Revenue: As of FY2026 Q1, the actual value is USD 0.

EPS: As of FY2026 Q1, the actual value is USD -0.26, beating the estimate of USD -0.312.

EBIT: As of FY2026 Q1, the actual value is USD -20.19 M.

Financial Results for the Three Months Ended March 31, 2026

Cash, Cash Equivalents and Marketable Securities

As of March 31, 2026, PepGen Inc. reported $132.3 million in cash, cash equivalents, and marketable securities, a decrease from $148.5 million as of December 31, 2025.

Research and Development Expenses

Research and Development expenses were $13.0 million for the three months ended March 31, 2026, which is a decrease from $25.4 million for the same period in 2025.

General and Administrative Expenses

General and Administrative expenses remained stable at $5.9 million for the three months ended March 31, 2026, consistent with $5.9 million for the same period in 2025.

Total Operating Expenses

Total operating expenses for the three months ended March 31, 2026, were $18.9 million, down from $31.3 million for the same period in 2025.

Operating Loss

PepGen Inc. reported an operating loss of -$18.9 million for the three months ended March 31, 2026, an improvement from an operating loss of -$31.3 million for the same period in 2025.

Interest Income

Interest income increased to $1.3 million for the three months ended March 31, 2026, from $1.1 million for the same period in 2025.

Other (Expense) Income, Net

Other (expense) income, net, was -$0.06 million for the three months ended March 31, 2026, compared to -$0.003 million for the same period in 2025.

Total Other Income, Net

Total other income, net, was $1.2 million for the three months ended March 31, 2026, up from $1.1 million for the same period in 2025.

Net Loss

Net loss for the three months ended March 31, 2026, was -$17.8 million, significantly less than the -$30.2 million net loss reported for the same period in 2025.

Net Loss Per Share

Basic and diluted net loss per share was -$0.26 for the three months ended March 31, 2026, compared to -$0.92 for the same period in 2025.

Income Tax Expense

Income tax expense was -$0.015 million for the three months ended March 31, 2026, with no expense reported for the same period in 2025.

Weighted-Average Common Stock Outstanding

Weighted-average common stock outstanding, basic and diluted, was 69,091,100 shares for the three months ended March 31, 2026, an increase from 32,674,720 shares for the same period in 2025.

Balance Sheet Highlights (as of March 31, 2026)

• Total Assets: $156.3 million, down from $173.9 million as of December 31, 2025.
• Liabilities: $22.3 million, compared to $26.5 million as of December 31, 2025.
• Stockholders’ Equity: $134.0 million, compared to $147.4 million as of December 31, 2025.

Operational Metrics

PGN-EDODM1: Myotonic Dystrophy Type 1 (DM1) Program

PepGen Inc. reported promising topline results from the FREEDOM2 Phase 2 5 mg/kg MAD cohort, showing favorable safety, splicing, and vHOT data, supporting the potential of PGN-EDODM1 at higher doses. The 10 mg/kg MAD cohort of FREEDOM2 is fully enrolled, and 13 patients are currently enrolled in the open label extension (OLE) at 5 mg/kg with no discontinuations. Regulatory clearance has been received to initiate the FREEDOM2 trial in South Korea, Australia, and New Zealand, with active sites in Canada, the UK, and South Korea. The U.S. FDA placed a partial clinical hold on the FREEDOM2 study related to preclinical data, but the timing of the ongoing clinical study has not been impacted.

Outlook / Guidance

PepGen Inc. expects to report data from the 10 mg/kg cohort of FREEDOM2 in the second half of 2026 and from the 12.5 mg/kg cohort in 2027. The company is well-funded with $132.3 million in cash as of March 31, 2026, sufficient to fund operations through the FREEDOM2 12.5 mg/kg MAD readout and into the second half of 2027. PepGen Inc. continues to work with the FDA to address questions regarding the partial clinical hold on the FREEDOM2 study.