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enGene Holdings Inc. (ENGN+1.12%) has submitted its 10-Q filing for the quarterly period ended January 31, 2025.
The filing includes financial statements for the quarter, showing an increase in research and development expenses to $19,974,000 from $5,638,000 in the same quarter the previous year. This increase is attributed to advancing clinical and manufacturing activities for their product candidate, detalimogene.
General and administrative expenses rose to $6,639,000 from $5,135,000, primarily due to increased personnel-related expenses and stock-based compensation.
The company reported a net loss of $24,616,000 for the quarter, compared to $10,711,000 in the previous year, reflecting higher operating expenses.
Interest income increased to $2,730,000 from $1,025,000, driven by larger cash and marketable securities balances.
Cash used in operating activities was $25,696,000, while cash used in investing activities was $84,964,000, primarily due to purchases of marketable securities.
enGene had cash, cash equivalents, and marketable securities totaling $272,800,000 as of January 31, 2025. The company anticipates these funds will be sufficient to meet its operating expenses and debt obligations for at least the next 12 months.
The filing also details the company's ongoing clinical trials for detalimogene, a product candidate for treating non-muscle invasive bladder cancer.
enGene continues to focus on developing its genetic medicines platform and expanding its pipeline, while acknowledging the need for substantial additional funding to support its operations and growth strategy.
The company identified material weaknesses in its internal controls over financial reporting and is undertaking remediation efforts to address these issues.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the enGene Holdings Inc. quarterly 10-Q report dated March 10, 2025. To report an error, please email earnings@qz.com.