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  5. NGEN: My only small biotech investment (perhaps I should say Gamble) is Nervgen NVG. [NervGen Pharma Corp.]
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Q: My only small biotech investment (perhaps I should say Gamble) is Nervgen NVG. I am up nicely so I put it in the the "leave it alone" list of stocks that we have. Today it came to my attention that management decided to delist from the Canadian venture exchange since they have a listing on the Nasdaq (to save admin costs). I am fine with that but in the press release there was no mention of what kind of exchange rate we will receive since the Nasdaq listing is obviously in $USD. I believe that I bought our NRV in $CAD on the venture and not on the Nasdaq (our platform RBC shows that as well). So how does it work when a company delists from an exchange in one currency, leaving the remaining listing in a different currency. If you can give any additional thoughts or comments on NRV's prospects I would certainly appreciate it since it is a name that gets very little press.
Asked by Paul on March 19, 2026
5i Research Answer:

The stock does not change and no money changes hands just with a delisting. It is the same stock. An investor can keep the stock in a C$ account or move it to a US$ account. If sold in a C$ account the investor gets whatever the exchange rate is at the time of sale. In a US$ account, the investor selling will simply get US dollars. NGEN has a bit of cash ($11M), but no revenue, losses and negative cash flow. In such cases its future depends on clinical success. Th company is focused on neuroreparative therapeutics for spinal cord injury (SCI) and other neurologic conditions. Its lead candidate, NVG-291, showed promising Phase 1b/2a results in late 2025, with durable improvements in function for chronic SCI patients. But, Phase III and approval will still be some time (if successful) and more money will be needed before then. It raised $10M last year and we would plan on a US financing later this year. It has potential, but needs to be considered speculative. Insiders own 3% but have been net sellers in the last six months. 

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