PepGen Inc Financials
This page shows PepGen Inc (PEPG) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
PepGen Inc passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass.
For every $1 of reported earnings, PepGen Inc generates $0.91 in operating cash flow (-$81.6M OCF vs -$89.7M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Earnings & Revenue
PepGen Inc's EBITDA was -$92.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 4.2% from the prior year.
PepGen Inc reported -$89.7M in net income in fiscal year 2025. This represents an increase of 0.4% from the prior year.
PepGen Inc earned $-2.12 per diluted share (EPS) in fiscal year 2025. This represents an increase of 25.6% from the prior year.
Cash & Balance Sheet
PepGen Inc generated -$81.9M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 1.2% from the prior year.
PepGen Inc held $60.5M in cash against $0 in long-term debt as of fiscal year 2025.
PepGen Inc had 69M shares outstanding in fiscal year 2025. This represents an increase of 111.1% from the prior year.
Margins & Returns
PepGen Inc's ROE was -60.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 15.1 percentage points from the prior year.
Capital Allocation
PepGen Inc invested $71.0M in research and development in fiscal year 2025. This represents a decrease of 7.1% from the prior year.
PepGen Inc invested $264K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 46.9% from the prior year.
PEPG Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | $13.4M-27.0% | $18.4M-27.5% | $25.4M | N/A | $17.7M-29.3% | $25.1M+70.1% | $14.7M |
| SG&A Expenses | N/A | $5.2M-5.6% | $5.5M-6.8% | $5.9M | N/A | $5.4M+1.6% | $5.4M+5.8% | $5.1M |
| Operating Income | N/A | -$18.7M+22.1% | -$23.9M+23.6% | -$31.3M | N/A | -$23.2M+23.8% | -$30.4M-53.7% | -$19.8M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | N/A | $0 | $0 | N/A | N/A | $0 | $0 | N/A |
| Net Income | N/A | -$18.0M+21.9% | -$23.1M+23.6% | -$30.2M | N/A | -$21.4M+24.5% | -$28.3M-57.2% | -$18.0M |
| EPS (Diluted) | N/A | $-0.52+25.7% | $-0.70+23.9% | $-0.92 | N/A | $-0.66+24.1% | $-0.87-38.1% | $-0.63 |
PEPG Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $173.9M-8.5% | $190.1M+85.9% | $102.2M-19.7% | $127.4M-15.6% | $150.9M-11.4% | $170.2M-12.0% | $193.5M-6.5% | $207.0M |
| Current Assets | $151.0M-9.2% | $166.2M+114.5% | $77.5M-23.3% | $101.0M-18.4% | $123.8M-13.1% | $142.4M-13.6% | $164.8M-7.2% | $177.6M |
| Cash & Equivalents | $60.5M-57.6% | $142.8M+307.1% | $35.1M-19.6% | $43.6M-11.7% | $49.4M+16.9% | $42.3M-36.0% | $66.1M-50.6% | $133.9M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $26.5M-1.7% | $26.9M-13.4% | $31.1M-12.7% | $35.6M+10.3% | $32.3M-1.6% | $32.8M-14.8% | $38.5M+37.4% | $28.0M |
| Current Liabilities | $12.6M0.0% | $12.6M-22.7% | $16.4M-19.9% | $20.4M+22.4% | $16.7M-0.7% | $16.8M-24.0% | $22.1M+96.4% | $11.3M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $147.4M-9.6% | $163.1M+129.3% | $71.2M-22.5% | $91.8M-22.6% | $118.6M-13.7% | $137.5M-11.3% | $155.0M-13.4% | $179.0M |
| Retained Earnings | -$361.1M-5.4% | -$342.8M-5.6% | -$324.8M-7.7% | -$301.7M-11.1% | -$271.5M-8.9% | -$249.2M-9.4% | -$227.8M-14.2% | -$199.5M |
PEPG Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$15.8M+17.7% | -$19.3M+18.4% | -$23.6M-2.9% | -$22.9M-17.7% | -$19.5M+18.9% | -$24.0M-46.8% | -$16.4M+27.4% | -$22.5M |
| Capital Expenditures | -$1K-101.0% | $97K+125.6% | $43K-65.6% | $125K-45.2% | $228K+23.2% | $185K+496.8% | $31K-41.5% | $53K |
| Free Cash Flow | -$15.8M+18.1% | -$19.4M+18.1% | -$23.6M-2.6% | -$23.1M-17.0% | -$19.7M+18.6% | -$24.2M-47.7% | -$16.4M+27.5% | -$22.6M |
| Investing Cash Flow | -$66.2M-450.4% | $18.9M+26.4% | $15.0M-12.8% | $17.1M-35.3% | $26.5M+20025.6% | -$133K+99.7% | -$52.7M-367.1% | -$11.3M |
| Financing Cash Flow | -$171K-100.2% | $108.1M+110157.1% | $98K | $0-100.0% | $128K-60.9% | $327K-75.4% | $1.3M-98.5% | $87.0M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
PEPG Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Equity | N/A | -11.1%+21.4pp | -32.4%+0.5pp | -32.9% | N/A | -15.6%+2.7pp | -18.3%-8.2pp | -10.1% |
| Return on Assets | N/A | -9.5%+13.1pp | -22.6%+1.1pp | -23.7% | N/A | -12.6%+2.1pp | -14.6%-5.9pp | -8.7% |
| Current Ratio | 11.94-1.2 | 13.15+8.4 | 4.74-0.2 | 4.95-2.5 | 7.41-1.1 | 8.47+1.0 | 7.45-8.3 | 15.78 |
| Debt-to-Equity | 0.18+0.0 | 0.17-0.3 | 0.44+0.0 | 0.39+0.1 | 0.27+0.0 | 0.240.0 | 0.25+0.1 | 0.16 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
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Frequently Asked Questions
Is PepGen Inc profitable?
No, PepGen Inc (PEPG) reported a net income of -$89.7M in fiscal year 2025.
What is PepGen Inc's EBITDA?
PepGen Inc (PEPG) had EBITDA of -$92.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is PepGen Inc's return on equity (ROE)?
PepGen Inc (PEPG) has a return on equity of -60.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is PepGen Inc's free cash flow?
PepGen Inc (PEPG) generated -$81.9M in free cash flow during fiscal year 2025. This represents a 1.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is PepGen Inc's operating cash flow?
PepGen Inc (PEPG) generated -$81.6M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are PepGen Inc's total assets?
PepGen Inc (PEPG) had $173.9M in total assets as of fiscal year 2025, including both current and long-term assets.
What are PepGen Inc's capital expenditures?
PepGen Inc (PEPG) invested $264K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does PepGen Inc spend on research and development?
PepGen Inc (PEPG) invested $71.0M in research and development during fiscal year 2025.
What is PepGen Inc's current ratio?
PepGen Inc (PEPG) had a current ratio of 11.94 as of fiscal year 2025, which is generally considered healthy.
What is PepGen Inc's debt-to-equity ratio?
PepGen Inc (PEPG) had a debt-to-equity ratio of 0.18 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is PepGen Inc's return on assets (ROA)?
PepGen Inc (PEPG) had a return on assets of -51.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is PepGen Inc's cash runway?
Based on fiscal year 2025 data, PepGen Inc (PEPG) had $60.5M in cash against an annual operating cash burn of $81.6M. This gives an estimated cash runway of approximately 9 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is PepGen Inc's Piotroski F-Score?
PepGen Inc (PEPG) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are PepGen Inc's earnings high quality?
PepGen Inc (PEPG) has an earnings quality ratio of 0.91x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.