nature and depend upon or refer to future events or conditions, and include words such as "may," "will," "should," "would," "expect," "anticipate," "plan," "likely," "believe," "estimate," "project," "intend," "on track, " and other similar expressions or the negative or plural of these words, or other similar expressions that are predictions or indicate future events or prospects, although not all forward-looking statements contain these words. Forward-looking statements are based on current beliefs and assumptions that are subject to risks, uncertainties and assumptions that are difficult to predict with regard to timing, extent, likelihood, and degree of occurrence, which could cause actual results to differ materially from anticipated results and many of which are outside of Neurogene's control. Such risks, uncertainties and assumptions include, among other things:; the expected timing and results of dosing of patients in our Phase 1/2 clinical trial of NGN-401 for the treatment of Rett syndrome; the potential for negative impacts to the Company's Phase 1/2 clinical trial as a result of the previously announced SAE in a patient in the high-dose Cohort 2 of the trial; the risk that the Company may not be able to report our clinical trial data on the predicted timeline; risks related to the Company's ability to obtain regulatory approval for, and ultimately commercialize, our product candidates, including NGN-401; and other risks and uncertainties identified under the heading "Risk Factors" included in Neurogene's Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission $(SEC.UK)$ on March 18, 2024, or its Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, and other filings that the Company has made and may make with the SEC in the future. Nothing in this communication should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that the contemplated results of any such forward-looking statements will be achieved. Forward-looking statements in this communication speak only as of the day they are made and are qualified in their entirety by reference to the cautionary statements herein. Except as required by applicable law, Neurogene undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

This communication contains hyperlinks to information that is not deemed to be incorporated by reference into this communication.

- Financial Tables Follow -

 
                               Neurogene Inc. 
                   Condensed Consolidated Balance Sheets 
                       (In thousands of U.S. dollars) 
 
                                              September 30,    December 31, 
                                                   2024            2023 
                                             ---------------  -------------- 
Assets 
    Cash and cash equivalents                 $       66,633   $     148,210 
    Other current assets                              77,014          52,138 
    Non-current assets                                20,473          22,225 
                                                 -----------      ---------- 
Total assets                                  $      164,120   $     222,573 
                                                 ===========      ========== 
Liabilities 
    Current liabilities                               15,800          22,973 
    Non-current liabilities                           10,906          13,576 
                                                 -----------      ---------- 
Total liabilities                                     26,706          36,549 
Stockholders' equity                                 137,414         186,024 
                                                 -----------      ---------- 
Total liabilities and stockholders' equity    $      164,120   $     222,573 
                                                 ===========      ========== 
 
 
                             Neurogene Inc. 
            Condensed Consolidated Statements of Operations 
        (In thousands of U.S. dollars, except share information) 
 
                        Three Months Ended         Nine Months Ended 
                           September 30,             September 30, 
                      -----------------------  ------------------------- 
                          2024        2023         2024        2023 
                       ----------    -------    ----------    ------- 
Revenue under 
 licensing 
 agreements           $        --   $     --   $       925   $     -- 
Operating expenses: 
   Research and 
    development 
    expenses               16,285     11,606        45,570     32,210 
   General and 
    administrative 
    expenses                5,895      3,613        16,448      8,640 
                       ----------    -------    ----------    ------- 
      Total 
       operating 
       expenses            22,180     15,219        62,018     40,850 
                       ----------    -------    ----------    ------- 
         Loss from 
          operations      (22,180)   (15,219)      (61,093)   (40,850) 
Other income, net           1,963        642         5,463      2,150 
                       ----------    -------    ----------    ------- 
Net loss              $   (20,217)  $(14,577)  $   (55,630)  $(38,700) 
                       ==========    =======    ==========    ======= 
 
Per share 
 information: 
                       ----------    -------    ----------    ------- 
Net loss per share, 
 basic and diluted    $     (1.19)  $ (32.67)  $     (3.29)  $ (87.66) 
                       ==========    =======    ==========    ======= 
Weighted-average 
 shares of common 
 stock outstanding, 
 basic and diluted     16,953,443    446,255    16,932,976    441,498 
 

View source version on businesswire.com: https://www.businesswire.com/news/home/20241118092522/en/

 
    CONTACT:    Company Contact: 

Cara Mayfield

Vice President, Corporate Affairs

cara.mayfield@neurogene.com

Investor Contact:

Melissa Forst

Argot Partners

Neurogene@argotpartners.com

(END) Dow Jones Newswires

November 18, 2024 17:25 ET (22:25 GMT)