Shareholder equity has eroded to $255.2 million as of 2026Q2, while the company maintains a debt-to-equity ratio of 0.13, reflecting a reliance on equity financing to offset a $432.0 million accumulated deficit.
| Total Current Assets | 270M | 201.39M | 247.36M | 85.44M | 511.8K | 1.57M |
| Cash & Short-Term Investments | 258.46M | 193.81M | 238.4M | 81.6M | 314.15K | 1.07M |
| Cash Only | 29.83M | 50.15M | 173M | 81.52M | 314.15K | 1.07M |
| Short-Term Investments | 228.64M | 143.66M | 65.4M | 76K | 0 | 0 |
| Accounts Receivable | 2.92M | 2.23M | 1.03M | 2.34M | 0 | 0 |
| Days Sales Outstanding | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - |
| Other Current Assets | 8.61M | 5.35M | 7.93M | 1.5M | 0 | 0 |
| Total Non-Current Assets | 37.52M | 20.08M | 63.81M | 1.52M | 131.53M | 129.88M |
| Property, Plant & Equipment | 9.44M | 10.19M | 2.91M | 589K | 0 | 0 |
| Fixed Asset Turnover | 0.00x | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 94.84M | 8.52M | 59.53M | 70K | 131.53M | 129.67M |
| Other Non-Current Assets | 1.38M | 1.36M | 1.37M | 860K | 939K | 209.05K |
| Total Assets | 307.52M | 221.47M | 311.17M | 86.96M | 132.04M | 131.45M |
| Asset Turnover | 0.00x | - | - | - | - | - |
| Asset Growth % | -3.59% | -28.83% | 257.84% | -34.14% | 0.45% | - |
| Total Current Liabilities | 21.48M | 31.98M | 14.66M | 5.26M | 893.51K | 327.45K |
| Accounts Payable | 1.79M | 6.69M | 1.41M | 1.16M | 0 | 0 |
| Days Payables Outstanding | 3.29K | - | - | - | - | - |
| Short-Term Debt | 2.48M | 10.02M | 1.12M | 562K | 1.26M | 1.05M |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 17.21M | 11.2M | 8.65M | 2.69M | 893.51K | 327.45K |
| Current Ratio | 12.57x | 6.30x | 16.87x | 16.25x | 0.57x | 4.79x |
| Quick Ratio | 12.57x | 6.30x | 16.87x | 16.25x | 0.57x | 4.79x |
| Cash Conversion Cycle | - | - | - | - | - | - |
| Total Non-Current Liabilities | 30.87M | 21.78M | 23.9M | 9.22M | 3.73M | 3.73M |
| Long-Term Debt | 24.91M | 15.32M | 22.47M | 9.22M | 0 | 0 |
| Capital Lease Obligations | 25.37M | 6.46M | 1.43M | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 3.73M | 0 |
| Total Liabilities | 52.36M | 53.76M | 38.56M | 14.47M | 4.62M | 4.05M |
| Total Debt | 33.35M | 31.8M | 25.02M | 9.78M | 32.11M | 4.16M |
| Net Debt | 3.52M | -18.36M | -147.98M | -71.74M | -314.15K | -1.07M |
| Debt / Equity | 0.13x | 0.19x | 0.09x | 0.13x | 0.25x | 0.03x |
| Debt / EBITDA | -0.49x | - | - | - | - | - |
| Net Debt / EBITDA | -0.05x | - | - | - | - | - |
| Interest Coverage | -42.42x | -38.18x | -18.71x | -19.17x | -16.17x | -3.67x |
| Total Equity | 255.17M | 167.71M | 272.61M | 72.49M | 127.42M | 127.39M |
| Equity Growth % | -26.45% | -38.48% | 276.09% | -43.11% | 0.02% | - |
| Book Value per Share | 3.66 | 3.28 | 6.11 | 3.08 | 8.06 | 8.06 |
| Total Shareholders' Equity | 255.17M | 167.71M | 272.61M | 72.49M | 127.42M | 127.39M |
| Common Stock | 632M | 513.28M | 509.81M | 259.37M | 131.53M | 129.67M |
| Retained Earnings | -432.01M | -372.03M | -254.73M | -199.59M | -4.11M | -2.28M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -1.14M | -888K | -1.42M | -1.02M | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial funding shortfall
As reported in recent financial statements, enGene's total assets have contracted from $311.2 million in 2024Q4 to $307.5 million by 2026Q2, signaling a steady depletion of the capital base as the firm aggressively funds its late-stage clinical development programs without any offsetting revenue streams.
The downward trend in total assets, coupled with a persistent accumulation of deficit in retained earnings, suggests that the company is consuming its initial public offering proceeds at an accelerating rate. Investors should monitor whether this trajectory forces a strategic pivot or necessitates further dilutive capital raises to sustain the LEGEND trial.
Based on the company's 2026Q2 reported figures, cash reserves have dwindled to $29.8 million, a significant decline from the $264.8 million held in 2024Q2, which indicates that the firm's liquidity buffer is rapidly narrowing as clinical trial expenditures continue to outpace available capital resources.
While the current ratio remains elevated at 12.57, this metric is somewhat misleading for a pre-revenue biotech, as it does not account for the high burn rate required to maintain clinical trial sites. The rapid depletion of cash suggests that the company may face a liquidity crunch if it fails to secure additional funding or reach a major clinical milestone in the near term.
According to quarterly filings, the company's equity position has declined to $255.2 million in 2026Q2 from $272.6 million in 2024Q4, a trend driven by a ballooning accumulated deficit that reached $432.0 million, reflecting the heavy reliance on equity financing to fund ongoing research and development activities.
The persistent growth in the accumulated deficit underscores the high cost of developing the DDX platform, with equity holders bearing the brunt of this capital-intensive phase. The reliance on equity to bridge the gap between clinical development and commercialization suggests that further dilution remains a distinct possibility for current shareholders.
As indicated by the balance sheet data, the company's asset base is heavily weighted toward cash and minimal tangible assets, with net PPE of only $9.4 million as of 2026Q2, suggesting that the firm lacks significant physical collateral to support debt financing in the event of a liquidity shortfall.
The absence of meaningful tangible assets implies that the company's value is almost entirely tied to the intangible potential of its clinical pipeline. This lack of asset backing makes the firm particularly vulnerable to regulatory setbacks or negative clinical data, as there is little underlying value to protect investors during periods of market volatility.
Quick answers to the most common questions about buying ENGN stock.
As of 2025, enGene Holdings Inc. (ENGN) had total assets of $221.5M including $201.4M in current assets.
enGene Holdings Inc. (ENGN) carries total debt of $31.8M, offset by $193.8M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
enGene Holdings Inc. (ENGN) has total shareholders' equity (book value) of $167.7M ($3.28 book value per share). Book value represents the net worth of the company belonging to common stock holders.
enGene Holdings Inc. (ENGN) reported a current ratio of 6.30x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.