Neurogene maintains a conservative capital structure with a debt-to-equity ratio of 0.04, though total assets have eroded to $263.1 million as of 2026Q1 due to ongoing clinical development costs.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Total Current Assets | 246.75M | 271.77M | 315.92M | 200.35M | 84.72M | 73.96M | 194.52M | 143.6M | 77.17M | 108.83M | 103.48M | 74.8M | 39.3M | 57.04M | 2.06M | 9.49M |
| Cash & Short-Term Investments | 243.18M | 269.01M | 312.4M | 197.16M | 82.02M | 70.54M | 192.56M | 143.09M | 76.93M | 108.08M | 103.06M | 74.48M | 39.1M | 56.95M | 2M | 9.24M |
| Cash Only | 124.16M | 103.84M | 136.59M | 148.21M | 82.02M | 70.54M | 192.56M | 143.09M | 76.93M | 52.03M | 32.3M | 39.53M | 14.91M | 54.13M | 2M | 9.24M |
| Short-Term Investments | 119.02M | 165.17M | 175.82M | 48.95M | 0 | 0 | 0 | 0 | 0 | 56.05M | 70.76M | 34.96M | 24.19M | 2.82M | 0 | 0 |
| Accounts Receivable | 0 | 0 | 648K | 600K | 0 | 790K | 0 | 0 | 0 | 0 | 0 | 32K | 65.45K | 27.95K | 28.55K | 219.55K |
| Days Sales Outstanding | - | - | 255.7 | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 1.91M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | 16.52 | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 3.56M | 2.76M | 981K | 1.09M | 1.62M | -1.2M | 1.97M | 503K | 237K | 740K | 426K | 282K | 139.01K | 0 | 0 | 0 |
| Total Non-Current Assets | 16.39M | 16.83M | 19.81M | 22.23M | 24.55M | 27.53M | 16M | 3.43M | 453K | 1.5M | 50.9M | 38.55M | 2.12M | 1.73M | 277.91K | 397.54K |
| Property, Plant & Equipment | 14.98M | 15.46M | 18.49M | 20.95M | 24.55M | 27.53M | 13.72M | 2.83M | 400K | 905K | 849K | 89K | 104.69K | 75.47K | 157.8K | 259.38K |
| Fixed Asset Turnover | 0.00x | - | 0.05x | - | - | - | - | - | 62.50x | - | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 128K | 347K | 567K | 0 | 0 | 0 | 0 | 0 | 62.51K | 85.26K | 108.02K |
| Long-Term Investments | 339K | 0 | 0 | 0 | 0 | 878K | 0 | 0 | 0 | 0 | 50.05M | 38.46M | 2M | 0 | 0 | 0 |
| Other Non-Current Assets | 1.42M | 1.37M | 1.31M | 1.27M | 0 | -1.01M | 1.93M | 30K | 53K | 599K | 0 | 0 | 13.39K | 1.59M | 34.84K | 30.14K |
| Total Assets | 263.14M | 288.6M | 335.73M | 222.57M | 109.27M | 101.49M | 210.52M | 147.02M | 77.62M | 110.33M | 154.38M | 113.34M | 41.42M | 58.77M | 2.34M | 9.88M |
| Asset Turnover | 0.00x | - | 0.00x | - | - | - | - | - | 0.32x | - | - | - | - | - | - | - |
| Asset Growth % | 110.31% | -14.04% | 50.84% | 103.7% | 7.66% | -51.79% | 43.19% | 89.42% | -29.65% | -28.53% | 36.21% | 173.62% | -29.52% | 2409.35% | -76.31% | - |
| Total Current Liabilities | 18.87M | 16.41M | 15.16M | 22.97M | 6.65M | 10.86M | 7.89M | 4.74M | 4.63M | 10.96M | 9.52M | 4.79M | 5.2M | 2.62M | 385.39K | 607.89K |
| Accounts Payable | 4.68M | 1.95M | 1.34M | 2.6M | 625K | 5.63M | 1.32M | 1.6M | 702K | 0 | 0 | 0 | 734.19K | 599.83K | 188.54K | 317.5K |
| Days Payables Outstanding | 569.52 | 223.32 | 150.18 | 290.48 | 71.38 | 48.62 | 265.18 | 1.72K | - | - | - | - | 1.97K | 3.68K | 526.19 | 922.69 |
| Short-Term Debt | 3.05M | 3.06M | 3M | 0 | 0 | 1.22M | 708K | 618K | 0 | 0 | 0 | 0 | 0 | 250K | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 11.13M | 11.39M | 1.43M | 6.71M | 167K | 132K | 2.61M | 1.28M | 3.92M | 9.4M | 8.49M | 2.31M | 4.47M | 1.52M | 116.26K | 173.26K |
| Current Ratio | 13.08x | 16.56x | 20.84x | 8.72x | 12.74x | 6.81x | 24.66x | 30.28x | 16.68x | 9.93x | 10.87x | 15.61x | 7.55x | 21.77x | 5.36x | 15.61x |
| Quick Ratio | 13.08x | 16.56x | 20.84x | 8.72x | 12.74x | 6.64x | 24.66x | 30.28x | 16.68x | 9.93x | 10.87x | 15.61x | 7.55x | 21.77x | 5.36x | 15.61x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 6.49M | 7.31M | 10.2M | 13.58M | 3.99M | 182.51M | 11.41M | 593K | 319K | 486K | 197K | 131K | 72.34K | 4.86M | 1.08M | 689.65K |
| Long-Term Debt | 6.08M | 6.83M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 124K | 72.34K | 2.04M | 0 | 0 |
| Capital Lease Obligations | 22.93M | 0 | 9.43M | 13.37M | 3.99M | 4.6M | 11.41M | 593K | 6K | 33K | 47K | 7K | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 572K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 409K | 479K | 769K | 203K | 0 | 177.91M | 0 | 0 | -1 | 0 | 0 | 0 | 0 | 2.83M | 1.08M | 689.65K |
| Total Liabilities | 25.36M | 23.72M | 25.36M | 36.55M | 10.64M | 193.36M | 19.3M | 5.34M | 4.95M | 11.44M | 9.72M | 4.92M | 5.28M | 7.48M | 1.47M | 1.3M |
| Total Debt | 9.13M | 9.89M | 12.43M | 16.25M | 4.69M | 6.43M | 12.12M | 1.21M | 6K | 33K | 47K | 131K | 72.34K | 2.29M | 0 | 0 |
| Net Debt | -115.03M | -93.95M | -124.16M | -131.96M | -77.33M | -64.11M | -180.43M | -141.88M | -76.92M | -52M | -32.25M | -39.4M | -14.83M | -51.84M | -2M | -9.24M |
| Debt / Equity | 0.04x | 0.04x | 0.04x | 0.09x | 0.05x | - | 0.06x | 0.01x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.04x | - | - |
| Debt / EBITDA | -0.08x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 1.07x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | -34615.00x | -20641.60x | -6261.00x | -4631.92x | -27593.50x | - | - | -69441.00x | -7895.25x | -12544.75x | -37001.00x | -219.81x | -9.70x | -202.49x | - | - |
| Total Equity | 237.78M | 264.89M | 310.38M | 186.02M | 98.63M | -91.88M | 191.22M | 141.69M | 72.67M | 98.89M | 144.66M | 108.42M | 36.15M | 51.28M | 874.03K | 8.59M |
| Equity Growth % | 136.35% | -14.66% | 66.85% | 88.61% | 207.35% | -148.05% | 34.96% | 94.97% | -26.51% | -31.64% | 33.43% | 199.94% | -29.52% | 5767.6% | -89.82% | - |
| Book Value per Share | 10.66 | 12.51 | 17.67 | 14.51 | 7.69 | -1.67 | 3.69 | 5.24 | 3.09 | 4.22 | 7.66 | 8.58 | 4.17 | 5.11 | 0.09 | 0.85 |
| Total Shareholders' Equity | 237.78M | 264.89M | 310.38M | 186.02M | 98.63M | -91.88M | 191.22M | 141.69M | 72.67M | 98.89M | 144.66M | 108.42M | 36.15M | 51.28M | 874.03K | 8.59M |
| Common Stock | 0 | 0 | 0 | 0 | 0 | 1K | 0 | 0 | 0 | 0 | 0 | 0 | 11 | 10 | 534.77K | 534.77K |
| Retained Earnings | -383.58M | -352.65M | -262.3M | -187.15M | -150.84M | -95.65M | -332.81M | -299.53M | -230.09M | -198.5M | -148.28M | -111.28M | -89.42M | -63.63M | -51.64M | -39.85M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -70K | -169K | -290K | -3.85K | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial execution failure
As reported in financial statements, Neurogene's total assets declined from $335.7 million in 2024Q4 to $263.1 million by 2026Q1, reflecting a consistent consumption of capital to fund the ongoing development of its gene therapy pipeline and the associated research infrastructure.
The downward trajectory in total assets suggests that the company is effectively converting its cash reserves into clinical progress, though this trend warrants close monitoring as the asset base shrinks. Investors should interpret this contraction as a natural, albeit risky, phase for a pre-revenue biotechnology firm that lacks internal cash generation to replenish its balance sheet.
Based on recent SEC filings, Neurogene's cash position fluctuated significantly, ending 2026Q1 at $124.2 million, which provides a temporary buffer but remains subject to the high quarterly burn rates required to sustain the NGN-401 clinical trial program.
While the current ratio of 13.08 appears robust, it is largely a function of the company's lack of significant short-term liabilities rather than operational efficiency. The volatility in cash levels suggests that the company may be forced to return to capital markets sooner than anticipated if clinical milestones are delayed.
According to the company's balance sheet data, shareholders' equity has trended downward to $237.8 million in 2026Q1, driven by an accumulated deficit that reached $383.6 million, highlighting the substantial capital intensity required to advance the EXACT platform.
The persistent growth of the accumulated deficit indicates that the company is consistently operating at a loss, which is typical for this stage of development but underscores the reliance on external financing. The equity structure appears vulnerable to further dilution, as the company lacks the earnings power to organically rebuild its capital base.
As indicated by the provided financial data, the company's asset base is heavily concentrated in cash and minimal property, plant, and equipment, with net PPE declining to $15.0 million in 2026Q1, suggesting a reliance on outsourced manufacturing rather than internal production capabilities.
This asset-light model may provide flexibility, but it also implies that the company lacks control over its own manufacturing destiny, which could lead to unforeseen cost escalations or supply chain bottlenecks. Investors should monitor whether this lack of physical infrastructure becomes a strategic liability as the company attempts to scale its clinical programs.
Quick answers to the most common questions about buying NGNE stock.
As of 2025, Neurogene Inc. (NGNE) had total assets of $288.6M including $271.8M in current assets.
Neurogene Inc. (NGNE) carries total debt of $9.9M, offset by $269.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Neurogene Inc. (NGNE) has total shareholders' equity (book value) of $264.9M ($12.51 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Neurogene Inc. (NGNE) reported a current ratio of 16.56x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.