aibioNervGen reports C$86,789,698 cash after May 2026 public offering
Tickers NGEN
NervGen's cash rose to C$86,789,698 after a May 2026 offering of 24,000,000 units. Its warrant liability climbed to C$68,625,899, and a related party bought 800,000 of the units.
Key facts
- Company
- NervGen Pharma Corp. (NASDAQ: NGEN)
- News type
- Financings
- Primary source
- NervGen Pharma Corp. 6-K (2026-08-13)
NervGen Pharma Corp. (Nasdaq: NGEN) filed unaudited condensed interim financial statements on Form 6-K on August 13, 2026, covering the three and six months ended June 30, 2026. The statements are in Canadian dollars. Cash and cash equivalents were C$86,789,698 at June 30, 2026, up from C$22,069,635 at December 31, 2025.
The May offering
On May 22, 2026, the company sold 24,000,000 units in an underwritten public offering at US$2.50 per unit. Gross proceeds for the six months were C$82,876,260, and cash share issue costs were C$5,849,659. The company paid a cash commission of C$4,972,478 to the underwriters, leaving net proceeds of C$77,902,162 before C$826,671 of other costs for legal, auditor and listing fees.
The statements refer to "the underwriters" but do not name them. They name no lead or sole book-runner and no counsel. Each unit held one common share and one warrant, exercisable at US$3.68 until May 22, 2031.
A related party, PFP Biosciences Holdings LLC, bought 800,000 of those units. The statements call PFP a related party because Chair, President and CEO Adam Rogers is a principal and managing member of PFP, which the company says has significant influence over it. PFP holds 10,800,000 common shares in total.
The warrant liability
Some of NervGen's warrants are exercisable at prices denominated in a currency other than its functional currency, so the company treats them as derivatives measured at fair value. The warrant derivative liability rose to C$68,625,899 at June 30, 2026, from C$15,066,898 at December 31, 2025. The statements show an unrealized loss of C$19,350,611 on it in the second quarter and C$13,629,026 for the six months. The company says the accounting has no cash flow impact.
Losses and spending
The net loss was C$30,892,782 for the six months, against C$13,052,379 a year earlier. The second-quarter net loss was C$29,217,233, against C$9,104,187. Basic loss per share was C$0.36 for the six months and diluted loss per share was C$0.48.
Total operating expenses were C$19,728,196 for the six months, up from C$12,504,282. Research and development rose to C$12,755,219 from C$5,859,372. General and administrative expenses rose to C$6,972,977 from C$6,644,910. Net cash used in operating activities was C$13,932,238 for the six months, against C$7,783,732.
The company says it is pre-revenue and expects no revenue in the foreseeable future. Its deficit reached C$177,656,300 at June 30, 2026, against C$146,763,518 at December 31, 2025.
Going concern and the shelf
The going concern note says management forecasts that existing working capital will be sufficient for 12 months from the date the statements were issued. It also says future financing may not be available on acceptable terms and that a shortfall "may result in the delay, reduction, or discontinuation of ongoing development programs." The statements add that they do not reflect the adjustments that would be needed if the company could not continue as a going concern, and that such amounts could be material.
NervGen has a base shelf prospectus qualifying up to US$250,000,000 of securities, amended on May 22, 2026. On July 2, 2026, it filed a prospectus supplement for an at-the-market program of up to US$50.0 million in common shares. The statements do not name the agent for that program.
After June 30
After June 30, 2026, 1,110,000 stock options were exercised for cash proceeds of C$1,977,550. The company does not say how long the cash balance will last beyond the 12-month forecast.