PepGen Inc.

Listed Company

PEPGCIK 0001835597NasdaqEmerging GrowthPharmaceutical PreparationsDelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-89.66M

Total Assets

$173.91M

Equity

$147.44M

Shares Out

69.12M

Op. Cash Flow

$-81.64M

Business

PepGen Inc. is a clinical-stage biotechnology company developing next-generation oligonucleotide therapeutics using its proprietary Enhanced Delivery Oligonucleotide (EDO) platform to improve cellular and nuclear delivery. It primarily develops peptide-conjugated phosphorodiamidate morpholino oligomers (PPMOs) as product candidates, including clinical programs PGN-EDO51 for exon 51–amenable Duchenne muscular dystrophy and PGN-EDODM1 for myotonic dystrophy type 1, plus several preclinical programs. Key business activities comprise research and development, clinical development, platform optimization and outsourced manufacture via third-party CDMOs. Clinical trials and development activities occur in multiple geographies, including Canada, the U.K., the U.S. and broader international regulatory interactions.

Summary from filing dated 2025-02-24

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Research and development	71	76	68	54	19
General and administrative	23	21	17	14	8
Total operating expenses	94	98	85	68	27
Operating loss	−94	−98	−85	−68	−27
Interest income	4	7	6	3	—
Other (expense) income, net	−11,000	−1,000	−187,000	110,000	−172,000
Total other income, net	4	7	6	3	−172,000
Net loss before income tax	−90	−91	−79	−65	−27
Income tax (expense) benefit	−49,000	617,000	−100,000	−4	0
Net loss	−90	−90	−79	−69	−27
Net loss per share, basic	−2.12	−2.85	−3.3	−4.42	−30.27
Net loss per share, diluted	−2.12	−2.85	−3.3	−4.42	−30.27
Weighted-average common shares outstanding, basic	42	32	24	16	901,108
Weighted-average common shares outstanding, diluted	42	32	24	16	901,108
Cumulative translation adjustment arising during the period	0	−50,000	104,000	—	—
Unrealized (loss) gain on marketable securities	−12,000	39,000	11,000	—	—
Comprehensive loss	−90	−90	−79	—	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	61	49	81	182	133
Marketable securities	88	71	30	0	—
Prepaid expenses and other current assets	3	4	2	4	2
Total current assets	151	124	113	186	140
Property and equipment, net	2	4	5	3	636,000
Operating lease right-of-use asset	19	21	24	27	—
Restricted cash	2	2	2	—	—
Other assets	372,000	426,000	442,000	1	3
Total assets	174	151	143	217	144
Accounts payable	822,000	2	1	1	3
Accrued expenses	9	12	14	12	7
Operating lease liability	3	3	3	6	—
Total current liabilities	13	17	18	19	10
Operating lease liability, net of current portion	14	16	17	19	—
Total liabilities	26	32	35	38	11
Preferred stock, $0.0001 par value; 10,000,000 shares authorized at December 31, 2025 and 2024, respectively	—	—	—	—	—
Common stock, $0.0001 par value; 500,000,000 shares authorized as of December 31, 2025 and 2024, respectively; 68,874,944 and 32,619,663 shares issued and outstanding as of December 31, 2025 and 2024, respectively	7,000	3,000	2,000	2,000	—
Additional paid-in capital	509	390	290	283	2
Accumulated other comprehensive income	11,000	23,000	34,000	−81,000	17,000
Accumulated deficit	−361	−271	−181	−103	−34
Total stockholders' equity	147	119	108	180	−32
Total liabilities and stockholders' equity	174	151	143	217	144

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation	1	2	1	493,000	178,000
Stock-based compensation expense	11	11	7	5	2
Amortization and interest accretion related to operating lease	4	4	−334,000	—	—
Amortization of premiums and accretion of discounts on marketable securities, net	−2	−4	−220,000	—	—
Impairment of long-lived assets	701,000	0	—	—	—
Other non-cash adjustments	—	70,000	—	134,000	—
Prepaids and other current and non-current assets	1	−1	2	−2	−2
Accounts payable	−935,000	722,000	−369,000	−1	3
Accrued expenses and other non-current liabilities	−3	−2	1	6	7
Operating lease liabilities, current and non-current	−3	−3	−1	−2	—
Net cash used in operating activities	−82	−82	−69	−59	−23
Purchases of property and equipment	−264,000	−497,000	−3	−4	−500,000
Purchases of marketable securities	−94	−145	−29	—	—
Maturities of marketable securities	79	108	—	—	—
Net cash used in investing activities	−15	−38	−32	−4	−500,000
Issuance of common stock in public offering, net of underwriters' fees	108	77	—	—	—
Payment of offering costs	−413,000	−511,000	−442,000	−3	−1
Issuance of common stock from At-the-Market Sales Agreement, net of underwriters' fees	—	10	—	114	—
Proceeds from employee equity plans	292,000	2	253,000	217,000	—
Net cash provided by financing activities	108	89	−189,000	112	148
Effect of exchange rate changes on cash	−16,000	−62,000	286,000	−316,000	33,000
Net increase (decrease) in cash, cash equivalents and restricted cash	11	−31	−101	49	125
Property and equipment included in accounts payable and accrued expenses	20,000	31,000	14,000	363,000	—
Deferred offering costs in AP and accruals	55,000	—	—	—	160,000
Cash paid for taxes	82,000	71,000	3	—	—

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