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NervGen Pharma

NGEN Lead: Phase 3 ★ Read the deep dive → 14 Biotech Distilled articles ↓ 21 filings & releases ↓ Cash C$22.1M (Dec 31, 2025) ↓ 14 verdicts ↓
Neurology PeptideSmall Molecule

Market cap $143M 107.5M shares (vendor count, Nov 7, 2026) × $1.33 close Nov 6, 2026 · share count from the market-data vendor, not the SEC cover page

Catalyst timeline

4 trackedQuarter catalyst calendar →
  1. NVG-291 Ph1 interim2026NVG-291 Ph1 interim, 2026, notable
  2. NGEN corporate trial startJan 1, 2027NGEN corporate trial start, Jan 1, 2027, routine
  3. RESTORE Phase 3 corporate update2H 2027RESTORE Phase 3 corporate update, 2H 2027, routine
  4. NVG-291 Ph3 topline1H 2028NVG-291 Ph3 topline, 1H 2028, thesis-defining

Bar width shows how precise the guidance is — a pin is a stated date, a wide band a six-month window. Deeper blue means more of the thesis rides on the event; it is not a view on the stock.

Pipeline (3 active programs)

Discontinued (1)

Capital (as filed)

Cash
C$22.1M cash and cash equivalents · Dec 31, 2025 (40-F)
Operating cash flow
−C$4.9M annual ÷ 4, year to Dec 31, 2025 (40-F)
As stated in coverage
C$61.1M cash, runway 1H 2028 per the update of Sep 25, 2026 — the company's own words as read there, not the filed figure; stated in CAD

Cash, investments and operating cash flow are the company's own XBRL facts as filed with the SEC, each shown with its period end and tag. As-stated figures come from the company's own words as read in Biotech Distilled coverage, dated, and routinely count securities and planned financing that a balance sheet does not. Offering rows are the SEC cover pages as filed. Not investment advice. Figures as of Nov 7, 2026.

Biotech Distilled coverage (14)

Articles open on Substack. Some are subscriber-only; those marked ★ Distilled Pro are for Distilled Pro members.

Verdict history (14 calls)

Every verdict Biotech Distilled has published on NervGen Pharma, oldest first — the full history, never a selection. How calls are scored: the track record.

  1. 2026-01-14 Watch NervGen Pharma (NGENF): Scientific Deep Dive for NVG-291 and Pipeline Products The science warrants attention but the imminent dilution gap makes entry premature; wait for the financing overhang to clear or Phase 3 protocol to be finalized before entering.
  2. 2026-02-14 Watch UPDATE: NervGen Pharma (NGENF): A C-Suite Shuffle on the Edge of the Dilution Gap C-suite changes (permanent CEO, CFO retirement) do not alter the core thesis; the financing overhang and dilution gap remain the key risks keeping the stock on the watch list.
  3. 2026-03-07 Watch UPDATE: NervGen (NGEN): Adopting the Sarepta Playbook Ahead of FDA Negotiations Sarepta-playbook executive hires signal a sophisticated regulatory strategy, but the dilution gap and uncertain FDA meeting outcome keep the stock on the watch list pending protocol finalization.
  4. 2026-04-27 Speculative buy speculative UPDATE: NervGen Pharma (NGEN) - The Sarepta Playbook Worked FDA blessed a lean 150-patient 16-week Phase 3 protocol, retiring protocol risk and reducing trial cost; the cleanest entry is the morning after the offering prices when dilution is knowable.
  5. 2026-04-28 Speculative buy speculative UPDATE: NervGen Pharma (NGEN) — The CFO Watch Item Just Resolved Vendola's banker-CFO hire with two prior Nasdaq-listing executions materially reduces the risk of a toxic financing structure, maintaining the speculative buy stance ahead of the imminent capital raise.
  6. 2026-05-16 Speculative buy speculative UPDATE: NervGen Pharma (NGEN) — Management Just Put a Date on the Dilution Gap Management's own going-concern language confirms the raise is weeks away; the cleanest entry remains the morning after the offering prices when share count and runway are knowable.
  7. 2026-05-21 Speculative buy speculative UPDATE: NervGen Pharma (NGEN) — The Prospectus Hits the Wire The marketed deal with Leerink and TD Cowen is a clean institutional structure; the cleanest entry is still the morning after pricing when terms are known, contingent on the discount and warrant coverage coming in reasonable.
  8. 2026-05-22 Speculative buy speculative UPDATE: NervGen Pharma (NGEN) — The Deal Prints. Now You Can See the Cap Table. The $60M deal closed with an institutional syndicate and above-market warrant strike, funding RESTORE through LPLV in 2H 2027; the cap table reset is survivable and the clinical thesis is unchanged at a lower price.
  9. 2026-05-26 Speculative buy speculative UPDATE: NervGen Pharma (NGEN) — The Gait Data Lands the Day the Deal Closes Independent blinded gait analysis showing 100% vs 10% responder rate (p=0.0001) with speed-effort dissociation corroborates genuine neural recovery, strengthening the speculative buy thesis at a lower post-deal price.
  10. 2026-07-02 Speculative buy speculative UPDATE: NervGen Pharma (NGEN) — A $50M ATM Five Weeks After the "Fully Funded" Raise A new $50M ATM facility five weeks after the 'fully funded' raise signals the financing story is less closed than implied, but the institutional-grade structure and unchanged science keep the speculative buy intact pending ATM utilization data.
  11. 2026-08-14 Speculative buy speculative UPDATE: NervGen Pharma (NGEN) — The ATM Went Unused. The Clock Went Long. C$86.8M cash with zero ATM shares sold funds RESTORE through 1H 2028 topline, closing the going-concern question, but the timeline extended to 18 months with no efficacy catalyst in between.
  12. 2026-09-25 Speculative buy speculative UPDATE: NervGen Pharma (NGEN) - The Books Get a Do-Over The non-cash restatement of warrant valuations is a controls red flag but does not affect cash, liquidity, or the RESTORE binary; the speculative buy is maintained with a governance caveat pending the amended filings.
  13. 2026-10-12 Speculative buy speculative UPDATE: NervGen Pharma (NGEN) - The Needle Goes In RESTORE dosed its first participant on schedule, clearing the top watch-list milestone; readers waiting for proof of trial initiation may now begin gradually building a position on an 18-month horizon.
  14. 2026-10-16 Speculative buy speculative UPDATE: NervGen Pharma (NGEN) - The Spreadsheet Confesses The restatement confirms a formal material weakness from a broken volatility formula but the error is non-cash arithmetic, cash and RESTORE runway are unchanged, and concrete remediation hires have been made.

Every verdict Biotech Distilled has published on this company, in order, with the post it came from — the full history, never a selection. Position figures are the same ones shown on /track-record, computed by the same method. Editorial opinion, not investment advice.

Filings & releases (21)

SEC filings from EDGAR and press releases captured from the company's investor-relations site, newest first. Releases captured from May 18, 2026; filings from March 2026. Summaries come from the BD update that read the document; "BD extracted" counts point at the pipeline table above. All companies →

9 more filings (13G holder notices, S-8, proxy material, SEC correspondence …)