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olivLaw · US equity research

Neurogene Inc. NGNE

Pharmaceutical Preparations · SIC 2834 · Vertical: Pharmaceutical Preparations (SIC 2834)

25.65USD−7.00% · 1 dayClose 05 Nov 2026

Neurogene is a clinical-stage biotechnology company developing genetic therapies for rare neurological diseases, with NGN-401 for Rett syndrome as its lead program. In 2026 the company is preparing a possible marketing application, with its PPQ campaign started and top-line Embolden data expected in the second half of 2027. It has no approved products and no product revenue.

At the close of 05 Nov 2026, Neurogene Inc. (NGNE) stock was 25.65 USD (−7.00% on the day), with market capitalisation 513.3 m USD, beta 1.87, 52-week range 16.37–42.84 USD. Latest reported quarter (Q2 2026): net income of -34.5 m USD, diluted EPS -1.53 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
513.3 m USD
shares as of 07 Aug 2026
P/E (TTM)
unavailable
Diluted EPS TTM -5.03 · TTM to 30 Jun 2026
E/P (TTM)
-19.61%
TTM to 30 Jun 2026
Dividend yield
unavailable
Beta (2y)
1.87
Volatility (1y) 78%
52-week range
16.3742.84

Price history

Loading chart…

Technical reading

RSI (14)
45.7
neutral
Bollinger (20, 2)
21.08 – 29.83
in the upper half of the band · %B 0.52 · band width 34.4%
SMA 50 / 200
29.71 / 27.99
mixed trend
MACD (12, 26, 9)
-0.46 / -0.91
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+0.8%−5.9%+6.7 pp—
3 months−27.9%−4.6%−23.3 pp—
6 months−17.9%+0.2%−18.2 pp—
Year to date+24.5%+7.4%+17.1 pp—
1 year−7.5%+8.2%−15.7 pp−11.5%
3 years+87.5%+68.4%+19.1 pp+38.9%
5 years−83.3%+56.5%−139.9 pp—
Max drawdown (1y)
−49.7%
09 Jul 2026 → 13 Oct 2026
Max drawdown (5y)
−94.8%
08 Nov 2021 → 08 Apr 2025
Compound annual growth (5y)
−30.1%
S&P 500 +9.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
unavailable USD
unavailable YoY
Net income
-34.5 m USD
unavailable YoY
Diluted EPS
-1.53
unavailable YoY
net / operating
unavailable / unavailable

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue00—000——
Research & development16.3 m15.3 m17.8 m19.4 m17.2 m20.6 m25.2 m25.5 m
Operating income-22.2 m-21.5 m-25.9 m-26.1 m-23.8 m-27.5 m-33.3 m-36.7 m
Depreciation & amortisation800.0 k785.0 k749.0 k800.0 k800.0 k776.0 k847.0 k813.0 k ≈
Interest expense3.0 k2.0 k2.0 k1.0 k1.0 k1.0 k00
Net income-20.2 m-19.5 m-22.6 m-22.0 m-21.0 m-24.7 m-30.9 m-34.5 m
Diluted EPS-1.19-1.00 ≈-1.08-1.05-0.99-1.12 ≈-1.39-1.53
Operating cash flow-15.6 m ≈-17.5 m-20.8 m-19.5 m ≈-19.5 m ≈-17.4 m-26.1 m-23.8 m ≈
Capex167.0 k ≈116.0 k780.0 k148.0 k ≈127.0 k ≈128.0 k281.0 k354.0 k ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue25.0 munavailableunavailableunavailableunavailable0925.0 k0
Revenue YoYunavailableunavailableunavailableunavailableunavailableunavailableunavailable−100.0%
Net income-31.6 m-69.4 m-33.3 m-60.7 m-55.2 m-36.3 m-75.1 m-90.4 m
Net income YoYunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable
Diluted EPSunavailableunavailable-0.64-1.10-1.04unavailable-4.28-4.24
Diluted EPS YoYunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable
net %-126.3%unavailableunavailableunavailableunavailableunavailable-8,123.7%unavailable
Free cash flow-31.6 m-16.3 m-26.8 m-50.8 m-55.1 m-51.7 m-71.4 m-78.4 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
103.8 m USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
264.9 m USD
Total assets
288.6 m USD
Debt / equity
unavailable
Current ratio
16.56x
ROE
-31.4%
ROA
-28.9%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (USD)

Income statement · USD

Revenue
2023
0
2024
925.0 k
2025
0

SEC (XBRL)· 24 Mar 2026verified

Research & development
2023
44.4 m
2024
60.9 m
2025
75.0 m

SEC (XBRL)· 24 Mar 2026verified

Operating income
2023
-55.6 m
2024
-82.6 m
2025
-103.3 m

SEC (XBRL)· 24 Mar 2026verified

Depreciation & amortisation
2023
3.3 m
2024
3.2 m
2025
3.0 m

SEC (XBRL)· 24 Mar 2026verified

EBITDA
2023
-52.3 m ≈
2024
-79.4 m ≈
2025
-100.3 m ≈

SEC (XBRL)· 24 Mar 2026derived

Interest expense
2023
12.0 k
2024
12.0 k
2025
5.0 k

SEC (XBRL)· 24 Mar 2026verified

Pre-tax income
2023
-36.3 m
2024
-75.1 m
2025
-90.4 m

SEC (XBRL)· 24 Mar 2026verified

Income tax
2023
—
2024
0
2025
0

SEC (XBRL)· 24 Mar 2026verified

Net income
2023
-36.3 m
2024
-75.1 m
2025
-90.4 m

SEC (XBRL)· 24 Mar 2026verified

Diluted EPS
2023
—
2024
-4.28
2025
-4.24

SEC (XBRL)· 24 Mar 2026verified

Weighted average diluted shares
2023
—
2024
17.6 m
2025
21.3 m

SEC (XBRL)· 24 Mar 2026verified

Balance sheet · USD

Cash
2023
148.2 m
2024
136.6 m
2025
103.8 m

SEC (XBRL)· 24 Mar 2026verified

Current assets
2023
200.3 m
2024
315.9 m
2025
271.8 m

SEC (XBRL)· 24 Mar 2026verified

Property, plant & equipment, net
2023
17.2 m
2024
15.4 m
2025
12.8 m

SEC (XBRL)· 24 Mar 2026verified

Intangibles (excl. goodwill)
2023
—
2024
—
2025
—

SEC (XBRL)· 20 Mar 2023verified

Total assets
2023
222.6 m
2024
335.7 m
2025
288.6 m

SEC (XBRL)· 24 Mar 2026verified

Accounts payable
2023
2.6 m
2024
1.3 m
2025
2.0 m

SEC (XBRL)· 24 Mar 2026verified

Current liabilities
2023
23.0 m
2024
15.2 m
2025
16.4 m

SEC (XBRL)· 24 Mar 2026verified

Total liabilities
2023
36.5 m
2024
25.4 m
2025
23.7 m

SEC (XBRL)· 24 Mar 2026verified

Equity
2023
186.0 m †
2024
310.4 m †
2025
264.9 m †

SEC (XBRL)· 24 Mar 2026verified

Cash flow · USD

Operating cash flow
2023
-51.4 m
2024
-70.6 m
2025
-77.2 m

SEC (XBRL)· 24 Mar 2026verified

Capex
2023
321.0 k
2024
808.0 k
2025
1.2 m

SEC (XBRL)· 24 Mar 2026verified

Free cash flow
2023
-51.7 m ≈
2024
-71.4 m ≈
2025
-78.4 m ≈

SEC (XBRL)· 24 Mar 2026derived

Investing cash flow
2023
25.6 m
2024
-125.3 m
2025
14.0 m

SEC (XBRL)· 24 Mar 2026verified

Financing cash flow
2023
92.5 m
2024
184.1 m
2025
30.4 m

SEC (XBRL)· 24 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
-100.0%
computed by olivLawFY 2025
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
the base of the ratio is not positive
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
unavailable
insufficient data
EBIT margin
unavailable
insufficient data
Net margin
unavailable
insufficient data
FCF margin
unavailable
insufficient data

Returns

ROE
-45.3%
computed by olivLawFY 2025 · balance sheet at 30 Jun 2026
ROA
-41.0%
computed by olivLawFY 2025 · balance sheet at 30 Jun 2026
ROIC
unavailable
input data missing
ROCE
-54.4%
computed by olivLawFY 2025 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
-60,673.0x
computed by olivLawFY 2025

Liquidity

Current ratio
10.6x
computed by olivLawbalance sheet at 30 Jun 2026
Quick ratio
unavailable
input data missing
Cash ratio
5.2x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
-86.8 m USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
890.0 k USD
computed by olivLawTTM to 30 Jun 2026
Free cash flow
-87.7 m USD
computed by olivLawFY 2025
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
insufficient data

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
513.3 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-19.6%
computed by olivLawTTM to 30 Jun 2026
P/B
2.4x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
unavailable
insufficient data
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-17.1%
computed by olivLawFY 2025 · balance sheet at 30 Jun 2026
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 3 of at least 6
  • score weight coverage: 18.8% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

25.65 USD

05 Nov 2026Source: olivLaw, closing series

Market cap: 513.3 m USD

Key indicators

Market capitalisation
513.3 m USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
unavailable
insufficient data
P/B
2.4x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
ROE
-45.3%
computed by olivLawFY 2025 · balance sheet at 30 Jun 2026
Net margin
unavailable
insufficient data
Revenue growth (YoY)
-100.0%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

25/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 07 Aug 2026
Source: SEC (XBRL)published 11 Aug 2026
verified 1258derived 99

Score by group

19% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption

no valuation method could be computed

Multiple comparisons use the SIC vertical: Pharmaceutical Preparations (SIC 2834)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 18.8% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Qualityunavailableunavailable—
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growthunavailableunavailable—
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet-60,673.0x0 (on a fixed band)33%
Current ratio · Balance sheet10.6x100 (on a fixed band)22%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation-17.1%0 (on a fixed band)44%
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet40/100 · 2/3 factors with a value
  • Growth· partialunavailable · 0/2 factors with a value
  • Quality· partialunavailable · 0/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partial0/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Neurogene Inc. (NGNE). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 0 USD in 2025; YoY growth -100.0%; ROE -45.3%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 18.8% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Current ratio: 10.6x

What contradicts it

  • Interest coverage: -60,673.0x
  • FCF yield: -17.1%

Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Pharmaceutical Preparations (SIC 2834) · same industry (4-digit SIC) · compared with 39 companies

Multiples and returns vs the median

P/E
—
vertical median 34.9x
EV/EBITDA
—
vertical median 25.2x
P/S
—
vertical median 7.6x
P/B
2.4x
vertical median 3.8x
below median (−38.6%)
ROE
-45.3%
vertical median -6.2%
below median
Net margin
—
vertical median 3.6%
EBIT margin
—
vertical median -18.6%
Revenue YoY
-100.0%
vertical median 5.1%
below median (−2,074.9%)
Net debt/EBITDA
—
vertical median -0.1x
Dividend yield
—
vertical median 2.1%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
LLYEli Lilly And Company1,283.9 bn44.386.1%31.9%+44.7%+27% / +131%
JNJJohnson & Johnson655.6 bn41.320.0%16.2%+6.0%+32% / +76%
ONCBeone Medicines Ltd.575.0 bn640.918.4%13.9%+40.2%+14% / +107%
ABBVAbbVie Inc.509.5 bn49.6—15.7%+8.6%+27% / +102%
MRKMerck & Co., Inc.362.2 bn151.25.1%3.6%+1.3%+40% / +43%
ABTAbbott Laboratories196.7 bn42.39.2%9.7%+5.7%−12% / +9%
PFEPfizer Inc170.3 bn42.64.4%6.3%−1.6%+16% / −2%
VRTXVertex Pharmaceuticals Inc137.5 bn34.920.8%30.7%+8.9%+25% / +53%
BMYBristol-Myers Squibb Company129.0 bn14.044.1%18.5%−0.2%+28% / +28%
TEVATeva Pharmaceutical Industries Limited48.8 bn97.36.6%3.6%+4.3%+55% / +325%
ZTSZoetis Inc.33.4 bn13.857.6%26.4%+2.3%−36% / −54%
ROIVRoivant Sciences Ltd.26.5 bn—-6.2%-3,535.0%−71.6%+76% / +283%
RPRXRoyalty Pharma plc26.2 bn47.76.9%25.7%+5.1%+69% / +150%
UTHRUnited Therapeutics Corporation24.1 bn21.319.1%38.6%+10.6%+16% / +136%
INSMInsmed Inc23.9 bn—-72.5%-39.9%+66.7%−48% / +335%
VTRSViatris Inc.21.7 bn—-24.3%-23.9%−3.0%+77% / +107%
ALNYAlnylam Pharmaceuticals, Inc.21.0 bn7.9126.6%52.8%+65.2%−65% / −7%
IDYAIDEAYA Biosciences, Inc.3.0 bn—-38.5%-1,149.6%+3,024.4%−14% / −3%
RCUSArcus Biosciences, Inc.2.5 bn—-114.1%-453.0%−4.3%−32% / +17%
STOKStoke Therapeutics, Inc.1.7 bn—-73.6%-862.1%+404.5%−16% / +588%
INVAInnoviva, Inc.1.4 bn9.717.0%44.1%+14.7%−11% / +39%
JANXJanux Therapeutics, Inc.982.6 m—-10.6%-428.7%−5.6%−53% / +84%
WVEWave Life Sciences, Inc.635.1 m—-80.0%-296.9%−60.5%−59% / −39%
NGNENeurogene Inc.513.3 m—-45.3%—−100.0%−7% / +88%
DMACDiaMedica Therapeutics Inc.487.5 m—-114.6%—unavailable+5% / +270%

1- and 3-year price returns: for NGNE from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Scenarios are not available. input data missing

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

In brief

Neurogene is a clinical-stage biotechnology company developing genetic therapies for rare neurological diseases, with NGN-401 for Rett syndrome as its lead program. In 2026 the company is preparing a possible marketing application, with its PPQ campaign started and top-line Embolden data expected in the second half of 2027. It has no approved products and no product revenue.

SWOT

Strengths

  • The company has an advanced clinical program with a registrational study under way and significant regulatory designations. Its in-house cGMP facility reduces dependence on third parties for product quality and timing.
  • The EXACT platform offers a proprietary mechanism for controlling transgene expression that could extend beyond simple monogenic diseases. Long-term Phase 1/2 data show sustained improvements in all treated participants.
  • The company has raised additional capital through public offerings and extended its cash runway into 2029, giving time to prepare a filing.

Weaknesses

  • The company has no approved products and no product revenue, and net losses keep rising as research and development spending grows.
  • Development depends almost entirely on NGN-401, and alternative programs are at an early stage without a selected candidate.
  • The company has not yet completed a pivotal study and, as it acknowledges, has limited experience running such trials.

Opportunities

  • If Embolden data confirm the benefit, the company could obtain approval with a broad label and expand patient access.
  • The EXACT platform could be applied to other rare neurological diseases, particularly if discovery programs reach clinical candidates.
  • Regulatory interest and special designations could shorten review time if the FDA finds the data sufficiently compelling.

Threats

  • A failure in the Embolden study could seriously affect the program's prospects and the company's ability to raise funding.
  • Safety reactions linked to AAV, including hyperinflammatory syndromes, could cause delays or regulatory restrictions.
  • If development and commercialisation costs exceed expectations, the company could be forced to reduce its activities or sell assets, including intellectual property.

Risks

  • Single-program dependencehigh

    The company's success depends heavily on NGN-401, and a negative result in the Embolden study could affect all other activities.

  • Need for additional capitalhigh

    The company will need further funding before generating revenue, and the terms of capital access could become less favourable.

  • Safety of AAV therapiesmedium

    Serious inflammatory reactions, including the fatal case in 2024, could recur in studies or after approval and could change the regulatory timeline.

  • Manufacturing and PPQ timingmedium

    Completing the PPQ runs by the end of 2026 depends on operational execution, and delays could push back the planned marketing application.

  • Reliance on the academic collaboratorlow

    Early research depends on the collaboration with the University of Edinburgh, and any breakdown in that relationship could affect the pipeline.

Investment thesis

What would need to be true (bull case)

  • If the Embolden study confirms the benefits seen in long-term data, the company could be first to offer a therapy that modifies the course of Rett syndrome, a disease with a clear medical need.
  • Regulatory designations and the in-house manufacturing facility could shorten the time to a possible marketing application and give an edge at launch.
  • The EXACT platform could generate further programs for rare neurological diseases if they reach the clinic with favourable data.

What would break the thesis

  • The company has no revenue and losses keep growing; if Embolden results are delayed or do not confirm the benefit, funding could become more costly.
  • Dependence on a single clinical program means a failure could affect the whole company, with no other products to offset it.
  • Safety risks linked to AAV therapies, including a death in the earlier study, could lead regulators to ask for more information or restrict use.

What to watch

  • Completion of PPQ runs for NGN-401end of 2026
  • Top-line data from the Embolden study2027 (second half)
  • Submission of the BLA for NGN-4012027
  • Development of cash runway and quarterly net lossQ1 2027 (quarterly report)

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

The business

Neurogene Inc. is a clinical-stage biotechnology company founded in 2018 that aims to turn devastating neurological diseases into treatable conditions through genetic therapies. The company reports aggregate net proceeds of approximately $552.1 million raised since inception and a net loss of $90.4 million in fiscal 2025 1. It has no products approved for sale and has not generated product revenue 1. Its proprietary EXACT technology uses microRNA-based circuits to limit variability in transgene expression and widen the therapeutic window 1.

The company operates an in-house cGMP facility in Houston, Texas, used for both the Phase 1/2 trial and Embolden, which it says gives better control of product quality and development timelines 1. Its research collaboration with the University of Edinburgh supports discovery work and provides an option to in-license candidates from that laboratory 1. Current activity centres on NGN-401, while early discovery programs have not yet selected a clinical candidate 1.

In August 2026 the company reported that its PPQ campaign for NGN-401 had started, with completion of the PPQ runs expected by the end of 2026 3. A public offering of approximately $144 million gross proceeds extended its cash runway into the first quarter of 2029 3. The CLN5 Batten program was not advanced in its prior form, and the company is evaluating options for it 1.

Segments

NGN-401 (Rett syndrome)

NGN-401 is the lead clinical program, an AAV9 gene therapy delivered intracerebroventricularly that carries the full MECP2 gene and uses the EXACT technology 1. The Embolden registrational study evaluates the 1E15 vg dose in 20 females, with a minimum response rate of 33% set as the success threshold in the latest filing 2. As of June 2026, all 10 participants in the Phase 1/2 study at this dose had improved on CGI-I and gained at least one developmental milestone 3.

Market context

Rett syndrome has an estimated global incidence of 1 in 10,000 females, and prevalence in the United States, European Union and United Kingdom is estimated at 15,000 to 20,000 patients 1. One treatment is approved but is not disease modifying, leaving a significant unmet need 1. The sources do not give a revenue-based market size, so the commercial scale remains undetermined from these documents.

The market for genetic therapies for rare neurological diseases depends on clinical results, the timing of approvals and the ability of companies to fund operations over the long term. Companies in this segment often rely on capital raising, and trial outcomes can materially change near-term prospects 1.

Trends

  • Accelerated regulatory designationstailwind

    NGN-401 has received several designations, including Breakthrough Therapy from the FDA, which could speed review if the data continue to support clinical benefit 3. The RMAT designation and participation in the FDA's START program give more frequent contact with the regulator 1.

  • Interest in direct brain deliverytailwind

    Intracerebroventricular administration aims for better distribution in affected regions of the brain, which could become a point of differentiation for neurological gene therapies 1.

  • Safety risks linked to AAVheadwind

    A participant in the higher-dose cohort died in 2024 from a hyperinflammatory syndrome linked to systemic AAV exposure, and the company discontinued that dose 1. Such syndromes remain a general risk for AAV therapies and can influence regulatory decisions 1.

  • Reliance on capital marketsmixed

    The company has raised capital several times and depends on capital markets to fund losses, which reached $34.5 million in a single quarter 3. Access to funding could become harder if clinical data fall short of expectations.

Competitive position

The sources do not describe direct competitors by name or product. They note that one treatment is approved for Rett syndrome, but it is not considered disease modifying 1. The company's claimed advantage rests on direct brain delivery and control of transgene expression 1.

Genetic therapies for other neurological diseases could compete for the same investor attention and research resources, though the sources do not name them. The company says it differentiates through the EXACT platform and a biology-first design approach 1.

  • Approved treatment for Rett syndrome

    One approved treatment exists but does not modify the course of the disease, which leaves room for therapies that target the genetic cause 1.

  • Other AAV gene therapies for neurological diseases

    The company mentions other AAV therapies that encountered systemic inflammation problems, without naming them in the analysed sources 1.

  • University of Edinburgh (academic collaborator)

    Not a competitor but a research partner that supports platform development and early candidates 1.

  • Other genetic therapy companies in neurology

    The sources do not name them, but the company notes that conventional gene therapy is limited to a small number of monogenic diseases 1.

News & filings

In the press

No news in our archive over the last 180 days.

SEC filings

Sources

  1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Neurogene Inc. · 24 Mar 2026
  2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Neurogene Inc. · 11 Aug 2026
  3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Neurogene Inc. · 11 Aug 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.