NervGen develops NVG-291, a daily injected peptide for chronic spinal cord injury; it is in a Phase 3 trial and is not approved.
NVG-291 is a daily injected peptide meant to help damaged nerves regrow after chronic spinal cord injury. Post-hoc gait analyses from the Phase 1b/2a CONNECT SCI study favored NVG-291. The Phase 3 RESTORE trial of about 150 patients dosed its first participant on October 12, 2026; topline hand-function results are expected in the first half of 2028. NervGen's filings say NVG-291 is under a partial FDA clinical hold, without describing it. Cash of US$61.1 million at June 30 funds operations to the readout, the company says.
Thesis checklist
1 risk needs attention
Why it is in this state
The evidence, what would weaken it and the source filing
Why it is in this state
The evidence, what would weaken it and the source filing
Why it is in this state
The evidence, what would weaken it and the source filing
Next decision point
Tests: RESTORE meets its primary endpoint
Does NVG-291 improve hand function versus placebo at Week 12?
Strong, inconclusive and weak outcomes
What to look for in the result and how each would move the checklist
Price and material events
Select an event marker to read the update below. Marker colors show Thesis status.
NervGen's Phase 3 RESTORE is dosing; results are expected in 1H 2028
NVG-291 enters Phase 3 with an FDA-aligned design and cash the company says lasts to the 2028 readout
NVG-291 enters registrational RESTORE study in chronic tetraplegia as going-concern risk tests whether financing can be secured before capital runs out
NVG-291 enters registrational RESTORE study in chronic tetraplegia; thesis resolves on whether Phase 2 neural recovery signals replicate at scale
About this history: every entry shows when the Thesis moved and what it said. The reasoning behind each move (the evidence, the analysis and the source filing) and the earnings write-ups are part of a subscription.
Dates, trials and completed outcomes are open to everyone. What each upcoming milestone hinges on is part of a subscription.
Disease areas: Neurology and pain
Catalyst calendar · Upcoming FDA decisions · Thesis changes
Competitive landscape
1 peers tracked
Cash: Market-data provider estimate; measurement period unavailable.
Debt: Market-data provider estimate; a complete comparable filing balance is unavailable.
Quarterly burn: Estimated from trailing free cash flow; measurement period unavailable.
Net cash and estimated runway require verified matching measurement periods. Missing debt components are not assumed to be zero.
Runway: No underlying guidance available.