On this page of StockholderLetter.com we present the latest annual shareholder letter from enGene Holdings Inc. — ticker symbol ENGN. Reading current and past ENGN letters to shareholders can bring important insights into the investment thesis.
enGene Holdings Inc.
2024 Annual Report


81,7(' 67$7(6
6(&85,7,(6 $1' (;&+$1*( &200,66,21
:DVKLQJWRQ  ' &       

)250    .

0DUN 2QH  

$118$/ 5(3257 38568$17 72 6(&7,21    25    G  2) 7+( 6(&85,7,(6 (;&+$1*( $&7 2)      
)RU WKH ILVFDO \HDU HQGHG 2FWREHU         
25 

75$16,7,21 5(3257 38568$17 72 6(&7,21    25    G  2) 7+( 6(&85,7,(6 (;&+$1*( $&7 2)      )25 7+( 75$16,7,21
3(5,2' )520 72 
&RPPLVVLRQ )LOH 1XPEHU          

HQ*HQH +ROGLQJV ,QF 
([DFW QDPH RI 5HJLVWUDQW DV VSHFLILHG LQ LWV &KDUWHU

%ULWLVK &ROXPELD  &DQDGD
1 $
6WDWH RU RWKHU MXULVGLFWLRQ RI
LQFRUSRUDWLRQ RU RUJDQL]DWLRQ
, 5 6  (PSOR\HU
,GHQWLILFDWLRQ 1R 
     5XH /HY\  6XLWH    
6DLQW /DXUHQW  4&  &DQDGD
+ 5  3 
$GGUHVV RI SULQFLSDO H[HFXWLYH RIILFHV

=LS &RGH
5HJLVWUDQW  V WHOHSKRQH QXPEHU  LQFOXGLQJ DUHD FRGH                

6HFXULWLHV UHJLVWHUHG SXUVXDQW WR 6HFWLRQ    E  RI WKH $FW 
7LWOH RI HDFK FODVV
&RPPRQ 6KDUHV
:DUUDQWV  HDFK H[HUFLVDEOH IRU RQH &RPPRQ 6KDUH  DW DQ H[HUFLVH SULFH RI
       SHU VKDUH


7UDGLQJ
6\PERO V
(1*1
(1*1:


1DPH RI HDFK H[FKDQJH RQ ZKLFK UHJLVWHUHG
7KH 1DVGDT 6WRFN 0DUNHW //&
7KH 1DVGDT 6WRFN 0DUNHW //&
6HFXULWLHV UHJLVWHUHG SXUVXDQW WR 6HFWLRQ    J  RI WKH $FW  1RQH
,QGLFDWH E\ FKHFN PDUN LI WKH UHJLVWUDQW LV D ZHOO NQRZQ VHDVRQHG LVVXHU  DV GHILQHG LQ 5XOH     RI WKH 6HFXULWLHV $FW  <(6    12   
,QGLFDWH E\ FKHFN PDUN LI WKH UHJLVWUDQW LV QRW UHTXLUHG WR ILOH UHSRUWV SXUVXDQW WR 6HFWLRQ    RU    G  RI WKH $FW  <(6    12   
,QGLFDWH E\ FKHFN PDUN ZKHWKHU WKH UHJLVWUDQW      KDV ILOHG DOO UHSRUWV UHTXLUHG WR EH ILOHG E\ 6HFWLRQ    RU    G  RI WKH 6HFXULWLHV ([FKDQJH $FW RI      GXULQJ WKH SUHFHGLQJ    PRQWKV  RU IRU
VXFK VKRUWHU SHULRG WKDW WKH UHJLVWUDQW ZDV UHTXLUHG WR ILOH VXFK UHSRUWV   DQG     KDV EHHQ VXEMHFW WR VXFK ILOLQJ UHTXLUHPHQWV IRU WKH SDVW    GD\V  <(6    12   
,QGLFDWH E\ FKHFN PDUN ZKHWKHU WKH UHJLVWUDQW KDV VXEPLWWHG HOHFWURQLFDOO\ HYHU\ ,QWHUDFWLYH 'DWD )LOH UHTXLUHG WR EH VXEPLWWHG SXUVXDQW WR 5XOH     RI 5HJXODWLRQ 6 7            RI WKLV
FKDSWHU  GXULQJ WKH SUHFHGLQJ    PRQWKV  RU IRU VXFK VKRUWHU SHULRG WKDW WKH UHJLVWUDQW ZDV UHTXLUHG WR VXEPLW VXFK ILOHV   <(6    12   
,QGLFDWH E\ FKHFN PDUN ZKHWKHU WKH UHJLVWUDQW LV D ODUJH DFFHOHUDWHG ILOHU  DQ DFFHOHUDWHG ILOHU  D QRQ DFFHOHUDWHG ILOHU  D VPDOOHU UHSRUWLQJ FRPSDQ\  RU DQ HPHUJLQJ JURZWK FRPSDQ\  6HH WKH
GHILQLWLRQV RI   ODUJH DFFHOHUDWHG ILOHU      DFFHOHUDWHG ILOHU      VPDOOHU UHSRUWLQJ FRPSDQ\    DQG   HPHUJLQJ JURZWK FRPSDQ\   LQ 5XOH   E   RI WKH ([FKDQJH $FW 

/DUJH DFFHOHUDWHG ILOHU
1RQ DFFHOHUDWHG ILOHU



  $FFHOHUDWHG ILOHU
  6PDOOHU UHSRUWLQJ FRPSDQ\
  (PHUJLQJ JURZWK FRPSDQ\



,I DQ HPHUJLQJ JURZWK FRPSDQ\  LQGLFDWH E\ FKHFN PDUN LI WKH UHJLVWUDQW KDV HOHFWHG QRW WR XVH WKH H[WHQGHG WUDQVLWLRQ SHULRG IRU FRPSO\LQJ ZLWK DQ\ QHZ RU UHYLVHG ILQDQFLDO DFFRXQWLQJ
VWDQGDUGV SURYLGHG SXUVXDQW WR 6HFWLRQ    D  RI WKH ([FKDQJH $FW    
,QGLFDWH E\ FKHFN PDUN ZKHWKHU WKH UHJLVWUDQW KDV ILOHG D UHSRUW RQ DQG DWWHVWDWLRQ WR LWV PDQDJHPHQW  V DVVHVVPHQW RI WKH HIIHFWLYHQHVV RI LWV LQWHUQDO FRQWURO RYHU ILQDQFLDO UHSRUWLQJ XQGHU
6HFWLRQ     E  RI WKH 6DUEDQHV 2[OH\ $FW     8 6 &       E  E\ WKH UHJLVWHUHG SXEOLF DFFRXQWLQJ ILUP WKDW SUHSDUHG RU LVVXHG LWV DXGLW UHSRUW    
,I VHFXULWLHV DUH UHJLVWHUHG SXUVXDQW WR 6HFWLRQ    E  RI WKH $FW  LQGLFDWH E\ FKHFN PDUN ZKHWKHU WKH ILQDQFLDO VWDWHPHQWV RI WKH UHJLVWUDQW LQFOXGHG LQ WKH ILOLQJ UHIOHFW WKH FRUUHFWLRQ RI DQ HUURU WR
SUHYLRXVO\ LVVXHG ILQDQFLDO VWDWHPHQWV    
,QGLFDWH E\ FKHFN PDUN ZKHWKHU DQ\ RI WKRVH HUURU FRUUHFWLRQV DUH UHVWDWHPHQWV WKDW UHTXLUHG D UHFRYHU\ DQDO\VLV RI LQFHQWLYH EDVHG FRPSHQVDWLRQ UHFHLYHG E\ DQ\ RI WKH UHJLVWUDQW  V H[HFXWLYH
RIILFHUV GXULQJ WKH UHOHYDQW UHFRYHU\ SHULRG SXUVXDQW WR         '   E     
,QGLFDWH E\ FKHFN PDUN ZKHWKHU WKH UHJLVWUDQW LV D VKHOO FRPSDQ\  DV GHILQHG LQ 5XOH   E   RI WKH ([FKDQJH $FW   <(6    12   
7KH DJJUHJDWH PDUNHW YDOXH RI WKH FRPPRQ HTXLW\ KHOG E\ QRQ DIILOLDWHV RI WKH UHJLVWUDQW  EDVHG RQ WKH FORVLQJ SULFH RI WKH &RPPRQ 6KDUHV RQ 7KH 1DVGDT 6WRFN 0DUNHW //& RQ $SULO    
     ZDV              
7KH QXPEHU RI WKH UHJLVWUDQW  V PLOOLRQ &RPPRQ 6KDUHV RXWVWDQGLQJ DV RI 'HFHPEHU          ZDV            
'2&80(176 ,1&25325$7(' %< 5()(5(1&(
3RUWLRQV RI WKH GHILQLWLYH SUR[\ VWDWHPHQW RI HQ*HQH +ROGLQJV ,QF  WR EH ILOHG IRU LWV      DQQXDO PHHWLQJ RI VKDUHKROGHUV DUH LQFRUSRUDWHG E\ UHIHUHQFH LQWR 3DUW ,,, RI WKLV $QQXDO 5HSRUW RQ )RUP

$XGLWRU )LUP ,G     $XGLWRU 1DPH  .30* //3 $XGLWRU /RFDWLRQ  0RQWUHDO  &DQDGD

7DEOH RI &RQWHQWV


6SHFLDO 1RWH 5HJDUGLQJ )RUZDUG /RRNLQJ 6WDWHPHQWV

3$57 ,
,WHP   
%XVLQHVV
,WHP  $ 
5LVN )DFWRUV
,WHP  % 
8QUHVROYHG 6WDII &RPPHQWV
,WHP   
3URSHUWLHV
,WHP   
/HJDO 3URFHHGLQJV
,WHP   
0LQH 6DIHW\ 'LVFORVXUHV

3$57 ,,
,WHP   
0DUNHW IRU 5HJLVWUDQW  V &RPPRQ (TXLW\  5HODWHG 6WRFNKROGHU 0DWWHUV DQG ,VVXHU 3XUFKDVHV RI (TXLW\ 6HFXULWLHV
,WHP   
>5HVHUYHG@
,WHP   
0DQDJHPHQW  V 'LVFXVVLRQ DQG $QDO\VLV RI )LQDQFLDO &RQGLWLRQ DQG 5HVXOWV RI 2SHUDWLRQV
,WHP  $  
4XDQWLWDWLYH DQG 4XDOLWDWLYH 'LVFORVXUH $ERXW 0DUNHW 5LVN
,WHP   
)LQDQFLDO 6WDWHPHQWV DQG 6XSSOHPHQWDU\ 'DWD
,WHP   
&KDQJHV LQ DQG 'LVDJUHHPHQWV :LWK $FFRXQWDQWV RQ $FFRXQWLQJ DQG )LQDQFLDO 'LVFORVXUH
,WHP  $ 
&RQWUROV DQG 3URFHGXUHV
,WHP  % 
2WKHU ,QIRUPDWLRQ
,WHP  & 
'LVFORVXUH 5HJDUGLQJ )RUHLJQ -XULVGLFWLRQV WKDW 3UHYHQW ,QVSHFWLRQV

3$57 ,,,
,WHP    
'LUHFWRUV  ([HFXWLYH 2IILFHUV DQG &RUSRUDWH *RYHUQDQFH
,WHP    
([HFXWLYH &RPSHQVDWLRQ
,WHP    
6HFXULW\ 2ZQHUVKLS RI &HUWDLQ %HQHILFLDO 2ZQHUV DQG 0DQDJHPHQW DQG 5HODWHG 6WRFNKROGHU 0DWWHUV
,WHP    
&HUWDLQ 5HODWLRQVKLSV DQG 5HODWHG 7UDQVDFWLRQV  DQG 'LUHFWRU ,QGHSHQGHQFH
,WHP    
3ULQFLSDO $FFRXQWDQW )HHV DQG 6HUYLFHV

3$57 ,9
,WHP    
([KLELWV  )LQDQFLDO 6WDWHPHQW 6FKHGXOHV
,WHP    
)RUP    . 6XPPDU\

3DJH

63(&,$/ 127( 5(*$5',1* )25:$5' /22.,1* 67$7(0(176
&HUWDLQ VWDWHPHQWV LQ WKLV $QQXDO 5HSRUW RQ )RUP    .  WKH   $QQXDO 5HSRUW    PD\ FRQVWLWXWH   IRUZDUG ORRNLQJ VWDWHPHQWV   ZLWKLQ WKH
PHDQLQJ RI 8 6  VHFXULWLHV ODZV DQG   IRUZDUG ORRNLQJ LQIRUPDWLRQ   ZLWKLQ WKH PHDQLQJ RI &DQDGLDQ VHFXULWLHV ODZV  FROOHFWLYHO\    IRUZDUG ORRNLQJ
VWDWHPHQWV     HQ*HQH  V IRUZDUG ORRNLQJ VWDWHPHQWV LQFOXGH  EXW DUH QRW OLPLWHG WR  VWDWHPHQWV UHJDUGLQJ HQ*HQH  V PDQDJHPHQW WHDPV   H[SHFWDWLRQV 
KRSHV  EHOLHIV  LQWHQWLRQV  JRDOV RU VWUDWHJLHV UHJDUGLQJ WKH IXWXUH  ,Q DGGLWLRQ  DQ\ VWDWHPHQWV WKDW UHIHU WR SURMHFWLRQV  IRUHFDVWV RU RWKHU
FKDUDFWHUL]DWLRQV RI IXWXUH HYHQWV RU FLUFXPVWDQFHV  LQFOXGLQJ DQ\ XQGHUO\LQJ DVVXPSWLRQV  DUH IRUZDUG ORRNLQJ VWDWHPHQWV  7KH ZRUGV
  DQWLFLSDWH      DSSHDU      DSSUR[LPDWH      EHOLHYH      FRQWLQXH      FRXOG      HVWLPDWH      H[SHFW      IRUHVHH      LQWHQGV      PD\      PLJKW      SODQ   
  SRVVLEOH      SRWHQWLDO      SUHGLFW      SURMHFW      VHHN      VKRXOG      ZRXOG   DQG VLPLODU H[SUHVVLRQV  RU WKH QHJDWLYH YHUVLRQ RI VXFK ZRUGV RU
H[SUHVVLRQV  PD\ LGHQWLI\ IRUZDUG ORRNLQJ VWDWHPHQWV  EXW WKH DEVHQFH RI WKHVH ZRUGV GRHV QRW PHDQ WKDW D VWDWHPHQW LV QRW IRUZDUG ORRNLQJ 
)RUZDUG ORRNLQJ VWDWHPHQWV LQ WKLV $QQXDO 5HSRUW PD\ LQFOXGH  IRU H[DPSOH  VWDWHPHQWV DERXW 

RXU ILQDQFLDO SHUIRUPDQFH  LQFOXGLQJ ILQDQFLDO SURMHFWLRQV DQG EXVLQHVV PHWULFV DQG DQ\ XQGHUO\LQJ DVVXPSWLRQV WKHUHXQGHU 

RXU DELOLW\ WR PDLQWDLQ WKH OLVWLQJ RI WKH &RPSDQ\  V FRPPRQ VKDUHV    &RPPRQ 6KDUHV    DQG ZDUUDQWV WR SXUFKDVH &RPPRQ 6KDUHV
  :DUUDQWV    RQ 7KH 1DVGDT *OREDO 0DUNHW    1DVGDT    RU DQRWKHU QDWLRQDO VHFXULWLHV H[FKDQJH 

RXU VXFFHVV LQ UHFUXLWLQJ DQG UHWDLQLQJ  RU FKDQJHV UHTXLUHG LQ  RIILFHUV  NH\ SHUVRQQHO RU GLUHFWRUV 

RXU SODQV DQG DELOLW\ WR H[HFXWH SURGXFW GHYHORSPHQW  PDQXIDFWXULQJ SURFHVV GHYHORSPHQW  SUHFOLQLFDO DQG FOLQLFDO GHYHORSPHQW
HIIRUWV VXFFHVVIXOO\ DQG RQ DQWLFLSDWHG WLPHOLQHV 

RXU DELOLW\ WR GHVLJQ  LQLWLDWH DQG VXFFHVVIXOO\ FRPSOHWH FOLQLFDO WULDOV DQG RWKHU VWXGLHV IRU GHWDOLPRJHQH YRUDSODVPLG  RU GHWDOLPRJHQH 
IRUPHUO\ UHIHUUHG WR DV (*     DQG DQ\ RWKHU SURGXFW FDQGLGDWHV ZH GHYHORS DQG RXU SODQV DQG H[SHFWDWLRQV UHJDUGLQJ RXU RQJRLQJ RU
SODQQHG FOLQLFDO WULDOV 

WKH LPSDFWV DQG RXWFRPHV RI RXU ODWHU VWDJH DQG SLYRWDO FOLQLFDO WULDOV DQG WKHLU LQIOXHQFH RQ REWDLQLQJ WKH 8 6  )RRG DQG 'UXJ
$GPLQLVWUDWLRQ  WKH   )'$    RU FRPSDUDEOH IRUHLJQ UHJXODWRU\ DSSURYDO WR PDUNHW GHWDOLPRJHQH RU DQ\ IXWXUH SURGXFW FDQGLGDWHV 

RXU SODQV DQG DELOLW\ WR VHHN  REWDLQ DQG PDLQWDLQ PDUNHWLQJ DSSURYDO IURP WKH )'$ DQG RWKHU UHJXODWRU\ DXWKRULWLHV  LQFOXGLQJ WKH
(XURSHDQ 0HGLFLQHV $JHQF\  WKH   (0$     IRU GHWDOLPRJHQH RU DQ\ RWKHU SURGXFW FDQGLGDWHV ZH GHYHORS 

RXU SODQV DQG DELOLW\ WR FRPPHUFLDOL]H GHWDOLPRJHQH RU DQ\ RWKHU SURGXFW FDQGLGDWHV ZH GHYHORS  LI DSSURYHG E\ DSSOLFDEOH UHJXODWRU\
DXWKRULWLHV 

WKH GHJUHH RI PDUNHW DFFHSWDQFH RI GHWDOLPRJHQH RU DQ\ RWKHU SURGXFW FDQGLGDWHV ZH GHYHORS  LI DSSURYHG  DQG WKH DYDLODELOLW\ RI
WKLUG SDUW\ FRYHUDJH DQG UHLPEXUVHPHQW 

WKH DELOLW\ RI RXU H[WHUQDO FRQWUDFW PDQXIDFWXUHUV WR VXSSRUW WKH PDQXIDFWXULQJ  UHOHDVH WHVWLQJ  VWDELOLW\ DQDO\VLV  FOLQLFDO ODEHOLQJ DQG
SDFNDJLQJ RI GHWDOLPRJHQH RU DQ\ RWKHU SURGXFW FDQGLGDWHV WKDW ZH GHYHORS 

RXU IXWXUH ILQDQFLDO SHUIRUPDQFH DQG WKH VXIILFLHQF\ RI RXU FDVK DQG FDVK HTXLYDOHQWV WR IXQG RXU RSHUDWLRQV 

RXU DELOLW\ WR REWDLQ DGGLWLRQDO IXQGLQJ RQ D WLPHO\ EDVLV 

RXU DELOLW\ WR HIIHFWLYHO\ PDQDJH WKH WUDQVLWLRQ RI H[HFXWLYH OHYHO UROHV WR QHZ OHDGHUV  DQG WR DWWUDFW DQG UHWDLQ NH\ H[HFXWLYHV DQG
HPSOR\HHV 

WKH RXWFRPH RI DQ\ NQRZQ DQG XQNQRZQ OLWLJDWLRQ DQG UHJXODWRU\ SURFHHGLQJV  LQFOXGLQJ DQ\ OHJDO SURFHHGLQJV WKDW PD\ EH
LQVWLWXWHG DJDLQVW XV RU DQ\ RI RXU GLUHFWRUV RU RIILFHUV  DQG

RXU DELOLW\ WR LPSOHPHQW DQG PDLQWDLQ HIIHFWLYH LQWHUQDO FRQWUROV 

$OO IRUZDUG ORRNLQJ VWDWHPHQWV  LQFOXGLQJ  ZLWKRXW OLPLWDWLRQ  RXU H[DPLQDWLRQ RI KLVWRULFDO RSHUDWLQJ WUHQGV  DUH EDVHG XSRQ RXU FXUUHQW
H[SHFWDWLRQV DQG YDULRXV DVVXPSWLRQV  &HUWDLQ DVVXPSWLRQV PDGH LQ SUHSDULQJ WKH IRUZDUG ORRNLQJ VWDWHPHQWV LQFOXGH 

ZH DUH DEOH WR UHFUXLW DQG UHWDLQ TXDOLILHG VFLHQWLILF DQG PDQDJHPHQW SHUVRQQHO  HVWDEOLVK FOLQLFDO WULDO VLWHV DQG SDWLHQW UHJLVWUDWLRQ IRU
FOLQLFDO WULDOV DQG DFTXLUH WHFKQRORJLHV FRPSOHPHQWDU\ WR  RU QHFHVVDU\ IRU  GHWDOLPRJHQH RU DQ\ RWKHU SURJUDPV 

ZH DUH DEOH WR HQUROO  LQ D WLPHO\ PDQQHU  D VXIILFLHQW QXPEHU RI SDWLHQWV LQ HDFK FRKRUW RI WKH 3KDVH   /(*(1' WULDO WR DVVHVV WKH
HIILFDF\ DQG VDIHW\ RI GHWDOLPRJHQH LQFOXGLQJ  WKH SLYRWDO FRKRUW  WKH FRKRUW ZLWK WKH %&* QDwYH SDWLHQW SRSXODWLRQ  WKH %&* H[SRVHG
SDWLHQW SRSXODWLRQ DQG WKH %&* XQUHVSRQVLYH  SDSLOODU\ RQO\ 7D 7  GLVHDVH 

ZH DUH DEOH WR ILOH RXU SODQQHG %LRORJLFV /LFHQVH $SSOLFDWLRQ LQ PLG      ZLWK WKH )'$ IRU DSSURYDO WR PDUNHW GHWDOLPRJHQH LQ WKH
8QLWHG 6WDWHV DV D PRQRWKHUDS\ WR WUHDW %&* XQUHVSRQVLYH 10,%& ZLWK &,6
 • shareholder letter icon 5/9/2025 Letter Continued (Full PDF)
 • stockholder letter icon 4/18/2024 ENGN Stockholder Letter
 • stockholder letter icon More "Miscellaneous" Category Stockholder Letters
 • Benford's Law Stocks icon ENGN Benford's Law Stock Score = 77


ENGN Shareholder/Stockholder Letter Transcript:

enGene Holdings Inc.
2024 Annual Report




81,7(' 67$7(6
6(&85,7,(6 $1' (;&+$1*( &200,66,21
:DVKLQJWRQ  ' &       

)250    .

0DUN 2QH  

$118$/ 5(3257 38568$17 72 6(&7,21    25    G  2) 7+( 6(&85,7,(6 (;&+$1*( $&7 2)      
)RU WKH ILVFDO \HDU HQGHG 2FWREHU         
25 

75$16,7,21 5(3257 38568$17 72 6(&7,21    25    G  2) 7+( 6(&85,7,(6 (;&+$1*( $&7 2)      )25 7+( 75$16,7,21
3(5,2' )520 72 
&RPPLVVLRQ )LOH 1XPEHU          

HQ*HQH +ROGLQJV ,QF 
([DFW QDPH RI 5HJLVWUDQW DV VSHFLILHG LQ LWV &KDUWHU

%ULWLVK &ROXPELD  &DQDGD
1 $
6WDWH RU RWKHU MXULVGLFWLRQ RI
LQFRUSRUDWLRQ RU RUJDQL]DWLRQ
, 5 6  (PSOR\HU
,GHQWLILFDWLRQ 1R 
     5XH /HY\  6XLWH    
6DLQW /DXUHQW  4&  &DQDGD
+ 5  3 
$GGUHVV RI SULQFLSDO H[HFXWLYH RIILFHV

=LS &RGH
5HJLVWUDQW  V WHOHSKRQH QXPEHU  LQFOXGLQJ DUHD FRGH                

6HFXULWLHV UHJLVWHUHG SXUVXDQW WR 6HFWLRQ    E  RI WKH $FW 
7LWOH RI HDFK FODVV
&RPPRQ 6KDUHV
:DUUDQWV  HDFK H[HUFLVDEOH IRU RQH &RPPRQ 6KDUH  DW DQ H[HUFLVH SULFH RI
       SHU VKDUH


7UDGLQJ
6\PERO V
(1*1
(1*1:


1DPH RI HDFK H[FKDQJH RQ ZKLFK UHJLVWHUHG
7KH 1DVGDT 6WRFN 0DUNHW //&
7KH 1DVGDT 6WRFN 0DUNHW //&
6HFXULWLHV UHJLVWHUHG SXUVXDQW WR 6HFWLRQ    J  RI WKH $FW  1RQH
,QGLFDWH E\ FKHFN PDUN LI WKH UHJLVWUDQW LV D ZHOO NQRZQ VHDVRQHG LVVXHU  DV GHILQHG LQ 5XOH     RI WKH 6HFXULWLHV $FW  <(6    12   
,QGLFDWH E\ FKHFN PDUN LI WKH UHJLVWUDQW LV QRW UHTXLUHG WR ILOH UHSRUWV SXUVXDQW WR 6HFWLRQ    RU    G  RI WKH $FW  <(6    12   
,QGLFDWH E\ FKHFN PDUN ZKHWKHU WKH UHJLVWUDQW      KDV ILOHG DOO UHSRUWV UHTXLUHG WR EH ILOHG E\ 6HFWLRQ    RU    G  RI WKH 6HFXULWLHV ([FKDQJH $FW RI      GXULQJ WKH SUHFHGLQJ    PRQWKV  RU IRU
VXFK VKRUWHU SHULRG WKDW WKH UHJLVWUDQW ZDV UHTXLUHG WR ILOH VXFK UHSRUWV   DQG     KDV EHHQ VXEMHFW WR VXFK ILOLQJ UHTXLUHPHQWV IRU WKH SDVW    GD\V  <(6    12   
,QGLFDWH E\ FKHFN PDUN ZKHWKHU WKH UHJLVWUDQW KDV VXEPLWWHG HOHFWURQLFDOO\ HYHU\ ,QWHUDFWLYH 'DWD )LOH UHTXLUHG WR EH VXEPLWWHG SXUVXDQW WR 5XOH     RI 5HJXODWLRQ 6 7            RI WKLV
FKDSWHU  GXULQJ WKH SUHFHGLQJ    PRQWKV  RU IRU VXFK VKRUWHU SHULRG WKDW WKH UHJLVWUDQW ZDV UHTXLUHG WR VXEPLW VXFK ILOHV   <(6    12   
,QGLFDWH E\ FKHFN PDUN ZKHWKHU WKH UHJLVWUDQW LV D ODUJH DFFHOHUDWHG ILOHU  DQ DFFHOHUDWHG ILOHU  D QRQ DFFHOHUDWHG ILOHU  D VPDOOHU UHSRUWLQJ FRPSDQ\  RU DQ HPHUJLQJ JURZWK FRPSDQ\  6HH WKH
GHILQLWLRQV RI   ODUJH DFFHOHUDWHG ILOHU      DFFHOHUDWHG ILOHU      VPDOOHU UHSRUWLQJ FRPSDQ\    DQG   HPHUJLQJ JURZWK FRPSDQ\   LQ 5XOH   E   RI WKH ([FKDQJH $FW 

/DUJH DFFHOHUDWHG ILOHU
1RQ DFFHOHUDWHG ILOHU



  $FFHOHUDWHG ILOHU
  6PDOOHU UHSRUWLQJ FRPSDQ\
  (PHUJLQJ JURZWK FRPSDQ\



,I DQ HPHUJLQJ JURZWK FRPSDQ\  LQGLFDWH E\ FKHFN PDUN LI WKH UHJLVWUDQW KDV HOHFWHG QRW WR XVH WKH H[WHQGHG WUDQVLWLRQ SHULRG IRU FRPSO\LQJ ZLWK DQ\ QHZ RU UHYLVHG ILQDQFLDO DFFRXQWLQJ
VWDQGDUGV SURYLGHG SXUVXDQW WR 6HFWLRQ    D  RI WKH ([FKDQJH $FW    
,QGLFDWH E\ FKHFN PDUN ZKHWKHU WKH UHJLVWUDQW KDV ILOHG D UHSRUW RQ DQG DWWHVWDWLRQ WR LWV PDQDJHPHQW  V DVVHVVPHQW RI WKH HIIHFWLYHQHVV RI LWV LQWHUQDO FRQWURO RYHU ILQDQFLDO UHSRUWLQJ XQGHU
6HFWLRQ     E  RI WKH 6DUEDQHV 2[OH\ $FW     8 6 &       E  E\ WKH UHJLVWHUHG SXEOLF DFFRXQWLQJ ILUP WKDW SUHSDUHG RU LVVXHG LWV DXGLW UHSRUW    
,I VHFXULWLHV DUH UHJLVWHUHG SXUVXDQW WR 6HFWLRQ    E  RI WKH $FW  LQGLFDWH E\ FKHFN PDUN ZKHWKHU WKH ILQDQFLDO VWDWHPHQWV RI WKH UHJLVWUDQW LQFOXGHG LQ WKH ILOLQJ UHIOHFW WKH FRUUHFWLRQ RI DQ HUURU WR
SUHYLRXVO\ LVVXHG ILQDQFLDO VWDWHPHQWV    
,QGLFDWH E\ FKHFN PDUN ZKHWKHU DQ\ RI WKRVH HUURU FRUUHFWLRQV DUH UHVWDWHPHQWV WKDW UHTXLUHG D UHFRYHU\ DQDO\VLV RI LQFHQWLYH EDVHG FRPSHQVDWLRQ UHFHLYHG E\ DQ\ RI WKH UHJLVWUDQW  V H[HFXWLYH
RIILFHUV GXULQJ WKH UHOHYDQW UHFRYHU\ SHULRG SXUVXDQW WR         '   E     
,QGLFDWH E\ FKHFN PDUN ZKHWKHU WKH UHJLVWUDQW LV D VKHOO FRPSDQ\  DV GHILQHG LQ 5XOH   E   RI WKH ([FKDQJH $FW   <(6    12   
7KH DJJUHJDWH PDUNHW YDOXH RI WKH FRPPRQ HTXLW\ KHOG E\ QRQ DIILOLDWHV RI WKH UHJLVWUDQW  EDVHG RQ WKH FORVLQJ SULFH RI WKH &RPPRQ 6KDUHV RQ 7KH 1DVGDT 6WRFN 0DUNHW //& RQ $SULO    
     ZDV              
7KH QXPEHU RI WKH UHJLVWUDQW  V PLOOLRQ &RPPRQ 6KDUHV RXWVWDQGLQJ DV RI 'HFHPEHU          ZDV            
'2&80(176 ,1&25325$7(' %< 5()(5(1&(
3RUWLRQV RI WKH GHILQLWLYH SUR[\ VWDWHPHQW RI HQ*HQH +ROGLQJV ,QF  WR EH ILOHG IRU LWV      DQQXDO PHHWLQJ RI VKDUHKROGHUV DUH LQFRUSRUDWHG E\ UHIHUHQFH LQWR 3DUW ,,, RI WKLV $QQXDO 5HSRUW RQ )RUP

$XGLWRU )LUP ,G     $XGLWRU 1DPH  .30* //3 $XGLWRU /RFDWLRQ  0RQWUHDO  &DQDGD





7DEOH RI &RQWHQWV


6SHFLDO 1RWH 5HJDUGLQJ )RUZDUG /RRNLQJ 6WDWHPHQWV

3$57 ,
,WHP   
%XVLQHVV
,WHP  $ 
5LVN )DFWRUV
,WHP  % 
8QUHVROYHG 6WDII &RPPHQWV
,WHP   
3URSHUWLHV
,WHP   
/HJDO 3URFHHGLQJV
,WHP   
0LQH 6DIHW\ 'LVFORVXUHV

3$57 ,,
,WHP   
0DUNHW IRU 5HJLVWUDQW  V &RPPRQ (TXLW\  5HODWHG 6WRFNKROGHU 0DWWHUV DQG ,VVXHU 3XUFKDVHV RI (TXLW\ 6HFXULWLHV
,WHP   
>5HVHUYHG@
,WHP   
0DQDJHPHQW  V 'LVFXVVLRQ DQG $QDO\VLV RI )LQDQFLDO &RQGLWLRQ DQG 5HVXOWV RI 2SHUDWLRQV
,WHP  $  
4XDQWLWDWLYH DQG 4XDOLWDWLYH 'LVFORVXUH $ERXW 0DUNHW 5LVN
,WHP   
)LQDQFLDO 6WDWHPHQWV DQG 6XSSOHPHQWDU\ 'DWD
,WHP   
&KDQJHV LQ DQG 'LVDJUHHPHQWV :LWK $FFRXQWDQWV RQ $FFRXQWLQJ DQG )LQDQFLDO 'LVFORVXUH
,WHP  $ 
&RQWUROV DQG 3URFHGXUHV
,WHP  % 
2WKHU ,QIRUPDWLRQ
,WHP  & 
'LVFORVXUH 5HJDUGLQJ )RUHLJQ -XULVGLFWLRQV WKDW 3UHYHQW ,QVSHFWLRQV

3$57 ,,,
,WHP    
'LUHFWRUV  ([HFXWLYH 2IILFHUV DQG &RUSRUDWH *RYHUQDQFH
,WHP    
([HFXWLYH &RPSHQVDWLRQ
,WHP    
6HFXULW\ 2ZQHUVKLS RI &HUWDLQ %HQHILFLDO 2ZQHUV DQG 0DQDJHPHQW DQG 5HODWHG 6WRFNKROGHU 0DWWHUV
,WHP    
&HUWDLQ 5HODWLRQVKLSV DQG 5HODWHG 7UDQVDFWLRQV  DQG 'LUHFWRU ,QGHSHQGHQFH
,WHP    
3ULQFLSDO $FFRXQWDQW )HHV DQG 6HUYLFHV

3$57 ,9
,WHP    
([KLELWV  )LQDQFLDO 6WDWHPHQW 6FKHGXOHV
,WHP    
)RUP    . 6XPPDU\

3DJH



















63(&,$/ 127( 5(*$5',1* )25:$5' /22.,1* 67$7(0(176
&HUWDLQ VWDWHPHQWV LQ WKLV $QQXDO 5HSRUW RQ )RUP    .  WKH   $QQXDO 5HSRUW    PD\ FRQVWLWXWH   IRUZDUG ORRNLQJ VWDWHPHQWV   ZLWKLQ WKH
PHDQLQJ RI 8 6  VHFXULWLHV ODZV DQG   IRUZDUG ORRNLQJ LQIRUPDWLRQ   ZLWKLQ WKH PHDQLQJ RI &DQDGLDQ VHFXULWLHV ODZV  FROOHFWLYHO\    IRUZDUG ORRNLQJ
VWDWHPHQWV     HQ*HQH  V IRUZDUG ORRNLQJ VWDWHPHQWV LQFOXGH  EXW DUH QRW OLPLWHG WR  VWDWHPHQWV UHJDUGLQJ HQ*HQH  V PDQDJHPHQW WHDPV   H[SHFWDWLRQV 
KRSHV  EHOLHIV  LQWHQWLRQV  JRDOV RU VWUDWHJLHV UHJDUGLQJ WKH IXWXUH  ,Q DGGLWLRQ  DQ\ VWDWHPHQWV WKDW UHIHU WR SURMHFWLRQV  IRUHFDVWV RU RWKHU
FKDUDFWHUL]DWLRQV RI IXWXUH HYHQWV RU FLUFXPVWDQFHV  LQFOXGLQJ DQ\ XQGHUO\LQJ DVVXPSWLRQV  DUH IRUZDUG ORRNLQJ VWDWHPHQWV  7KH ZRUGV
  DQWLFLSDWH      DSSHDU      DSSUR[LPDWH      EHOLHYH      FRQWLQXH      FRXOG      HVWLPDWH      H[SHFW      IRUHVHH      LQWHQGV      PD\      PLJKW      SODQ   
  SRVVLEOH      SRWHQWLDO      SUHGLFW      SURMHFW      VHHN      VKRXOG      ZRXOG   DQG VLPLODU H[SUHVVLRQV  RU WKH QHJDWLYH YHUVLRQ RI VXFK ZRUGV RU
H[SUHVVLRQV  PD\ LGHQWLI\ IRUZDUG ORRNLQJ VWDWHPHQWV  EXW WKH DEVHQFH RI WKHVH ZRUGV GRHV QRW PHDQ WKDW D VWDWHPHQW LV QRW IRUZDUG ORRNLQJ 
)RUZDUG ORRNLQJ VWDWHPHQWV LQ WKLV $QQXDO 5HSRUW PD\ LQFOXGH  IRU H[DPSOH  VWDWHPHQWV DERXW 

RXU ILQDQFLDO SHUIRUPDQFH  LQFOXGLQJ ILQDQFLDO SURMHFWLRQV DQG EXVLQHVV PHWULFV DQG DQ\ XQGHUO\LQJ DVVXPSWLRQV WKHUHXQGHU 

RXU DELOLW\ WR PDLQWDLQ WKH OLVWLQJ RI WKH &RPSDQ\  V FRPPRQ VKDUHV    &RPPRQ 6KDUHV    DQG ZDUUDQWV WR SXUFKDVH &RPPRQ 6KDUHV
  :DUUDQWV    RQ 7KH 1DVGDT *OREDO 0DUNHW    1DVGDT    RU DQRWKHU QDWLRQDO VHFXULWLHV H[FKDQJH 

RXU VXFFHVV LQ UHFUXLWLQJ DQG UHWDLQLQJ  RU FKDQJHV UHTXLUHG LQ  RIILFHUV  NH\ SHUVRQQHO RU GLUHFWRUV 

RXU SODQV DQG DELOLW\ WR H[HFXWH SURGXFW GHYHORSPHQW  PDQXIDFWXULQJ SURFHVV GHYHORSPHQW  SUHFOLQLFDO DQG FOLQLFDO GHYHORSPHQW
HIIRUWV VXFFHVVIXOO\ DQG RQ DQWLFLSDWHG WLPHOLQHV 

RXU DELOLW\ WR GHVLJQ  LQLWLDWH DQG VXFFHVVIXOO\ FRPSOHWH FOLQLFDO WULDOV DQG RWKHU VWXGLHV IRU GHWDOLPRJHQH YRUDSODVPLG  RU GHWDOLPRJHQH 
IRUPHUO\ UHIHUUHG WR DV (*     DQG DQ\ RWKHU SURGXFW FDQGLGDWHV ZH GHYHORS DQG RXU SODQV DQG H[SHFWDWLRQV UHJDUGLQJ RXU RQJRLQJ RU
SODQQHG FOLQLFDO WULDOV 

WKH LPSDFWV DQG RXWFRPHV RI RXU ODWHU VWDJH DQG SLYRWDO FOLQLFDO WULDOV DQG WKHLU LQIOXHQFH RQ REWDLQLQJ WKH 8 6  )RRG DQG 'UXJ
$GPLQLVWUDWLRQ  WKH   )'$    RU FRPSDUDEOH IRUHLJQ UHJXODWRU\ DSSURYDO WR PDUNHW GHWDOLPRJHQH RU DQ\ IXWXUH SURGXFW FDQGLGDWHV 

RXU SODQV DQG DELOLW\ WR VHHN  REWDLQ DQG PDLQWDLQ PDUNHWLQJ DSSURYDO IURP WKH )'$ DQG RWKHU UHJXODWRU\ DXWKRULWLHV  LQFOXGLQJ WKH
(XURSHDQ 0HGLFLQHV $JHQF\  WKH   (0$     IRU GHWDOLPRJHQH RU DQ\ RWKHU SURGXFW FDQGLGDWHV ZH GHYHORS 

RXU SODQV DQG DELOLW\ WR FRPPHUFLDOL]H GHWDOLPRJHQH RU DQ\ RWKHU SURGXFW FDQGLGDWHV ZH GHYHORS  LI DSSURYHG E\ DSSOLFDEOH UHJXODWRU\
DXWKRULWLHV 

WKH GHJUHH RI PDUNHW DFFHSWDQFH RI GHWDOLPRJHQH RU DQ\ RWKHU SURGXFW FDQGLGDWHV ZH GHYHORS  LI DSSURYHG  DQG WKH DYDLODELOLW\ RI
WKLUG SDUW\ FRYHUDJH DQG UHLPEXUVHPHQW 

WKH DELOLW\ RI RXU H[WHUQDO FRQWUDFW PDQXIDFWXUHUV WR VXSSRUW WKH PDQXIDFWXULQJ  UHOHDVH WHVWLQJ  VWDELOLW\ DQDO\VLV  FOLQLFDO ODEHOLQJ DQG
SDFNDJLQJ RI GHWDOLPRJHQH RU DQ\ RWKHU SURGXFW FDQGLGDWHV WKDW ZH GHYHORS 

RXU IXWXUH ILQDQFLDO SHUIRUPDQFH DQG WKH VXIILFLHQF\ RI RXU FDVK DQG FDVK HTXLYDOHQWV WR IXQG RXU RSHUDWLRQV 

RXU DELOLW\ WR REWDLQ DGGLWLRQDO IXQGLQJ RQ D WLPHO\ EDVLV 

RXU DELOLW\ WR HIIHFWLYHO\ PDQDJH WKH WUDQVLWLRQ RI H[HFXWLYH OHYHO UROHV WR QHZ OHDGHUV  DQG WR DWWUDFW DQG UHWDLQ NH\ H[HFXWLYHV DQG
HPSOR\HHV 

WKH RXWFRPH RI DQ\ NQRZQ DQG XQNQRZQ OLWLJDWLRQ DQG UHJXODWRU\ SURFHHGLQJV  LQFOXGLQJ DQ\ OHJDO SURFHHGLQJV WKDW PD\ EH
LQVWLWXWHG DJDLQVW XV RU DQ\ RI RXU GLUHFWRUV RU RIILFHUV  DQG

RXU DELOLW\ WR LPSOHPHQW DQG PDLQWDLQ HIIHFWLYH LQWHUQDO FRQWUROV 

$OO IRUZDUG ORRNLQJ VWDWHPHQWV  LQFOXGLQJ  ZLWKRXW OLPLWDWLRQ  RXU H[DPLQDWLRQ RI KLVWRULFDO RSHUDWLQJ WUHQGV  DUH EDVHG XSRQ RXU FXUUHQW
H[SHFWDWLRQV DQG YDULRXV DVVXPSWLRQV  &HUWDLQ DVVXPSWLRQV PDGH LQ SUHSDULQJ WKH IRUZDUG ORRNLQJ VWDWHPHQWV LQFOXGH 

ZH DUH DEOH WR UHFUXLW DQG UHWDLQ TXDOLILHG VFLHQWLILF DQG PDQDJHPHQW SHUVRQQHO  HVWDEOLVK FOLQLFDO WULDO VLWHV DQG SDWLHQW UHJLVWUDWLRQ IRU
FOLQLFDO WULDOV DQG DFTXLUH WHFKQRORJLHV FRPSOHPHQWDU\ WR  RU QHFHVVDU\ IRU  GHWDOLPRJHQH RU DQ\ RWKHU SURJUDPV 

ZH DUH DEOH WR HQUROO  LQ D WLPHO\ PDQQHU  D VXIILFLHQW QXPEHU RI SDWLHQWV LQ HDFK FRKRUW RI WKH 3KDVH   /(*(1' WULDO WR DVVHVV WKH
HIILFDF\ DQG VDIHW\ RI GHWDOLPRJHQH LQFOXGLQJ  WKH SLYRWDO FRKRUW  WKH FRKRUW ZLWK WKH %&* QDwYH SDWLHQW SRSXODWLRQ  WKH %&* H[SRVHG
SDWLHQW SRSXODWLRQ DQG WKH %&* XQUHVSRQVLYH  SDSLOODU\ RQO\ 7D 7  GLVHDVH 

ZH DUH DEOH WR ILOH RXU SODQQHG %LRORJLFV /LFHQVH $SSOLFDWLRQ LQ PLG      ZLWK WKH )'$ IRU DSSURYDO WR PDUNHW GHWDOLPRJHQH LQ WKH
8QLWHG 6WDWHV DV D PRQRWKHUDS\ WR WUHDW %&* XQUHVSRQVLYH 10,%& ZLWK &,6 



shareholder letter icon 5/9/2025 Letter Continued (Full PDF)
 

ENGN Stockholder/Shareholder Letter (enGene Holdings Inc.) | www.StockholderLetter.com
Copyright © 2023 - 2025, All Rights Reserved

Nothing in StockholderLetter.com is intended to be investment advice, nor does it represent the opinion of, counsel from, or recommendations by BNK Invest Inc. or any of its affiliates, subsidiaries or partners. None of the information contained herein constitutes a recommendation that any particular security, portfolio, transaction, or investment strategy is suitable for any specific person. All viewers agree that under no circumstances will BNK Invest, Inc,. its subsidiaries, partners, officers, employees, affiliates, or agents be held liable for any loss or damage caused by your reliance on information obtained. By visiting, using or viewing this site, you agree to the following Full Disclaimer & Terms of Use and Privacy Policy.