$PEPG
PepGen Inc.

2023 Q4 Form 10-Q Financial Statement

#000095017023060702 Filed on November 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.511M $4.240M
YoY Change 11.47% 18.11%
% of Gross Profit
Research & Development $16.30M $20.54M
YoY Change 23.8% 28.66%
% of Gross Profit
Depreciation & Amortization $354.0K $300.0K
YoY Change 144.14% 200.0%
% of Gross Profit
Operating Expenses $20.81M $24.78M
YoY Change 20.9% 26.73%
Operating Profit -$24.78M
YoY Change 26.73%
Interest Expense $1.346M $1.580M
YoY Change -15.4% 67.55%
% of Operating Profit
Other Income/Expense, Net $43.00K $1.490M
YoY Change -253.57% 57.34%
Pretax Income -$19.42M -$23.29M
YoY Change 24.1% 25.17%
Income Tax $73.00K
% Of Pretax Income
Net Earnings -$19.50M -$23.29M
YoY Change 30.52% 25.17%
Net Earnings / Revenue
Basic Earnings Per Share -$0.98
Diluted Earnings Per Share -$0.82 -$0.98
COMMON SHARES
Basic Shares Outstanding 23.81M 23.81M
Diluted Shares Outstanding 23.79M

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $110.4M $129.5M
YoY Change -39.25% -33.86%
Cash & Equivalents $80.77M $129.5M
Short-Term Investments $29.63M
Other Short-Term Assets $2.271M $3.600M
YoY Change -46.85% -21.47%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $112.7M $133.1M
YoY Change -39.45% -34.84%
LONG-TERM ASSETS
Property, Plant & Equipment $4.764M $5.042M
YoY Change 42.85% 84.01%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.990M $1.990M
YoY Change 35.1% 35.1%
Total Long-Term Assets $30.37M $31.18M
YoY Change -3.13% 640.11%
TOTAL ASSETS
Total Short-Term Assets $112.7M $133.1M
Total Long-Term Assets $30.37M $31.18M
Total Assets $143.1M $164.3M
YoY Change -34.21% -21.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.005M $3.989M
YoY Change -26.21% -13.7%
Accrued Expenses $13.52M $13.98M
YoY Change 13.51% 28.33%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $17.53M $20.96M
YoY Change -6.89% 35.03%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $17.10M $17.50M
YoY Change -9.91%
Total Long-Term Liabilities $17.10M $17.50M
YoY Change -9.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.53M $20.96M
Total Long-Term Liabilities $17.10M $17.50M
Total Liabilities $34.63M $38.41M
YoY Change -8.41% 147.48%
SHAREHOLDERS EQUITY
Retained Earnings -$181.5M -$162.0M
YoY Change 76.38% 84.3%
Common Stock $289.9M $287.9M
YoY Change 2.58% 2.46%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $108.4M $125.9M
YoY Change
Total Liabilities & Shareholders Equity $143.1M $164.3M
YoY Change -34.21% -21.2%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$19.50M -$23.29M
YoY Change 30.52% 25.17%
Depreciation, Depletion And Amortization $354.0K $300.0K
YoY Change 144.14% 200.0%
Cash From Operating Activities -$19.42M -$16.47M
YoY Change 45.1% -21.45%
INVESTING ACTIVITIES
Capital Expenditures $184.0K $230.0K
YoY Change -83.3% -153.49%
Acquisitions
YoY Change
Other Investing Activities -$29.40M
YoY Change
Cash From Investing Activities -$29.59M -$230.0K
YoY Change 2584.94% -46.51%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 26.00K -540.0K
YoY Change -88.02% -61.97%
NET CHANGE
Cash From Operating Activities -19.42M -16.47M
Cash From Investing Activities -29.59M -230.0K
Cash From Financing Activities 26.00K -540.0K
Net Change In Cash -48.99M -17.24M
YoY Change 243.23% -24.44%
FREE CASH FLOW
Cash From Operating Activities -$19.42M -$16.47M
Capital Expenditures $184.0K $230.0K
Free Cash Flow -$19.61M -$16.70M
YoY Change 35.33% -18.68%

Facts In Submission

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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-52139000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
62888000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
183225000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
134368000
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
131086000
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
197256000
CY2023Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
129538000
CY2022Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
195783000
CY2023Q3 us-gaap Restricted Cash
RestrictedCash
1548000
CY2022Q3 us-gaap Restricted Cash
RestrictedCash
1473000
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
131086000
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
197256000
pepg Property And Equipment Included In Accounts Payable And Accrued Expenses
PropertyAndEquipmentIncludedInAccountsPayableAndAccruedExpenses
123000
pepg Deferred Offering Costs In Accounts Payable
DeferredOfferingCostsInAccountsPayable
12000
pepg Proceeds From Issuance Initial Public Offering And Stock Options Exercised
ProceedsFromIssuanceInitialPublicOfferingAndStockOptionsExercised
122900000
pepg Net Proceeds From Issuance Initial Public Offering And Stock Options Exercised
NetProceedsFromIssuanceInitialPublicOfferingAndStockOptionsExercised
110200000
CY2023Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-162000000
CY2023Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
129500000
CY2023Q2 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
300000000
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Concentration of Credit Risk</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:5.333%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;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 September 30, 2023, the Company’s cash and money market accounts were held by four financial institutions 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 respective insured limits of the Federal Depository Insurance Corporation and Financial Services Compensation Scheme.</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
CY2023Q3 us-gaap Deferred Offering Costs
DeferredOfferingCosts
4100000
us-gaap Unrecognized Tax Benefits Income Tax Penalties Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesExpense
0
us-gaap Unrecognized Tax Benefits Interest On Income Taxes Expense
UnrecognizedTaxBenefitsInterestOnIncomeTaxesExpense
0
CY2023Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
1500000
CY2023Q3 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
1500000
CY2022Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
1500000
CY2020Q4 us-gaap Warrants And Rights Outstanding Term
WarrantsAndRightsOutstandingTerm
P10Y
CY2023Q3 us-gaap Variable Lease Cost
VariableLeaseCost
272000
us-gaap Variable Lease Cost
VariableLeaseCost
709000
CY2022Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
370000
us-gaap Class Of Warrant Or Righst Date From Which Warrants Or Rights Exercisable
ClassOfWarrantOrRighstDateFromWhichWarrantsOrRightsExercisable
2022-05-04
CY2023Q3 pepg Class Of Warrants Or Right Activity
ClassOfWarrantsOrRightActivity
0
pepg Class Of Warrants Or Right Activity
ClassOfWarrantsOrRightActivity
0
CY2023Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
6262000
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3724000
CY2023Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1220000
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
389000
CY2023Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
5042000
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3335000
CY2023Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
300000
CY2022Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
100000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
800000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
300000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
188000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
944000
CY2023Q3 us-gaap Lease Cost
LeaseCost
1209000
CY2023Q3 pepg Accrued Research And Development Expenses Current
AccruedResearchAndDevelopmentExpensesCurrent
10272000
CY2022Q4 pepg Accrued Research And Development Expenses Current
AccruedResearchAndDevelopmentExpensesCurrent
4840000
CY2023Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1934000
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2440000
CY2022Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
2574000
CY2023Q3 pepg Accrued Professional Services Current
AccruedProfessionalServicesCurrent
753000
CY2022Q4 pepg Accrued Professional Services Current
AccruedProfessionalServicesCurrent
931000
CY2023Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1025000
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1128000
CY2023Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
13984000
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
11913000
us-gaap Lessee Operating Lease Description
LesseeOperatingLeaseDescription
On March 27, 2023, the Company entered into a Second Amendment to the Harrison Lease by which the term of the Harrison Lease was extended by two months until May 2032
pepg Increase Decrease In Operating Lease Asset And Liability
IncreaseDecreaseInOperatingLeaseAssetAndLiability
300000
CY2023Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
937000
us-gaap Operating Lease Cost
OperatingLeaseCost
2862000
CY2022Q3 us-gaap Lease Cost
LeaseCost
370000
us-gaap Lease Cost
LeaseCost
3759000
us-gaap Lease Cost
LeaseCost
944000
us-gaap Operating Lease Payments
OperatingLeasePayments
4562000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
736000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
3004000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
3094000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
3187000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
3282000
CY2023Q3 pepg Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
15460000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
28763000
CY2023Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
8330000
CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
20433000
CY2023Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
2982000
CY2023Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
17451000
CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
20433000
CY2022Q2 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
1.018 for 1 reverse stock split
CY2023Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
500000000
CY2023Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023Q3 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
0
CY2022Q3 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
0
us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
0
us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
0
CY2023Q3 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
5554605
CY2022Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
4469296
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1941000
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1361000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5126000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3404000
CY2023Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
4170445
CY2023Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
22100000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y8M1D
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4400000
CY2022Q1 pepg Expected Market Return
ExpectedMarketReturn
0.40
CY2022Q1 pepg Expected Market Return
ExpectedMarketReturn
0.40
CY2023Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
700000

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0000950170-23-060702.txt Edgar Link pending
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pepg-20230930_def.xml Edgar Link unprocessable
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pepg-20230930_htm.xml Edgar Link completed
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