NervGen Pharma (NGEN) Q3 2025 earnings summary

Executive summary

• Expanded CONNECT SCI Study data showed durable improvements in function, independence, and quality of life for individuals with chronic spinal cord injury, including enhanced bladder control and reduced muscle spasticity.

• NVG-291 participants demonstrated a 2.6-fold greater mean improvement in GRASSP Total Score and a 3.7-fold greater mean improvement in GRASSP Quantitative Prehension versus placebo at Week 16.

• 75% of NVG-291 participants reported "much" or "very much" improved symptoms compared to 33% on placebo, with sustained benefits up to 364 days post-study.

• Statistically significant neurophysiological improvements support the clinical efficacy of NVG-291.

Financial highlights

• Cash and investments totaled $11.4 million as of September 30, 2025, not including $10 million raised in a private placement in November 2025.

• R&D expenses were $4.4 million for Q3 2025, unchanged from Q3 2024, with increased drug supply costs offset by lower clinical and regulatory costs.

• G&A expenses decreased to $1.7 million in Q3 2025 from $2.8 million in Q3 2024, mainly due to reduced stock-based compensation and lower legal/professional fees.

• Net loss for Q3 2025 was $4.2 million ($0.06 per share), compared to $5.3 million ($0.08 per share) in Q3 2024.

Outlook and guidance

• Anticipates an End-of-Phase 2 meeting with the FDA in early 2026 to align on the development and registration pathway for NVG-291.

• Focus remains on advancing NVG-291 in collaboration with the SCI community and regulatory authorities.