Here are a few brief analogies for NervGen Pharma:

• Like a specialized Biogen, intensely focused on repairing damaged nervous systems for conditions like spinal cord injury, MS, and Alzheimer's.
• An early-stage Vertex Pharmaceuticals, but innovating specifically to repair the nervous system after injury or disease.

• NVG-291: A lead product candidate in Phase 1b/2a clinical trials for treating spinal cord injuries, stroke, multiple sclerosis, and Alzheimer's disease.
• NVG-300: A preclinical product candidate being developed for ischemic stroke and spinal cord injury.

NervGen Pharma Corp. (NGEN) is a biotechnology company primarily engaged in the discovery and development of pharmaceutical treatments. As of the provided description, their lead product candidate, NVG-291, is in Phase 1b/2a clinical trials, and NVG-300 is in preclinical models.

At this stage of development, NervGen Pharma is a pre-commercial company focused on research and clinical trials, rather than having commercially available products. Consequently, the company does not currently have major customers or categories of customers from product sales. Their primary activities involve scientific development, clinical testing, and intellectual property management, often funded by investors or through potential future partnerships with larger pharmaceutical companies upon successful drug development and regulatory approval.

Major Suppliers:

• Carbogen Amcis AG
• Parexel International Corp.

Adam H. Rogers, MD, President & Chief Executive Officer

Dr. Rogers was appointed President and Chief Executive Officer of NervGen Pharma in February 2026, having served as Chairman of the Board of Directors since July 2025 and Interim Chief Executive Officer since July 2025. He has over fifteen years of experience in advancing novel therapies. Dr. Rogers is a Principal of Boston-based PFP Biosciences Holdings. He co-founded Hemera Biosciences, a clinical-stage biotechnology company, in 2010, and served as its CEO from 2017 until December 2020, when the rights to its lead program were acquired by Janssen Pharmaceuticals, a subsidiary of Johnson & Johnson. Prior to this, he was an Assistant Professor of Ophthalmology at the New England Eye Center of Tufts Medical Center.

Bill Adams, CPA, Former Chief Financial Officer (now advisory capacity)

Mr. Adams retired as Chief Financial Officer of NervGen Pharma on March 15, 2026, and continues in an advisory capacity to support the transition. He possesses over 30 years of strategic financial management experience, including expertise in mergers and acquisitions, operations, and capital markets across Canada and the U.S. Mr. Adams previously held CFO positions at Anandia Laboratories Inc., Response Biomedical Corp., CellFor Inc., and AnorMED Inc. He played a significant role in the sale of AnorMED to Genzyme for $580 million and was instrumental in the sale of Anandia for $118 million in 2018. His career includes responsibility for over $250 million in public and private equity financing and more than $750 million in M&A and technology licensing transactions.

Shamim Ruff, Chief Regulatory Affairs Officer

Ms. Ruff is an industry leader with over 30 years of strategic leadership experience in regulatory affairs. Before joining NervGen Pharma, she served as Chief Regulatory Affairs Officer and Senior Vice President, Head of Quality Assurance at Stoke Therapeutics, where she led the regulatory strategy for their RNA medicine platform. Previously, Ms. Ruff was the Chief Regulatory Affairs Officer at Sarepta Therapeutics, where she established the company's regulatory affairs and quality organizations and guided the regulatory strategy for its rare and infectious disease pipelines. She also served as Chair of the Development Advisory Board and Strategic Regulatory Advisor to the CEO and NDA Submissions Team at Soleno Therapeutics, and on the Board of Directors of Reata Pharmaceuticals until its acquisition by Biogen. Earlier in her career, she held leadership roles at Sanofi-Genzyme, Amgen, Abbott, and AstraZeneca.

Randall Kaye, MD, Chief Medical Advisor

Dr. Kaye is a highly experienced physician-executive with extensive leadership in neuroscience and central nervous system drug development. Most recently, he served as Chief Medical Officer of Longboard Pharmaceuticals, where he oversaw clinical and medical strategy and was key to the company's $2.6 billion acquisition by Lundbeck A/S.

Key Risks to NervGen Pharma (NGEN):

1. Clinical Development and Regulatory Approval Risk: As a clinical-stage biotechnology company, NervGen Pharma's success hinges on the outcomes of its clinical trials and its ability to secure regulatory approvals for its lead product candidates, such as NVG-291. The drug development process is inherently uncertain, lengthy, and expensive, with a high rate of failure at various stages. The company has explicitly stated that it faces "regulatory hurdles and the inherent uncertainties of drug development". Even positive trial results, if not meeting market expectations across all endpoints, can lead to significant stock price declines, as demonstrated by a 31.1% plummet in shares following topline data from its Phase 1b/2a clinical trial for NVG-291, despite meeting one co-primary endpoint. Analysts also highlight the "high risk" given that "no drug has yet been proven to significantly impact neurological recovery in humans, and there have been numerous unsuccessful attempts".
2. Funding and Financial Health Risk: NervGen Pharma is an early-stage company that currently generates no revenue and reports ongoing losses, with a negative earnings per share and a concerning return on equity. The company's financial metrics, including a current ratio of 0.79 and a cash ratio of 0.71, suggest potential liquidity issues and limited cash reserves relative to liabilities. Its clinical development plans are "subject to additional funding", and while recent investments provide near-term capital, further funding will be required for continued development, including an anticipated Phase 3 trial. Insufficient funding is a consistently cited risk factor.
3. Competition Risk: NervGen Pharma operates in the highly competitive fields of neurotrauma and neurological diseases. The development of treatments for conditions like spinal cord injuries, stroke, multiple sclerosis, and Alzheimer's disease attracts significant research and development efforts from numerous pharmaceutical and biotechnology companies. This competitive landscape poses a risk to market share and commercial success even if NervGen's product candidates are successful in clinical trials and gain regulatory approval.

NervGen Pharma Corp. is developing treatments for several neurological conditions, and the addressable markets for its main product candidates are substantial across various regions.

Here are the estimated market sizes for the conditions targeted by NervGen Pharma's products:

Spinal Cord Injury (SCI) Treatment Market

• Globally, the spinal cord injury treatment market was valued at approximately USD 7.25 billion in 2024 and is projected to reach USD 10.72 billion by 2032, growing at a Compound Annual Growth Rate (CAGR) of 5.1% from 2025 to 2032. Another estimate places the global market at USD 7.5 billion in 2024, with a projection to reach USD 12.1 billion by 2030, at a CAGR of 7.4%.
• In the U.S., the spinal cord injury treatment market is estimated at USD 2.63 billion in 2024 and is projected to grow to approximately USD 3.90 billion by 2030, with a CAGR of 6.8%.

Stroke Treatment Market

• The global stroke diagnostic and therapeutic market was valued at USD 42.07 billion in 2025 and is predicted to increase to approximately USD 90.62 billion by 2035, exhibiting a CAGR of 7.98% from 2026 to 2035.
• The global stroke treatment market size is projected to be USD 37.84 billion in 2025, with an expected increase to USD 70.04 billion by 2033 at a CAGR of 8.00%.
• For the U.S. alone, the stroke diagnostic and therapeutic market size was evaluated at USD 6.40 billion in 2025 and is predicted to reach around USD 15.04 billion by 2035, with a CAGR of 8.92% from 2026 to 2035. The U.S. stroke therapeutics market was valued at USD 6.5 billion in 2024.

Multiple Sclerosis (MS) Treatment Market

• The global multiple sclerosis treatment market was valued at USD 26.80 billion in 2024 and is expected to reach USD 34.75 billion by 2032, growing at a CAGR of 3.30% during the forecast period. Another report estimates the global multiple sclerosis therapeutic market size at USD 27.39 billion in 2024, projected to reach USD 38.62 billion by 2030 with a CAGR of 5.93%.
• The multiple sclerosis disease-modifying therapy (DMT) market across the seven major markets (7MM: the US, France, Germany, Italy, Spain, the UK, and Japan) is poised to grow from USD 22.0 billion in 2024 to USD 25.9 billion in 2034.
• In the U.S., the multiple sclerosis treatment market size was approximately USD 16.00 billion in 2024. The U.S. multiple sclerosis drugs market size, specifically, was USD 7.84 billion in 2024 and is predicted to increase to approximately USD 17.15 billion by 2034, expanding at a CAGR of 8.18%.

Alzheimer's Disease Treatment Market

• The global Alzheimer's therapeutics market size is estimated at USD 5.36 billion in 2024 and is expected to reach around USD 31.04 billion by 2034, growing at a CAGR of 19.2% from 2025 to 2034. Another source values the global Alzheimer therapeutics market at USD 6.49 billion in 2025, predicted to hit approximately USD 33.62 billion by 2034, with a CAGR of 20.06%.
• Across the seven major markets (7MM: US, EU4, UK, and Japan), the Alzheimer's disease market reached a value of USD 3.1 billion in 2024 and is projected to reach USD 6.3 billion by 2034, with a CAGR of 6.8%. Another estimate for the 7MM is USD 5,048 million in 2025, projected to reach USD 34,335 million in 2034, with a CAGR of 23.7%.
• The U.S. Alzheimer's drugs market size was worth USD 1.62 billion in 2022. North America leads the Alzheimer's Disease Therapeutics Market, capturing the largest revenue share of 36.2% in 2024.

NervGen Pharma Corp. (NGEN) is a biotechnology company primarily focused on developing pharmaceutical treatments for nervous system repair. Over the next 2-3 years, the company's future revenue growth is expected to be driven by the following factors:

1. Advancement and Potential Commercialization of NVG-291 in Spinal Cord Injury (SCI): NervGen Pharma has reported positive topline data from the chronic cohort of its Phase 1b/2a clinical trial for NVG-291 in spinal cord injury, demonstrating improved motor connectivity and functional improvement. The company has received Fast Track designation from the U.S. Food and Drug Administration (FDA) for NVG-291 in SCI. An End-of-Phase 2 meeting with the FDA is anticipated in early 2026 to determine the development and registration pathway for NVG-291, with a potential target of an NDA filing by 2028 and a Phase 3 trial in chronic SCI possibly starting in 2026. The FDA has also confirmed multiple regulatory routes are available for NVG-291 given the significant unmet medical need. Successful progression through these regulatory and clinical milestones is crucial for eventual market entry and revenue generation.
2. Expansion of NVG-291 into Additional Neurological Indications: Beyond spinal cord injury, NVG-291 is also in Phase 1b/2a clinical trials for other significant neurological conditions, including stroke, multiple sclerosis, and Alzheimer's disease. Positive clinical development and potential regulatory pathways in these larger markets would substantially broaden the patient population and future revenue opportunities for NervGen.
3. Successful Preclinical and Early Clinical Development of NVG-300: NervGen Pharma is advancing NVG-300, a new biologic molecule, with a focus on ischemic stroke, amyotrophic lateral sclerosis (ALS), and spinal cord injury. Preclinical studies for NVG-300 in ischemic stroke and SCI have shown promising activity. Successful preclinical validation, with results anticipated in early 2025, would lead to further development under the Biologics License Application regulatory framework, which could provide 12 years of market exclusivity post-approval.
4. Strategic Partnerships and Licensing Agreements: As NervGen's drug candidates advance, particularly for broader indications such as stroke, multiple sclerosis, and Alzheimer's disease for NVG-291, or for the development of NVG-300, the company may pursue strategic partnerships. These collaborations could provide significant upfront payments, milestone payments, and royalties, contributing to revenue growth and providing funding for ongoing research and development.

Share Issuance

• NervGen Pharma completed an overnight marketed public offering on May 12, 2021, issuing 3,250,000 units at C$1.55 per unit, resulting in gross proceeds of C$5,037,500.
• In March 2024, the company completed a CA$23 million bought deal financing.
• NervGen completed a US$10 million non-brokered private placement in November 2025.

Inbound Investments

• A US$10 million non-brokered private placement was completed in November 2025, with participation from new and long-standing investors, including SCI Ventures.

Capital Expenditures

• Capital expenditures were reported as -0.01 million CAD for the fiscal year ended December 31, 2023.
• Capital expenditures for the fiscal year ended December 31, 2022, were -0.02 million CAD.
• Capital expenditures were approximately -0 million CAD for the fiscal year ended December 31, 2021.