Neurogene Inc. (NASDAQ: NGNE) has reported its first quarter 2024 financial results, showing a strong balance sheet with $169.5 million in cash, cash equivalents, and investments as of March 31, 2024. This position is expected to fund operations into the second half of 2026.
In terms of financial performance, the company's research and development (R&D) expenses for the first quarter of 2024 were $13.5 million, compared to $10.3 million for the same period in 2023. This increase was primarily driven by higher clinical trial costs for the ngn-401 gene therapy program, increased preclinical costs related to early discovery programs, and an uptick in compensation and benefits expenses due to an increase in R&D headcount.
Similarly, general and administrative (G&A) expenses for the first quarter of 2024 were $5.2 million, up from $2.8 million in the first quarter of 2023. The rise in G&A expenses was mainly due to increased compensation and benefits expenses resulting from a higher G&A headcount, professional fees, insurance, information technology, and other costs associated with becoming a public company.
The net loss for the first quarter of 2024 was $16.9 million, compared to a net loss of $12.3 million for the first quarter of 2023.
Neurogene presented favorable safety data from the phase 1/2 ngn-401 gene therapy trial for Rett syndrome at the American Society of Gene and Cell Therapy (ASGCT) annual meeting. The data showed that ngn-401 has been generally well-tolerated in all three pediatric patients in the low-dose cohort, with no signs or symptoms of MECP2 overexpression toxicity reported in any patient.
The company also received approval from the Australian Human Research Ethics Committee to conduct the ngn-401 trial in Australia, making it the third region in which the trial is cleared. Neurogene is on track to provide interim clinical data, including efficacy data from cohort 1, in the fourth quarter of 2024, with additional interim data expected in the second half of 2025.
In addition to the progress with ngn-401, Neurogene continues to advance its early-stage portfolio and anticipates another product candidate using transgene regulation technology to enter the clinic in 2025.
These developments highlight the company's commitment to bringing life-changing genetic medicines to patients and families affected by rare neurological diseases. The market has reacted to these announcements by moving the company's shares 0.0% to a price of $33.21. Check out the company's full 8-K submission here.
