Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Neurogene Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
25
0
0.93
0
Research and development
28.4
36.3
41.8
4.42
24.3
39.2
47.5
44.4
60.9
75
General and administrative
9.26
14.9
15.8
18.8
17.2
21.5
9.01
11.2
22.6
28.3
Operating expenses
37.6
51.1
57.6
71
60.7
56.5
55.6
83.5
103
Operating income
-37.6
-51.1
-32.6
-71
-33.7
-60.7
-56.5
-55.6
-82.6
-103
Interest expense
0
0
0
0
0
0.01
0.01
0.01
Interest income
1.34
2.95
8.47
11.5
Other non-operating income
0.64
0.94
1.04
1.52
0.45
-0.01
-0.04
7.46
13
Pre-tax income
-37
-50.2
-31.6
-69.4
-33.3
-60.7
-55.2
-36.3
-75.1
-90.4
Income tax
0
0
0
Net income
-37
-50.2
-31.6
-69.4
-33.3
-60.7
-55.2
-36.3
-75.1
-90.4
EBITDA
-50.8
-32.3
-70.6
-32.9
-59.4
-53.3
-52.3
-79.4
-100
EPS, basic
-1.96
-2.14
-1.34
-2.57
-0.64
-1.10
-1.04
-4.28
-4.24
EPS, diluted
-1.96
-2.14
-1.34
-2.57
-0.64
-1.10
-1.04
-4.28
-4.24
Shares, basic (weighted)
18.9
23.5
23.5
27
51.8
55
55.2
17.6
21.3
Shares, diluted (weighted)
18.9
23.5
23.5
27
51.8
55
55.2
17.6
21.3
Balance sheet
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
32.3
52
76.9
143
193
142
82
148
137
104
Short-term investments
0
0
48.9
176
165
Other current assets
0.5
1.97
1.52
0.63
1.1
0.98
0.17
Total current assets
103
109
77.2
144
195
144
84.7
200
316
272
Property, plant and equipment
0.85
0.91
0.4
2.06
3.57
6.45
20.1
17.2
15.4
12.8
Lease right-of-use assets
0.77
10.2
10.8
4.34
3.68
3
2.65
Intangible assets
0.57
0.35
0.13
0
Other non-current assets
0.03
1.93
1.93
0
0.76
0.98
1.03
Total assets
154
110
77.6
147
211
163
109
223
336
289
Accounts payable
6.86
6.02
0.7
1.6
1.32
0.53
0.63
2.6
1.34
1.95
Accrued liabilities
1.02
1.55
0.02
1.24
3.24
3.26
5.32
17.5
9.73
10.8
Total current liabilities
9.52
11
4.63
4.74
7.89
8.64
6.65
23
15.2
16.4
Lease liabilities
0.45
11.3
11.7
3.92
12.3
9.4
6.82
Other non-current liabilities
0.2
0.49
0.32
0
0.2
0.05
0.05
Total liabilities
9.72
11.4
4.95
5.34
19.3
20.4
10.6
36.5
25.4
23.7
Paid-in capital
293
297
303
441
524
536
5.1
373
573
618
Retained earnings
-148
-199
-230
-300
-333
-393
-151
-187
-262
-353
Other comprehensive income
-0.17
-0.07
0
-0.02
Shareholders' equity
145
98.9
72.7
142
191
-91.9
-146
186
310
265
Total equity
145
98.9
72.7
142
191
-91.9
-146
186
310
265
Total liabilities and equity
154
110
77.6
147
211
163
109
223
336
289
Shares outstanding
23.4
23.5
23.5
38
42.2
42.5
0
12.8
14.9
15.5
Cash flow statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-37
-50.2
-31.6
-69.4
-33.3
-60.7
-55.2
-36.3
-75.1
-90.4
Depreciation and amortization
0.36
0.29
0.34
0.79
1.31
3.2
3.26
3.2
3.04
Stock-based compensation
1.97
3.84
4.7
7.68
5.62
11.6
1.25
1.42
8.32
14.2
Change in payables
-3.61
0.67
-0.08
0.63
Cash from operations
-30.2
-44.7
-31.6
-15.4
-24.6
-47.6
-52.8
-51.4
-70.6
-77.2
Capital expenditures
-0.71
-0.49
-0.05
-0.88
-2.22
-3.26
-2.23
-0.32
-0.81
-1.18
Purchases of investments
0
-108
Sales and maturities of investments
0
49.5
Cash from investing
-48.1
64
56
-0.69
-2.22
-3.26
-2.23
25.6
-125
14
Stock issued
75.4
0.44
0.6
81
71.7
0
0
92.3
0
30.4
Cash from financing
71.1
0.42
0.57
82.2
77.1
0.73
66.5
92.5
184
30.4
Exchange rate effect
-0.05
0.02
-0.05
0.01
0
Net change in cash
-7.23
19.7
24.9
66.2
50.3
-50.1
11.5
66.7
-11.8
-32.7
Free cash flow
-30.9
-45.2
-31.6
-16.3
-26.8
-50.8
-55.1
-51.7
-71.4
-78.4
Interest paid
0
0
0
0
0
0.01
0.01
0.01
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $28.31 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Return on equity (ROE)
-51.2%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-45.5%
Net income / average total assets.
Return on invested capital (ROIC)
-91.6%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-100.0%
Revenue vs the same period a year earlier. Only from a positive base.
Book value growth, 1y
-14.7%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 5y
6.7%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
-14.0%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
38.2%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
6.5%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
21.4%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
-27.2%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
-16.3%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
10.6x
Current assets / current liabilities.
Quick ratio
10.5x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
10.5x
(Cash + short-term investments) / current liabilities.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
FCF per share
-$3.89
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$3.85
Cash from operations / diluted weighted shares.
Book value per share
$13.72
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/B
2.61x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
2.61x
Market cap / tangible book value, when positive.
FCF yield
-15.5%
Free cash flow / market cap.
Earnings yield
-19.6%
Net income / market cap (the inverse of P/E).
What was Neurogene Inc.'s revenue in fiscal 2025?
Neurogene Inc. reported revenue of $0.0 for fiscal 2025, 100% lower than the year before.
Was Neurogene Inc. profitable in fiscal 2025?
No. It reported a net loss of $90.4M.
How much free cash flow did Neurogene Inc. generate in fiscal 2025?
Cash from operations of $77.2M minus capital expenditures of $1.2M left free cash flow of -$78.4M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.