enGene Therapeutics Reports $32.5 Million Net Loss for Q3 2026, Workforce Reduction Implemented

enGene Therapeutics Inc. reported a net loss of $32.5 million for the three months ended July 31, 2026, compared to a loss of $29.0 million for the same period in 2025. For the nine months ended July 31, 2026, the company recorded a net loss of $92.5 million, up from $79.4 million in the prior year. The increase in losses is attributed to higher general and administrative expenses, which rose by $6.6 million in the latest quarter, primarily due to increased personnel-related costs and stock-based compensation associated with a workforce reduction announced in June 2026. Total operating expenses for the quarter were $34.0 million, a 13.6% increase from $29.9 million in the previous year.

In terms of financial position, enGene's total assets increased to $288.3 million as of July 31, 2026, up from $221.5 million at the end of October 2025. This growth was driven by a significant rise in marketable securities, which increased from $143.6 million to $225.3 million. The company’s cash and cash equivalents decreased to $41.0 million from $50.2 million, reflecting ongoing operational expenditures. The accumulated deficit also widened to $464.5 million, compared to $372.0 million at the end of the previous fiscal year.

Strategically, enGene has made significant changes to its operations, including a 50% workforce reduction aimed at streamlining operations and conserving cash. This restructuring is expected to incur costs between $5.6 million and $6.1 million, primarily related to employee severance and benefits. The company is focusing on its lead product candidate, detalimogene voraplasmid, which is currently in a pivotal Phase 2 trial for treating non-muscle invasive bladder cancer (NMIBC). The trial has been expanded to include a new cohort that incorporates a surfactant bladder rinse, with plans to submit a Biologics License Application (BLA) to the FDA in the fourth quarter of 2026.

Operationally, enGene has not yet generated revenue and does not anticipate doing so until it receives regulatory approval for detalimogene. The company continues to rely on financing through public offerings and debt arrangements to support its operations. As of July 31, 2026, enGene had approximately $266.3 million in cash, cash equivalents, and marketable securities, which it expects will be sufficient to fund its operations for at least the next 12 months. However, the company acknowledges the need for additional funding to support ongoing clinical trials and operational costs, emphasizing the uncertainty surrounding future financing and market conditions.