COMP <GO>

ELDN vs VNDA // ALTMAN Z-SCORE & DEBT/EQUITY

Eledon Pharmaceuticals Inc. (NASDAQ) VS. Vanda Pharmaceuticals Inc. (NASDAQ) • 15-METRIC TALLY: ELDN 2 — VNDA 1

■ METRIC PARITY

LAST: $3.04 (+10.15%) • MKT CAP: $247.0M

balance-sheet

—

LAST: $4.05 (+1.25%) • MKT CAP: $244.9M

balance-sheet

0.20

15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (ELDN VS. VNDA) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	ELDN	VNDA	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	—	—	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	-35.00%	-35.00%	0.00	TIE	/roic <GO>
EV/EBITDA & P/E Valuation	—	—	—	TIE	/valuation <GO>
Free Cash Flow Yield	—	—	—	TIE	/fcf-yield <GO>
Operating Margin	—	-60.00%	—	TIE	/operating-margins <GO>
Net Profit Margin	—	-60.00%	—	TIE	/net-margins <GO>
Revenue Growth (YoY)	—	8.70%	—	TIE	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	0.00%	0.00%	0.00	TIE	/dividend-safety <GO>
Altman Z-Score & Debt/Equity ACTIVE	—	0.20	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	1/9	3/9	-2.00	VNDA	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	58.0	26.7	+31.34	ELDN	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	—	—	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple	—	—	—	TIE	/forward-pe <GO>
Enterprise Scale & Market Cap	$247.0M	$244.9M	$2.2M	ELDN	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	ELDN REV	VNDA REV	ELDN GROSS %	VNDA GROSS %	ELDN FCF	VNDA FCF
FY 2025	$0	$216.1M	—	—	-$62.3M	-$110.4M
FY 2024	$0	$198.8M	—	—	-$47.3M	-$16.2M
FY 2023	$0	$192.6M	—	—	-$39.5M	$12.8M

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

ELDN // BETA —

VNDA // BETA —