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).
Equity-funded drug development dominates the model, with ongoing cash burn driven by research spending rather than asset-heavy expansion.
For two straight years, net loss and operating cash outflow tracked closely, with FY2025 at-$89.7M and-$81.6M ; that means the reported loss is largely cash leaving the company, not an accounting result cushioned by large non-cash charges. Because cash still ended FY2025 at$60.5M despite negative free cash flow, liquidity is being sustained by outside capital rather than by the business funding itself.
With capital spending just
The balance sheet is light on liabilities: total liabilities were
Financial Health Signals
PepGen Inc does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
PepGen Inc passes 3 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass.
PepGen Inc reported a net loss of $89.7M while operations used $81.6M of cash. With neither figure positive, the ratio between the two carries no quality signal.
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.
Not reported for fiscal year 2025.
Cash & Balance Sheet
PepGen Inc recorded an outflow of $81.9M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents an increase of 1.2% from the prior year.
PepGen Inc held $60.5M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
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.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
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.
Not reported for fiscal year 2025.
PEPG Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 |
|---|---|---|---|---|---|---|
| R&D Expenses | N/A | $71.0M-7.1% | $76.5M+12.3% | $68.1M+26.0% | $54.1M+184.6% | $19.0M |
| SG&A Expenses | N/A | $22.6M+6.2% | $21.3M+27.8% | $16.6M+17.0% | $14.2M+75.4% | $8.1M |
| Operating Income | N/A | -$93.6M+4.2% | -$97.7M-15.3% | -$84.8M-24.1% | -$68.3M-151.9% | -$27.1M |
| Income Tax | N/A | $49K+107.9% | -$617K-945.2% | $73K-98.0% | $3.7M | $0 |
| Net Income | N/A | -$89.7M+0.4% | -$90.0M-14.4% | -$78.6M-13.8% | -$69.1M-153.3% | -$27.3M |
| EPS (Diluted) | — | -$2.12 | -$2.85+13.6% | -$3.30 | -$4.42 | -$30.27 |
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, Interest Expense.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
PEPG Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 |
|---|---|---|---|---|---|
| Total Assets | $173.9M+15.3% | $150.9M+5.5% | $143.1M-34.2% | $217.4M+51.4% | $143.6M |
| Current Assets | $151.0M+22.0% | $123.8M+9.8% | $112.7M-39.4% | $186.1M+32.9% | $140.0M |
| Cash & Equivalents | $60.5M+22.4% | $49.4M-38.8% | $80.8M-55.6% | $181.8M+36.8% | $132.9M |
| Total Liabilities | $26.5M-18.0% | $32.3M-6.8% | $34.6M-8.4% | $37.8M-78.5% | $175.7M |
| Current Liabilities | $12.6M-24.3% | $16.7M-4.8% | $17.5M-6.9% | $18.8M+82.4% | $10.3M |
| Total Equity | $147.4M+24.3% | $118.6M+9.4% | $108.4M-39.6% | $179.6M+659.9% | -$32.1M |
| Retained Earnings | -$361.1M-33.0% | -$271.5M-49.6% | -$181.5M-76.4% | -$102.9M-204.7% | -$33.8M |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill, Long-Term Debt.
PEPG Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | -$69.3M | -$81.6M+0.9% | -$82.4M-19.4% | -$69.0M-16.4% | -$59.3M-162.2% | -$22.6M |
| Capital Expenditures | $126K | $264K-46.9% | $497K-80.9% | $2.6M-30.8% | $3.8M+651.0% | $500K |
| Free Cash Flow | -$69.5M | -$81.9M+1.2% | -$82.9M-15.7% | -$71.6M-13.6% | -$63.0M-172.8% | -$23.1M |
| Investing Cash Flow | -$52.3M | -$15.2M+59.6% | -$37.7M-17.7% | -$32.0M-752.3% | -$3.8M-651.0% | -$500K |
| Financing Cash Flow | $109.3M | $108.0M+21.7% | $88.7M+47057.1% | -$189K-100.2% | $112.2M-24.0% | $147.7M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
PEPG Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 |
|---|---|---|---|---|---|
| Return on Equity | -60.8%+15.1pp | -75.9%-3.3pp | -72.5%-34.0pp | -38.5% | N/A |
| Return on Assets | -51.5%+8.1pp | -59.6%-4.7pp | -55.0%-23.2pp | -31.8%-12.8pp | -19.0% |
| Current Ratio | 11.94+4.5x | 7.41+1.0x | 6.43-3.5x | 9.88-3.7x | 13.56 |
| Debt-to-Equity | 0.18-0.1x | 0.270.0x | 0.32+0.1x | 0.21 | N/A |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, FCF Margin.
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Where PepGen Inc Ranks
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) recorded an outflow of $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) recorded an outflow of $81.6M in operating cash flow during fiscal year 2025, representing cash used by 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 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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) reported a net loss of $89.7M while operations used $81.6M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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.