PepGen Inc.

PepGen Inc. reported a net loss of $89.7 million for fiscal year 2025, a slight improvement from a $90.0 million loss in 2024. The company generated no revenue, with total operating expenses of $93.6 million, primarily driven by $71.0 million in research and development costs for its lead candidate PGN-EDODM1 and $22.6 million in general and administrative expenses. The company ended the year with $148.5 million in cash, cash equivalents, and marketable securities, providing a runway into the second half of 2027. Key developments included positive Phase 1 data for PGN-EDODM1, the discontinuation of the PGN-EDO51 program, and a $107.6 million public offering completed in September 2025.

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