The firm's financial position appears increasingly vulnerable, with total assets contracting from $207.0 million in 2024Q1 to $156.3 million in 2026Q1 as the accumulated deficit widened to $378.9 million.
| Total Current Assets | 134.27M | 150.96M | 123.76M | 112.68M | 186.08M | 139.99M | 10.32M | 3.77M |
| Cash & Short-Term Investments | 132.3M | 148.46M | 120.19M | 110.41M | 181.75M | 132.9M | 9.78M | 3.49M |
| Cash Only | 42.15M | 60.51M | 49.42M | 80.77M | 181.75M | 132.9M | 9.78M | 3.49M |
| Short-Term Investments | 90.15M | 87.94M | 70.77M | 29.63M | 0 | 0 | 0 | 0 |
| Accounts Receivable | 0 | 0 | 0 | 0 | 58K | 4.74M | 407K | 230K |
| Days Sales Outstanding | - | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - |
| Other Current Assets | 1.97M | 2.51M | 3.57M | 2.27M | 4.27M | 0 | 0 | 0 |
| Total Non-Current Assets | 22.02M | 22.94M | 27.12M | 30.37M | 31.36M | 3.65M | 323K | 419K |
| Property, Plant & Equipment | 20.09M | 21.02M | 25.15M | 28.38M | 29.88M | 636K | 323K | 419K |
| Fixed Asset Turnover | 0.00x | - | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 1.55M | 0 | 0 | 0 | 0 | 1.47M | 0 | 0 |
| Other Non-Current Assets | 1.94M | 1.92M | 1.97M | 1.99M | 1.47M | 1.55M | 0 | 0 |
| Total Assets | 156.29M | 173.91M | 150.88M | 143.05M | 217.44M | 143.64M | 10.64M | 4.19M |
| Asset Turnover | 0.00x | - | - | - | - | - | - | - |
| Asset Growth % | 2.43% | 15.26% | 5.47% | -34.21% | 51.38% | 1249.76% | 153.8% | - |
| Total Current Liabilities | 8.96M | 12.65M | 16.7M | 17.53M | 18.83M | 10.32M | 838K | 326K |
| Accounts Payable | 622K | 822K | 1.75M | 1M | 1.36M | 3.24M | 721K | 141K |
| Days Payables Outstanding | 163.04 | 214.77 | 424.9 | 309.82 | - | - | - | 485.52 |
| Short-Term Debt | 3.21M | 3.19M | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 5.13M | 8.64M | 3.62M | 2.37M | 2.44M | 1.21M | 28K | 0 |
| Current Ratio | 14.98x | 11.94x | 7.41x | 6.43x | 9.88x | 13.56x | 12.31x | 11.58x |
| Quick Ratio | 14.98x | 11.94x | 7.41x | 6.43x | 9.88x | 13.56x | 12.31x | 11.58x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 13.35M | 13.82M | 15.57M | 17.1M | 18.98M | 226K | 30K | 0 |
| Long-Term Debt | 13.35M | 13.82M | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 42.82M | 0 | 15.57M | 17.1M | 18.98M | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 226K | 30K | 0 |
| Total Liabilities | 22.32M | 26.46M | 32.26M | 34.63M | 37.81M | 10.55M | 868K | 326K |
| Total Debt | 16.56M | 17M | 18.66M | 20.1M | 24.53M | 0 | 0 | 0 |
| Net Debt | -25.59M | -43.51M | -30.76M | -60.67M | -157.22M | -132.9M | -9.78M | -3.49M |
| Debt / Equity | 0.12x | 0.12x | 0.16x | 0.19x | 0.14x | - | - | - |
| Debt / EBITDA | -0.20x | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.32x | - | - | - | - | - | - | - |
| Interest Coverage | - | - | - | - | - | - | - | - |
| Total Equity | 133.98M | 147.44M | 118.62M | 108.42M | 179.63M | 133.09M | 9.77M | 3.87M |
| Equity Growth % | 34.82% | 24.3% | 9.41% | -39.64% | 34.97% | 1261.71% | 152.75% | - |
| Book Value per Share | 3.17 | 3.49 | 3.76 | 4.56 | 11.49 | 5.94 | 0.44 | 0.17 |
| Total Shareholders' Equity | 133.98M | 147.44M | 118.62M | 108.42M | 179.63M | 133.09M | 9.77M | 3.87M |
| Common Stock | 7K | 7K | 3K | 2K | 2K | 0 | 0 | 0 |
| Retained Earnings | -378.88M | -361.12M | -271.46M | -181.48M | -102.86M | -33.75M | -6.47M | -2.39M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -59K | 11K | 23K | 34K | -81K | 17K | -8K | -8K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical binary funding risk
According to the most recent quarterly filings, PepGen's cash and equivalents have declined to $42.1 million, a significant contraction from the $142.8 million reported in 2025Q3, which suggests that the company's liquidity buffer is rapidly eroding as clinical trial expenditures continue to outpace available capital reserves.
The sharp decline in cash reserves indicates that the company is approaching a critical juncture where external financing may be required to maintain operations. Investors should monitor the current ratio, which remains high at 14.98, but this metric is largely a function of low current liabilities rather than an abundance of liquid assets.
Based on reported financial statements, total assets have decreased from a peak of $207.0 million in 2024Q1 to $156.3 million in 2026Q1, reflecting a consistent trend of asset liquidation to fund ongoing research and development activities in the absence of any meaningful commercial revenue streams.
This downward trajectory in total assets highlights the company's reliance on its existing balance sheet to sustain its clinical pipeline. The consistent erosion of the asset base suggests that the firm's long-term viability is increasingly tied to the successful and timely execution of its clinical milestones.
As indicated by the company's financial disclosures, the accumulated deficit has widened to $378.9 million as of 2026Q1, which has directly contributed to the contraction of total equity to $134.0 million, underscoring the significant capital intensity required to advance the EDO platform through clinical development stages.
The persistent growth in the accumulated deficit is a natural consequence of the company's pre-revenue status and high R&D spending. This trend warrants further investigation into the potential for future equity dilution, as the company may need to issue additional shares to replenish its capital base.
While the debt-to-equity ratio appears manageable at 0.12 based on recent figures, the lack of revenue generation makes even modest debt obligations a potential source of financial strain, particularly if the company's ability to access capital markets becomes constrained by unfavorable clinical data readouts.
The headline leverage metrics may be misleading because they do not account for the binary nature of the company's business model. Investors should be wary that the current debt levels, while low, could become a significant burden if the company fails to secure non-dilutive funding or partnership milestones.
Quick answers to the most common questions about buying PEPG stock.
As of 2025, PepGen Inc. (PEPG) had total assets of $173.9M including $151.0M in current assets.
PepGen Inc. (PEPG) carries total debt of $17.0M, offset by $148.5M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
PepGen Inc. (PEPG) has total shareholders' equity (book value) of $147.4M ($3.49 book value per share). Book value represents the net worth of the company belonging to common stock holders.
PepGen Inc. (PEPG) reported a current ratio of 11.94x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.