NervGen Pharma (NGEN) Q2 2025 earnings summary

Executive summary

• Announced unprecedented Phase 1b/2a topline results in chronic spinal cord injury, showing statistically significant improvement in corticospinal connectivity and functional gains.

• NVG-291 is the first pharmacologic candidate to demonstrate these results in chronic SCI, marking a scientific breakthrough.

• Ongoing comprehensive analysis of NVG-291's efficacy profile will support upcoming regulatory discussions, including potential expedited approval pathways.

• Leadership transition occurred in July 2025, with Adam Rogers, MD, appointed Interim CEO and Randall Kaye, MD, as Chief Medical Advisor.

Financial highlights

• Cash and investments totaled $15.7 million as of June 30, 2025, down from $17.3 million at December 31, 2024, due to operating activities related to the CONNECT SCI Study.

• R&D expenses were $2.7 million for Q2 2025, down from $3.8 million in Q2 2024, primarily due to lower clinical and regulatory costs and a grant milestone offset.

• G&A expenses rose to $3.8 million in Q2 2025 from $2.2 million in Q2 2024, mainly due to higher compensation and legal costs.

• Net loss for Q2 2025 was $9.1 million ($0.13 per share), including $4.8 million in non-cash expenses and a $2.7 million non-cash warrant derivative loss.

Outlook and guidance

• Comprehensive analysis of NVG-291's efficacy is ongoing and will guide near-term regulatory discussions with the FDA, including seeking expedited pathways.

• Enrollment in the subacute cohort of the CONNECT SCI Study continues, with ongoing data collection and analysis.

• Future development plans and clinical endpoints for NVG-291 depend on additional funding and regulatory alignment.