enGene Holdings Inc., a clinical-stage biotechnology company specializing in gene therapies for high-risk non-muscle invasive bladder cancer (NMIBC), experienced significantly increased operating losses in fiscal 2025 amid key clinical progress. The company raised approximately $130 million through an equity offering in late 2025 and amended its loan agreement to provide up to $125 million in milestone-contingent financing. With FDA RMAT designation for its lead candidate, detalimogene voraplasmid, enGene plans a Biologics License Application submission in the second half of 2026. Supported by strong liquidity, ongoing pivotal Phase 2 LEGEND trial activities continue, although substantial execution risks remain inherent to clinical development.