PepGen Inc.
PEPGHealthcare|Biotechnology|US
$2.47
+0.15 (+6.47%)
DCF Value
$1.01
Tangible Book / Share
$1.73
Cash / Share
$1.69
Financials
Financial Snapshot
Market Cap
$170.8M
Enterprise Value
$164.2M
Revenue (TTM)
$0.00
Net Income (TTM)
-$71.9M
Cash & Investments
$117.2M
Net Cash
$101.1M
Free Cash Flow (TTM)
-$69.5M
Operating CF (TTM)
-$69.3M
Debt/Equity
0.13
Cash Runway & Burn Rate
Cash on Hand
$117.2M
Quarterly Burn
$17.3M
Monthly Burn
$5.8M
Est. Runway
~6.8 quarters
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $3.5M | $9.8M | $132.9M | $181.8M | $110.4M | $120.2M | $148.5M | $117.2M | |
| Operating Cash Flow | -$885.0K | -$1.7M | -$22.6M | -$59.3M | -$69.0M | -$82.4M | -$81.6M | -$69.3M | |
| Free Cash Flow | -$914.0K | -$1.7M | -$23.1M | -$63.0M | -$71.6M | -$82.9M | -$81.9M | -$69.5M | |
| Capital Expenditure | -$29.0K | -$8.0K | -$500.0K | -$3.8M | -$2.6M | -$497.0K | -$264.0K | -$126.0K | |
| Financing Cash Flow | $2.8M | $8.0M | $147.7M | $112.2M | -$189.0K | $88.7M | $108.0M | $109.3M |
R&D Spending
R&D (TTM)
$52.5M
R&D Intensity
—
R&D Growth vs Prior
-26.1%
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D Expense | $620.0K | $1.1M | $23.8M | $54.1M | $68.1M | $76.5M | $71.0M | $52.5M | |
| SG&A | $628.0K | $853.0K | $8.1M | $14.2M | $16.6M | $21.3M | $22.6M | $23.4M |
Income Statement
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Cost of Revenue | $106.0K | $0.00 | $0.00 | $0.00 | $1.2M | $1.5M | $1.4M | $1.7M | |
| Gross Profit | -$106.0K | $0.00 | $0.00 | $0.00 | -$1.2M | -$1.5M | -$1.4M | -$1.7M | |
| R&D | $620.0K | $1.1M | $23.8M | $54.1M | $68.1M | $76.5M | $71.0M | $52.5M | |
| SG&A | $628.0K | $853.0K | $8.1M | $14.2M | $16.6M | $21.3M | $22.6M | $23.4M | |
| Operating Income | -$1.4M | -$1.9M | -$27.1M | -$68.3M | -$84.8M | -$97.7M | -$93.6M | -$76.2M | |
| Interest Expense | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | -$1.3M | -$1.9M | -$27.3M | -$65.4M | -$78.6M | -$90.6M | -$89.6M | -$71.9M | |
| Net Income | -$1.3M | -$1.9M | -$27.3M | -$69.1M | -$78.6M | -$90.0M | -$89.7M | -$71.9M | |
| EPS (Diluted) | -0.06 | -0.18 | -1.22 | -4.42 | -3.30 | -2.85 | -2.12 | -1.50 | |
| EBITDA | -$1.2M | -$1.8M | -$27.1M | -$64.9M | -$77.4M | -$89.1M | -$88.2M | -$70.8M | |
| Shares Out. (M) | 22.39 | 22.39 | 22.39 | 15.64 | 23.80 | 31.58 | 42.22 | 69.20 |
Balance Sheet
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $3.5M | $9.8M | $132.9M | $181.8M | $80.8M | $49.4M | $60.5M | $22.8M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $0.00 | $29.6M | $70.8M | $87.9M | $94.5M | |
| Total Current Assets | $3.8M | $10.3M | $140.0M | $186.1M | $112.7M | $123.8M | $151.0M | $120.3M | |
| Total Assets | $4.2M | $10.6M | $143.6M | $217.4M | $143.1M | $150.9M | $173.9M | $141.4M | |
| Total Current Liabilities | $326.0K | $838.0K | $10.3M | $18.8M | $17.5M | $16.7M | $12.6M | $9.0M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $13.8M | $12.9M | |
| Total Liabilities | $326.0K | $868.0K | $10.5M | $37.8M | $34.6M | $32.3M | $26.5M | $21.9M | |
| Stockholders' Equity | $3.9M | $9.8M | $133.1M | $179.6M | $108.4M | $118.6M | $147.4M | $119.5M | |
| Retained Earnings | -$2.4M | -$6.5M | -$33.8M | -$102.9M | -$181.5M | -$271.5M | -$361.1M | -$396.7M |
Cash Flow Statement
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$885.0K | -$1.7M | -$22.6M | -$59.3M | -$69.0M | -$82.4M | -$81.6M | -$69.3M | |
| Capital Expenditure | -$29.0K | -$8.0K | -$500.0K | -$3.8M | -$2.6M | -$497.0K | -$264.0K | -$126.0K | |
| Free Cash Flow | -$914.0K | -$1.7M | -$23.1M | -$63.0M | -$71.6M | -$82.9M | -$81.9M | -$69.5M | |
| Investing Cash Flow | -$29.0K | -$8.0K | -$500.0K | -$3.8M | -$32.0M | -$37.7M | -$15.2M | -$52.3M | |
| Financing Cash Flow | $2.8M | $8.0M | $147.7M | $112.2M | -$189.0K | $88.7M | $108.0M | $109.3M | |
| Issuance of Stock | $2.8M | $0.00 | $0.00 | $114.3M | $253.0K | $89.3M | $108.4M | $109.9M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $0.00 | $119.0K | $1.5M | $4.8M | $7.0M | $11.5M | $10.6M | $11.0M | |
| Net Change in Cash | $1.9M | $6.3M | $124.6M | $48.9M | -$100.9M | -$31.4M | $11.1M | -$12.3M |
Dilution Tracker
Shares outstanding grew 88.5% over 5 years — significant dilution
Shares Outstanding
69M
5-Year Share Growth
+88.5%
Stock Issuance (TTM)
$109.9M
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 22.39 | 22.39 | 22.39 | 15.64 | 23.80 | 31.58 | 42.22 | 69.20 | |
| Change vs Prior % | — | 0.0% | 0.0% | -30.2% | 52.2% | 32.7% | 33.7% | 63.9% | |
| Stock Issuance | $2.8M | $0.00 | $0.00 | $114.3M | $253.0K | $89.3M | $108.4M | $109.9M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $0.00 | $119.0K | $1.5M | $4.8M | $7.0M | $11.5M | $10.6M | $11.0M |
Margins & Profitability
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| ROE % | -34.8% | -19.3% | -20.5% | -38.5% | -72.5% | -75.9% | -60.8% | -51.0% | |
| ROA % | -32.1% | -17.8% | -19.0% | -31.8% | -55.0% | -59.6% | -51.6% | -50.9% | |
| ROIC % | -35.0% | -19.1% | -20.3% | -33.5% | -66.0% | -70.7% | -56.9% | -56.2% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Gross Profit | 0.0% | 100.0% | 0.0% | 0.0% | 0.0% | -27.1% | 7.2% | |
| Operating Income | 0.0% | -38.6% | -1344.3% | -151.9% | -24.1% | -15.3% | 4.2% | |
| Net Income | 0.0% | -40.3% | -1344.2% | -153.3% | -13.8% | -14.4% | 0.4% | |
| EPS (Diluted) | 0.0% | -199.5% | -577.8% | -262.3% | 25.3% | 13.6% | 25.6% | |
| Operating Cash Flow | 0.0% | -86.7% | -1268.0% | -162.2% | -16.4% | -19.4% | 0.9% | |
| Free Cash Flow | 0.0% | -81.6% | -1291.5% | -172.8% | -13.6% | -15.7% | 1.2% | |
| R&D Expense | 0.0% | 81.3% | 2017.3% | 127.2% | 26.0% | 12.3% | -7.1% | |
| SG&A Expense | 0.0% | 35.8% | 850.8% | 75.4% | 17.0% | 27.8% | 6.2% | |
| Total Assets | 0.0% | 153.8% | 1249.8% | 51.4% | -34.2% | 5.5% | 15.3% | |
| Book Value / Share | 0.0% | 633.4% | 369.3% | 93.3% | -60.3% | -17.6% | -7.0% | |
| Debt | 0.0% | 0.0% | 0.0% | 0.0% | -18.1% | -7.2% | -8.9% | |
| Diluted Shares | 0.0% | 0.0% | 0.0% | -30.2% | 52.2% | 32.7% | 33.7% |
Valuation
P/E (TTM)At Loss
P/S0.00
P/B1.43
10Y Low / Med / High1.01 / 1.86 / 74.64
EV/EBITDAAt Loss
EV/Revenue0.00
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$1.01
Tangible Book / Share
$1.73
Net Current Assets / Share
$1.42
Graham Net-Net
$1.38
Cash / Share
$1.69
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -214.48 | -24.32 | -10.57 | -3.02 | -2.06 | -1.33 | -3.07 | -1.65 | |
| P/S Ratio | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| P/B Ratio | 74.64 | 10.18 | 2.17 | 1.16 | 1.49 | 1.01 | 1.86 | 1.43 | |
| EV/EBITDA | -228.49 | -50.77 | -5.75 | -0.80 | -1.31 | -1.00 | -2.62 | -2.32 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
-0.02
Distress
Piotroski F-Score
2
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $37.5M | $4.6M | $31.1M |
| Net Income | -$47.4M | -$47.8M | -$52.6M |
| EPS | $-1.08 | $-1.11 | $-1.02 |
| # Analysts (EPS) | 6 | 6 | 6 |