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

69.17M

Op. Cash Flow

$-81.64M

PEPG$2.24+67.16% · past yearDBEQ Basic

Daily closing prices

Business

PepGen Inc. is a clinical-stage biotechnology company developing oligonucleotide therapeutics using its proprietary Enhanced Delivery Oligonucleotide (EDO) platform, which uses cell-penetrating peptides to improve cellular uptake and nuclear delivery of therapeutic oligonucleotides. The company's lead candidate, PGN-EDODM1, is a peptide-conjugated phosphorodiamidate morpholino (PMO) targeting myotonic dystrophy type 1 (DM1) that has demonstrated robust splicing correction in Phase 1 trials. PepGen is conducting Phase 2 clinical trials (FREEDOM2) and an open-label extension study (FREEDOM-OLE) across multiple geographies including Canada, the U.K., South Korea, Australia, and New Zealand.

Summary from 10-K filed 2026-03-04

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	—	—

Filings

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Frequently asked questions

What is PepGen Inc.'s CIK number?

PepGen Inc.'s SEC CIK number is 0001835597 (1835597). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.

Where can I find PepGen Inc.'s SEC filings?

All of PepGen Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.

When did PepGen Inc. last report earnings?

PepGen Inc. (PEPG) most recently filed an earnings 8-K with the SEC on May 12, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001193125-26-219424). This is PepGen Inc.'s most recent earnings filing of record — not a forecast of its next earnings date.

What is PepGen Inc.'s most recent earnings 8-K?

PepGen Inc.'s latest earnings 8-K (Item 2.02) was filed May 12, 2026 under accession 0001193125-26-219424. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.

View PepGen Inc.'s latest earnings 8-K →
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