NervGen Pharma (NGEN) Q1 2025 earnings summary

Executive summary

• Completed last subject, last visit in the chronic cohort of the Phase 1b/2a NVG-291 trial for spinal cord injury; topline data readout expected early June 2025.

• Subacute cohort of the NVG-291 trial is actively enrolling, with protocol amendments to facilitate participation.

• FDA approved expanded access protocol for NVG-291 for a subject from the chronic cohort.

• NVG-300 showed promising preclinical activity in ischemic stroke and SCI; ALS validation will not proceed.

• Added senior talent in clinical operations, program management, regulatory affairs, and corporate development.

Financial highlights

• Cash and investments totaled $14.5 million as of March 31, 2025, down from $17.3 million at year-end 2024.

• Net cash burn from operating activities was $4.1 million in Q1 2025, offset by $1.3 million in net proceeds from ATM program and warrant exercises; additional $2.5 million raised post-quarter.

• R&D expenses were $3.1 million in Q1 2025, up from $3.0 million in Q1 2024, mainly due to higher compensation and headcount.

• G&A expenses rose to $2.9 million in Q1 2025 from $2.0 million in Q1 2024, driven by increased compensation and investor relations activities.

• Net loss for Q1 2025 was $3.9 million ($0.06 per share), compared to $2.3 million ($0.04 per share) in Q1 2024; included $1.5 million in non-cash expenses and a $2.0 million non-cash gain from warrant derivative adjustment.

Outlook and guidance

• Topline data from the chronic cohort of the NVG-291 trial expected in early June 2025.

• Subacute cohort enrollment ongoing, with protocol changes to improve recruitment and reduce participant burden.

• NVG-300 preclinical validation in ischemic stroke and SCI to continue; ALS validation discontinued.