enGene Therapeutics Inc. Liquidation Value

enGene Holdings Inc. (ENGN) is a pre-revenue clinical-stage biotechnology company developing detalimogene voraplasmid for non-muscle invasive bladder cancer. Under a liquidation lens as of January 31, 2026, recovery posture is materially positive relative to many clinical-stage peers due to a large liquid asset base, but equity recovery remains deeply negative when obligations are properly stacked at face value against haircut assets.

Asset side: Total assets of $337.1M are dominated by cash and marketable securities. Cash and cash equivalents of $36.6M recover at 100%. Marketable securities (current $239.3M + noncurrent $36.6M = $275.9M) are predominantly available-for-sale debt securities with amortized cost of $291.1M and fair value of $291.3M; applying a 95-100% haircut yields approximately $275-277M. Prepaid and other current assets of $12.0M recover at perhaps 20-30 cents, or roughly $2.4-3.6M. PP&E gross of $4.7M net $2.4M; at 50-60% recovery, approximately $1.2-1.5M. The company has no lab or manufacturing facilities of its own. OperatingLeaseRightOfUseAsset of $7.5M receives a 0% recovery as an ASC 842 gross-up with no standalone liquidation value. Intangibles and goodwill: not separately XBRL-tagged, but the company's primary intangible value is the detalimogene IP/pipeline, which receives a 0% haircut recovery under the lens. OtherAssetsNoncurrent of $1.4M likely includes security deposits; partial recovery possible.

Estimated gross liquidation proceeds: approximately $315-320M.

Liability side at face value: Total liabilities $55.6M. Current liabilities of $24.6M include accrued liabilities and other liabilities $19.7M, accounts payable $2.4M, accrued professional fees $1.1M, employee-related liabilities $5.9M, current operating lease liability $2.3M, and current notes payable $0.2M. Noncurrent liabilities include LongTermNotesPayable $24.7M (Hercules Capital term loan, $25M drawn under the Second Amended Loan Agreement closed January 2026) and noncurrent operating lease liability $6.2M. Total operating lease liability $8.5M stays at face value in liquidation (ASC 842; the undiscounted future commitment is $12.8M). The Hercules facility also allows up to an additional $100M draw subject to milestones, which is not yet drawn and does not appear on-balance-sheet.

Net liquidation value to equity: Approximately $315-320M proceeds less $55.6M liabilities at face = roughly $260-265M residual. This appears positive and represents a significant change from a typical pre-revenue clinical-stage profile, entirely driven by the November 2025 underwritten public offering that raised approximately $140.1M net proceeds (12.6M shares + 2.7M pre-funded warrants at $8.50), which closed and settled into Q1 FY2026. Cash and securities grew from $202.3M at October 31, 2025 to $312.5M at January 31, 2026.

Key risks to this recovery: (1) quarterly operating cash burn of approximately $29M; at current rate, the $312.5M liquidity runway erodes quickly if BLA submission H2-2026 is delayed or rejected. (2) The Hercules term loan contains an additional $100M tranche contingent on milestones—if drawn, it would materially increase the liability stack. (3) Material weaknesses in internal controls existed through FY2024 and FY2023; remediated as of October 31, 2025 per management assertion. (4) Accumulated deficit of $401.8M and no revenue. Filing discusses CRO/CDMO contract obligations in MD&A but does not separately XBRL-tag a purchase commitment liability; those cancellable contracts are not on-balance-sheet and would extinguish at cancellation cost.