NervGen Pharma (NGEN) AI Stock Analysis

• Market Cap: C$610.48M
• Dividend Yield: N/A
• Average Volume (3M): 93.83K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.42
• Revenue Growth: N/A
• EPS Growth: 2.22%
• Country: CA
• Employees: 11
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.06
• Shares Outstanding: 79,593,760
• 10 Day Avg. Volume: 180,731
• 30 Day Avg. Volume: 93,835
• PEG Ratio: 1.67
• Price to Book (P/B): 82.04
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -12.55
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: C$10.72
• Price Target Upside: 39.71% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 53 Neutral
• Price Target: C$8.00 ▲(4.30% Upside)

Score is held back primarily by weak financial performance (pre-revenue, widening losses, heavy cash burn, and negative equity). Offsetting factors include strong technical momentum (price above major moving averages with positive MACD) and constructive corporate catalysts (clinical/regulatory progress and new financing), while valuation remains constrained by lack of profitability and no dividend support.

Positive Factors

Focused Lead Asset (NVG-291)

NervGen’s concentrated R&D around NVG-291 gives the company a clear scientific focus and streamlined resource allocation. For a clinical-stage biotech, a single advancing asset can create binary long-term value via successful trials, partnerships, or licensing if clinical outcomes validate neural regeneration activity.

Low Financial Leverage

Extremely low debt reduces creditor pressure and downside bankruptcy risk for a capital-intensive developer. This structural low leverage preserves flexibility to prioritize R&D spending and negotiate equity or strategic partnerships without near-term fixed debt service constraints.

Proactive Corporate & Regulatory Actions

Management has advanced clinical data, engaged the FDA on regulatory pathways, and secured financing while filing Form F-10 to broaden strategic options. These actions materially reduce program execution risk and improve financing/access-to-capital prospects over the medium term, a durable operational strength.

Negative Factors

Pre‑revenue with Widening Losses

No commercial revenue and growing operating losses mean value hinges entirely on R&D outcomes or external partnerships. Over several months, this limits internal reinvestment capacity and increases reliance on external capital markets, making operational continuity contingent on successful raises or strategic deals.

Persistent, Rising Cash Burn

Free cash flow deterioration from ~-11.4M to ~-16.8M TTM shows mounting monthly financing needs. This structural cash burn elevates dilution risk from frequent financings, pressures timeline execution, and can force program prioritization or delays absent durable non‑dilutive funding or licensing deals.

Deteriorated Balance Sheet & Negative Equity

Negative equity and materially declining assets reflect cumulative losses that impair financing flexibility and raise cost of capital. Structurally, this reduces collateral and bargaining power with partners or lenders, constraining the company’s ability to scale trials or absorb setbacks without dilutive or expensive capital.

NervGen Pharma Business Overview & Revenue Model

Company Description

NervGen Pharma Corp., together with its subsidiaries, engages in the discovery, development, and commercialization of pharmaceutical treatments for medical conditions related to nervous system damage. Its lead product candidate is NVG-291 that is in phase 1 clinical trial for the treatment of spinal cord injuries (SCI), multiple sclerosis, and Alzheimer's disease. The company has a licensing agreement with Case Western Reserve University to research, develop, and commercialize a patented technology with therapeutic potential for SCI and other conditions associated with nerve damage. NervGen Pharma Corp. was incorporated in 2017 and is based in Vancouver, Canada.

How the Company Makes Money

NervGen Pharma makes money primarily through the development and commercialization of its proprietary therapies. The company seeks to generate revenue by obtaining regulatory approvals for its drugs and then marketing these treatments to healthcare providers and patients. Key revenue streams include potential sales of approved drugs, licensing agreements with pharmaceutical companies, and milestone payments associated with collaborative partnerships. Additionally, NervGen may engage in research and development collaborations that provide funding to support its clinical trials and product development efforts.

NervGen Pharma Financial Statement Overview

Summary

NervGen Pharma is facing typical financial challenges of a biotech in the R&D phase, with consistent losses and cash burn. While there's a strong cash position from recent financing, the lack of revenue and high expenses pose significant financial risks. An improvement in equity position does slightly enhance stability, but the overall financial health remains weak until revenue opportunities are realized.

Income Statement

NervGen Pharma shows a consistent lack of revenue generation, which is typical for early-stage biotechnology firms focusing on R&D. The company continues to record negative EBIT and EBITDA margins due to high operating expenses with no offsetting revenue. Net income remains negative, reflecting ongoing development costs without commercialized products.

Balance Sheet

The company's balance sheet reflects high liabilities compared to equity, resulting in a negative equity position in the previous year. However, this has improved to a positive, albeit low, equity in the TTM period. The debt-to-equity ratio and equity ratio indicate a risky capital structure, but the cash position is relatively strong due to recent financing activities.

Cash Flow

Despite negative operating cash flows, common in biotech development phases, NervGen Pharma has managed to maintain cash reserves through significant financing activities. However, the free cash flow remains negative, indicating ongoing cash consumption without revenue generation.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	-27.90K	-83.80K	-145.00K	-115.11K	-42.63K	-39.65K
EBITDA	-26.41M	-23.92M	-17.63M	-20.09M	-12.77M	-11.16M
Net Income	-26.89M	-24.01M	-22.38M	-18.11M	-12.64M	-11.18M
Balance Sheet
Total Assets	16.92M	19.49M	13.24M	23.88M	17.90M	6.68M
Cash, Cash Equivalents and Short-Term Investments	15.73M	17.36M	11.66M	22.45M	16.93M	5.60M
Total Debt	57.71K	105.60K	197.19K	283.45K	0.00	0.00
Total Liabilities	17.84M	16.91M	15.25M	10.41M	1.08M	755.07K
Stockholders Equity	-918.42K	2.58M	-2.01M	13.46M	16.82M	5.92M
Cash Flow
Free Cash Flow	-17.20M	-16.84M	-11.44M	-17.81M	-8.31M	-6.31M
Operating Cash Flow	-17.20M	-16.84M	-11.30M	-17.78M	-8.27M	-6.31M
Investing Cash Flow	100.93K	58.87K	-138.85K	-21.11K	-45.09K	-3.42K
Financing Cash Flow	6.61M	22.70M	766.28K	22.64M	19.61M	7.85M

NervGen Pharma Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 7.67
• 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 TSE:NGEN, the sentiment is Positive. The current price of 7.67 is above the 20-day moving average (MA) of 7.32, above the 50-day MA of 5.76, and above the 200-day MA of 4.18, indicating a bullish trend. The MACD of 0.54 indicates Positive momentum. The RSI at 63.19 is Neutral, neither overbought nor oversold. The STOCH value of 42.35 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:NGEN.

NervGen Pharma Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
NGEN	53 Neutral	C$610.48M	-21.21	-790.82%	―	―	2.22%
DRUG	53 Neutral	C$1.20B	-71.40	-30.79%	―	―	-43.64%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
AGN	42 Neutral	C$2.56M	-0.94	―	―	―	64.77%

NervGen Pharma Corporate Events

NervGen Pharma Lists on Nasdaq to Support Late-Stage Push for Spinal Cord Injury Drug

NervGen Pharma began trading today on the Nasdaq under the symbol NGEN, a step the company expects will increase its visibility, trading liquidity and access to a broader and more diversified shareholder base as it advances its neuroreparative drug pipeline. The U.S. listing follows expanded Phase 1b/2a data from its CONNECT SCI study showing unprecedented, durable functional and quality-of-life improvements in chronic spinal cord injury patients treated with lead candidate NVG-291, and comes as NervGen prepares for an End-of-Phase 2 meeting with the FDA in early 2026 to define a registration pathway and moves toward late-stage development that could potentially reshape treatment options for spinal cord injury and related neurologic conditions.

The most recent analyst rating on (TSE:NGEN) stock is a Hold with a C$7.00 price target. To see the full list of analyst forecasts on NervGen Pharma stock, see the TSE:NGEN Stock Forecast page.

NervGen Pharma Files SEC Registration to Advance Strategic Growth

NervGen Pharma has filed a Form F-10 registration statement with the U.S. Securities and Exchange Commission under the Multijurisdictional Disclosure System, allowing it to potentially accelerate its growth and strategic initiatives. This development not only reflects NervGen’s operational progress but also positions the company to strengthen its presence in the biopharmaceutical industry as it continues to advance clinical trials for groundbreaking therapies.

The most recent analyst rating on (TSE:NGEN) stock is a Buy with a C$7.70 price target. To see the full list of analyst forecasts on NervGen Pharma stock, see the TSE:NGEN Stock Forecast page.

NervGen Pharma Proposes Amendment to Warrant Terms

NervGen Pharma announced its intention to amend the exercise price of 5,075,000 common share purchase warrants issued in 2022, changing it from US$1.75 to C$2.44 to align with the company’s functional currency. This amendment is aimed at simplifying accounting processes and is pending acceptance by the TSX Venture Exchange, reflecting NervGen’s ongoing efforts to streamline its financial operations.

The most recent analyst rating on (TSE:NGEN) stock is a Buy with a C$7.70 price target. To see the full list of analyst forecasts on NervGen Pharma stock, see the TSE:NGEN Stock Forecast page.

NervGen Pharma Advances NVG-291 for Spinal Cord Injury Treatment

NervGen Pharma has reported significant advancements in its CONNECT SCI Study, showcasing NVG-291’s potential to improve function, independence, and quality of life for individuals with chronic spinal cord injuries. The company has also completed a $10 million private placement to support a Nasdaq listing and received confirmation from the FDA on multiple regulatory routes for NVG-291’s approval, highlighting its promising therapeutic potential and reinforcing its industry positioning.

The most recent analyst rating on (TSE:NGEN) stock is a Buy with a C$5.00 price target. To see the full list of analyst forecasts on NervGen Pharma stock, see the TSE:NGEN Stock Forecast page.

NervGen Pharma’s NVG-291 Shows Promising Results in Spinal Cord Injury Treatment

NervGen Pharma announced expanded data from its CONNECT SCI Study, showcasing unprecedented improvements in function, independence, and quality of life for individuals with chronic spinal cord injury. The study highlights NVG-291’s potential as the first pharmacologic treatment for spinal cord injury, with significant functional gains and quality of life improvements observed in participants, marking a significant milestone for the company and offering hope for the SCI community.

The most recent analyst rating on (TSE:NGEN) stock is a Buy with a C$5.00 price target. To see the full list of analyst forecasts on NervGen Pharma stock, see the TSE:NGEN Stock Forecast page.

NervGen Pharma Secures $10M to Propel Nasdaq Listing and NVG-291 Development

NervGen Pharma has successfully closed a US$10 million non-brokered private placement to support its anticipated Nasdaq listing and advance the development of its NVG-291 clinical program. The financing, which involved participation from institutional and accredited investors, including SCI Ventures and the Paul and Phyllis Fireman Charitable Foundation, will help NervGen strengthen its market position and potentially enhance shareholder value. The transaction also involved related party participation, requiring compliance with specific securities regulations.

The most recent analyst rating on (TSE:NGEN) stock is a Buy with a C$5.00 price target. To see the full list of analyst forecasts on NervGen Pharma stock, see the TSE:NGEN Stock Forecast page.

NervGen Pharma Secures $10 Million to Propel Nasdaq Listing and NVG-291 Development

NervGen Pharma has announced a US$10 million non-brokered private placement to support its anticipated Nasdaq listing and advance the development of NVG-291. This financing involves participation from both new and existing investors, including SCI Ventures, and reflects confidence in NervGen’s clinical progress. The proceeds will be used to further NVG-291’s clinical development and for general corporate purposes, marking a pivotal chapter in the company’s evolution into a late-stage biotech firm.

The most recent analyst rating on (TSE:NGEN) stock is a Buy with a C$5.00 price target. To see the full list of analyst forecasts on NervGen Pharma stock, see the TSE:NGEN Stock Forecast page.