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 June 30, 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.
- Financial Tables Follow -
Neurogene Inc.
Condensed Consolidated Balance Sheets
(In thousands of U.S. dollars)
June 30, December 31,
2024 2023
----------- ---------------
Assets
Cash and cash equivalents $ 111,032 $ 148,210
Other current assets 48,117 52,138
Non-current assets 20,674 22,225
------- -----------
Total assets $ 179,823 $ 222,573
======= ===========
Liabilities
Current liabilities $ 13,073 $ 22,973
Non-current liabilities 11,736 13,576
------- -----------
Total liabilities 24,809 36,549
Stockholders' equity 155,014 186,024
------- -----------
Total liabilities and stockholders' equity $ 179,823 $ 222,573
======= ===========
Neurogene Inc.
Condensed Consolidated Statements of Operations
(In thousands of U.S. dollars, except share information)
Three Months Ended Six Months Ended
June 30, June 30,
---------------------- ----------------------
2024 2023 2024 2023
---------- -------- ---------- --------
Revenue under
licensing
agreements (1) $ 925 $ -- $ 925 $ --
Operating
expenses:
Research and
development
expenses 15,744 10,321 29,285 20,604
General and
administrative
expenses 5,315 2,275 10,553 5,027
---------- -------- ---------- --------
Total
operating
expenses 21,059 12,596 39,838 25,631
---------- -------- ---------- --------
Loss from
operations (20,134) (12,596) (38,913) (25,631)
Other income, net 1,642 736 3,500 1,508
---------- -------- ---------- --------
Net loss $ (18,492) $(11,860) $ (35,413) $(24,123)
========== ======== ========== ========
Per share
information: (2)
Net loss per
share, basic and
diluted $ (1.09) $ (26.68) $ (2.09) $ (54.94)
========== ======== ========== ========
Weighted-average
shares of common
stock 16,941,524 444,465 16,922,630 439,073
(1) The Company generated licensing revenue from the recognition of upfront
payments received under the licensing and intellectual property assignment
agreements with third parties to develop and commercialize legacy Neoleukin
assets. Corresponding contingent value rights liabilities were recorded.
(2) For the three and six months ended June 30, 2023, net loss per share
information is presented for the Company's then outstanding Class A common
stock. For the three and six months ended June 30, 2024, net loss per share
information is presented for the Company's common stock.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240809891689/en/
CONTACT: Company Contact:
Cara Mayfield
Vice President, Corporate Affairs
cara.mayfield@neurogene.com
Investor Contact:
Melissa Forst
Argot Partners
Neurogene@argotpartners.com
(END) Dow Jones Newswires
August 09, 2024 07:30 ET (11:30 GMT)
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