The company remains pre-revenue, with quarterly R&D spending intensifying to $22.2 million in 2026Q2 as it prioritizes clinical development over operational profitability.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - |
| Cost of Goods Sold | 369K | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - |
| Gross Profit | -369K | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | - | - | - | - |
| Operating Expenses | 132.21M | 123.17M | 62.3M | 26.06M | 19.43M | 15.87M |
| OpEx % of Revenue | - | - | - | - | - | - |
| Selling, General & Admin | 35.41M | 28.68M | 23.98M | 8.47M | 3.26M | 3.15M |
| SG&A % of Revenue | - | - | - | - | - | - |
| Research & Development | 98.75M | 94.48M | 38.31M | 16.46M | 15.47M | 12.46M |
| R&D % of Revenue | - | - | - | - | - | - |
| Other Operating Expenses | -676K | 0 | 0 | 1.13M | 700K | 253K |
| Operating Income | -68.64M | -123.17M | -62.3M | -26.06M | -19.43M | -15.87M |
| Operating Margin % | - | - | - | - | - | - |
| Operating Income Growth % | - | -97.71% | -139.05% | -34.14% | -22.41% | - |
| EBITDA | -67.97M | -122.66M | -61.97M | -25.89M | -19.19M | -15.6M |
| EBITDA Margin % | - | - | - | - | - | - |
| EBITDA Growth % | 22.38% | -97.92% | -139.42% | -34.89% | -23.02% | - |
| D&A (Non-Cash Add-back) | 670K | 509K | 323K | 175K | 238K | 272K |
| EBIT | -126.61M | -114.31M | -52.36M | -94.95M | -23.02M | -18.42M |
| Net Interest Income | 6.63M | 6.43M | 7.62M | -3.84M | -1.29M | -5M |
| Interest Income | 4.29M | 9.43M | 10.41M | 1.12M | 129K | 25K |
| Interest Expense | 2.98M | 2.99M | 2.8M | 4.95M | 1.42M | 5.02M |
| Other Income/Expense | 1.99M | 5.86M | 7.14M | -73.84M | -5.01M | -7.57M |
| Pretax Income | -66.65M | -117.3M | -55.16M | -99.9M | -24.44M | -23.44M |
| Pretax Margin % | - | - | - | - | - | - |
| Income Tax | -258K | 0 | -19K | 17K | 22K | 0 |
| Effective Tax Rate % | 0.39% | 0% | 0.03% | -0.02% | -0.09% | 0% |
| Net Income | -66.4M | -117.3M | -55.14M | -99.92M | -24.46M | -23.44M |
| Net Margin % | - | - | - | - | - | - |
| Net Income Growth % | 16.88% | -112.73% | 44.81% | -308.46% | -4.36% | - |
| Net Income (Continuing) | -66.4M | -117.3M | -55.14M | -99.92M | -24.46M | -23.44M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.95 | -2.29 | -1.46 | -4.24 | 0.00 | -0.01 |
| EPS Growth % | -109.52% | -56.85% | 65.57% | - | 113.29% | - |
| EPS (Basic) | - | -2.29 | -1.46 | -4.24 | 0.00 | -0.01 |
| Diluted Shares Outstanding | 69.72M | 51.12M | 44.64M | 23.56M | 15.81M | 15.81M |
| Basic Shares Outstanding | 69.72M | 51.12M | 44.64M | 23.56M | 15.81M | 15.81M |
| Dividend Payout Ratio | - | - | - | - | - | - |
Clinical trial funding shortfall
As reported in recent financial statements, enGene's quarterly R&D spending surged to $22.2 million by 2026Q2, reflecting the intensifying capital requirements of the LEGEND clinical trial as the company attempts to advance its proprietary DDX delivery platform toward potential commercialization in the competitive NMIBC oncology space.
The consistent upward trend in R&D costs suggests that the company is reaching a critical phase in its clinical development timeline, necessitating higher site-related expenditures. Investors should monitor whether this spending trajectory remains sustainable given the current cash position, as the lack of revenue leaves the firm entirely dependent on external financing to cover these operational outflows.
Based on the company's 2026Q2 income statement, the reported net income of $30.2 million appears to be heavily influenced by non-operating adjustments rather than core operational success, as the firm remains pre-revenue and continues to incur significant losses from its ongoing clinical development and administrative activities.
The sudden swing to positive net income in the most recent quarter warrants further investigation, as it likely reflects non-cash accounting adjustments related to the SPAC merger or warrant revaluations. Analysts should look past these headline figures to focus on the underlying cash burn, which remains the most accurate indicator of the company's financial health.
According to the provided quarterly data, enGene's operating expenses have scaled significantly, with SG&A costs reaching $9.8 million in 2026Q2, indicating that the company is building out its administrative and operational infrastructure well in advance of any potential revenue generation from its lead gene therapy candidate.
The lack of revenue means that operating leverage is currently non-existent, as every dollar spent on SG&A and R&D directly increases the net loss. This structure implies that the company will require a massive, non-linear increase in future sales to achieve break-even, assuming the clinical program successfully reaches the commercialization stage.
Based on the reported figures, the company's cash burn rate has accelerated alongside its clinical trial progression, raising significant questions about the adequacy of its current capital reserves to reach pivotal data readouts without resorting to dilutive equity financing in the near-to-medium term for shareholders.
Short-sellers may focus on the widening gap between R&D intensity and the company's limited cash runway, which appears to be under pressure. If the LEGEND trial encounters any regulatory delays or requires larger patient cohorts, the financial strain may necessitate a capital raise that could significantly dilute existing equity holders.
Quick answers to the most common questions about buying ENGN stock.
For fiscal year 2025, enGene Holdings Inc. (ENGN) reported total revenue of $0.0M.
enGene Holdings Inc. (ENGN) reported a net loss of $117.3M for the fiscal year ending 2025.