10-K · March 4, 2026
PepGen Inc. continued to report significant operating losses in 2025, ultimately posting a net loss of $89.7 million, a slight decrease from $90.0 million in 2024, although revenue remained non-existent. Despite…
Earnings analysis · 10-Q
PEPG earnings analysis
Filed May 12, 2026 · Our reading of the company's report
The latest report
PepGen Inc. continues to struggle financially, reporting a net loss of $17.8 million for Q1 2026, a significant improvement from a loss of $30.2 million in Q1 2025. Operating expenses decreased by 39.5% to $18.9 million…
Read full summary
PepGen Inc. continues to struggle financially, reporting a net loss of $17.8 million for Q1 2026, a significant improvement from a loss of $30.2 million in Q1 2025. Operating expenses decreased by 39.5% to $18.9 million mainly due to reduced R&D costs. However, the company remains deeply in the red with no revenue from product sales, projecting substantial ongoing operational losses as they focus on the development of their lead candidate, PGN-EDODM1.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.31
What stood out
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Improvement in Net Loss
Net loss decreased to $17.8M in Q1 2026 from $30.2M in Q1 2025.
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Decreased Operating Expenses
Operating expenses fell by 39.5% to $18.9M, primarily due to a $12.4M drop in R&D expenses.
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Cash Reserves Indicate Longevity
Cash, cash equivalents, and marketable securities totaled $132.3M, expected to sustain operations through 2027.
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Interest Income on Investments
Interest income increased from $1.1M in Q1 2025 to $1.25M in Q1 2026.
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Maintained Stability in G&A Expenses
General and administrative expenses remained flat at $5.9M for both Q1 2025 and Q1 2026.
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Ongoing Clinical Trials
The company is advancing PGN-EDODM1 in clinical trials, despite regulatory challenges.
What to watch
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Continued Operating Losses
The company has not generated any revenue from product sales and expects to incur losses for the foreseeable future.
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Regulatory Risks
Partial clinical hold on the FREEDOM2 study could impact development timelines.
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Dependence on Third Parties
Reliance on third parties for manufacturing and trial operations increases vulnerability to disruptions.
Management's outlook
The company continues to focus on PGN-EDODM1 development, but no explicit numeric guidance is provided.
Earlier filings 4
10-Q · November 12, 2025
PepGen Inc. reported its Q3 2025 financial results with continued losses and no revenue generation, reflecting challenges in its clinical development program. The company’s net loss for the quarter was $18.0 million, a…
10-Q · August 7, 2025
PepGen reported disappointing quarterly results with no revenue and a net loss of $23.1 million for Q2 2025, improving from a $28.3 million net loss year-over-year. Operating expenses decreased due to lower research and…
10-Q · May 8, 2025
PepGen Inc. reported disappointing financial results for Q1 2025, with revenue of $0.0 and a net loss of $30.2 million. Operating expenses surged to $31.3 million primarily due to increased research and development…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.