enGene Cuts Workforce by 50%, CFO Departs; Q2 Net Loss $30.2M
enGene Holdings Inc. announced a strategic restructuring plan, including a 50% workforce reduction, to streamline operations and preserve cash while awaiting additional durability data and FDA meetings for its LEGEND pivotal cohort. The company expects to incur $5.7M to $6.4M in restructuring costs and $4.7M to $5.0M in non-cash stock-based compensation. Additionally, Chief Medical Officer Dr. Hussein Sweiti resigned, and Chief Financial Officer Ryan Daws, Chief Legal Officer Lee Giguere, and Chief Strategy and Operations Officer Alex Nichols will depart. For the second quarter ended April 30, 2026, enGene reported a net loss of $30.2M, or $0.43 per share, and held $285.2M in cash, cash equivalents, and marketable securities.
Key Highlights
- Workforce reduced by approximately 50% to streamline operations and preserve cash.
- Estimated restructuring costs of $5.7M to $6.4M, primarily for severance and benefits.
- Approximately $4.7M to $5.0M in non-cash stock-based compensation expense due to accelerated vesting.
- Approved performance-based cash retention bonus awards totaling $1.7M for certain employees.
- Chief Financial Officer Ryan Daws to depart effective July 15, 2026, with 12 months base salary continuation ($517,880).
- Cash, cash equivalents, and marketable securities were $285.2M as of April 30, 2026.
- Net loss attributable to common shareholders was $30.2M, or $0.43 per share, for Q2 2026.
- Total operating expenses increased to $32.0M for Q2 2026 from $27.1M in Q2 2025.
Price Impact
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