Detailed financial statements for enGene Holdings Inc. (ENGN): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Operating through its subsidiary, enGene, Inc., enGene Holdings Inc. functions as a clinical-stage biotechnology firm. Its core mission involves pioneering genetic pharmaceuticals, achieved by administering therapeutic agents directly to mucosal tissues and other bodily organs. A key asset in its pipeline is EG-70, also known as detalimogene voraplasmid.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $1.91, ENGN has negative trailing earnings (P/E not meaningful) and an ROE of -2.10%. Market capitalisation stands at $128M.
Balance sheet quality for ENGN: current ratio of 6.3, net cash position of $162.0M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 |
| Cost of Revenue | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | 0 | 0 | 0 | 0 | 0 |
| Research & Development | $10.6M | $12.5M | $15.5M | $16.5M | $38.3M | $94.5M |
| Selling, General & Admin | $3.2M | $3.2M | $3.3M | $8.5M | $24.0M | $28.7M |
| Operating Expenses | $13.9M | $15.9M | $19.4M | $26.1M | $62.3M | $123.2M |
| Operating Income | -$13.9M | -$15.9M | -$19.4M | -$26.1M | -$62.3M | -$123.2M |
| EBITDA | -$12.9M | -$18.1M | -$22.8M | -$94.8M | -$52.0M | -$113.8M |
| Interest Expense | $3.7M | $5.0M | $1.4M | $5.0M | $2.8M | $3.0M |
| Pre-tax Income | -$15.1M | -$23.4M | -$24.4M | -$99.9M | -$55.2M | -$117.3M |
| Income Tax | 0 | 0 | $22000 | $17000 | -$19000 | 0 |
| Net Income | -$15.1M | -$23.4M | -$24.5M | -$99.9M | -$55.1M | -$117.3M |
| EPS | $-0.95 | $-0.01 | $-1.84 | $-4.24 | $-1.46 | $-2.29 |
| EPS (Diluted) | $-0.95 | $-0.01 | $-1.84 | $-4.24 | $-1.46 | $-2.29 |
| Shares Outstanding (Diluted) | $15.8M | $15.8M | $15.8M | $23.6M | $44.6M | $51.1M |
Balance Sheet (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $1.1M | $314151 | $81.5M | $173.0M | $50.2M |
| Short-term Investments | 0 | 0 | $76000 | $65.4M | $143.7M |
| Receivables | 0 | 0 | $2.3M | $1.0M | $2.2M |
| Inventory | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $1.6M | $511804 | $85.4M | $247.4M | $201.4M |
| Property, Plant & Equipment | 0 | 0 | $589000 | $2.9M | $10.2M |
| Goodwill | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $131.4M | $132.0M | $87.0M | $311.2M | $221.5M |
| Accounts Payable | 0 | 0 | $1.2M | $1.4M | $6.7M |
| Short-term Debt | $1.0M | $1.3M | $562000 | $1.1M | $10.0M |
| Total Current Liabilities | $327447 | $893509 | $5.3M | $14.7M | $32.0M |
| Long-term Debt | 0 | 0 | $9.2M | $22.5M | $15.3M |
| Total Liabilities | $4.1M | $4.6M | $14.5M | $38.6M | $53.8M |
| Retained Earnings | -$2.3M | -$4.1M | -$199.6M | -$254.7M | -$372.0M |
| Total Equity | $127.4M | $127.4M | $72.5M | $272.6M | $167.7M |
| Total Debt | $4.2M | $32.1M | $9.8M | $25.0M | $31.8M |
| Net Debt | $3.1M | $31.8M | -$71.8M | -$213.4M | -$162.0M |
| Working Capital | $1.2M | -$381705 | $80.2M | $232.7M | $169.4M |
Cash Flow (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Net Income | -$15.1M | -$23.4M | -$24.5M | -$99.9M | -$55.1M | -$117.3M |
| Depreciation & Amortization | $259000 | $272000 | $238000 | $175000 | $323000 | $509000 |
| Stock-based Compensation | $150000 | $435000 | $116000 | $3.5M | $5.3M | $9.6M |
| Change in Working Capital | $387000 | -$1.0M | $2.2M | -$517000 | $95000 | $9.7M |
| Operating Cash Flow | -$13.1M | -$16.0M | -$17.6M | -$24.7M | -$48.3M | -$99.2M |
| Capital Expenditure | -$192000 | -$248000 | -$153000 | -$318000 | -$925000 | -$1.5M |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$13.3M | -$16.2M | -$17.7M | -$25.1M | -$49.2M | -$100.7M |
Growth & Margins (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Net Income Growth (YoY) | -55.6% | -4.4% | -308.5% | +44.8% | -112.7% | |
| EPS Growth (YoY) | +98.5% | -12767.1% | -130.4% | +65.6% | -56.8% | |
| Shares Change (YoY) | +0.0% | +0.0% | +49.0% | +89.5% | +14.5% | |
| FCF Growth (YoY) | -22.5% | -9.3% | -41.2% | -96.3% | -104.7% | |
| Effective Tax Rate | -0.0% | -0.0% | -0.1% | -0.0% | 0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| FCF Per Share | $-0.84 | $-1.03 | $-1.12 | $-1.06 | $-1.10 | $-1.97 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $15.8M | $15.8M | $15.8M | $23.6M | $44.6M | $51.1M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -2.10% |
| Return on Invested Capital | -1.61% |
| Return on Assets | -1.70% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.14 |
| Current Ratio | 10.21 |
| Piotroski F-Score | 2 |
| Altman Z-Score | 0.84 |
Key Ratios (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| P/E | -21.05 | -1398.60 | -10.87 | -4.72 | -6.06 | -3.15 |
| P/B | 0.00 | 2.48 | 2.48 | 6.50 | 1.45 | 2.20 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
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Explore sector: Healthcare · Biotechnology
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