NEW YORK / May 10, 2024 / Business Wire / Neurogene Inc. (Nasdaq: NGNE), a clinical-stage company founded to bring life-changing genetic medicines to patients and families affected by rare neurological diseases, today announced first quarter 2024 financial results and highlighted recent corporate updates.
“We have made substantial progress in our NGN-401 Rett syndrome gene therapy program since the beginning of the year, including dosing the third patient, expanding the trial to include additional patients and a high-dose cohort, and the recent clearance to conduct the trial in Australia,” said Rachel McMinn, Ph.D., Founder and Chief Executive Officer of Neurogene. “We were pleased to present data at the ASGCT Annual Meeting earlier this week, which continued to show that NGN-401 has been generally well-tolerated. We remain on track to release interim efficacy data from the low-dose cohort in the fourth quarter of 2024.”
Continued Dr. McMinn, “The NGN-401 data support our strategy to expand into additional disease areas that could benefit from gene therapy with transgene regulation, and we continue to plan to advance an additional product candidate into the clinic in 2025. We remain in a strong financial position with cash runway into the second half of 2026.”
First Quarter 2024 and Recent Highlights, and Anticipated Milestones
Phase 1/2 Trial of NGN-401 Gene Therapy for Treatment of Rett Syndrome
Phase 1/2 Trial of NGN-101 Gene Therapy for Treatment of CLN5 Batten Disease
Additional Corporate Updates
Upcoming Events
First Quarter 2024 Financial Results
About Neurogene
The mission of Neurogene is to treat devastating neurological diseases to improve the lives of patients and families impacted by these rare diseases. Neurogene is developing novel approaches and treatments to address the limitations of conventional gene therapy in central nervous system disorders. This includes selecting a delivery approach to maximize distribution to target tissues and designing products to maximize potency and purity for an optimized efficacy and safety profile. The Company’s novel and proprietary EXACT transgene regulation platform technology allows for the delivery of therapeutic levels while limiting transgene toxicity associated with conventional gene therapy. Neurogene has constructed a state-of-the-art gene therapy manufacturing facility in Houston, Texas. CGMP production of NGN-401 was conducted in this facility and will support pivotal clinical development activities. For more information, visit www.neurogene.com.
Cautionary Note Regarding Forward-Looking Statements
Statements in this press release which are not historical in nature are intended to be, and hereby are identified as, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may discuss goals, intentions and expectations as to future plans, trends, events, results of operations or financial condition, or otherwise, based on current expectations and beliefs of the management of Neurogene, as well as assumptions made by, and information currently available to, management of Neurogene, including, but not limited to, statements regarding: the therapeutic potential and utility, efficacy and clinical benefits of NGN-401 and NGN-101; the safety and tolerability profile of NGN-401; trial designs, clinical development plans and timing for each of NGN-401 and NGN-101, including anticipated timing of enrollment in and clinical trial results from the Company’s NGN-401 Phase 1/2 trial for Rett syndrome or NGN-101 Phase 1/2 trial for CLN5 Batten Disease; initiation of new clinical sites for NGN-401 in Australia; expected interactions with the FDA regarding NGN-101; nomination of additional preclinical product candidates; and our expected cash resources and liquidity. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “may,” “will,” “should,” “would,” “expect,” “anticipate,” “plan,” “likely,” “believe,” “estimate,” “project,” “intend,” “on track,” and other similar expressions or the negative or plural of these words, or other similar expressions that are predictions or indicate future events or prospects, although not all forward-looking statements contain these words. Forward-looking statements are based on current beliefs and assumptions that are subject to risks, uncertainties and assumptions that are difficult to predict with regard to timing, extent, likelihood, and degree of occurrence, which could cause actual results to differ materially from anticipated results and many of which are outside of Neurogene’s control. Such risks, uncertainties and assumptions include, among other things: risks related to the timing and success of enrolling patients in the expanded cohort of our Phase 1/2 clinical trial of NGN-401 for the treatment of Rett syndrome; the expected timing and results of dosing of patients in our clinical trials, including NGN-401 and NGN-101; the potential that we may not be able to expand our Phase 1/2 clinical trial of NGN-401 for the treatment of Rett syndrome into Australia based on a variety of factors, including but not limited to any decisions of regulatory authorities, costs of expanding the trial in Australia, the availability of suitable clinical test sites, and the ability to enroll patients in Australia, or other reasons; the potential for negative impacts to patients resulting from using a higher dose of NGN-401 in Cohort 2 of the Phase 1/2 clinical trial for the treatment of Rett syndrome; the risk that we may not be able to report our data on the predicted timeline; risks related to our ability to obtain regulatory approval for, and ultimately commercialize, our product candidates, including NGN-401; and other risks and uncertainties identified under the heading "Risk Factors" included in our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission (“SEC”) on March 18, 2024, or our Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, and other filings that the Company has made and may make with the SEC in the future. Nothing in this communication should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that the contemplated results of any such forward-looking statements will be achieved. Forward-looking statements in this communication speak only as of the day they are made and are qualified in their entirety by reference to the cautionary statements herein. Except as required by applicable law, Neurogene undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
This communication contains hyperlinks to information that is not deemed to be incorporated by reference into this communication.
Neurogene Inc. | ||||||
Condensed Consolidated Balance Sheets | ||||||
(In Thousands of U.S. dollars) | ||||||
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| March 31, 2024 |
| December 31, 2023 | |||
Assets |
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Cash and cash equivalents | $ | 150,140 |
| $ | 148,210 | |
Other current assets |
| 24,001 |
|
| 52,138 | |
Non-current assets |
| 21,209 |
|
| 22,225 | |
Total assets | $ | 195,350 |
| $ | 222,573 | |
Liabilities |
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Current liabilities | $ | 11,818 |
| $ | 22,973 | |
Non-current liabilities |
| 12,755 |
|
| 13,576 | |
Total liabilities |
| 24,573 |
|
| 36,549 | |
Stockholders' equity |
| 170,777 |
|
| 186,024 | |
Total liabilities and stockholders' equity | $ | 195,350 |
| $ | 222,573 |
Neurogene Inc. | ||||||||
Condensed Consolidated Statements of Operations | ||||||||
(In thousands of U.S. dollars, except share information) | ||||||||
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| Three Months Ended | |||||||
March 31, | ||||||||
| 2024 |
| 2023 | |||||
Operating expenses: |
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Research and development | $ | 13,541 |
|
| $ | 10,283 |
| |
General and administrative |
| 5,238 |
|
|
| 2,752 |
| |
Total operating expenses |
| 18,779 |
|
|
| 13,035 |
| |
Loss from operations |
| (18,779 | ) |
|
| (13,035 | ) | |
Other income, net |
| 1,858 |
|
|
| 772 |
| |
Net loss | $ | (16,921 | ) |
| $ | (12,263 | ) | |
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Per share information: (1) |
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Net loss per share, basic and diluted | $ | (1.00 | ) |
| $ | (28.28 | ) | |
Weighted-average shares of common stock outstanding, basic and diluted | 16,903,735 | 433,623 | ||||||
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(1) For the three months ended March 31, 2023, net loss per share information is presented for the Company’s then outstanding Class A common stock. For the three months ended March 31, 2024, net loss per share information is presented for the Company’s common stock. See Note 1, Reverse Merger and Pre-Closing Financing and Note 3, Net Loss Per Share Attributable to Common Stockholders, for additional information. |
Last Trade: | US$22.50 |
Daily Change: | -0.14 -0.62 |
Daily Volume: | 184,159 |
Market Cap: | US$334.120M |
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