enGene Holdings Inc. reported QQ1 2025 with no revenue and continued operating losses as R&D activity remains the primary driver of cash consumption. R&D expenses totaled $19.97 million and general and administrative expenses were $6.64 million, yielding operating expenses of $26.61 million and an EBITDA of $(23.74) million. net income was $(24.62) million, or $(0.48) per share on a diluted basis, reflecting a burn that is typical for a early‑stage biotech advancing its lead candidate, EG70 (detailed immunotherapy for nonmuscle invasive bladder cancer in BCG‑unresponsive patients). Despite the negative earnings trajectory, the company closes QQ1 2025 with a substantial liquidity cushion: cash and cash equivalents of $62.35 million and total cash and short‑term investments of $213.81 million, producing a net cash position of approximately $(37.21) million when accounting for $25.13 million in total debt. The balance sheet remains asset‑light in terms of current liabilities, with a very favorable current ratio (17.16) and cash ratio (4.81), underscoring meaningful liquidity runway for continued R&D and pipeline advancement.