PepGen Inc. announced fourth quarter and year-end 2025 financial results, reporting $148.5 million in cash sufficient into 2H 2027, reduced R&D expenses, and narrower net losses. The FDA placed a partial clinical hold on the FREEDOM2-DM1 Phase 2 trial related to preclinical studies, while FREEDOM2 5 mg/kg data is expected in Q1 2026.
Key takeaways
Cash, cash equivalents and marketable securities: $148.5M as of Dec 31, 2025, sufficient into 2H 2027
Q4 2025 R&D expenses: $13.9M vs $19.0M in Q4 2024
Full year 2025 R&D expenses: $71.0M vs $76.5M in 2024
Q4 2025 net loss: $18.3M or $(0.27) per share vs $22.2M or $(0.68) in Q4 2024
Full year 2025 net loss: $89.7M or $(2.12) per share vs $90.0M or $(2.85) in 2024
FDA partial clinical hold on FREEDOM2-DM1 trial; 5 mg/kg data Q1 2026, 10 mg/kg data 2H 2026
Appointed Joseph Vittiglio as Chief Business and Legal Officer in Dec 2025
USPTO issued composition of matter patent for PGN-EDODM1 expiring 2H 2042