Form 10-K
Eloxx Pharmaceuticals, Inc. filed its annual report for the fiscal years ended December 31, 2023, 2024, and 2025. The company reported a net loss of $23.4 million, $34.1 million, and $41.2 million for the respective years. As of December 31, 2025, the company had a total of $44.1 million in cash and cash equivalents. The company’s total assets decreased by $14.3 million from 2024 to 2025, primarily due to a decrease in accounts receivable and an increase in accounts payable. The company’s total liabilities increased by $10.4 million from 2024 to 2025, primarily due to an increase in accounts payable and accrued expenses. The company’s stock is listed on the OTC Expert Market under the ticker symbol ELOX, and as of March 12, 2026, there were 5,071,935 shares outstanding.
Company Overview
Eloxx Pharmaceuticals is a clinical-stage biopharmaceutical company developing novel, small-molecule product candidates designed to modulate the ribosome and promote readthrough of premature stop codons induced by nonsense mutations. The company’s immediate focus is to advance the clinical development of its lead product candidate, exaluren, for the treatment of rare kidney diseases and ZKN-013 for the treatment of rare skin diseases through a collaboration with Almirall.
Financial Performance
Eloxx Pharmaceuticals has incurred significant operating losses since its inception, with net losses of $6.0 million, $3.1 million, and $17.1 million for the years ended December 31, 2025, 2024, and 2023, respectively. The company’s accumulated deficit as of December 31, 2025 was $300.6 million.
Revenue Trends
Eloxx Pharmaceuticals had no license and service revenue in 2025 and 2023, compared to $6.4 million in 2024. The 2024 revenue was primarily due to a $3.0 million development milestone payment from the Almirall License Agreement. In March 2025, Almirall informed the company of its decision to not exercise the option for continued research and development services under the Almirall License Agreement, relieving Eloxx of its remaining responsibilities. The company remains eligible for additional milestone and royalty payments from the Almirall collaboration, but the timing of these is uncertain.
Expense Trends
Research and development expenses decreased from $3.6 million in 2024 to $3.1 million in 2025, primarily due to a decrease in clinical trial expenses related to Alport syndrome activities. R&D expenses decreased from $8.6 million in 2023 to $3.6 million in 2024, driven by lower clinical trial costs, personnel-related expenses, and preclinical research and development activities.
General and administrative expenses decreased from $5.3 million in 2024 to $3.4 million in 2025, mainly due to lower professional and consulting fees, stock-based compensation, and facility costs. G&A expenses also decreased from $8.7 million in 2023 to $5.3 million in 2024, primarily from reductions in personnel-related costs, professional fees, and overhead.
Other Income/Expense
Other income, net, was $0.4 million in 2025 compared to $0.7 million in other expense, net, in 2024. The change was primarily due to a $1.2 million gain on extinguishment of the CFF 2021 award, a $0.2 million gain on conversion of debt, and changes in the fair value of derivative and warrant liabilities.
Other expense, net, was $0.7 million in 2024 compared to $0.2 million in other income, net, in 2023. This change was mainly driven by a $1.2 million increase in the fair value of warrant liabilities and a decrease in the gain on sale of fixed assets, partially offset by a decrease in the loss on extinguishment of debt and the loss on issuance of common stock.
Liquidity and Capital Resources
As of the date of this report, Eloxx Pharmaceuticals believes its cash and cash equivalents, including the $5.0 million received in February 2026 from the Coastlands Third Tranche Closing and the $2.0 million received in March 2026 from Domicilium, are not sufficient to maintain its current and planned operations for at least the next twelve months. The company will need to raise additional capital to finance its operations, which cannot be assured.
The company has concluded that these conditions, in aggregate, raise substantial doubt about its ability to continue as a going concern through one year after the date these consolidated financial statements are issued. Eloxx’s independent registered public accounting firm has also expressed substantial doubt about the company’s ability to continue as a going concern.
Management intends to fund future operations through private or public debt or equity financing transactions and may seek additional capital through arrangements with strategic partners or from other sources, including licensing arrangements. However, the availability of sufficient funding to alleviate the conditions that raise substantial doubt is not within management’s control and cannot be assessed as being probable of occurring.
Financing Activities
In 2023 and 2024, Eloxx Pharmaceuticals entered into several amendments to its Hercules Loan Agreement, which provided for term loans of up to $30.0 million. The company repaid portions of the outstanding principal and made other modifications to the loan terms, including temporary reductions in the minimum qualified cash balance requirement.
On January 9, 2024, Eloxx entered into the Domicilium Securities Purchase Agreement, which provided for the issuance of common stock, a pre-funded warrant, and a common stock warrant to Domicilium in consideration for Domicilium’s assumption of a portion of the Hercules Loan.
In July 2024, Eloxx entered into the Sixth Hercules Amendment, which provided for additional borrowings of $3.2 million from Domicilium. This Domicilium Tranche 2 Advance was to be repaid pursuant to a Royalty and Revenue Sharing Agreement between the company, the borrowers, and Domicilium.
In 2025, Eloxx entered into a number of non-interest-bearing bridge loans with Domicilium totaling $3.4 million, of which $2.9 million was received in cash. These bridge loans were subsequently converted to pre-funded warrants to purchase shares of the company’s common stock.
2025 PIPE Financing
On August 20, 2025, Eloxx entered into the Coastlands Securities Purchase Agreement, as amended, to issue up to $20.0 million of shares and/or pre-funded warrants to Coastlands Capital Partners LP. Through February 2026, the company had received $15.0 million from Coastlands in return for pre-funded warrants to purchase 30,612,243 shares of common stock.
Additionally, on September 25, 2025, Domicilium exchanged $8.5 million of its outstanding debt, including under the Hercules Loan Agreement, for pre-funded warrants to purchase 17,341,986 shares of Eloxx’s common stock. Domicilium has agreed to exchange the remaining $1.0 million of outstanding obligations under the Hercules Loan Agreement in connection with the Coastlands Third Tranche Closing.
Going Concern and Outlook
Eloxx Pharmaceuticals has concluded that its current cash and cash equivalents, including the recent financing activities, are not sufficient to maintain its operations for at least the next twelve months. The company will need to raise additional capital to finance its operations, the availability of which cannot be assured.
The company’s independent registered public accounting firm has also expressed substantial doubt about Eloxx’s ability to continue as a going concern. Management intends to seek additional funding through private or public debt or equity financing, as well as potential strategic partnerships and licensing arrangements. However, the availability of sufficient funding to alleviate the going concern conditions is not within management’s control and cannot be assessed as being probable.
Eloxx’s future prospects are closely tied to its ability to successfully advance its lead product candidates, exaluren and ZKN-013, through clinical development and regulatory approval. The company’s financial performance and liquidity will depend on the timing and success of these development efforts, as well as its ability to secure additional financing to support its operations.
