Initiating At Buy: A New Generation In Spinal Cord Injury Treatment Is Here

研报英文原文证据摘录

Initiating At Buy: A New Generation In Spinal Cord Injury Treatment Is Here

TD Cowen NervGen Pharma

Global Research June 11, 2026

Investment Thesis

NervGen Pharma is a clinical-stage biotechnology company focused on the

development of novel therapeutics for the treatment of neurotraumatic and

neurologic conditions. The company's main asset is NVG-291, a receptor protein

tyrosine phosphatase sigma (RPTP) wedge domain peptide mimetic currently under

investigation in patients with spinal cord injury (SCI). NVG-291 targets the

mechanisms associated with chondroitin sulfate proteoglycans (CSPGs), which are

increased following neuronal injury and create an inhibitory environment for neuronal

repair. The therapy has been shown to disinhibit axonal regrowth in preclinical SCI

models and recently demonstrated encouraging signs of clinical efficacy in the

company's Ph. Ib/IIa CONNECT trial. The company plans to initiate a Ph. III

registrational study evaluating the efficacy of NVG-291 in chronic tetraplegia

patients in mid-2026 with topline data expected early 2028.

We and our KOLs are optimistic regarding success in the Ph. III trial considering the

reliability of the GRASSP Quantitative Prehension primary endpoint, management's

confidence to reach a 2-point+ clinically meaningful improvement in this metric, and

alignment with the FDA. Our KOL reiterated confidence that this would be a

meaningful real-world improvement for patients and would drive meaningful uptake

given the sizeable unmet need. While clinical trial execution will be key, especially in

a larger Ph. III program, we believe the company is flying under investor radars. We

currently model $1.1B in peak sales for the treatment given the high unmet need and