PepGen Inc. (PEPG) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 6, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 6, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the PEPG SEC filings page.
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).
PepGen remains a development-stage business: research spending drives losses, while financing inflows—not operations—fund reported cash needs.
In FY2025, a net loss of$89.7M sat close to operating cash flow of-$81.6M , so reported earnings largely tracked cash consumption rather than being driven by non-cash charges. With capital expenditures of only$264K and free cash flow of-$82.0M , the cash burden is operating development work, not heavy physical reinvestment.
With no reported revenue and R&D spending of
Assets of
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 -$18.6M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 21.1% from the same quarter a year earlier. It is unchanged from the prior quarter.
PepGen Inc. reported -$17.8M in net income in Q2 2026. This represents an increase of 22.8% from the same quarter a year earlier. Against the prior quarter it is down 0.3%.
PepGen Inc. earned -$0.26 per diluted share (EPS) in Q2 2026. It is unchanged from the prior quarter.
Not reported for Q2 2026.
Cash & Balance Sheet
PepGen Inc. recorded an outflow of $15.8M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents an increase of 33.0% from the same quarter a year earlier. Against the prior quarter it is up 14.1%.
PepGen Inc. held $22.8M in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Margins & Returns
PepGen Inc.'s ROE was -14.9% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 17.5 percentage points from the same quarter a year earlier. Against the prior quarter it is down 1.6 percentage points.
Not reported for Q2 2026.
Not reported for Q2 2026.
Not reported for Q2 2026.
Capital Allocation
PepGen Inc. invested $12.5M in research and development in Q2 2026. This represents a decrease of 31.9% from the same quarter a year earlier. Against the prior quarter it is down 3.7%.
PepGen Inc. invested $30K in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 30.2% from the same quarter a year earlier.
Not reported for Q2 2026.
PEPG Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| R&D Expenses | $12.5M-31.9% | $13.0M-48.8% | N/A | $13.4M-24.3% | $18.4M-26.6% | $25.4M+72.3% | N/A | $17.7M-13.7% |
| SG&A Expenses | $6.4M+15.8% | $5.9M-0.1% | N/A | $5.2M-4.0% | $5.5M+3.3% | $5.9M+17.3% | N/A | $5.4M+28.5% |
| Operating Income | -$18.9M+20.9% | -$18.9M+39.5% | N/A | -$18.7M+19.5% | -$23.9M+21.3% | -$31.3M-58.2% | N/A | -$23.2M+6.5% |
| EBITDA | -$18.6M+21.1% | -$18.6M+39.7% | N/A | -$18.4M+19.4% | -$23.6M+21.3% | -$30.9M-59.4% | N/A | -$22.8M+7.0% |
| Income Tax | $16K | $15K | N/A | $0 | $0 | $0 | N/A | $0 |
| Net Income | -$17.8M+22.8% | -$17.8M+41.2% | N/A | -$18.0M+15.7% | -$23.1M+18.5% | -$30.2M-67.6% | N/A | -$21.4M+8.2% |
| EPS (Basic) | -$0.26+62.9% | -$0.26+71.7% | $0.02+102.9% | -$0.52+21.2% | -$0.70+19.5% | -$0.92-46.0% | -$0.68+16.0% | -$0.66+32.7% |
| EPS (Diluted) | -$0.26 | -$0.26 | $0.02 | -$0.52 | -$0.70+19.5% | -$0.92-46.0% | -$0.68+16.0% | -$0.66+32.7% |
| Diluted Shares (Avg) | 69M | 69M | N/A | 34M | 33M+0.9% | 33M+14.0% | N/A | 33M+37.0% |
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, Interest Expense.
PEPG Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $141.4M+38.3% | $156.3M+22.7% | $173.9M+15.3% | $190.1M+11.6% | $102.2M-47.2% | $127.4M-38.5% | $150.9M+5.5% | $170.2M+3.6% |
| Current Assets | $120.3M+55.3% | $134.3M+32.9% | $151.0M+22.0% | $166.2M+16.7% | $77.5M-53.0% | $101.0M-43.1% | $123.8M+9.8% | $142.4M+7.0% |
| Cash & Equivalents | $22.8M-35.1% | $42.1M-3.4% | $60.5M+22.4% | $142.8M+237.6% | $35.1M-46.9% | $43.6M-67.4% | $49.4M-38.8% | $42.3M-67.4% |
| Short-Term Investments | $94.5M+138.7% | $90.2M+66.5% | $87.9M+24.3% | $20.9M-78.4% | $39.6M-58.4% | $54.1M+30.9% | $70.8M+138.8% | $96.6M |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $21.9M-29.7% | $22.3M-37.3% | $26.5M-18.0% | $26.9M-17.9% | $31.1M-19.2% | $35.6M+27.1% | $32.3M-6.8% | $32.8M-14.7% |
| Current Liabilities | $9.0M-45.0% | $9.0M-56.1% | $12.6M-24.3% | $12.6M-24.8% | $16.4M-26.0% | $20.4M+81.5% | $16.7M-4.8% | $16.8M-19.8% |
| Non-Current Liabilities | $12.9M-12.7% | $13.4M-11.9% | $13.8M-11.2% | $14.3M-10.6% | $14.7M-10.0% | $15.2M-9.5% | $15.6M-9.0% | $16.0M-8.5% |
| Total Equity | $119.5M+68.0% | $134.0M+45.9% | $147.4M+24.3% | $163.1M+18.7% | $71.2M-54.1% | $91.8M-48.7% | $118.6M+9.4% | $137.5M+9.2% |
| Retained Earnings | -$396.7M-22.2% | -$378.9M-25.6% | -$361.1M-33.0% | -$342.8M-37.5% | -$324.8M-42.5% | -$301.7M-51.2% | -$271.5M-49.6% | -$249.2M-53.9% |
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. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$15.8M+33.0% | -$18.4M+19.6% | -$15.8M+18.6% | -$19.3M+19.8% | -$23.6M-44.3% | -$22.9M-1.8% | -$19.5M-0.3% | -$24.0M-43.9% |
| Depreciation & Amortization | $300K0.0% | $300K-25.0% | $300K-25.0% | $300K-25.0% | $300K-25.0% | $400K0.0% | $400K0.0% | $400K+33.3% |
| Stock-Based Compensation | $3.3M+40.2% | $2.9M-16.8% | N/A | $2.4M-26.3% | $2.4M-17.4% | $3.4M+69.7% | N/A | $3.2M+66.2% |
| Capital Expenditures | $30K-30.2% | $0-100.0% | -$1K-99.6% | $97K-47.6% | $43K+38.7% | $125K+135.8% | $228K+23.9% | $185K-17.8% |
| Free Cash Flow | -$15.8M+33.0% | -$18.4M+20.1% | -$15.8M+19.6% | -$19.4M+20.0% | -$23.6M-44.3% | -$23.1M-2.1% | -$19.7M-0.5% | -$24.2M-43.1% |
| Investing Cash Flow | -$3.5M-123.5% | -$1.5M-108.5% | -$66.2M-350.0% | $18.9M+14312.8% | $15.0M+128.4% | $17.1M+251.9% | $26.5M+189.6% | -$133K+40.9% |
| Financing Cash Flow | -$65K-166.3% | $1.5M | -$171K-233.6% | $108.1M+32943.4% | $98K-92.6% | $0-100.0% | $128K+392.3% | $327K+200.3% |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
PEPG Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Return on Equity | -14.9%+17.5pp | -13.3%+19.6pp | N/A | -11.1%+4.5pp | -32.4%-14.2pp | -32.9%-22.8pp | N/A | -15.6%+2.9pp |
| Return on Assets | -12.6%+10.0pp | -11.4%+12.3pp | N/A | -9.5%+3.1pp | -22.6%-7.9pp | -23.7%-15.0pp | N/A | -12.6%+1.6pp |
| Current Ratio | 13.36+8.6x | 14.98+10.0x | 11.94+4.5x | 13.15+4.7x | 4.74-2.7x | 4.95-10.8x | 7.41+1.0x | 8.47+2.1x |
| Debt-to-Equity | 0.18-0.3x | 0.17-0.2x | 0.18-0.1x | 0.17-0.1x | 0.44+0.2x | 0.39+0.2x | 0.270.0x | 0.24-0.1x |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Asset Turnover, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| PepGen Inc. PEPG | FY2025 | N/A | -$89.7M | N/A | $163.5M | — |
| Telomir Pharmaceuticals, Inc. TELO | FY2025 | N/A | -$10.4M | N/A | $83.2M | — |
| Barinthus Biotherapeutics plc American BRNS | FY2025 | $0 | -$66.4M | N/A | $30.2M | — |
| BIOATLA INC BCAB | FY2025 | N/A | $59.6M | N/A | $2.9M | — |
| Grace Therapeutics, Inc. GRCE | FY2026 | N/A | -$7.8M | N/A | $43.3M | — |
| Tempest Therapeutics, Inc. TPST | FY2025 | N/A | -$26.3M | N/A | $13.4M | — |
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 P/E ratio?
PepGen Inc. (PEPG) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $163.5M as of Oct 6, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is PepGen Inc.'s price-to-sales ratio?
PepGen Inc. (PEPG) has no price-to-sales ratio at the moment: no revenue reported. The market capitalization is $163.5M as of Oct 6, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does PepGen Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, PepGen Inc. (PEPG) held $148.5M in cash, cash equivalents and investments, and reported an operating cash outflow of $81.6M over that year. Dividing the one by the other, the reported balance equals about 22 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
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.