Tue, Sep 10, 8:40 PM (101 days ago)
enGene Holdings Inc. reported significant financial changes in its quarterly results for the period ending July 31, 2024. The company experienced a net loss of $14.1 million for Q3 2024, up from $4.7 million in Q3 2023, and a nine-month loss of $39.8 million compared to $17.4 million in the prior year. Operating expenses surged, primarily due to increased research and development costs associated with its lead product, detalimogene voraplasmid, which is in a pivotal Phase 2 study for bladder cancer. Total operating expenses reached $44.8 million for the nine months, up from $15.6 million. Cash and cash equivalents rose to $257.7 million, bolstered by a successful $200 million PIPE financing. The company’s liquidity position is expected to sustain operations for at least the next 12 months. However, enGene continues to face uncertainties regarding future funding requirements and the commercialization of its product candidates. The report highlighted the company's ongoing transition, including leadership changes, and the implications of its reverse recapitalization with Forbion European Acquisition Corporation.