NervGen Pharma (NGEN) Q2 2026 earnings summary

Executive summary

• Site activation and screening for the Phase 3 RESTORE study are set to begin in September 2026, with dosing of the first participant expected soon after.

• Leadership team strengthened with new CFO and SVP, Clinical Development appointments.

• Achieved FDA alignment on the RESTORE trial design and announced positive gait analysis results from CONNECT SCI.

• Completed a US $60 million public offering, extending operating runway through anticipated topline RESTORE data in 1H 2028.

Financial highlights

• Cash and cash equivalents totaled C$86.8 million (US$61.1 million) as of June 30, 2026, up from C$22.1 million (US$16.1 million) at year-end 2025.

• R&D expenses rose to C$7.9 million for Q2 2026 from C$2.7 million in Q2 2025, mainly due to RESTORE start-up costs and clinical manufacturing.

• G&A expenses increased to C$4.3 million from C$3.8 million year-over-year, driven by stock-based compensation and higher insurance premiums.

• Net loss for Q2 2026 was C$29.2 million (C$0.32 basic, C$0.37 diluted per share), compared to C$9.1 million (C$0.13 per share) in Q2 2025; includes a C$19.4 million non-cash unrealized loss on warrant derivatives.

Outlook and guidance

• Cash position expected to fund operations through topline RESTORE data in 1H 2028.

• Completion of RESTORE enrollment anticipated in 2H 2027, with topline data readout in 1H 2028.

• Inaugural R&D Day planned for Fall 2026 to discuss clinical strategy and NVG-291 rationale.