Detailed financial statements for PepGen Inc. (PEPG): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
PepGen Inc., a clinical-stage biotechnology company, develops oligonucleotide therapeutics for the treatment of severe neuromuscular and neurologic diseases in the United States. The company engages in the development of PGN-EDODM1, an EDO peptide-conjugated PMO, which is in Phase 2 clinical trial for the treatment of myotonic dystrophy type 1; and FREEDOM2-DM1, which is in Phase 2 for the treatment of myotonic dystrophy type 1.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $2.90, PEPG has negative trailing earnings (P/E not meaningful) and an ROE of -51.01%. Market capitalisation stands at $201M.
Balance sheet quality for PEPG: current ratio of 11.9, net cash position of $131.5M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cost of Revenue | $106000 | 0 | 0 | 0 | $1.2M | $1.5M | $1.4M |
| Gross Profit | -$106000 | 0 | 0 | 0 | -$1.2M | -$1.5M | -$1.4M |
| Research & Development | $620000 | $1.1M | $23.8M | $54.1M | $68.1M | $76.5M | $71.0M |
| Selling, General & Admin | $628000 | $853000 | $8.1M | $14.2M | $16.6M | $21.3M | $22.6M |
| Operating Expenses | $1.2M | $1.9M | $27.1M | $68.3M | $83.6M | $96.2M | $92.2M |
| Operating Income | -$1.4M | -$1.9M | -$27.1M | -$68.3M | -$84.8M | -$97.7M | -$93.6M |
| EBITDA | -$1.2M | -$1.8M | -$27.1M | -$64.9M | -$77.4M | -$89.1M | -$88.2M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$1.3M | -$1.9M | -$27.3M | -$65.4M | -$78.6M | -$90.6M | -$89.6M |
| Income Tax | 0 | 0 | 0 | $3.7M | $73000 | -$617000 | $49000 |
| Net Income | -$1.3M | -$1.9M | -$27.3M | -$69.1M | -$78.6M | -$90.0M | -$89.7M |
| EPS | $-0.06 | $-0.53 | $-1.22 | $-4.42 | $-3.30 | $-2.85 | $-2.12 |
| EPS (Diluted) | $-0.06 | $-0.18 | $-1.22 | $-4.42 | $-3.30 | $-2.85 | $-2.12 |
| Shares Outstanding (Diluted) | $22.4M | $22.4M | $22.4M | $15.6M | $23.8M | $31.6M | $42.2M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | -$339000 | -$1.1M | -$319000 | 0 |
| Operating Income | -$18.7M | -$19.7M | -$18.9M | -$18.9M |
| EBITDA | -$17.7M | -$19.1M | -$17.4M | -$13.6M |
| Net Income | -$18.0M | -$18.3M | -$17.8M | -$17.8M |
| EPS | $-0.55 | $-0.43 | $-0.26 | $-0.26 |
| EPS (Diluted) | $-0.55 | $-0.43 | $-0.26 | $-0.26 |
Balance Sheet (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $3.5M | $9.8M | $132.9M | $181.8M | $80.8M | $49.4M | $60.5M |
| Short-term Investments | 0 | 0 | 0 | 0 | $29.6M | $70.8M | $87.9M |
| Receivables | $230000 | $407000 | $4.7M | $58000 | 0 | 0 | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $3.8M | $10.3M | $140.0M | $186.1M | $112.7M | $123.8M | $151.0M |
| Property, Plant & Equipment | $419000 | $323000 | $636000 | $29.9M | $28.4M | $25.1M | $21.0M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $4.2M | $10.6M | $143.6M | $217.4M | $143.1M | $150.9M | $173.9M |
| Accounts Payable | $141000 | $721000 | $3.2M | $1.4M | $1.0M | $1.8M | $822000 |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $326000 | $838000 | $10.3M | $18.8M | $17.5M | $16.7M | $12.6M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | $13.8M |
| Total Liabilities | $326000 | $868000 | $10.5M | $37.8M | $34.6M | $32.3M | $26.5M |
| Retained Earnings | -$2.4M | -$6.5M | -$33.8M | -$102.9M | -$181.5M | -$271.5M | -$361.1M |
| Total Equity | $3.9M | $9.8M | $133.1M | $179.6M | $108.4M | $118.6M | $147.4M |
| Total Debt | 0 | 0 | 0 | $24.5M | $20.1M | $18.7M | $17.0M |
| Net Debt | -$3.5M | -$9.8M | -$132.9M | -$157.2M | -$90.3M | -$101.5M | -$131.5M |
| Working Capital | $3.4M | $9.5M | $129.7M | $167.3M | $95.1M | $107.1M | $138.3M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $142.8M | $60.5M | $42.1M | $22.8M |
| Total Assets | $190.1M | $173.9M | $156.3M | $141.4M |
| Total Liabilities | $26.9M | $26.5M | $22.3M | $21.9M |
| Total Equity | $163.1M | $147.4M | $134.0M | $119.5M |
| Total Debt | $17.4M | $17.0M | $16.6M | $16.1M |
Cash Flow (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$1.3M | -$1.9M | -$27.3M | -$69.1M | -$78.6M | -$90.0M | -$89.7M |
| Depreciation & Amortization | $106000 | $110000 | $178000 | $493000 | $850000 | $5.3M | $5.1M |
| Stock-based Compensation | 0 | $119000 | $1.5M | $4.8M | $7.0M | $11.5M | $10.6M |
| Change in Working Capital | $296000 | $8000 | $2.8M | $4.5M | $2.0M | -$5.2M | -$6.2M |
| Operating Cash Flow | -$885000 | -$1.7M | -$22.6M | -$59.3M | -$69.0M | -$82.4M | -$81.6M |
| Capital Expenditure | -$29000 | -$8000 | -$500000 | -$3.8M | -$2.6M | -$497000 | -$264000 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$914000 | -$1.7M | -$23.1M | -$63.0M | -$71.6M | -$82.9M | -$81.9M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$19.3M | -$15.8M | -$18.4M | -$15.8M |
| Capital Expenditure | -$97000 | $1000 | 0 | -$30000 |
| Free Cash Flow | -$19.4M | -$15.8M | -$18.4M | -$15.8M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $2.4M | $2.4M | $2.9M | $3.3M |
Growth & Margins (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income Growth (YoY) | | -40.3% | -1344.2% | -153.3% | -13.8% | -14.4% | +0.4% |
| EPS Growth (YoY) | | -781.9% | -130.2% | -262.3% | +25.3% | +13.6% | +25.6% |
| Shares Change (YoY) | | +0.0% | +0.0% | -30.2% | +52.2% | +32.7% | +33.7% |
| FCF Growth (YoY) | | -81.6% | -1291.5% | -172.8% | -13.6% | -15.7% | +1.2% |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -5.7% | -0.1% | 0.7% | -0.1% |
Per-Share Data (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-0.04 | $-0.07 | $-1.03 | $-4.03 | $-3.01 | $-2.62 | $-1.94 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $22.4M | $7.7M | $22.4M | $15.6M | $23.8M | $31.6M | $42.2M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -51.01% |
| Return on Invested Capital | -56.21% |
| Return on Assets | -50.88% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.13 |
| Current Ratio | 13.36 |
Key Ratios (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -214.48 | -24.32 | -10.57 | -3.02 | -2.06 | -1.33 | -3.07 |
| P/B | 74.64 | 10.18 | 2.17 | 1.16 | 1.49 | 1.01 | 1.86 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |