NervGen Pharma (NGEN) Q4 2024 earnings summary

Executive summary

• Completed enrollment in the chronic cohort and began enrollment in the subacute cohort of the Phase 1b/2a trial for NVG-291 in spinal cord injury; topline data expected June 2025.

• Initiated an expanded access protocol for NVG-291 for eligible SCI trial participants.

• Advanced preclinical development of NVG-300, showing promising results in ischemic stroke and SCI models.

• Strengthened leadership with new board and senior management appointments.

Financial highlights

• Cash and investments totaled $17.3 million as of December 31, 2024, up from $11.7 million at year-end 2023.

• Net loss for 2024 was $24.0 million ($0.36 per share), compared to $22.4 million ($0.38 per share) in 2023.

• R&D expenses rose to $15.7 million in 2024 from $8.0 million in 2023, mainly due to increased clinical and preclinical activity.

• General and administrative expenses were $9.2 million, down from $9.7 million in 2023.

• Net cash burn from operating activities was approximately $16.8 million for 2024.

Outlook and guidance

• Net proceeds from the $23 million bought deal financing, existing working capital, and anticipated ATM program proceeds are expected to fund operations through Q3 2025.

• Open-label study for NVG-291 may be initiated if efficacy is observed in the chronic cohort, pending regulatory approval.

• Preclinical validation in ALS for NVG-300 is paused; focus remains on stroke and SCI.