The company continues to operate without revenue, reporting a persistent operating loss of $18.9 million in 2026Q1 while relying on stock-based compensation that reached $3.4 million in 2025Q1 to manage talent costs.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 1.72M | 1.4M | 1.5M | 1.18M | 0 | 0 | 0 | 106K |
| COGS % of Revenue | - | - | - | - | - | - | - | - |
| Gross Profit | -1.72M | -1.4M | -1.5M | -1.18M | 0 | 0 | 0 | -106K |
| Gross Margin % | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | 7.18% | -27.11% | - | - | - | 100% | - |
| Operating Expenses | 79.52M | 92.22M | 96.23M | 83.58M | 68.3M | 27.11M | 1.88M | 1.25M |
| OpEx % of Revenue | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 22.56M | 22.57M | 21.26M | 16.64M | 14.22M | 8.11M | 853K | 628K |
| SG&A % of Revenue | - | - | - | - | - | - | - | - |
| Research & Development | 58.35M | 71.04M | 76.48M | 68.13M | 54.08M | 23.8M | 1.12M | 620K |
| R&D % of Revenue | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -1000K | -1.4M | -1.5M | -1.18M | 0 | -4.8M | -100K | 0 |
| Operating Income | -81.23M | -93.61M | -97.74M | -84.77M | -68.3M | -27.11M | -1.88M | -1.35M |
| Operating Margin % | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | 4.22% | -15.3% | -24.11% | -151.95% | -1344.27% | -38.63% | - |
| EBITDA | -80.84M | -92.22M | -96.23M | -83.58M | -67.81M | -26.93M | -1.77M | -1.25M |
| EBITDA Margin % | - | - | - | - | - | - | - | - |
| EBITDA Growth % | 22.16% | 4.18% | -15.14% | -23.26% | -151.78% | -1424.11% | -41.59% | - |
| D&A (Non-Cash Add-back) | 391K | 1.4M | 1.5M | 1.18M | 493K | 178K | 110K | 106K |
| EBIT | -81.23M | -93.61M | -90.6M | -84.77M | -68.3M | -27.11M | -1.88M | -1.35M |
| Net Interest Income | 4.14M | 4.02M | 7.14M | 6.4M | 2.79M | 0 | 8K | 6K |
| Interest Income | 4.14M | 4.02M | 7.14M | 6.4M | 2.79M | 0 | 8K | 6K |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 4.08M | 4.01M | 7.14M | 6.21M | 2.9M | -172K | -12K | 8K |
| Pretax Income | -77.15M | -89.61M | -90.6M | -78.55M | -65.4M | -27.28M | -1.89M | -1.35M |
| Pretax Margin % | - | - | - | - | - | - | - | - |
| Income Tax | 49K | 49K | -617K | 73K | 3.71M | 0 | 0 | 0 |
| Effective Tax Rate % | -0.06% | -0.05% | 0.68% | -0.09% | -5.67% | 0% | 0% | 0% |
| Net Income | -77.22M | -89.66M | -89.98M | -78.63M | -69.1M | -27.28M | -1.89M | -1.35M |
| Net Margin % | - | - | - | - | - | - | - | - |
| Net Income Growth % | 24.42% | 0.36% | -14.44% | -13.78% | -153.3% | -1344.2% | -40.34% | - |
| Net Income (Continuing) | -77.2M | -89.66M | -89.98M | -78.63M | -69.1M | -27.28M | -1.89M | -1.35M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.83 | -2.12 | -2.85 | -3.30 | -4.42 | -1.22 | -0.18 | -0.06 |
| EPS Growth % | 32.91% | 25.61% | 13.64% | 25.34% | -262.3% | -577.78% | -199.5% | - |
| EPS (Basic) | - | -2.12 | -2.85 | -3.30 | -4.42 | -1.22 | -0.53 | -0.06 |
| Diluted Shares Outstanding | 42.22M | 42.22M | 31.58M | 23.8M | 15.64M | 22.39M | 22.39M | 22.39M |
| Basic Shares Outstanding | 69.09M | 42.22M | 31.58M | 23.8M | 15.64M | 22.39M | 7.72M | 22.39M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Clinical binary outcome risk
As reported in financial statements, PepGen's R&D expenditure remains the primary driver of the company's cost structure, with quarterly outlays fluctuating between $12.7 million and $25.4 million over the last ten quarters, reflecting the high-intensity nature of its ongoing clinical trial programs for neuromuscular therapeutic candidates.
The company's cost profile is entirely dominated by research and development, which is typical for a pre-revenue biotechnology firm. Investors should note that the volatility in R&D spending suggests a project-based approach to clinical trial execution, where costs spike during peak enrollment or manufacturing phases.
Based on PepGen's reported figures, the company continues to operate without any revenue, resulting in a persistent operating loss that reached $18.9 million in 2026Q1, indicating that the firm has yet to achieve the scale necessary to leverage its fixed administrative and research-related overhead costs.
The lack of revenue means that operating expenses directly translate into net losses, leaving no room for operating leverage. Until the company transitions to a commercial stage, the operating margin will remain entirely dependent on the management of R&D and SG&A expenses relative to the clinical pipeline's progress.
According to recent SEC filings, PepGen utilizes stock-based compensation as a significant tool for talent retention, with quarterly charges reaching as high as $3.4 million in 2025Q1, which effectively masks the true cash-based operating expenses required to sustain the company's ongoing clinical development and research operations.
While stock-based compensation is a non-cash expense, it represents a real economic cost to shareholders through dilution. Analysts should adjust for these figures to better understand the underlying cash burn rate, as the reliance on equity-based incentives may increase if the company faces liquidity constraints.
As indicated by the company's reported cash and equivalents of $60.5 million, PepGen faces a potential capital crunch, as the current quarterly net loss of $17.8 million suggests a limited runway that may necessitate dilutive financing before the next major clinical data readout is achieved.
The short-term liquidity position appears precarious given the high burn rate associated with clinical trials. Investors should monitor the potential for a capital raise, which could significantly impact the equity value if the market perceives the need for funding as a sign of delayed clinical progress.
Quick answers to the most common questions about buying PEPG stock.
For fiscal year 2025, PepGen Inc. (PEPG) reported total revenue of $0.0M.
PepGen Inc. (PEPG) reported a net loss of $89.7M for the fiscal year ending 2025.