Biopharma Advances High-Impact, First-of-Its-Kind Neuroreparative Drug

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

NervGen Pharma Corp. (NGEN:TSX.V; NGENF:OTCQX) announced the company's successful End-of-Phase 2 meeting for RESTORE — the Phase 3 study of NVG-291, its new drug for chronic tetraplegia.  

Adam Rogers, MD, CEO, and President of NervGen, said in the release, "We are grateful for the continued and collaborative partnership with the FDA. RESTORE's design, anchored by the strength and totality of the CONNECT SCI data, was shaped in close collaboration with the FDA, the SCI community, key opinion leaders, and advocates, to ensure the clinical data and outcomes generated reflect what matters most to the individuals it's designed to serve. We are working tirelessly and advancing with urgency to continue developing a potentially life-changing therapy for individuals with chronic tetraplegia."

Rogers went on to say, "I have spent over 30 years working to advance treatments for SCI, and the progress we are witnessing with NVG-291 represents the most compelling clinical evidence for a pharmacologic treatment to date in chronic tetraplegia," said Armin Curt, MD, Clinical Director of the Accelerated Translational Program at Wings for Life, a global nonprofit research foundation with the mission to find a cure for SCI. "Wings for Life supported CONNECT SCI because we believed in NVG-291, and the data validated that belief. RESTORE's registrational trial design, including the use of GRASSP Quantitative Prehension as a functional primary endpoint uniquely designed to capture change in the highest priority domain in tetraplegia, represents what we believe will be the future for clinical trial design in SCI. Paired with secondary measures and blinded qualitative interviews that convey both the participant and clinician perspectives on independence and quality of life, this design reflects the rigor and depth the SCI community deserves. This is a tangible step toward making the first pharmacologic treatment for chronic tetraplegia a reality."

Results of Phase 1/Phase 2 studies are as follows and support the viability of a Phase 3 study:

• Primary Endpoint Selection (GRASSP QtP): A mean improvement of +3.7 points at Week 12 in NVG-291-treated subjects versus +0.4 points for placebo-treated subjects (+3.3-point treatment difference), exceeding the 2.0-point minimally important difference.
• Sustained Treatment Effect at Week 16: Continued improvement in GRASSP QtP to +4.4 points for NVG-291-treated subjects versus +1.2 points for placebo-treated subjects, demonstrating a sustained treatment effect at Week 16, four weeks after treatment cessation.
• Clinical Meaningfulness (PGIC): 75% (6/8) of NVG-291-treated subjects reported being "much" or "very much" improved (≥6/7 PGIC score) versus 33% (3/9) of placebo-treated subjects, reinforcing the relevance of observed functional gains.
• Real-World Impact: Blinded qualitative interviews conducted up to 364 days post-study contextualized systemic improvements, including 67% (6/9) of NVG-291-treated subjects reporting improved bladder control and 56% (5/9) reporting reduced muscle spasticity.
• Dosing Regimen and Safety: Favorable safety and tolerability across 12 weeks of daily subcutaneous dosing of NVG-291, with no treatment-related serious adverse events or treatment discontinuation.

The company plans to apply FDA regulatory alignment and framework to future registrational-quality studies in subacute tetraplegia.

NervGen also participated in H.C. Wainwright & Co.'s "HCW@Home" series on April 15, 2026, and the Bloom Burton & Co. Healthcare Investor Conference on April 22, 2026.  

NervGen Pharma Corp. is a Canadian clinical-stage biopharmaceutical company focused on developing the first neuroreparative therapeutics for spinal cord injury (SCI) and other neurotraumatic and neurologic conditions.

Investing in R&D in 2026

Neurorestorative therapies aim to repair and regenerate neural tissue after traumatic injuries, enacting ". . . a shift from simply protecting the brain to actively helping it heal."

Pharma sector funding fell between 2024 and 2025, according to a March 26, 2026, article for Fierce Biotech by Nick Paul Taylor.  He wrote that pharma funding had fallen from 2024 but noted that, "2025 was still the third-best year of the past decade. Similarly, overall funding was well above the pre-pandemic norm and only topped by 2020, 2021, and 2024."

At the same time, J. Edward Moreno of Sherwood News reported contradictory news on January 14, 2026, writing that, "In 2025, announced global biotech deals totaled US$228.4 billion, up from US$132.3 billion in 2024, data from Dealogic shows . . . Just two weeks into 2026, US$9.2 billion in deals have been announced."

According to Moreno, movement is expected in the sector: "As some of the most lucrative drugs lose exclusivity in the next few years, pharmaceutical giants are increasingly shopping around for biotechs to add to their portfolios — and they are more than happy to pay a hefty premium for the right company . . . For some Big Pharma companies, business development spending is now about equal to, or more than, research and development."

This statement could explain the emerging drop in research and development spending at biotech and pharma companies. On March 25, 2026, BioSpace's Annalee Armstrong reported that, "R&D spending at the top 16 pharmaceutical companies declined by 3.6% overall in 2025, as many aggressively cut spending and refocused pipelines."

'Market is Ignoring Huge Upside,' says Chen Lin

According to Factset:

• On April 27, 2026, Raghuram Selvaraju of H.C. Wainwright & Co. gave the company a 'Buy' rating, with a target price of CA$18.
• On April 24, 2026, Andre Uddin of Research Capital Corporation gave the company a 'Buy' rating, with a price target of CA$5.50.
• On April 23, 2026, Justin Keywood of Stifel Canada gave the company a 'Buy' rating with a price target of CA$6.
• On April 14, 2026, Scott McAuley of Paradigm Capital Inc. gave the company a 'Buy' rating, with a price target of CA$8.20.
• On April 13, 2026, Elemer Piros of Lucid Capital Markets gave the company a 'Buy' rating, with a price target of CA$18.
• On April 9, 2026, Michael Okunewitch of Maxim Group gave the company a 'Buy' rating, with a price target of CA$12.
• On April 6, 2026, Michael W. Freeman of Raymond James gave the company an 'Overweight' rating of CA$7.

On April 27, 2026, Chen Lin of What is Chen Buying? What is Chen Selling? gave a quote on NervGen: "NGEN got an initial buy recommendation from HCW today with a target price of CA$18. There is a huge upside if Phase 3 is successful. Of course, they need to raise ~CA$50 million to finish it, but the market is ignoring the huge upside."

Phase 3 Study in Pipeline

The company plans to begin the RESTORE Phase 3 registrational study mid-2026. Design and guidelines for Phase 3 will be as follows:

• Study Design: Randomized, double-blind, placebo-controlled; approximately 150 subjects.
• Population Characteristics: Adults aged 18-75 with chronic tetraplegia due to traumatic SCI (≥C7; ASIA Impairment Scale C or D), 1-10 years post-injury.
• Study Sites: Up to 60 sites across the United States and Canada.
• Dosing Regimen: Daily subcutaneous injections of NVG-291 for 12 weeks, followed by a 4-week observational period.
• Primary Endpoint: Change from baseline to Week 12 in GRASSP Quantitative Prehension (QtP), a validated measure of functional hand use.
• Key Secondary Endpoints: PGIC, CGIC, Spinal Cord Independence Measure, Version-III (SCIM-III), and lower extremity spasticity, as measured by the Modified Ashworth Scale.
• Qualitative Assessments: Blinded qualitative interviews will be conducted when exiting the 16-week study period to contextualize the clinical meaningfulness and real-world impact of NVG-291.
• Open-Label Extension (OLE): An optional 12-week OLE will follow the main study, providing access to NVG-291 for all placebo-randomized subjects.

Ownership & Share Information¹

NervGen Pharma Corp. has a market cap of US$310.07 million, with 80.54 million shares outstanding. The company's 52-week range is US$1.50-US$6.30.

Institutions own 0.18% of shares, while Management & Insiders own 2.51%.

Strategic Investors own 18.42%, and the remaining shares are held by Retail.