enGene Reduces Workforce by 50% and Changes Executives
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 4 days ago
0mins
In June, enGene implemented a plan to reduce its workforce by approximately 50% to streamline operations and preserve cash. The Company has retained personnel and resources required to meet its key strategic goals and milestones, including completion of LEGEND Cohort 1; enrolling the detalimogene plus surfactant cohort; meeting with the FDA and planning for BLA initiation in 2H 2026; and completing necessary pre-commercial activities required to support the planned commercial launch of detalimogene in 2027. In conjunction with its reduction in force, the following executive officers will depart from the Company, effective July 15: Ryan Daws, CFO, Lee Giguere, CLO and Alex Nichols, Chief Strategy and Operations Officer. Anthony Cheung, Chief Scientific Officer, will continue in his role through September 30, 2026, after which, he will transition into a consulting arrangement. Hussein Sweiti, M.D., Chief Medical Officer, stepped down from his position to pursue a new professional opportunity, effective June 14. Effective immediately, William Grossman, M.D., Ph.D., a member of enGene's Board of Directors, will act as interim CMO. He is the former Senior Vice President and Therapeutic Area Head of Oncology Clinical Development at Gilead Sciences. Constantine Chinoporos, who joined the Company in May as a business development consultant, is expected to act as enGene's interim Chief Business Officer
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Analyst Views on ENGN
Wall Street analysts forecast ENGN stock price to rise
8 Analyst Rating
7 Buy
1 Hold
0 Sell
Strong Buy
Current: 1.740
Low
10.00
Averages
23.88
High
33.00
Current: 1.740
Low
10.00
Averages
23.88
High
33.00
About ENGN
enGene Therapeutics Inc., formerly enGene Holdings Inc., is a clinical-stage biotechnology company mainstreaming gene therapy through the delivery of therapeutics to mucosal tissues and other organs. The Company’s lead program is detalimogene voraplasmid, (detalimogene) for patients with non-muscle invasive bladder cancer (NMIBC), a disease with a high clinical burden. Detalimogene is being evaluated in the ongoing multi-cohort LEGEND Phase II trial, which includes a pivotal cohort studying detalimogene in Bacillus Calmette-Guerin (BCG)-unresponsive patients with carcinoma in situ (CIS). Detalimogene is being developed through its proprietary Dually Derivatized Oligochitosan (DDX) platform, which enables penetration of mucosal tissues and delivery of a range of sizes and types of cargo, including Deoxyribonucleic acid (DNA) and various forms of Ribonucleic acid (RNA).
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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See More
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See More
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- Legal Context: Pomerantz LLP is a renowned securities class action law firm with over 85 years of history, focusing on advocating for the rights of victims of securities fraud, and has historically recovered multimillion-dollar damages for class members.
See More
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- Layoff Plans: Neumora Therapeutics announced a 35% workforce reduction to save $10 million annually, reflecting strategic adjustments following the failure to meet primary endpoints in clinical trials, aimed at extending cash runway.
See More
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- Cash Reserves: As of April 30, 2026, enGene's cash, cash equivalents, and marketable securities totaled $285.17 million, indicating the company's financial strength to support ongoing clinical trials and research and development initiatives.
- Clinical Progress: The ongoing Phase 2 LEGEND trial is expected to report 12-month complete response data evaluating Detalimogene, marking a significant milestone in the treatment of non-muscle-invasive bladder cancer.
- FDA Engagement: The company plans to engage with the FDA in the second half of 2026 to discuss a pre-Biologics License Application (BLA) filing based on trial results, highlighting its proactive approach in clinical development and potential market impact.
See More
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- Earnings Performance: enGene Holdings reported a GAAP EPS of $0.43 for Q2, indicating stability in profitability amidst market fluctuations, showcasing the company's ability to maintain positive growth.
- Cash Position: As of April 30, 2026, the company had $285.2 million in cash, cash equivalents, and marketable securities, providing significant operational flexibility to support future R&D and market expansion.
- Operating Expense Trends: Total operating expenses for Q2 2026 were $32.0 million, up from $27.1 million in Q2 2025, reflecting ongoing investments in R&D and marketing, which may impact profit margins in the short term.
- Market Opportunity Analysis: The recent selloff in enGene Therapeutics' stock presents a potential buying opportunity for investors, particularly following the pivotal data release from its LEGEND trial, which may attract increased attention.
See More
Pomerantz Investigates enGene for Securities Fraud Claims
- Investigation Launched: Pomerantz LLP is investigating enGene Therapeutics Inc. for potential securities fraud or unlawful business practices, aiming to protect investor rights and possibly initiate a class action lawsuit.
- Disappointing Clinical Results: On May 7, 2026, enGene reported that the 12-month duration of response in its LEGEND trial was only 25%, admitting that “durability outcomes to date are not what we hoped,” which negatively impacts the company's reputation.
- Stock Price Plunge: Following the release of unfavorable news, enGene's stock price plummeted by $7.13, or 80.56%, closing at $1.72 per share on May 7, 2026, reflecting extreme market pessimism regarding the company's future.
- Potential Legal Consequences: Pomerantz LLP, a renowned firm in securities class action litigation, has a long history, and if the investigation confirms wrongdoing, it could lead to substantial damages and further legal liabilities for the company.
See More
Pomerantz LLP Investigates Securities Fraud Claims Against enGene Therapeutics
- Investigation Launched: Pomerantz LLP is investigating claims of securities fraud against enGene Therapeutics Inc., potentially involving unlawful business practices by the company and its executives, which could undermine investor confidence and lead to further stock price declines.
- Disappointing Clinical Trial Results: On May 7, 2026, enGene announced that the 12-month duration of response in its LEGEND trial was only 25%, significantly below expectations, which may adversely affect the company's future financing and market performance.
- Stock Price Plunge: Following the release of unfavorable news, enGene's stock price plummeted by 80.56% to close at $1.72 per share, reflecting a pessimistic market sentiment regarding the company's prospects and potentially leading to a crisis of investor trust.
- Legal Implications: The investigation by Pomerantz LLP could result in a class action lawsuit, and if fraud is confirmed, it would have significant legal and financial repercussions for the company and its management, further exacerbating investor losses.
See More
Pomerantz LLP Investigates Securities Fraud Claims Against enGene Therapeutics
- Investigation Launched: Pomerantz LLP is investigating claims of securities fraud against enGene Therapeutics Inc., involving potential unlawful business practices by the company and its executives, urging investors to contact attorneys to join the class action.
- Disappointing Trial Results: On May 7, 2026, enGene announced interim results from its LEGEND trial, revealing a mere 25% 12-month duration of response and stating that “durability outcomes to date are not what we hoped,” triggering a strong market reaction.
- Stock Price Plunge: Following the unfavorable clinical results, enGene's stock price plummeted by $7.13, or 80.56%, closing at $1.72 per share on May 7, 2026, reflecting extreme investor pessimism regarding the company's future prospects.
- Legal Context: Pomerantz LLP is a renowned securities class action law firm with over 85 years of history, focusing on advocating for the rights of victims of securities fraud, and has historically recovered multimillion-dollar damages for class members.
See More
