NervGen Pharma (NGEN) Q4 2025 earnings summary

Executive summary

• Completed End-of-Phase 2 FDA meeting; regulatory update expected early 2Q 2026 and Phase 3 study in chronic tetraplegia on track for mid-2026.

• Positive topline results from Phase 1b/2a CONNECT SCI study in chronic tetraplegia, with significant improvement in upper-limb function and durable effects beyond 12 weeks.

• Ongoing expansion of NVG-291 into additional clinical indications, with prioritization to be announced by mid-2026.

• Strengthened leadership team and successful Nasdaq listing support growth and clinical advancement.

Financial highlights

• Cash and investments totaled $22.1 million as of December 31, 2025, up from $17.3 million at year-end 2024, driven by private placement and warrant/option exercises.

• R&D expenses were $13.9 million for 2025, down from $15.8 million in 2024, reflecting completion of the chronic cohort of CONNECT SCI.

• G&A expenses rose to $11.2 million in 2025 from $9.4 million in 2024, mainly due to Nasdaq listing-related costs.

• Net loss was $44.1 million for 2025 ($0.61 per share), including $24.8 million in non-cash expenses, compared to a $24.3 million net loss in 2024 ($0.36 per share).

Outlook and guidance

• Regulatory update expected in early 2Q 2026; Phase 3 study in chronic tetraplegia to begin mid-2026.

• Clinical data from blinded biomechanical gait analyses of CONNECT SCI to be presented in 2Q 2026.

• Expansion into complementary clinical indications with prioritization announcement by mid-2026.