Neurogene Inc.
NGNEHealthcare|Biotechnology|US
$25.31
-0.34 (-1.33%)
DCF Value
$4.36
Tangible Book / Share
$9.63
Cash / Share
$9.99
Financials
Financial Snapshot
Market Cap
$400.0M
Enterprise Value
$295.8M
Revenue (TTM)
$0.00
Net Income (TTM)
-$111.1M
Cash & Investments
$225.4M
Net Cash
$217.0M
Free Cash Flow (TTM)
-$87.1M
Operating CF (TTM)
-$86.2M
Debt/Equity
0.04
Cash Runway & Burn Rate
Cash on Hand
$225.4M
Quarterly Burn
$21.6M
Monthly Burn
$7.2M
Est. Runway
~10.5 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $103.1M | $108.1M | $76.9M | $143.1M | $192.6M | $70.5M | $82.0M | $197.2M | $312.4M | $269.0M | $225.4M | |
| Operating Cash Flow | -$30.2M | -$44.7M | -$31.6M | -$15.4M | -$24.6M | -$46.4M | -$52.8M | -$51.4M | -$70.6M | -$77.2M | -$86.2M | |
| Free Cash Flow | -$30.9M | -$45.2M | -$31.6M | -$16.3M | -$26.8M | -$64.8M | -$55.1M | -$51.7M | -$71.4M | -$78.4M | -$87.1M | |
| Capital Expenditure | -$713.0K | -$494.0K | -$49.0K | -$879.0K | -$2.2M | -$18.4M | -$2.2M | -$321.0K | -$808.0K | -$1.2M | -$875.4K | |
| Financing Cash Flow | $71.1M | $423.0K | $570.0K | $82.2M | $77.1M | $51.1M | $66.5M | $92.5M | $184.1M | $30.4M | $36.6M |
R&D Spending
R&D (TTM)
$88.5M
R&D Intensity
—
R&D Growth vs Prior
+18.0%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $25.0M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $925.0K | $0.00 | $0.00 | |
| R&D Expense | $28.4M | $36.3M | $32.8M | $6.3M | $24.3M | $42.3M | $47.5M | $44.4M | $60.9M | $75.0M | $88.5M | |
| R&D % of Revenue | — | — | 131.2% | — | — | — | — | — | 6585.6% | — | — | |
| SG&A | $9.3M | $14.9M | $15.7M | $17.8M | $15.4M | $8.3M | $9.0M | $11.2M | $22.6M | $25.1M | $32.1M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $25.0M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $925.0K | $0.00 | $0.00 | |
| Cost of Revenue | $0.00 | $0.00 | $0.00 | $340.0K | $1.8M | $42.3M | $3.2M | $3.3M | $3.2M | $3.2M | $18.9M | |
| Gross Profit | $0.00 | $0.00 | $25.0M | -$340.0K | -$1.8M | -$42.3M | -$3.2M | -$3.3M | -$2.3M | -$3.2M | -$18.9M | |
| R&D | $28.4M | $36.3M | $32.8M | $6.3M | $24.3M | $42.3M | $47.5M | $44.4M | $60.9M | $75.0M | $88.5M | |
| SG&A | $9.3M | $14.9M | $15.7M | $17.8M | $15.4M | $8.3M | $9.0M | $11.2M | $22.6M | $25.1M | $32.1M | |
| Operating Income | -$37.6M | -$51.1M | -$23.5M | -$24.4M | -$41.6M | -$50.5M | -$56.5M | -$55.6M | -$82.6M | -$103.2M | -$121.3M | |
| Interest Expense | $1.0K | $4.0K | $4.0K | $1.0K | $0.00 | $0.00 | $2.0K | $12.0K | $12.0K | $5.0K | $2.0K | |
| Pretax Income | -$37.0M | -$50.2M | -$31.6M | -$69.4M | -$33.3M | -$50.5M | -$55.2M | -$36.3M | -$75.1M | -$90.4M | -$111.1M | |
| Net Income | -$37.0M | -$50.2M | -$31.6M | -$69.4M | -$33.3M | -$50.5M | -$55.2M | -$36.3M | -$75.1M | -$90.4M | -$111.1M | |
| EPS (Diluted) | -1.96 | -2.14 | -1.34 | -2.57 | -0.64 | -0.92 | -4.30 | -2.83 | -4.28 | -4.24 | -5.51 | |
| EBITDA | -$37.0M | -$50.2M | -$31.6M | -$69.1M | -$31.5M | -$49.6M | -$52.0M | -$33.0M | -$71.9M | -$87.3M | -$107.9M | |
| Shares Out. (M) | 18.89 | 23.45 | 23.52 | 27.03 | 51.83 | 55.04 | 12.82 | 12.82 | 17.57 | 21.17 | 22.55 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $32.3M | $52.0M | $76.9M | $143.1M | $192.6M | $70.5M | $82.0M | $148.2M | $136.6M | $103.8M | $112.5M | |
| Short-Term Investments | $70.8M | $56.1M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $48.9M | $175.8M | $165.2M | $112.9M | |
| Total Current Assets | $103.5M | $108.8M | $77.2M | $143.6M | $194.5M | $74.0M | $84.7M | $200.3M | $315.9M | $271.8M | $228.9M | |
| Total Assets | $154.4M | $110.3M | $77.6M | $147.0M | $210.5M | $101.5M | $109.3M | $222.6M | $335.7M | $288.6M | $244.4M | |
| Total Current Liabilities | $9.5M | $11.0M | $4.6M | $4.7M | $7.9M | $10.9M | $6.7M | $23.0M | $15.2M | $16.4M | $21.5M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $6.8M | $0.00 | |
| Total Liabilities | $9.7M | $11.4M | $4.9M | $5.3M | $19.3M | $193.4M | $10.6M | $36.5M | $25.4M | $23.7M | $27.2M | |
| Stockholders' Equity | $144.7M | $98.9M | $72.7M | $141.7M | $191.2M | -$91.9M | $98.6M | $186.0M | $310.4M | $264.9M | $217.1M | |
| Retained Earnings | -$148.3M | -$198.5M | -$230.1M | -$299.5M | -$332.8M | -$95.6M | -$150.8M | -$187.2M | -$262.3M | -$352.6M | -$418.1M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$30.2M | -$44.7M | -$31.6M | -$15.4M | -$24.6M | -$46.4M | -$52.8M | -$51.4M | -$70.6M | -$77.2M | -$86.2M | |
| Capital Expenditure | -$713.0K | -$494.0K | -$49.0K | -$879.0K | -$2.2M | -$18.4M | -$2.2M | -$321.0K | -$808.0K | -$1.2M | -$875.4K | |
| Free Cash Flow | -$30.9M | -$45.2M | -$31.6M | -$16.3M | -$26.8M | -$64.8M | -$55.1M | -$51.7M | -$71.4M | -$78.4M | -$87.1M | |
| Investing Cash Flow | -$48.1M | $64.0M | $56.0M | -$688.0K | -$2.2M | -$18.4M | -$2.2M | $25.6M | -$125.3M | $14.0M | $104.7M | |
| Financing Cash Flow | $71.1M | $423.0K | $570.0K | $82.2M | $77.1M | $51.1M | $66.5M | $92.5M | $184.1M | $30.4M | $36.6M | |
| Issuance of Stock | $71.1M | $438.0K | $602.0K | $82.2M | $77.2M | $287.0K | $73.0K | $92.3M | $189.6M | $30.4M | $36.6M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | -$4.0K | -$15.0K | -$32.0K | -$9.0K | -$49.0K | $0.00 | -$1.0K | -$29.0K | -$52.0K | -$61.0K | -$42.5K | |
| Stock Based Comp. | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $896.0K | $1.3M | $1.4M | $8.3M | $14.2M | $7.9M | |
| Net Change in Cash | -$7.2M | $19.7M | $24.9M | $66.2M | $49.5M | -$13.7M | $11.5M | $66.7M | -$11.8M | -$32.7M | $53.7M |
Dilution Tracker
Shares Outstanding
16M
5-Year Share Growth
-59.2%
Stock Issuance (TTM)
$36.6M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 18.89 | 23.45 | 23.52 | 27.03 | 51.83 | 55.04 | 12.82 | 12.82 | 17.57 | 21.17 | 22.55 | |
| Change vs Prior % | — | 24.1% | 0.3% | 14.9% | 91.7% | 6.2% | -76.7% | 0.0% | 37.0% | 20.5% | 6.5% | |
| Stock Issuance | $71.1M | $438.0K | $602.0K | $82.2M | $77.2M | $287.0K | $73.0K | $92.3M | $189.6M | $30.4M | $36.6M | |
| Stock Repurchase | $0.00 | $0.00 | $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 | $896.0K | $1.3M | $1.4M | $8.3M | $14.2M | $7.9M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | — | — | 100.0% | — | — | — | — | — | -251.0% | — | — | |
| Operating Margin % | — | — | -94.1% | — | — | — | — | — | -8930.3% | — | — | |
| Net Margin % | — | — | -126.3% | — | — | — | — | — | -8123.7% | — | — | |
| EBITDA Margin % | — | — | -126.3% | — | — | — | — | — | -7771.4% | — | — | |
| FCF Margin % | — | — | -126.5% | — | — | — | — | — | -7720.1% | — | — | |
| ROE % | -25.6% | -50.7% | -43.5% | -49.0% | -17.4% | 55.0% | -56.0% | -19.5% | -24.2% | -34.1% | -45.1% | |
| ROA % | -24.0% | -45.5% | -40.7% | -47.2% | -15.8% | -49.8% | -50.5% | -16.3% | -22.4% | -31.3% | -45.5% | |
| ROIC % | -26.0% | -51.4% | -32.2% | -17.1% | -20.4% | -54.7% | -54.7% | -27.5% | -25.5% | -37.5% | -53.7% | |
| R&D / Revenue % | — | — | 131.2% | — | — | — | — | — | 6585.6% | — | — |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 0.0% | 0.0% | -100.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -100.0% | |
| Gross Profit | 0.0% | 0.0% | 0.0% | -101.4% | -435.6% | -2220.9% | 92.4% | -2.1% | 28.8% | -37.5% | |
| Operating Income | -76.4% | -35.8% | 54.0% | -3.9% | -70.0% | -21.6% | -11.8% | 1.7% | -48.6% | -24.9% | |
| Net Income | -69.3% | -35.6% | 37.1% | -119.9% | 52.1% | -51.8% | -9.2% | 34.2% | -106.9% | -20.2% | |
| EPS (Diluted) | -13.3% | -9.2% | 37.4% | -91.8% | 75.1% | -43.8% | -367.4% | 34.2% | -51.2% | 0.9% | |
| Operating Cash Flow | -49.1% | -47.9% | 29.4% | 51.2% | -59.6% | -88.8% | -13.8% | 2.7% | -37.3% | -9.3% | |
| Free Cash Flow | -52.4% | -46.1% | 30.0% | 48.5% | -64.7% | -141.7% | 15.0% | 6.0% | -38.0% | -9.7% | |
| R&D Expense | 79.6% | 27.8% | -9.6% | -80.7% | 285.4% | 73.6% | 12.4% | -6.5% | 37.2% | 23.1% | |
| SG&A Expense | 67.2% | 60.3% | 5.9% | 13.0% | -13.5% | -46.3% | 9.0% | 24.2% | 102.1% | 11.1% | |
| Total Assets | 36.2% | -28.5% | -29.6% | 89.4% | 43.2% | -51.8% | 7.7% | 103.7% | 50.8% | -14.0% | |
| Book Value / Share | -10.7% | -44.9% | -26.7% | 69.6% | -29.6% | -145.2% | 560.8% | 88.6% | 21.8% | -29.2% | |
| Debt | -64.1% | -29.8% | -81.8% | 20083.3% | 901.0% | -47.0% | -27.1% | 246.7% | -23.5% | -20.4% | |
| Diluted Shares | 49.5% | 24.1% | 0.3% | 14.9% | 91.7% | 6.2% | -76.7% | 0.0% | 37.0% | 20.5% |
Valuation
P/E (TTM)At Loss
P/S0.00
P/B2.63
10Y Low / Med / High1.29 / 13.98 / 76.43
EV/EBITDAAt Loss
EV/Revenue0.00
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$4.36
Tangible Book / Share
$9.63
Net Current Assets / Share
$12.76
Graham Net-Net
$8.79
Cash / Share
$9.99
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -168.47 | -109.91 | -32.24 | -95.88 | -440.63 | -104.78 | -2.37 | -6.85 | -5.34 | -4.86 | -4.59 | |
| P/S Ratio | 0.00 | 0.00 | 40.64 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 434.14 | 0.00 | 0.00 | |
| P/B Ratio | 43.13 | 55.78 | 13.98 | 47.01 | 76.43 | -57.75 | 1.32 | 1.34 | 1.29 | 1.65 | 2.63 | |
| EV/EBITDA | -167.74 | -108.88 | -29.74 | -94.33 | -458.87 | -105.75 | -1.02 | -3.53 | -3.86 | -3.92 | -2.74 | |
| EV/Revenue | 0.00 | 0.00 | 37.56 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 299.92 | 0.00 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
5.94
Safe
Piotroski F-Score
1
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $462.5K | $0.00 | $73.1M |
| Net Income | -$118.0M | -$109.1M | -$107.3M |
| EPS | $-5.64 | $-5.23 | $-4.65 |
| # Analysts (EPS) | 6 | 6 | 6 |
Revenue Segments
By Product
| Segment | 2024 |
|---|---|
| Reportable Segment | $925.0K |