$PEPG
PepGen Inc.

2023 Q1 Form 10-K Financial Statement

#000095017023009500 Filed on March 23, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.671M $4.047M $14.22M
YoY Change 15.22% 51.57% 75.39%
% of Gross Profit
Research & Development $14.36M $13.17M $54.08M
YoY Change 34.12% 189.94% 184.63%
% of Gross Profit
Depreciation & Amortization $200.0K $145.0K $500.0K
YoY Change 100.0% 202.08% 180.9%
% of Gross Profit
Operating Expenses $18.03M $17.21M $68.30M
YoY Change 29.78% 138.7% 151.95%
Operating Profit -$18.03M -$68.30M
YoY Change 29.78% 151.95%
Interest Expense $1.792M $1.591M $2.793M
YoY Change 19811.11%
% of Operating Profit
Other Income/Expense, Net $1.712M -$28.00K $2.903M
YoY Change 2455.22% -141.79% -1787.79%
Pretax Income -$16.32M -$15.65M -$65.40M
YoY Change 18.03% 119.06% 139.72%
Income Tax -$714.0K $3.700M
% Of Pretax Income
Net Earnings -$16.32M -$14.94M -$69.10M
YoY Change -10.56% 109.07% 153.3%
Net Earnings / Revenue
Basic Earnings Per Share -$0.69 -$4.42
Diluted Earnings Per Share -$0.69 -$0.63 -$4.42
COMMON SHARES
Basic Shares Outstanding 23.78M 23.63M 15.64M
Diluted Shares Outstanding 23.76M 15.64M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $165.4M $181.8M $181.8M
YoY Change 39.16% 36.76% 36.76%
Cash & Equivalents $165.4M $181.8M $181.8M
Short-Term Investments
Other Short-Term Assets $3.067M $4.273M $4.273M
YoY Change 36.92% 82.06% 82.06%
Inventory
Prepaid Expenses
Receivables
Other Receivables $58.00K
Total Short-Term Assets $168.5M $186.1M $186.1M
YoY Change 34.06% 32.93% 32.93%
LONG-TERM ASSETS
Property, Plant & Equipment $5.339M $3.335M $29.88M
YoY Change 107.82% 424.37% 4598.74%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.473M $1.473M $1.473M
YoY Change -59.56% -51.21% -51.21%
Total Long-Term Assets $32.57M $31.36M $31.36M
YoY Change 424.41% 757.92% 757.92%
TOTAL ASSETS
Total Short-Term Assets $168.5M $186.1M $186.1M
Total Long-Term Assets $32.57M $31.36M $31.36M
Total Assets $201.0M $217.4M $217.4M
YoY Change 52.44% 51.38% 51.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.472M $1.362M $1.362M
YoY Change -22.03% -57.96% -57.96%
Accrued Expenses $12.90M $11.91M $14.22M
YoY Change -9.37% 68.24% 100.79%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $18.03M $18.83M $18.83M
YoY Change 11.82% 82.42% 82.42%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $18.17M $18.98M $18.98M
YoY Change 10716.07% 8302.39% 8302.39%
Total Long-Term Liabilities $18.17M $18.98M $18.98M
YoY Change 10716.07% 8302.39% 8302.39%
TOTAL LIABILITIES
Total Short-Term Liabilities $18.03M $18.83M $18.83M
Total Long-Term Liabilities $18.17M $18.98M $18.98M
Total Liabilities $36.20M $37.81M $37.81M
YoY Change 122.21% 258.48% 258.48%
SHAREHOLDERS EQUITY
Retained Earnings -$119.2M -$102.9M
YoY Change 129.23% 204.87%
Common Stock $284.0M $282.6M
YoY Change 11409.16% 16994.25%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $164.8M $179.6M $179.6M
YoY Change
Total Liabilities & Shareholders Equity $201.0M $217.4M $217.4M
YoY Change 52.44% 51.38% 51.38%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$16.32M -$14.94M -$69.10M
YoY Change -10.56% 109.07% 153.3%
Depreciation, Depletion And Amortization $200.0K $145.0K $500.0K
YoY Change 100.0% 202.08% 180.9%
Cash From Operating Activities -$15.42M -$13.39M -$59.27M
YoY Change 25.67% 123.64% 162.25%
INVESTING ACTIVITIES
Capital Expenditures $1.181M $1.102M $3.755M
YoY Change -26.83% -806.41% -851.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$1.181M -$1.102M -$3.755M
YoY Change -26.83% 606.41% 651.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $114.3M
YoY Change -23.33%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 130.0K 217.0K 112.2M
YoY Change -822.22% -121.13% -24.02%
NET CHANGE
Cash From Operating Activities -15.42M -13.39M -59.27M
Cash From Investing Activities -1.181M -1.102M -3.755M
Cash From Financing Activities 130.0K 217.0K 112.2M
Net Change In Cash -16.35M -14.27M 48.86M
YoY Change 16.44% 99.08% -60.78%
FREE CASH FLOW
Cash From Operating Activities -$15.42M -$13.39M -$59.27M
Capital Expenditures $1.181M $1.102M $3.755M
Free Cash Flow -$16.60M -$14.49M -$63.02M
YoY Change 19.57% 148.52% 185.17%

Facts In Submission

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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Use of Estimates</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Management bases its estimates and judgments on historical experience, knowledge of current conditions, and beliefs of what could occur in the future, given the available information. On an ongoing basis, management evaluates such estimates and assumptions for continued reasonableness. In particular, management makes estimates with respect to accruals for research and development activities, for the valuation of Intellectual Property, for the fair value of common stock and convertible preferred stock warrants and stock-based compensation expense. Appropriate adjustments, if any, to the estimates used are made prospectively based upon such periodic evaluation. Actual results could differ materially from those estimates and assumptions.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p>
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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Concentration of Credit Risk</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Financial instruments, which potentially subject the Company to concentrations of credit risk, consist of cash and money market accounts. As of December 31, 2022, the Company’s cash and money market accounts were held by one financial institution in the U.S. and one financial institution in the U.K. At times, the Company’s deposits held in the U.S. and U.K. may exceed the Federal Depository Insurance Corporation and Financial Services Compensation Scheme, respectively, insured limits.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p>
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