Why Are EnGene Holdings Shares Trading Lower Friday?

EnGene Holdings Inc. ENGN shares are trading lower Friday after the company, reported its financial results for the second quarter.

What To Know: EnGene Holdings announced a net loss of $15.0 million, or $0.38 per share, compared to a loss of $6.5 million, or $9.30 per share, for the same period in 2023, according to Benzinga Pro. This increase in net loss is primarily due to higher operating expenses, which rose from $4.7 million to $17.3 million year-over-year, driven by increased research and development costs and administrative expenses as the company scales its operations.

What Else: In addition to financial updates, EnGene highlighted strategic developments, including the planned expansion of its pivotal LEGEND study to include high-risk, BCG-unresponsive papillary-only NMIBC patients. Interim data from this cohort is expected by the end of September 2024, with a Biologics License Application (BLA) for EG-70 projected for mid-2026.

Related Link: enGene Reports Second Quarter 2024 Financial Results and Provides a Business Update

EnGene has also made key leadership hires, including Dr. Raj Pruthi as SVP of Urologic Oncology and Clinical Development, to bolster their clinical efforts. Despite the financial challenges, enGene remains focused on advancing EG-70 and exploring additional applications within bladder cancer.

Price Action: EnGene Holdings shares were down by 11.6% at $8.84 according to Benzinga Pro.

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