SCHEDULE: Commodore Capital Discloses 3% Stake in Neurogene

Commodore Capital LP and Commodore Capital Master LP have disclosed a 3.0% beneficial ownership stake in Neurogene Inc., totaling 427,866 common shares as of June 30, 2025.

Summary

• Commodore Capital LP and Commodore Capital Master LP collectively own 427,866 shares of Neurogene Inc. common stock.
• This represents a 3.0% beneficial ownership stake in Neurogene Inc.
• The ownership percentage is based on 14,269,264 common shares outstanding as of June 30, 2025, as reported by Neurogene Inc. in its Quarterly Report on Form 10-Q.
• Commodore Capital LP serves as the investment manager for Commodore Capital Master LP.
• The shares are held for investment purposes and not to change or influence control of Neurogene Inc.

Sentiment

Score: 6

Explanation: A neutral to slightly positive sentiment as a significant institutional investor has disclosed a passive stake, which can be seen as a vote of confidence, though the filing itself contains no operational or financial performance data.

Positives

• A notable investment firm, Commodore Capital, has taken a significant 3.0% stake in Neurogene Inc., indicating potential confidence in the company's future prospects.

Negatives

• No specific negative financial or operational details were disclosed in this ownership filing.

Risks

• The filing itself does not detail specific risks related to Neurogene Inc.'s operations or financial health.
• The reporting persons certify that the securities were not acquired for the purpose of changing or influencing control of the issuer, mitigating risks of an activist investor seeking control.

Future Outlook

This filing is a disclosure of beneficial ownership and does not contain forward-looking statements or guidance from Neurogene Inc.

Management Comments

• The reporting persons certify that the securities were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer.

Industry Context

This Schedule 13G filing indicates a passive investment by Commodore Capital in Neurogene Inc., a common occurrence in the investment landscape where institutional investors acquire stakes in publicly traded companies for portfolio diversification or long-term value. It reflects an institutional investor's position rather than operational or strategic developments within Neurogene Inc.'s industry.

Comparison to Industry Standards

• This filing is a standard beneficial ownership disclosure and does not provide operational or financial performance data for comparison to industry-specific benchmarks or comparable companies.

Stakeholder Impact

• Shareholders: The disclosure of a new significant institutional ownership stake may be viewed positively by existing shareholders, potentially signaling increased investor confidence or liquidity.

Next Steps

• No specific future actions or milestones for Neurogene Inc. are detailed in this beneficial ownership filing.

Key Dates

Recommendation

This Schedule 13G filing indicates a passive investment by Commodore Capital, disclosing a 3.0% stake in Neurogene Inc. While the acquisition of a significant stake by an institutional investor can be viewed as a positive signal of confidence, the filing itself does not provide any new operational, financial, or strategic information about Neurogene Inc. that would warrant a change in investment thesis. Therefore, a 'hold' recommendation is appropriate, pending further fundamental analysis of Neurogene's business performance and outlook.

Keywords

Neurogene Inc., NGN, Beneficial Ownership, Schedule 13G, Investment, Common Stock, Biotechnology, Gene Therapy