The company remains a pre-revenue clinical-stage organization, with R&D expenditures escalating to $25.1 million in 2026Q1, driving a net loss of $30.9 million.
| 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 |
|---|
| Sales/Revenue | 0 | 0 | 925K | 0 | 0 | 0 | 0 | 0 | 25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | -100% | -100% | - | - | - | - | - | -100% | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 1.64M | 3.19M | 3.25M | 3.26M | 3.2M | 42.26M | 1.82M | 340K | 0 | 0 | 0 | 0 | 135.95K | 59.57K | 130.78K | 125.6K |
| COGS % of Revenue | - | - | 351.03% | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | -1.64M | -3.19M | -2.32M | -3.26M | -3.2M | -42.26M | -1.82M | -340K | 25M | 0 | 0 | 0 | -135.95K | -59.57K | -130.78K | -125.6K |
| Gross Margin % | - | - | -251.03% | - | - | - | - | - | 100% | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | -37.47% | 28.82% | -2.07% | 92.44% | -2220.92% | -435.59% | -101.36% | - | - | - | 100% | -128.21% | 54.45% | -4.13% | - |
| Operating Expenses | 109.12M | 100.02M | 80.28M | 52.32M | 53.32M | 8.27M | 39.73M | 24.1M | 48.52M | 51.12M | 37.65M | 21.34M | 22.24M | 9.32M | 7.55M | 10.3M |
| OpEx % of Revenue | - | - | 8679.24% | - | - | - | - | - | 194.1% | - | - | - | - | - | - | - |
| Selling, General & Admin | 27.57M | 25.13M | 22.61M | 11.19M | 9.01M | 8.27M | 15.39M | 17.79M | 15.73M | 14.85M | 9.26M | 5.54M | 4.3M | 1.78M | 1.64M | 1.73M |
| SG&A % of Revenue | - | - | 2444.65% | - | - | - | - | - | 62.94% | - | - | - | - | - | - | - |
| Research & Development | 82.4M | 75.01M | 60.92M | 44.39M | 47.51M | 42.26M | 24.34M | 6.32M | 32.79M | 36.27M | 28.38M | 15.8M | 17.94M | 7.54M | 5.91M | 8.58M |
| R&D % of Revenue | - | - | 6585.62% | - | - | - | - | - | 131.16% | - | - | - | - | - | - | - |
| Other Operating Expenses | -854K | 0 | -3.25M | -3.26M | -3.2M | -42.26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -110.76M | -103.21M | -82.61M | -55.58M | -56.52M | -50.53M | -41.55M | -24.44M | -23.52M | -51.12M | -37.65M | -21.34M | -22.38M | -9.38M | -7.68M | -10.43M |
| Operating Margin % | - | - | -8930.27% | - | - | - | - | - | -94.1% | - | - | - | - | - | - | - |
| Operating Income Growth % | - | -24.94% | -48.62% | 1.65% | -11.84% | -21.61% | -70% | -3.91% | 53.98% | -35.79% | -76.41% | 4.63% | -138.66% | -22.06% | 26.35% | - |
| EBITDA | -107.57M | -103.33M | -79.36M | -52.29M | -53.32M | -49.59M | -39.73M | -24.1M | -31.58M | -50.18M | -37M | -21.76M | -22.24M | -9.32M | -7.55M | -10.3M |
| EBITDA Margin % | - | - | -8579.24% | - | - | - | - | - | -126.32% | - | - | - | - | - | - | - |
| EBITDA Growth % | -24.27% | -30.2% | -51.78% | 1.94% | -7.53% | -24.8% | -64.85% | 23.68% | 37.06% | -35.62% | -70.03% | 2.15% | -138.72% | -23.39% | 26.72% | - |
| D&A (Non-Cash Add-back) | 3.18M | 0 | 3.25M | 3.3M | 3.2M | 947K | 1.82M | 340K | 0 | 0 | 0 | -421K | 135.95K | 59.57K | 130.78K | 125.6K |
| EBIT | -103.84M | -103.21M | -75.13M | -55.58M | -55.19M | -50.53M | -33.28M | -69.44M | -31.58M | -50.18M | -37M | -21.76M | -21.78M | -8.69M | -7.67M | -10.66M |
| Net Interest Income | 10.6M | 11.54M | 8.46M | 2.94M | 1.33M | 19K | 490K | 1.54M | 1.56M | 994K | 618K | -99K | -2.25M | -16.6K | 10.8K | 19.75K |
| Interest Income | 10.6M | 11.55M | 8.47M | 2.95M | 1.34M | 19K | 490K | 1.54M | 1.56M | 998K | 619K | 0 | 0 | 26.32K | 10.8K | 19.75K |
| Interest Expense | 3K | 5K | 12K | 12K | 2K | 0 | 0 | 1K | 4K | 4K | 1K | 99K | 2.25M | 42.92K | 0 | 0 |
| Other Income/Expense | 12.12M | 12.86M | 7.46M | 19.27M | 1.33M | 17K | 8.28M | -45M | -8.06M | 936K | 643K | -520K | -1.65M | 641.24K | 9.11K | -232.21K |
| Pretax Income | -98.64M | -90.35M | -75.14M | -36.32M | -55.19M | -50.52M | -33.28M | -69.44M | -31.59M | -50.18M | -37M | -21.86M | -24.03M | -8.73M | -7.67M | -10.66M |
| Pretax Margin % | - | - | -8123.68% | - | - | - | - | - | -126.34% | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -222 | -5.04K | 42.29K | -154.47K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0.06% | -0.55% | 1.45% |
| Net Income | -98.64M | -90.35M | -75.14M | -36.32M | -55.19M | -50.52M | -33.28M | -69.44M | -31.59M | -50.18M | -37M | -21.86M | -23.82M | -8.73M | -7.71M | -10.51M |
| Net Margin % | - | - | -8123.68% | - | - | - | - | - | -126.34% | - | - | - | - | - | - | - |
| Net Income Growth % | -21.97% | -20.24% | -106.91% | 34.2% | -9.25% | -51.81% | 52.08% | -119.86% | 37.06% | -35.62% | -69.27% | 8.23% | -172.89% | -13.16% | 26.58% | - |
| Net Income (Continuing) | -98.64M | -90.35M | -75.14M | -36.32M | -55.19M | -50.52M | -33.28M | -69.44M | -31.59M | -50.18M | -37M | -21.86M | -24.03M | -8.73M | -7.71M | -10.51M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -4.42 | -4.24 | -4.28 | -2.83 | -4.30 | -0.92 | -0.64 | -2.57 | -1.34 | -2.14 | -1.96 | -1.73 | -2.75 | -0.87 | -0.77 | -1.05 |
| EPS Growth % | -7.71% | 0.93% | -51.24% | 34.19% | -367.39% | -43.75% | 75.1% | -91.79% | 37.38% | -9.18% | -13.29% | 37.09% | -216.09% | -12.99% | 26.67% | - |
| EPS (Basic) | - | -4.24 | -4.28 | -2.83 | -4.30 | -0.92 | -0.64 | -2.57 | -1.34 | -2.14 | -1.96 | -1.73 | -2.75 | -0.87 | -0.77 | -1.05 |
| Diluted Shares Outstanding | 22.31M | 21.17M | 17.57M | 12.82M | 12.82M | 55.04M | 51.83M | 27.03M | 23.52M | 23.45M | 18.89M | 12.64M | 8.67M | 10.05M | 10.05M | 10.05M |
| Basic Shares Outstanding | 22.31M | 21.17M | 17.57M | 12.82M | 12.82M | 55.04M | 51.83M | 27.03M | 23.52M | 23.45M | 18.89M | 12.64M | 8.67M | 10.05M | 10.05M | 10.05M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Clinical trial execution failure
As indicated by the company's financial disclosures, Neurogene remains a pre-revenue entity with no commercial product sales, as evidenced by the lack of consistent top-line figures across the ten-quarter period ending in 2026Q1, underscoring its status as a pure-play clinical-stage biotechnology research organization.
The absence of revenue confirms that the company's valuation is entirely decoupled from current commercial performance and tied exclusively to clinical milestones. Investors should monitor the transition from R&D to commercialization, as the current lack of top-line growth is a structural feature of the company's development-stage business model.
Based on reported income statements, Neurogene's R&D expenditures have trended upward, reaching $25.1 million in 2026Q1, which highlights the intensifying capital requirements necessary to support the ongoing clinical development of its proprietary gene therapy programs and associated regulatory infrastructure.
The consistent rise in R&D spending suggests that the company is accelerating its clinical trial activities, which directly impacts the net loss trajectory. This cost structure appears to be heavily weighted toward third-party clinical research organizations and manufacturing, necessitating careful scrutiny of future cash runway.
According to recent financial filings, the company's net loss widened to $30.9 million in 2026Q1, a trend that appears to be exacerbated by the accounting complexities inherent in its recent corporate restructuring and the ongoing reliance on non-cash stock-based compensation to manage operational expenses.
The fluctuation in net income, including the anomalous positive result in 2023Q4, suggests that GAAP earnings are currently an unreliable metric for assessing operational health. Analysts should focus on the underlying cash burn rate rather than reported net income to better understand the company's true financial sustainability.
As reported in financial statements, the company's operating losses have consistently exceeded $20 million per quarter, a trajectory that suggests the current cash position may be insufficient to reach pivotal data readouts without further dilutive financing or strategic capital market intervention.
The persistent negative operating margin indicates that the company is highly vulnerable to capital market volatility, particularly if clinical timelines are extended. Investors should monitor the relationship between the current cash balance and the projected burn rate, as any delay in trial enrollment could necessitate an earlier-than-expected capital raise.
Quick answers to the most common questions about buying NGNE stock.
For fiscal year 2025, Neurogene Inc. (NGNE) reported total revenue of $0.0M.
Neurogene Inc. (NGNE) reported a net loss of $90.4M for the fiscal year ending 2025.