enGene Holdings (ENGN) AI Stock Analysis

• Market Cap: $642.38M
• Dividend Yield: N/A
• Average Volume (3M): 363.95K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.31
• Revenue Growth: N/A
• EPS Growth: -52.86%
• Country: US
• Employees: 56
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.73
• Shares Outstanding: 66,984,660
• 10 Day Avg. Volume: 600,411
• 30 Day Avg. Volume: 363,947
• PEG Ratio: 0.06
• Price to Book (P/B): 2.20
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -3.66
• Enterprise Value/Market Cap: 0.74
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: -928.49
• Enterprise Value/Ebitda: -4.15
• 1Y Price Target: $24.22
• Price Target Upside: 152.55% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 9
• EPS Forecast (FY): -2.33
• Revenue Forecast (FY): N/A

• Rating: 47 Neutral
• Price Target: $10.00 ▲(4.28% Upside)

The score is held down primarily by weak financial performance (no revenue, large operating losses, and significant cash burn). Technicals are supportive due to a strong uptrend, but momentum appears overextended. The recent $130M financing improves funding runway, partially offsetting the weak fundamentals, while valuation remains constrained by a negative P/E and no dividend support.

Positive Factors

Proprietary non-viral delivery platform

A proprietary non-viral localized delivery platform is a durable competitive advantage: it can lower immunogenicity, enable repeat dosing, and be applied across indications. This platform-level asset supports long-term product pipeline expansion and partner interest beyond any single program.

Focused lead program for bladder cancer

A clear clinical focus on bladder cancer with a localized delivery approach aligns with a defined regulatory and commercial pathway. This concentration helps prioritize R&D spend, shortens go/no-go decision cycles, and increases the durability of development strategy versus unfocused pipelines.

Material financing improving runway

The $130M financing materially extends the company’s runway, reducing near-term refinancing pressure and enabling planned clinical milestones. Strengthened liquidity supports multi-quarter development continuity, strategic partnerships, and de-risks immediate funding needs for ongoing programs.

Negative Factors

No revenue and deep operating losses

Zero reported revenue and persistent operating losses are structural constraints for a pre-commercial biotech. Without product revenues, the firm will remain reliant on capital markets; operating losses increase the frequency and size of financings needed to sustain development long term.

Worsening operating and free cash flow

Steeper negative operating and free cash flow indicates accelerating cash burn that elevates financing risk. If clinical timelines or costs extend, the company may need additional capital sooner, which can dilute shareholders or force reprioritization of programs, weakening long-term execution certainty.

Earnings volatility and declining equity base

Material equity decline and large net income swings driven by non-operating items signal volatile financial health. Such instability undermines planning, complicates partner evaluations, and increases the probability of future equity raises or restructurings that could impact long-term program continuity.

enGene Holdings Business Overview & Revenue Model

Company Description

enGene Holdings Inc., through its subsidiary enGene, Inc., operates as a clinical-stage biotechnology company that develops genetic medicines through the delivery of therapeutics to mucosal tissues and other organs. Its lead product candidate is EG-70 (detalimogene voraplasmid), which is a non-viral immunotherapy to treat non-muscle invasive bladder cancer patients with carcinoma-in-situ (Cis), who are unresponsive to treatment with Bacillus Calmette-Guérin. The company was founded in 2023 and is based in Saint-Laurent, Canada.

How the Company Makes Money

enGene Holdings makes money primarily through the development and commercialization of its gene therapy products. The company's revenue model includes licensing its proprietary technology to pharmaceutical partners, collaborating with research institutions for joint product development, and directly selling its therapeutic products upon regulatory approval. Key revenue streams include milestone payments and royalties from partnerships, as well as potential sales from its own product pipeline. Significant partnerships with established pharmaceutical companies enhance its market reach and contribute to its earnings by accelerating the development and commercialization processes.

enGene Holdings Financial Statement Overview

Summary

Overall fundamentals are weak: the company has $0 revenue, deeply negative EBIT, and worsening operating/free cash flow (heavy cash burn). The balance sheet is a partial offset with modest leverage, but equity declined materially and net income appears volatile and likely non-recurring in nature.

Income Statement

The income statement is weak and volatile. Revenue is consistently $0 across all annual periods, while operating profitability is deeply negative in recent years (2025 EBIT -$123.2M; 2023 EBIT -$26.1M), reflecting a high ongoing cost base typical of pre-commercial biotech. Net income swung sharply from losses (2023 -$99.9M; 2024 -$55.1M) to a large profit in 2025 (+$117.3M), suggesting earnings are being driven by non-operating or one-time items rather than sustainable core operations.

Balance Sheet

The balance sheet is relatively supportive, with modest leverage and a meaningful equity base. Debt remains moderate versus equity (debt-to-equity ~0.19 in 2025 and ~0.09 in 2024), which reduces refinancing pressure. However, equity declined materially from 2024 to 2025 ($272.6M to $167.7M), and returns to shareholders are inconsistent (ROE swings from negative in 2023–2024 to strongly positive in 2025), highlighting instability tied to earnings volatility.

Cash Flow

Cash flow quality is weak. Operating cash flow is consistently negative and worsening in absolute dollars in the latest year (2025 operating cash flow -$99.2M vs. 2024 -$48.3M), and free cash flow is also deeply negative (2025 -$100.7M). While free cash flow growth shows a positive figure in 2025, the company remains in heavy cash burn mode, implying continued dependence on external funding unless spending is reduced or revenue sources emerge.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00
Gross Profit	-509.00K	-323.00K	-175.00K	0.00	0.00
EBITDA	-113.80M	-52.04M	-94.77M	268.73K	47.00K
Net Income	117.30M	-55.14M	-99.92M	30.73K	-23.44M
Balance Sheet
Total Assets	221.47M	311.17M	86.96M	132.04M	131.45M
Cash, Cash Equivalents and Short-Term Investments	193.81M	238.40M	81.60M	314.15K	1.07M
Total Debt	31.80M	25.02M	9.78M	0.00	0.00
Total Liabilities	53.76M	38.56M	14.47M	4.62M	4.05M
Stockholders Equity	167.71M	272.61M	72.49M	127.42M	127.39M
Cash Flow
Free Cash Flow	-100.72M	-49.21M	-25.06M	-17.75M	-16.23M
Operating Cash Flow	-99.24M	-48.28M	-24.74M	-17.59M	-15.98M
Investing Cash Flow	-25.14M	-125.95M	-318.00K	-153.00K	-247.00K
Financing Cash Flow	1.52M	265.72M	86.15M	27.97M	22.52M

enGene Holdings Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 9.59
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ENGN, the sentiment is Neutral. The current price of 9.59 is below the 20-day moving average (MA) of 9.67, above the 50-day MA of 8.90, and above the 200-day MA of 6.01, indicating a neutral trend. The MACD of 0.36 indicates Positive momentum. The RSI at 50.14 is Neutral, neither overbought nor oversold. The STOCH value of 24.58 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for ENGN.

enGene Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CAPR	57 Neutral	$1.33B	-13.62	-107.79%	―	-52.08%	-69.35%
CTNM	54 Neutral	$540.64M	-6.56	-30.40%	―	―	-100.71%
IMRX	52 Neutral	$306.06M	-2.66	-43.75%	―	―	9.32%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
REPL	48 Neutral	$578.01M	―	-90.88%	―	―	-15.77%
ENGN	47 Neutral	$642.38M	-4.18	-53.28%	―	―	-52.86%
TVRD	46 Neutral	$36.21M	-0.39	-97.61%	―	-53.67%	86.75%

enGene Holdings Corporate Events

enGene Holdings Closes $130 Million Public Offering

On November 12, 2025, enGene Holdings Inc. announced the pricing of its public offering of 12,558,823 common shares and pre-funded warrants, expected to raise approximately $130 million. The offering closed on November 14, 2025, and is anticipated to enhance enGene’s financial position, potentially impacting its market presence and stakeholder interests.

The most recent analyst rating on (ENGN) stock is a Buy with a $19.00 price target. To see the full list of analyst forecasts on enGene Holdings stock, see the ENGN Stock Forecast page.