greater market liquidity and potentially influence investor confidence.
• Management: Awareness of a significant passive shareholder may influence strategic decisions, though the filing explicitly states no intent to influence control.

Key Dates

Keywords

Eledon Pharmaceuticals, Coastlands Capital, Matthew D. Perry, Schedule 13G, Beneficial Ownership, Common Stock, Institutional Investment, Biotechnology, Pharmaceuticals