NervGen Pharma (NGEN) Q1 2026 earnings summary

Executive summary

• Achieved FDA alignment on RESTORE, a registrational study of NVG-291 in chronic tetraplegia, with site activation underway and study initiation targeted for mid-2026.

• Ongoing independent, blinded biomechanical gait analyses from the CONNECT SCI study, with results expected in 2Q 2026.

• Listed on Nasdaq under 'NGEN' in January 2026 and delisted from TSX Venture Exchange in March 2026.

• Expanded leadership team with three senior appointments to support late-stage clinical development and public listing.

Financial highlights

• Cash and investments totaled $16.6 million as of March 31, 2026.

• R&D expenses were $4.9 million for Q1 2026, up from $3.1 million in Q1 2025.

• G&A expenses were $2.7 million for Q1 2026, down from $2.9 million in Q1 2025.

• Net loss for Q1 2026 was $1.7 million ($0.02 basic, $0.09 diluted EPS), compared to $3.9 million ($0.06 EPS) in Q1 2025, reflecting a $5.7 million non-cash unrealized gain on warrant derivatives.

Outlook and guidance

• RESTORE study initiation remains on track for mid-2026.

• Results from CONNECT SCI biomechanical gait analyses expected in 2Q 2026.

• Plans to expand NVG-291 into additional indications, with indication prioritization framework to be communicated in mid-2026.