NervGen Pharma restatement cuts stock option expense

The company says the valuation corrections changed reported expenses and warrant liabilities without affecting cash, cash flow or liquidity.

Rhea-AI Filing Summary

NERVGEN Pharma Corp. amended and restated its annual financial statements and management’s discussion and analysis for fiscal years 2025 and 2024 after identifying non-cash valuation errors in its accounting for stock options and certain outstanding derivative warrant liabilities. The adjustments reduce previously reported stock-based compensation expense and warrant liabilities, with corresponding adjustments to unrealized gains and losses on warrant derivatives. The company says the corrections do not affect its cash position, cash flow or liquidity; the original statements and MD&A should no longer be relied upon.

0 points · 0 major

NegativeiHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 1 point

How the balance works

Positive

• None.

Negative

• Moderate point2025 and 2024 financial statements and MD&A should no longer be relied upon.

Key Figures

Common shares outstanding: 79,649,257 shares

1 metrics

Common shares outstanding 79,649,257 shares As of the close of the fiscal year ended December 31, 2025

Key Terms

derivative warrant liabilities, stock-based compensation expense, unrealized gains and losses

3 terms

derivative warrant liabilities financial

"certain outstanding derivative warrant liabilities"

Derivative warrant liabilities are the obligation a company records for outstanding warrants—contracts that give holders the right to receive cash or shares based on the company’s stock price. They matter to investors because these liabilities signal potential future cash outflows or share dilution that can reduce earnings per share, change available cash, and increase stock volatility; think of them as outstanding IOUs that may force a company to pay money or issue more shares.

stock-based compensation expense financial

"reducing previously reported stock-based compensation expense"

Stock-based compensation expense is the value that a company records when it gives employees or executives shares or options to buy shares as part of their pay. It matters because it shows the true cost of paying employees this way, which can affect the company's profits and how investors see its financial health.

unrealized gains and losses financial

"adjustments to unrealized gains and losses on warrant derivatives"

Unrealized gains and losses are the paper profits or shortfalls in value of assets you still own—how much an investment would make or lose if sold right now, based on current market prices. They matter to investors because they change the value of a portfolio and influence decisions about holding, selling, or rebalancing; although they don’t trigger taxes or lock in losses until a sale, large unrealized swings can affect borrowing power, risk exposure, and financial reporting.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did NGEN correct in its financial statements?

NGEN corrected non-cash valuation errors in its accounting for stock options and certain outstanding derivative warrant liabilities. The adjustments reduce previously reported stock-based compensation expense and warrant liabilities, with corresponding adjustments to unrealized gains and losses on warrant derivatives.

Did NGEN’s restatement affect cash or liquidity?

NGEN says the corrective adjustments do not affect its cash position, cash flow or liquidity.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 10/16/2026 - 04:31 PM EDT Accepted by SEC EDGAR 10/16/2026 - 04:30 PM EDT Learn about SEC filing dates

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 40-F/A

(Amendment No. 1)

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☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934

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☒ ANNUAL REPORT PURSUANT TO SECTION 13(A) OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

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For the fiscal year ended December 31, 2025

Commission File Number 001-43048

NERVGEN PHARMA CORP.

(Exact name of registrant as specified in its charter)

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British Columbia		2834		98-1738183
(Province or other jurisdiction of incorporation or organization)		(Primary standard industrial classification code number, if applicable)		(I.R.S. Employer Identification No., if applicable)

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1200 Brickell Avenue, Suite 1950

#IP 1346 Miami, FL 33131

(778) 731-1711

(Address and telephone number of registrant’s principal executive offices)

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Cogency Global Inc.

122 E. 42nd Street, 18th Floor

New York, New York 10168

(800) 221-0102

(Name, address (including zip code) and telephone number (including area code) of agent for service in the United States)

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Securities registered pursuant to Section 12(b) of the Act:

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Title of each class:		Trading Symbol(s):		Name of each exchange on which registered:
Common Shares, no par value		NGEN		The Nasdaq Stock Market LLC

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Securities registered pursuant to Section 12(g) of the Act: None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None

For annual reports, indicate by check mark the information filed with this form:

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☒ Annual Information Form ☒ Audited Annual Financial Statements

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Indicate the number of outstanding shares of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report: 79,649,257 Common Shares.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (s.232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act. Emerging growth company. ☒

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ☐

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†The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☒

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

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Auditor Name: KPMG LLP Auditor Location: Vancouver, Canada Auditor Firm ID: 85

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EXPLANATORY NOTE

NervGen Pharma Corp. (the “Company” or the “Registrant”) is filing this Amendment No. 1 on Form 40-F/A (this “Form 40-F/A”) to amend and restate certain items in the Annual Report on Form 40-F for the fiscal year ended December 31, 2025, originally filed with the Securities and Exchange Commission (the “Commission”) on March 31, 2026, (the “Original Form 40-F”). This Form 40-F/A includes amended and restated consolidated financial statements for the fiscal years ended December 31, 2025 and 2024 (the “Restatement Period”), and corresponding amended and restated management’s discussion and analysis of financial condition and results of operations (collectively, the “Restated Documents”).

Subsequent to the issuance of the audited consolidated financial statements included in the Original Form 40-F as of, and for the Restatement Period, the Company discovered certain errors requiring corrective adjustments which impacted the presentation of financial statements in prior periods. In particular, the corrective adjustments identified by the Company are to revise non-cash valuation errors in the Company’s accounting for stock options and certain outstanding derivative warrant liabilities, reducing previously reported stock-based compensation expense and warrant liabilities, with corresponding adjustments to unrealized gains and losses on warrant derivatives. The aforementioned corrective adjustments do not have any impact on the Company’s cash position, cash flow, or liquidity.

Accordingly, the Company, its management and the audit committee of the board of directors of the Company have determined that the audited consolidated financial statements and the management’s discussion and analysis of financial condition and results of operations for the Restatement Period, as presented in Exhibits 99.1 and 99.2, respectively, in the Original Form 40-F should no longer be relied upon. Readers are advised to refer to Exhibits 99.1 and 99.2 in this Form 40-F/A instead.

Additionally, pursuant to the rules of the Commission, this Form 40-F/A also contains (i) new certifications required by Rule 13a-14(a) or Rule 15d-14(a) under the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), (ii) new certifications required by Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act, and (iii) a new consent from the Company’s independent registered public accounting firm.

Other than as discussed above and expressly set forth herein, this Form 40-F/A does not, and does not purport to, amend or restate any other information contained in the Original Form 40-F nor does this Form 40-F/A reflect any events that have occurred after the Original Form 40-F was filed. Accordingly, this Form 40-F/A should be read in conjunction with the Original Form 40-F/A.

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INCORPORATION BY REFERENCE

This Form 40-F/A is incorporated by reference into the Registrant’s Registration Statement on Form F-10 (File No. 333- 296217).

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Exhibit Index

The following documents are being filed with the Commission as exhibits to this Form 40-F/A.

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Exhibit No.	​ ​ ​	Document
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97.1*	​	Compensation Recovery Policy of the Registrant.
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99.1*	​	Annual Information Form of the Registrant for the fiscal year ended December 31, 2025
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99.2	​	Amended and Restated Consolidated Financial Statements as of and for the years ended December 31, 2025 and 2024.
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99.3	​	Amended and Restated Management’s Discussion and Analysis of Financial Condition and Results of Operations for the year ended December 31, 2025
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99.4	​	Consent of KPMG LLP, dated October 16, 2026.
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99.5	​	Certification of Chief Executive Officer (Principal Executive Officer) pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
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99.6	​	Certification of Chief Financial Officer (Principal Financial Officer) pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
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99.7**	​	Certification of Chief Executive Officer (Principal Executive Officer) and Chief Financial Officer (Principal Financial Officer) under Section 906 of the Sarbanes-Oxley Act of 2002.
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101.INS	​	Inline XBRL Instance Document.
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101.SCH	​	Inline XBRL Taxonomy Schema Linkbase Document.
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101.CAL	​	Inline XBRL Taxonomy Calculation Linkbase Document.
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101.DEF	​	Inline XBRL Taxonomy Definition Linkbase Document.
​	​	​
101.LAB	​	Inline XBRL Taxonomy Extension Label Linkbase Document.
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101.PRE	​	Inline XBRL Taxonomy Presentation Linkbase Document.
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104	​	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

* Previously filed.

** This exhibit is furnished with this Form 40-F/A, is not deemed filed with the Commission, and is not incorporated by reference into any filing of the Registrant under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof and irrespective of any general incorporation language in such filing.

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SIGNATURES

Pursuant to the requirements of the Exchange Act, the Registrant certifies that it meets all of the requirements for filing on Form 40-F and has duly caused this Form 40-F/A to be signed on its behalf by the undersigned, thereto duly authorized.

Date: October 16, 2026

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NERVGEN PHARMA CORP.
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By:	/s/ Keith Vendola
Name:	Keith Vendola
Title:	Chief Financial Officer

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