Neurogene Financials
This page shows Neurogene (NGNE) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 14 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Neurogene is running an equity-funded development engine where higher R&D spend translates directly into deeper cash burn.
From FY2023 to FY2025, R&D spending climbed from$44.4M to$75.0M while operating cash burn widened from-$51.4M to-$77.2M , and cash fell to$103.8M despite$307.0M of financing inflows over the same stretch. That combination says new funding has mainly supported a larger development platform rather than creating a durable cash cushion or an operating self-funding loop.
Accounting losses and cash burn are moving together: FY2025 net loss was
The balance sheet has been rebuilt through financing, not operating improvement: equity moved from
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Neurogene's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Neurogene carries a low D/E ratio of 0.09, meaning only $0.09 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 16.56, Neurogene holds $16.56 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.
Neurogene generates a -34.1% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -24.2% the prior year.
Neurogene passes 1 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.
For every $1 of reported earnings, Neurogene generates $0.85 in operating cash flow (-$77.2M OCF vs -$90.4M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Neurogene earns $-20665.6 in operating income for every $1 of interest expense (-$103.3M vs $5K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Neurogene generated $0 in revenue in fiscal year 2025. This represents a decrease of 100.0% from the prior year.
Neurogene's EBITDA was -$100.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 26.3% from the prior year.
Neurogene reported -$90.4M in net income in fiscal year 2025. This represents a decrease of 20.2% from the prior year.
Neurogene earned $-4.24 per diluted share (EPS) in fiscal year 2025. This represents an increase of 0.9% from the prior year.
Cash & Balance Sheet
Neurogene generated -$78.4M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 9.7% from the prior year.
Neurogene held $103.8M in cash against $0 in long-term debt as of fiscal year 2025.
Neurogene had 15M shares outstanding in fiscal year 2025. This represents an increase of 4.3% from the prior year.
Margins & Returns
Neurogene's ROE was -34.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 9.9 percentage points from the prior year.
Capital Allocation
Neurogene invested $75.0M in research and development in fiscal year 2025. This represents an increase of 23.1% from the prior year.
Neurogene invested $1.2M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 46.4% from the prior year.
NGNE Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | $0 | $0 | N/A | N/A | $0-100.0% | $925K | N/A |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | $17.2M-11.0% | $19.4M+9.0% | $17.8M | N/A | $16.3M+3.4% | $15.7M+16.3% | $13.5M |
| SG&A Expenses | N/A | $6.6M-2.4% | $6.7M-17.7% | $8.2M | N/A | $5.9M+10.9% | $5.3M+1.5% | $5.2M |
| Operating Income | N/A | -$23.8M+8.8% | -$26.1M-0.6% | -$25.9M | N/A | -$22.2M-10.2% | -$20.1M-7.2% | -$18.8M |
| Interest Expense | N/A | $1K0.0% | $1K-50.0% | $2K | N/A | $3K-25.0% | $4K+33.3% | $3K |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | N/A | -$21.0M+4.8% | -$22.0M+2.8% | -$22.6M | N/A | -$20.2M-9.3% | -$18.5M-9.3% | -$16.9M |
| EPS (Diluted) | N/A | $-0.99+5.7% | $-1.05+2.8% | $-1.08 | N/A | $-1.19-9.2% | $-1.09-9.0% | $-1.00 |
NGNE Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $288.6M+0.3% | $287.8M-3.2% | $297.3M-5.7% | $315.3M-6.1% | $335.7M+104.6% | $164.1M-8.7% | $179.8M-7.9% | $195.3M |
| Current Assets | $271.8M+0.5% | $270.5M-3.0% | $279.0M-5.9% | $296.4M-6.2% | $315.9M+119.9% | $143.6M-9.7% | $159.1M-8.6% | $174.1M |
| Cash & Equivalents | $103.8M+46.3% | $71.0M+20.7% | $58.8M-16.9% | $70.8M-48.2% | $136.6M+105.0% | $66.6M-40.0% | $111.0M-26.0% | $150.1M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $23.7M+6.4% | $22.3M-7.4% | $24.1M+2.4% | $23.5M-7.3% | $25.4M-5.1% | $26.7M+7.6% | $24.8M+1.0% | $24.6M |
| Current Liabilities | $16.4M+11.6% | $14.7M-4.7% | $15.4M+9.6% | $14.1M-7.0% | $15.2M-4.1% | $15.8M+20.9% | $13.1M+10.6% | $11.8M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $264.9M-0.2% | $265.5M-2.8% | $273.3M-6.4% | $291.8M-6.0% | $310.4M+125.9% | $137.4M-11.4% | $155.0M-9.2% | $170.8M |
| Retained Earnings | -$352.6M-7.5% | -$327.9M-6.8% | -$307.0M-7.7% | -$284.9M-8.6% | -$262.3M-8.0% | -$242.8M-9.1% | -$222.6M-9.1% | -$204.1M |
NGNE Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$17.4M+10.7% | -$19.5M-0.2% | -$19.5M+6.3% | -$20.8M-18.7% | -$17.5M-12.4% | -$15.6M+2.1% | -$15.9M+26.6% | -$21.6M |
| Capital Expenditures | $128K+0.8% | $127K-14.2% | $148K-81.0% | $780K+572.4% | $116K-30.5% | $167K-63.7% | $460K+607.7% | $65K |
| Free Cash Flow | -$17.6M+10.6% | -$19.6M-0.1% | -$19.6M+9.0% | -$21.6M-22.4% | -$17.6M-12.0% | -$15.7M+3.8% | -$16.4M+24.7% | -$21.7M |
| Investing Cash Flow | $29.6M+34.6% | $22.0M+195.2% | $7.5M+116.5% | -$45.0M+56.1% | -$102.6M-254.3% | -$29.0M-22.7% | -$23.6M-178.9% | $29.9M |
| Financing Cash Flow | $20.7M+112.8% | $9.7M+17881.5% | $54K+1250.0% | $4K-100.0% | $190.1M+144987.8% | $131K-67.2% | $399K+106.1% | -$6.5M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
NGNE Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | -2176.7% | N/A |
| Net Margin | N/A | N/A | N/A | N/A | N/A | N/A | -1999.1% | N/A |
| Return on Equity | N/A | -7.9%+0.2pp | -8.1%-0.3pp | -7.8% | N/A | -14.7%-2.8pp | -11.9%-2.0pp | -9.9% |
| Return on Assets | N/A | -7.3%+0.1pp | -7.4%-0.2pp | -7.2% | N/A | -12.3%-2.0pp | -10.3%-1.6pp | -8.7% |
| Current Ratio | 16.56-1.8 | 18.39+0.3 | 18.07-3.0 | 21.03+0.2 | 20.84+11.8 | 9.09-3.1 | 12.17-2.6 | 14.74 |
| Debt-to-Equity | 0.090.0 | 0.080.0 | 0.090.0 | 0.080.0 | 0.08-0.1 | 0.19+0.0 | 0.16+0.0 | 0.14 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | -1767.9% | N/A |
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Frequently Asked Questions
What is Neurogene's annual revenue?
Neurogene (NGNE) reported $0 in total revenue for fiscal year 2025. This represents a -100.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Neurogene's revenue growing?
Neurogene (NGNE) revenue declined by 100% year-over-year, from $925K to $0 in fiscal year 2025.
Is Neurogene profitable?
No, Neurogene (NGNE) reported a net income of -$90.4M in fiscal year 2025.
What is Neurogene's EBITDA?
Neurogene (NGNE) had EBITDA of -$100.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Neurogene's return on equity (ROE)?
Neurogene (NGNE) has a return on equity of -34.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Neurogene's free cash flow?
Neurogene (NGNE) generated -$78.4M in free cash flow during fiscal year 2025. This represents a -9.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Neurogene's operating cash flow?
Neurogene (NGNE) generated -$77.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Neurogene's total assets?
Neurogene (NGNE) had $288.6M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Neurogene's capital expenditures?
Neurogene (NGNE) invested $1.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Neurogene spend on research and development?
Neurogene (NGNE) invested $75.0M in research and development during fiscal year 2025.
What is Neurogene's current ratio?
Neurogene (NGNE) had a current ratio of 16.56 as of fiscal year 2025, which is generally considered healthy.
What is Neurogene's debt-to-equity ratio?
Neurogene (NGNE) had a debt-to-equity ratio of 0.09 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Neurogene's return on assets (ROA)?
Neurogene (NGNE) had a return on assets of -31.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Neurogene's cash runway?
Based on fiscal year 2025 data, Neurogene (NGNE) had $103.8M in cash against an annual operating cash burn of $77.2M. This gives an estimated cash runway of approximately 16 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Neurogene's Piotroski F-Score?
Neurogene (NGNE) has a Piotroski F-Score of 1 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Neurogene's earnings high quality?
Neurogene (NGNE) has an earnings quality ratio of 0.85x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Neurogene cover its interest payments?
Neurogene (NGNE) has an interest coverage ratio of -20665.6x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Neurogene?
Neurogene (NGNE) scores 33 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.