Overview

• US biotech reported full yr net loss widened, driven by higher Rett syndrome trial costs

• Company ended yr with $269 mln in cash and investments, funding runway through Q1 2028

• NGN-401 gene therapy program achieved full enrollment in Embolden trial, received FDA Breakthrough designation

Outlook

• Company expects to complete dosing in Embolden trial in Q2 2026

• Neurogene plans to present updated interim safety and efficacy data mid-2026

• Company to initiate Process Performance Qualification campaign in mid-2026

Result Drivers

• RETT SYNDROME TRIAL COSTS - Higher R&D expenses were mainly due to increased clinical trial costs and employee-related expenses for the Rett syndrome program

• HIGHER G&A EXPENSES - General and administrative costs rose due to increased non-cash stock-based compensation and headcount

Company press release: ID:nBwbLNyhSa

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
FY Net Income		-$90.35 mln
FY Operating Expenses		$103.33 mln
FY Operating Income		-$103.33 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 8 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the biotechnology & medical research peer group is "buy"

• Wall Street's median 12-month price target for Neurogene Inc is $60.00, about 209.9% above its March 23 closing price of $19.36

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