PepGen Inc. (NASDAQ: PEPG) is a clinical-stage biopharmaceutical company focused on developing nucleic acid therapeutics for neuromuscular diseases. The company generates no product revenue, funding operations entirely through equity issuances. As of the 10-K filed March 4, 2026, PepGen reported a net loss of $89.7 million for FY2025 and net cash used in operating activities of $81.6 million. The company raised $107.6 million in net proceeds from an underwritten public offering in September 2025, issuing 31,250,000 shares at $3.20 per share, and previously raised $86.3 million in net proceeds through a follow-on offering and at-the-market program in February 2024. Cash and cash equivalents alongside marketable securities constitute the primary assets on the balance sheet. PepGen carries no disclosed product-stage revenue and operates as a pre-commercial entity dependent on capital markets to fund research and development.

Revenue model

No product revenue as of FY2025. Operations are funded through equity offerings, including public underwritten offerings and an at-the-market program via Stifel, Nicolaus & Company.

Products and services

Nucleic acid therapeutics in development for neuromuscular diseases. No commercial products disclosed in the filing excerpts.

Customers and end markets

No commercial customers disclosed. End market is neuromuscular disease treatment, based on the company's therapeutic focus.

Value-chain role

Clinical-stage drug developer. Sources patient data and biological materials from research institutions subject to HIPAA privacy and data security requirements.

Geographic exposure

United States primary operating jurisdiction based on regulatory and legal disclosures. No international revenue or geographic segment breakdown disclosed in the excerpts.

Source: SEC 10-K, filed 2026-03-04

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