NervGen Pharma Corp. Common stock
NGENHealthcare|Biotechnology|CA
$1.33
+0.01 (+0.76%)
DCF Value
$0.17
Tangible Book / Share
$0.18
Cash / Share
$0.94
Financials
Financial Snapshot
Market Cap
$143.0M
Enterprise Value
$114.9M
Revenue (TTM)
$0.00
Net Income (TTM)
-$67.6M
Cash & Investments
$86.9M
Net Cash
$86.9M
Free Cash Flow (TTM)
-$29.6M
Operating CF (TTM)
-$29.6M
Debt/Equity
0.00
Cash Runway & Burn Rate
Cash on Hand
$86.9M
Quarterly Burn
$7.4M
Monthly Burn
$2.5M
Est. Runway
~11.7 quarters
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | — | $2.5M | $4.2M | $5.6M | $17.1M | $22.3M | $11.7M | $17.4M | $22.1M | $86.9M | |
| Operating Cash Flow | — | -$1.0M | -$8.3M | -$6.3M | -$8.3M | -$17.6M | -$11.3M | -$16.8M | -$19.5M | -$29.6M | |
| Free Cash Flow | — | -$1.0M | -$8.3M | -$6.3M | -$8.3M | -$17.6M | -$11.3M | -$16.8M | -$19.5M | -$29.6M | |
| Capital Expenditure | — | $0.00 | $0.00 | -$3.4K | -$2.8K | -$20.9K | -$5.6K | $0.00 | $0.00 | $4.18 | |
| Financing Cash Flow | — | $3.6M | $10.1M | $7.9M | $19.8M | $22.4M | $766.3K | $22.7M | $23.8M | $102.7M |
R&D Spending
R&D (TTM)
$24.0M
R&D Intensity
—
R&D Growth vs Prior
+72.7%
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D Expense | $0.00 | $777.9K | $6.6M | $6.1M | $6.9M | $16.4M | $8.0M | $15.7M | $13.9M | $24.0M | |
| SG&A | $12.0K | $556.5K | $3.5M | $5.0M | $6.0M | $6.3M | $9.6M | $9.2M | $11.2M | $14.0M |
Income Statement
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Cost of Revenue | $0.00 | $19.7K | $39.3K | $39.7K | $43.0K | $114.1K | $145.0K | $83.7K | $0.00 | $12.5K | |
| Gross Profit | $0.00 | -$19.7K | -$39.3K | -$39.7K | -$43.0K | -$114.1K | -$145.0K | -$83.7K | $0.00 | -$12.5K | |
| R&D | $0.00 | $777.9K | $6.6M | $6.1M | $6.9M | $16.4M | $8.0M | $15.7M | $13.9M | $24.0M | |
| SG&A | $12.0K | $556.5K | $3.5M | $5.0M | $6.0M | $6.3M | $9.6M | $9.2M | $11.2M | $14.0M | |
| Operating Income | -$12.0K | -$1.4M | -$10.1M | -$11.2M | -$12.9M | -$22.8M | -$17.8M | -$24.9M | -$25.1M | -$38.1M | |
| Interest Expense | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $510.1K | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | -$12.0K | -$1.4M | -$10.0M | -$11.2M | -$12.8M | -$20.5M | -$22.4M | -$24.0M | -$44.1M | -$67.6M | |
| Net Income | -$12.0K | -$1.4M | -$10.0M | -$11.2M | -$12.8M | -$20.5M | -$22.4M | -$24.0M | -$44.1M | -$67.6M | |
| EPS (Diluted) | 0.00 | -0.05 | -0.39 | -0.34 | -0.33 | -0.39 | -0.37 | -0.36 | -0.61 | -0.85 | |
| EBITDA | -$12.0K | -$1.3M | -$10.0M | -$11.2M | -$12.8M | -$19.9M | -$22.2M | -$23.9M | -$5.7M | -$11.6M | |
| Shares Out. (M) | 27.20 | 27.20 | 25.90 | 32.11 | 39.29 | 52.65 | 59.29 | 67.32 | 72.33 | 92.44 |
Balance Sheet
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | — | $2.5M | $4.2M | $5.6M | $17.1M | $22.3M | $11.7M | $17.3M | $22.1M | $86.9M | |
| Short-Term Investments | — | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $97.2K | $0.00 | $0.00 | |
| Total Current Assets | — | $2.5M | $6.4M | $6.2M | $17.6M | $22.9M | $12.5M | $19.0M | $22.8M | $90.0M | |
| Total Assets | — | $3.1M | $6.9M | $6.7M | $18.0M | $23.7M | $13.2M | $19.5M | $23.2M | $90.3M | |
| Total Current Liabilities | — | $447.5K | $949.1K | $756.8K | $1.1M | $10.1M | $15.1M | $16.9M | $19.7M | $73.0M | |
| Long-Term Debt | — | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | — | $581.3K | $949.1K | $756.8K | $1.1M | $10.3M | $15.2M | $16.9M | $19.7M | $73.0M | |
| Stockholders' Equity | — | $2.5M | $6.0M | $5.9M | $16.9M | $13.3M | -$2.0M | $2.6M | $3.5M | $17.3M | |
| Retained Earnings | — | -$1.4M | -$11.4M | -$22.4M | -$35.3M | -$55.3M | -$78.2M | -$102.1M | -$146.8M | -$177.9M |
Cash Flow Statement
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | — | -$1.0M | -$8.3M | -$6.3M | -$8.3M | -$17.6M | -$11.3M | -$16.8M | -$19.5M | -$29.6M | |
| Capital Expenditure | — | $0.00 | $0.00 | -$3.4K | -$2.8K | -$20.9K | -$5.6K | $0.00 | $0.00 | $4.18 | |
| Free Cash Flow | — | -$1.0M | -$8.3M | -$6.3M | -$8.3M | -$17.6M | -$11.3M | -$16.8M | -$19.5M | -$29.6M | |
| Investing Cash Flow | — | -$126.4K | $0.00 | -$3.4K | -$45.4K | -$20.9K | -$138.9K | $58.8K | $100.9K | $80.5K | |
| Financing Cash Flow | — | $3.6M | $10.1M | $7.9M | $19.8M | $22.4M | $766.3K | $22.7M | $23.8M | $102.7M | |
| Issuance of Stock | — | $3.6M | $10.1M | $7.9M | $19.8M | $22.5M | $867.3K | $22.8M | $24.8M | $103.7M | |
| Repurchase of Stock | — | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | — | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$100.9K | -$100.9K | |
| Stock Based Comp. | — | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $5.4M | $5.4M | |
| Net Change in Cash | — | $2.5M | $1.8M | $1.6M | $11.5M | $4.3M | -$10.3M | $4.6M | $4.8M | $73.4M |
Dilution Tracker
Shares outstanding grew 125.2% over 5 years — significant dilution
Shares Outstanding
108M
5-Year Share Growth
+125.2%
Stock Issuance (TTM)
$103.7M
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 27.20 | 27.20 | 25.90 | 32.11 | 39.29 | 52.65 | 59.29 | 67.32 | 72.33 | 92.44 | |
| Change vs Prior % | — | 0.0% | -4.8% | 24.0% | 22.4% | 34.0% | 12.6% | 13.5% | 7.4% | 27.8% | |
| Stock Issuance | — | $3.6M | $10.1M | $7.9M | $19.8M | $22.5M | $867.3K | $22.8M | $24.8M | $103.7M | |
| Stock Repurchase | — | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | — | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $5.4M | $5.4M |
Margins & Profitability
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE % | 0.0% | -54.0% | -167.2% | -188.9% | -75.7% | -153.9% | 1114.0% | -931.7% | -1268.9% | -1156.1% | |
| ROA % | 0.0% | -43.9% | -144.3% | -167.6% | -71.1% | -86.8% | -169.1% | -123.2% | -190.1% | -74.8% | |
| ROIC % | 0.0% | -51.3% | -168.9% | -189.1% | -76.2% | -167.5% | 981.1% | -929.5% | -719.6% | -219.9% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Gross Profit | 0.0% | 0.0% | -99.3% | -1.2% | -8.1% | -165.7% | -27.1% | 42.3% | 100.0% | |
| Operating Income | 0.0% | -11198.9% | -648.3% | -10.7% | -15.0% | -76.8% | 22.1% | -40.1% | -0.7% | |
| Net Income | 0.0% | -11198.9% | -640.8% | -11.8% | -14.4% | -60.2% | -9.0% | -7.2% | -83.9% | |
| EPS (Diluted) | 0.0% | 0.0% | -684.7% | 12.8% | 2.9% | -18.2% | 5.1% | 2.7% | -69.4% | |
| Operating Cash Flow | 0.0% | 0.0% | -702.0% | 24.0% | -31.8% | -111.6% | 35.9% | -49.0% | -15.9% | |
| Free Cash Flow | 0.0% | 0.0% | -702.0% | 23.9% | -31.8% | -111.7% | 36.0% | -48.9% | -15.9% | |
| R&D Expense | 0.0% | 0.0% | 751.4% | -7.3% | 12.1% | 138.6% | -51.3% | 95.7% | -11.2% | |
| SG&A Expense | 0.0% | 4543.7% | 523.7% | 45.3% | 18.6% | 5.0% | 53.3% | -4.8% | 21.8% | |
| Total Assets | 0.0% | 0.0% | 125.1% | -3.7% | 169.5% | 31.2% | -44.1% | 47.1% | 19.2% | |
| Book Value / Share | 0.0% | 0.0% | 151.4% | -20.2% | 133.4% | -41.2% | -113.4% | 212.9% | 25.7% | |
| Debt | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -29.8% | -46.5% | -92.1% | |
| Diluted Shares | 0.0% | 0.0% | -4.8% | 24.0% | 22.4% | 34.0% | 12.6% | 13.5% | 7.4% |
Valuation
P/E (TTM)At Loss
P/S0.00
P/B10.03
10Y Low / Med / High12.51 / 29.48 / 160.55
EV/EBITDAAt Loss
EV/Revenue0.00
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$0.17
Tangible Book / Share
$0.18
Net Current Assets / Share
$0.16
Graham Net-Net
$0.15
Cash / Share
$0.94
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -12192.52 | -117.24 | -14.21 | -16.02 | -16.36 | -14.83 | -15.28 | -17.06 | -12.60 | -2.21 | |
| P/S Ratio | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| P/B Ratio | 0.00 | 63.24 | 23.92 | 29.48 | 12.51 | 22.82 | -166.81 | 160.55 | 159.85 | 10.03 | |
| EV/EBITDA | 0.00 | -116.93 | -13.94 | -15.15 | -15.26 | -14.18 | -14.56 | -16.58 | -94.43 | -9.89 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
-1.30
Distress
Piotroski F-Score
2
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $0.00 | $0.00 | $6.4M |
| Net Income | -$20.4M | -$25.2M | -$26.4M |
| EPS | $-0.52 | $-0.40 | $-0.37 |
| # Analysts (EPS) | 1 | 2 | 2 |