Technical Abstract: The ethanol extract of fruiting bodies of Elaphomyces granulatus, a truffle-like fungus, was evaluated for cyclooxygenase-2 (COX-2) enzyme inhibitory and antioxidant activities. Inhibition of COX-2 activity was evaluated in mouse macrophages (RAW 264.7). The extract of E. granulatus caused a 68% inhibition of COX-2 activity at 50 ug/mL. Bioassay-guided investigation led to the isolation and identification of two active compounds, syringaldehyde and syringic acid. Syringaldehyde moderately inhibited COX-2 activity with an IC50 of 3.5 ug/mL, while syringic acid strongly inhibited COX-2 activity with an IC50 o0.4 ug/mL. The antioxidant activity of the extract and isolated compounds was evaluated in HL-60 cells by the DCFH-DA method. The extract of E. granulatus showed a potent antioxidant effect, with an IC50 of 41 ug/mL. Of the pure compounds, syringic acid displayed a strong antioxidant activity, with an IC50 of 0.7 ug/mL, while syringaldehyde showed no activity in the assay.