diff --git a/NEWS b/NEWS
index bd9252a37ea..c12c97fcf2a 100644
--- a/NEWS
+++ b/NEWS
@@ -11,6 +11,8 @@ PHP                                                                        NEWS
   . Fixed bug GH-10737 (PHP 8.1.16 segfaults on line 597 of
     sapi/apache2handler/sapi_apache2.c). (nielsdos, ElliotNB)
   . Fixed bug GH-11028 (Heap Buffer Overflow in zval_undefined_cv.). (nielsdos)
+  . Fixed bug GH-11108 (Incorrect CG(memoize_mode) state after bailout in ??=).
+    (ilutov)
 
 - Date:
   . Fixed bug where the diff() method would not return the right result around
diff --git a/Zend/tests/gh11108.phpt b/Zend/tests/gh11108.phpt
new file mode 100644
index 00000000000..efbd12dc367
--- /dev/null
+++ b/Zend/tests/gh11108.phpt
@@ -0,0 +1,11 @@
+--TEST--
+GH-11108: Incorrect CG(memoize_mode) state after bailout in ??=
+--FILE--
+<?php
+register_shutdown_function(function() {
+    include __DIR__ . '/gh11108_shutdown.inc';
+});
+include __DIR__ . '/gh11108_test.inc';
+?>
+--EXPECTF--
+Fatal error: Cannot use [] for reading in %s on line %d
diff --git a/Zend/tests/gh11108_shutdown.inc b/Zend/tests/gh11108_shutdown.inc
new file mode 100644
index 00000000000..34f8131d4a8
--- /dev/null
+++ b/Zend/tests/gh11108_shutdown.inc
@@ -0,0 +1,5 @@
+<?php
+
+function test() {
+    throw new Exception();
+}
diff --git a/Zend/tests/gh11108_test.inc b/Zend/tests/gh11108_test.inc
new file mode 100644
index 00000000000..2dd85eef49a
--- /dev/null
+++ b/Zend/tests/gh11108_test.inc
@@ -0,0 +1,3 @@
+<?php
+
+$messageList[] ??= true;
diff --git a/Zend/zend.c b/Zend/zend.c
index 33e1c4d2ab6..e0abbcd2c37 100644
--- a/Zend/zend.c
+++ b/Zend/zend.c
@@ -1172,6 +1172,7 @@ ZEND_API ZEND_COLD ZEND_NORETURN void _zend_bailout(const char *filename, uint32
 	CG(unclean_shutdown) = 1;
 	CG(active_class_entry) = NULL;
 	CG(in_compilation) = 0;
+	CG(memoize_mode) = 0;
 	EG(current_execute_data) = NULL;
 	LONGJMP(*EG(bailout), FAILURE);
 }