NGM Bio

Executive Summary

NGM Bio is a clinical-stage biopharmaceutical company focused on discovering and developing novel biologics for liver and metabolic diseases, retinal diseases, and cancer. Its lead program, aldafermin, an engineered FGF19 analog, is Phase 2b-ready for metabolic dysfunction-associated steatohepatitis (MASH), a large unmet medical need. The company has raised $122 million and is publicly traded, though with limited near-term revenue. NGM leverages its expertise in human biology and protein engineering to build a pipeline targeting validated pathways. While aldafermin represents the most advanced opportunity, the company also has earlier-stage programs in ophthalmology and oncology. Risks include clinical trial outcomes, competitive dynamics in MASH, and capital requirements. Key near-term catalysts include Phase 2b data for aldafermin and potential regulatory interactions that could shape the development path forward.

Upcoming Catalysts (preview)

• Q3 2026Aldafermin Phase 2b Top-Line Data in MASH60% success
• Q4 2026FDA End-of-Phase 2 Meeting for Aldafermin70% success