enGene Therapeutics Inc. Fair Value Disclosure
3. Fair Value Measurements
The following table presents the Company's fair value hierarchy for financial assets measured at fair value as of October 31, 2025:
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October 31, 2025 |
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Description |
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Total |
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Quoted Prices in |
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Significant Other |
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Significant Unobservable |
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Assets |
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Cash equivalents |
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Money market funds |
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$ |
8,642 |
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$ |
8,642 |
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|
$ |
- |
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|
$ |
- |
|
U.S. government treasuries |
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|
21,623 |
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$ |
21,623 |
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|
$ |
- |
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|
$ |
- |
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Government agency securities |
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3,249 |
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$ |
- |
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$ |
3,249 |
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$ |
- |
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Short term marketable securities: |
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U.S. government treasuries |
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125,467 |
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$ |
125,467 |
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|
$ |
- |
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|
$ |
- |
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Government agency securities |
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18,117 |
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$ |
- |
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$ |
18,117 |
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$ |
- |
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Long term marketable securities: |
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U.S. government treasuries |
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8,522 |
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$ |
8,522 |
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$ |
- |
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$ |
- |
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Total financial assets |
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$ |
185,620 |
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$ |
164,254 |
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$ |
21,366 |
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$ |
- |
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The following table presents the Company's fair value hierarchy for financial assets measured at fair value as of October 31, 2024:
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October 31, 2024 |
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Description |
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Total |
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Quoted Prices in |
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Significant Other |
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Significant Unobservable |
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Assets |
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Cash equivalents |
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||||
Money market funds |
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$ |
121 |
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$ |
121 |
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$ |
— |
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$ |
— |
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U.S. government treasuries |
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94,236 |
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|
94,236 |
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|
|
— |
|
|
|
— |
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Government agency securities |
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9,955 |
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|
|
— |
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|
9,955 |
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|
|
— |
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Short term marketable securities: |
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U.S. government treasuries |
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51,574 |
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51,574 |
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|
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— |
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— |
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Government agency securities |
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13,754 |
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— |
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13,754 |
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— |
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Long term marketable securities: |
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U.S. government treasuries |
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49,627 |
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49,627 |
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— |
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— |
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Government agency securities |
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|
9,900 |
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|
— |
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|
9,900 |
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|
— |
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Total financial assets |
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$ |
229,167 |
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$ |
195,558 |
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$ |
33,609 |
|
|
$ |
— |
|
As of October 31, 2025 and 2024, the Company classified its government agency marketable securities as Level 2 within the valuation hierarchy. The Company estimates the fair value of these marketable securities by taking into consideration valuations obtained from third-party pricing sources. These pricing sources utilize industry standard valuation models, including both income and market-based approaches, for which all significant inputs are observable, either directly or indirectly to estimate fair value. These inputs include market pricing based on real time trade data for the same or similar securities, issuer credit spreads, benchmark yields, and other observable inputs.
During the years ended October 31, 2025 and 2024, there were no transfers or reclassifications between fair value measure levels of assets or liabilities. The carrying values of all other financial current assets, accounts payable and accrued expenses approximate their fair values due to the short-term nature of these assets and liabilities.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Dec 22, 2025 | Showing above |
| 2024 | Dec 19, 2024 | |
| 2023 | Jan 29, 2024 | |
About Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.