PEPG Stock — PepGen Inc.: Cash, EV, Pipeline

What they do

PepGen Inc. (also referred to as “PepGen,” “we,” “our” or “us”) is a clinical-stage biotechnology company advancing the next generation of oligonucleotide therapeutics with the goal of transforming the treatment of severe neuromuscular and neurologic diseases.

Source: 10-K FY2025 via SEC EDGAR

Share price

$2.47

Market cap

$171.1M

Cash

$117.2M

Enterprise value

$53.9M

Balance sheet

Cash	$117.2M
Debt	$0.0M
Net cash	$117.2M
Enterprise value	$53.9M
Basic shares	69.3M shares
Fully diluted shares	79.6M shares
Fully diluted market cap	$196.7M
Cash per share	$1.69
Quarterly burn	$15.8M
Cash runway	7.4 quarters

Cash figures as of 2026-06-30. Database snapshot: 2026-11-07.

Share structure

Common

69.3M

Pre-funded warrants

0.0M

Options

8.1M

RSUs

1.1M

Warrants

0.0M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

1.1M

FDSO

79.6M

Cap table as of 2026-08-02.

Price history

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Next catalyst

PGN-EDODM1 · Now - Nov 30, 2026 · guided Now

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
GUIDEDNow - Nov 30, 2026 Now	PGN-EDODM1 FREEDOM2 Phase 2 MAD cohort data, 10 mg/kg	Phase 2	Not disclosed	November 2026
GUIDEDJan 1-31 in 8 wks	PGN-EDODM1 FREEDOM open-label extension update	Not disclosed	FREEDOM open-label extension	by early January 2027
GUIDEDEst. Apr 1, 2027 in 8 wks half midpoint	PGN-EDODM1 FREEDOM2-DM1 Phase 2 in DM1 (12.5 mg/kg cohort)	Phase 2	DM1 (12.5 mg/kg cohort)	H1 2027
Apr 12 - May 24 in 5 mo	PGN-EDODM1	Phase 2	Myotonic Dystrophy 1	following 12.5 mg/kg cohort results, expected H1 2027 Est. Apr 1, 2027 · half midpoint
Feb 12 - Mar 26 in 28 mo	PGN-EDODM1	Phase 2	Myotonic Dystrophy 1	following 12.5 mg/kg cohort results, expected H1 2027 Est. Apr 1, 2027 · half midpoint

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

PGN-EDODM1

Phase 2 · Active Modality: oligonucleotide (EDO peptide-conjugated PMO)

Target DMPK (CUG repeat expansion in DMPK mRNA)

Partnerships Oxford University Innovation Ltd / UK Medical Research Council (exclusive worldwide license to cell-penetrating peptide technology)

Indications

Myotonic dystrophy type 1 (DM1) (Phase 2)

Catalysts

— 2026-11
— first half of 2027

Status note Lead product candidate; company substantially dependent on its success. Phase 1 FREEDOM study completed; Phase 2 FREEDOM2 MAD study ongoing. FDA granted orphan drug and Fast Track designation for DM1; EMA orphan medicinal product designation.

PGN-EDO51

Phase 2 · Terminated Modality: oligonucleotide (EDO peptide-conjugated PMO)

Target DMD (dystrophin)

Partnerships Oxford University Innovation Ltd / UK Medical Research Council (exclusive worldwide license to cell-penetrating peptide technology)

Indications

Duchenne muscular dystrophy (DMD) (Phase 2)

Status note Company voluntarily discontinued development of PGN-EDO51 on May 28, 2025 and has substantially completed wind-down of DMD-related R&D activities.

Per-asset detail extracted from the 10-Q filed 2026-08-06. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	PGN-EDODM1
Lead indication	Myotonic Dystrophy 1
Lead phase	Phase 2
Active trials	2

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT06667453	Phase 2	Recruiting	Sponsor	PEPG	—	Myotonic Dystrophy 1	November 2026 by early January 2027
NCT07220603	Phase 2	Recruiting	Sponsor	PEPG	—	Myotonic Dystrophy 1	November 2026 by early January 2027

Sponsor-matched active trials from ClinicalTrials.gov (2 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 2 active trials for PepGen Inc on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
RA Capital Management	20,064,545	no change	0.31%	2026-08-14
ADAR1 Capital Management	2,591,085	+983,447	0.22%	2026-08-14
Vivo Capital	2,325,000	no change	0.38%	2026-08-14
Ikarian Capital	447,165	no change	0.13%	2026-08-14
Boxer Capital	272,892	no change	0.04%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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PEPG — PepGen Inc. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

PEPG — PepGen Inc.