enGene Holdings Inc reported a negative first quarter for 2024 (QQ1 2024), characterized by no revenue and a substantial operating loss driven primarily by ongoing R&D and G&A spend. The quarter ended January 31, 2024, with an EBITDA of -$10.1 million and net income of -$10.7 million (EPS -$0.46). Operating cash flow was -$7.37 million, with free cash flow of -$7.88 million, highlighting a high burn rate typical of a clinical-stage biotech before product commercialization. Despite the lack of revenue, the company closed QQ1 2024 with a solid liquidity position of roughly $85.6 million in cash and equivalents, contributing to a multi-quarter runway given current operating burn. No management call transcript is provided in the data, so direct quotes from management are not included here; the analysis integrates the reported financials with industry context and likely strategic milestones around the lead candidate EG70 (detalimogene voraplasmid) for nonmuscle invasive bladder cancer (NMIBC). Management commentary and forward-looking guidance were not disclosed in the supplied transcript data, necessitating a scenario-based assessment of potential catalysts and risks going forward.