Shares of Eledon Pharmaceuticals Inc. (NASDAQ: ELDN) were trading at $1.65, down $2.45, or 59%, after the company disclosed phase II results from the Bestow trial testing tegoprubart, which targets the CD40 ligand, for the prevention of organ rejection in de novo kidney transplant patients. In Bestow, tegoprubart failed to meet its primary endpoint of superiority vs. tacrolimus, the calcineurin-inhibitor immunosuppressant first approved by the U.S. FDA in 1994. But efficacy and safety proved good enough for the company to set its sights on phase III development. The results were offered in a late-breaking oral session at the American Society of Nephrology’s Kidney Week in Houston.

MASH prospects from Rivus, Metavia show promise in phase II

Phase II data being presented at the American Association for the Study of Liver Diseases annual meeting indicate drug development in the field of metabolic dysfunction-associated steatohepatitis (MASH) is making steady progress. Privately held Rivus Pharmaceuticals Inc. revealed new data of ANT-channel activator HU-6 that builds on top-line M-Accel phase II findings from June, showing that the trial met the primary endpoint with statistically significant reductions in liver fat content at six months vs. placebo, and that 50% to 58% of treated patients achieved at least a 30% reduction in liver fat for all doses vs. placebo. Metavia Inc.’s shares (NASDAQ:MTVA) soared 22% to $1.03 on Nov. 7 based on phase IIa data of GPR119 agonist vanoglipel, which showed clinically meaningful improvements in glucose control, liver health and plasma lipidomic profiles after 16 weeks of treatment. The Rivus data were planned for a late-breaker oral presentation at AASLD’s The Liver Meeting 2025 being held Nov. 7-11 in Washington, while Metavia’s data were part of a poster presentation.

Takeda’s mezagitamab shows lasting kidney function in IgA nephropathy

Takeda Pharmaceutical Co. Ltd.’s anti-CD38 antibody, mezagitamab (TAK-079), sustained kidney function up to 18 months after treatment ended in patients with primary immunoglobulin A (IgA) nephropathy, showing early signs of disease modification in a phase Ib study presented at the American Society of Nephrology’s Kidney Week 2025 in Houston. As the company advances mezagitamab into pivotal phase III trials in both IgA nephropathy and immune thrombocytopenia, the drug is emerging as a potential first-in-class therapy that targets the root immune drivers of disease rather than their downstream effects, said Obi Umeh, vice president and head of Takeda’s rare GI and Inflammation franchise.

Enara validates first dark antigen cancer target, unveils bispecific T-cell engager

Enara Bio Ltd. is staking a claim to having validated the first in a new class of tumor antigens derived from unannotated regions of the dark genome, describing its findings in talks and posters being presented at the Society of Immunotherapy in Cancer meeting in National Harbor, Md. The new class is exemplified by Enara’s discovery of Darkfox, a cancer-specific antigen encoded by an alternative open reading frame within FOXM1, a gene that expresses a transcription factor involved in cell proliferation and the cell cycle.

Ulipristal reprograms breast tissue, cutting cancer-prone cells

Blocking progesterone receptor (PR) activity has long been viewed as a possible approach to breast cancer prevention. Historically, most supporting evidence came from animal models, epidemiological studies or mechanistic pathway analyses. A team at the Manchester Breast Centre, at the University of Manchester, has uncovered direct mechanistic and clinical evidence that PR antagonists can reprogram the breast tissue microenvironment, suggesting a novel avenue for reducing breast cancer risk in women. The study, published in Nature on Nov. 5, 2025, reveals details of the cellular processes occurring within the tissue, after treatment with PR modulators, that contribute to its preventive effect.

Biopharma financings jump 86% in October, raising $13.2B

Biopharma financings from January through October 2025 totaled $61.45 billion, roughly in line with the $61.04 billion raised during the same period in 2023 but down sharply from last year’s $93.83 billion. In October, $13.23 billion was collected through 137 transactions, a nearly 86% increase from $7.12 billion from 105 transactions in September. Maplight Therapeutics Inc. led October’s biopharma IPO activity with a $258.9 million debut. CF Pharmtech Inc. also joined the public markets in October, raising HK$607.67 million (US$78.12 million) on the Hong Kong Stock Exchange.

Also in the news

4D Molecular, AAX, Alligator, Alvotech, Astrazeneca, Avenue, Axsome, Baergic, Benitec, Bluewillow, Celldex, Cue, Dynavax, Eli Lilly, Expert, Halozyme, Heidelberg, Hope, Immunoscape, J&J, Mwyngil, Neurona, Newcelx, Noema, Palatin, Plus, Rein, Renovorx, Tevogen, Toxotech, Treos, Vaxart, Vera, Viking