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Neurogene Inc (NGNE+1.35%). has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a net loss of $20.2 million compared to $14.6 million in the same quarter the previous year. The increase in net loss is attributed to higher research and development expenses.
Research and development expenses for the quarter were $16.3 million, up from $11.6 million in the previous year, primarily due to increased clinical trial costs for the NGN-401 program.
General and administrative expenses increased to $5.9 million from $3.6 million, driven by higher employee-related costs and professional services fees.
Interest income for the quarter was $1.8 million, up from $650,000 in the previous year, due to higher cash balances.
Neurogene reported cash, cash equivalents, and short-term investments totaling $139.0 million as of September 30, 2024.
The company highlighted the initiation of an adolescent/adult cohort for its NGN-401 clinical trial for Rett syndrome and announced positive interim clinical data.
Neurogene also noted that it does not expect to move forward with the NGN-101 CLN5 Batten disease gene therapy program due to the FDA's denial of the RMAT application.
The filing details the company's participation in the FDA's START and RMAT programs for NGN-401, which are intended to accelerate the development of therapies for rare diseases.
Neurogene closed a private placement financing in November 2024, raising approximately $200 million to support its operations and development programs.
The company continues to focus on advancing its NGN-401 program through clinical development and exploring strategic options for its NGN-101 program.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Neurogene Inc. quarterly 10-Q report dated November 18, 2024. To report an error, please email earnings@qz.com.