ENGN - NEUTRAL- 2Q Recap: Restructuring Post-LEGEND Update Provides Operational Flexibility; 12-month CR Data and Pot’l BLA Submission Remain Guided for 2H

研报英文原文证据摘录

ENGN - NEUTRAL- 2Q Recap: Restructuring Post-LEGEND Update Provides Operational Flexibility; 12-month CR Data and Pot’l BLA Submission Remain Guided for 2H

June 16, 2026

Michael Schmidt, Ph.D. michael.schmidt@guggenheimpartners.com ENGN - NEUTRAL- 2Q Recap: Restructuring Post-

617 859 4636 LEGEND Update Provides Operational Flexibility; 12-

Paul Jeng, Ph.D.

paul.jeng@guggenheimpartners.com month CR Data and Pot’l BLA Submission Remain

617 859 4618 Guided for 2H Rosy Liao, Ph.D.

rosy.liao@guggenheimpartners.com

617 859 4663 Key Message: ENGN reported 2Q26 results and a business update that included a

Sarah Bi, Ph.D. restructuring (50% RIF) and departures of several members of senior management

sarah.bi@guggenheimpartners.com (CFO, CSO, CMO, COO, Chief Legal Officer) on the heels of disappointing interim

857 350 0123 Phase 2 LEGEND data for detalimogene in HR NMIBC disclosed in May (here). As we

previously noted, the latest LEGEND update showed a disappointing decline in efficacy

in the fully enrolled study relative to an earlier interim analysis in 4Q25, with the clinical

profile falling short of contemporary therapies (CGON, JNJ) and emerging contenders

(e.g., RLMD), and appearing more in line with earlier generation on-market treatmentsENGN NEUTRAL (MRK’s Keytruda, Ferring’s adstiladrin) which raised investor questions on its potential enGene Holdings Inc. role in the evolving NMIBC treatment landscape. The remaining corporate infrastructure Sector: Biotechnology

for ENGN will focus on reporting 12-month CR data from LEGEND in 2H and engaging

Earnings Release with the FDA to potentially support a BLA filing for detalimogene (pending supportive

regulatory feedback) also in 2H. As previously disclosed, ENGN is also focusing a portion Share Price $1.77