$PEPG
PepGen Inc.

2024 Q1 Form 10-K Financial Statement

#000095017024027178 Filed on March 06, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $5.066M $4.511M $16.64M
YoY Change 38.0% 11.47% 16.99%
% of Gross Profit
Research & Development $14.73M $16.30M $68.13M
YoY Change 2.59% 23.8% 25.98%
% of Gross Profit
Depreciation & Amortization $400.0K $354.0K $1.200M
YoY Change 100.0% 144.14% 140.0%
% of Gross Profit
Operating Expenses $19.80M $20.81M $84.77M
YoY Change 9.8% 20.9% 24.11%
Operating Profit -$19.80M -$84.77M
YoY Change 9.8% 24.11%
Interest Expense $1.735M $1.346M $6.400M
YoY Change -3.18% -15.4% 129.14%
% of Operating Profit
Other Income/Expense, Net $1.778M $43.00K $6.213M
YoY Change 3.86% -253.57% 114.02%
Pretax Income -$18.02M -$19.42M -$78.55M
YoY Change 10.42% 24.1% 20.12%
Income Tax $73.00K $100.0K
% Of Pretax Income
Net Earnings -$18.02M -$19.50M -$78.63M
YoY Change 10.42% 30.52% 13.78%
Net Earnings / Revenue
Basic Earnings Per Share -$0.63 -$3.30
Diluted Earnings Per Share -$0.63 -$0.82 -$3.30
COMMON SHARES
Basic Shares Outstanding 32.35M 23.81M 23.80M
Diluted Shares Outstanding 28.66M 23.80M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $175.2M $110.4M $110.4M
YoY Change 5.94% -39.25% -39.25%
Cash & Equivalents $133.9M $80.77M $80.77M
Short-Term Investments $41.37M $29.63M $29.63M
Other Short-Term Assets $2.396M $2.271M $2.271M
YoY Change -21.88% -46.85% -46.85%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $177.6M $112.7M $112.7M
YoY Change 5.43% -39.45% -39.45%
LONG-TERM ASSETS
Property, Plant & Equipment $4.440M $4.764M $28.38M
YoY Change -16.84% 42.85% -5.02%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.858M $1.990M $1.990M
YoY Change 26.14% 35.1% 35.1%
Total Long-Term Assets $29.38M $30.37M $30.37M
YoY Change -9.79% -3.13% -3.13%
TOTAL ASSETS
Total Short-Term Assets $177.6M $112.7M $112.7M
Total Long-Term Assets $29.38M $30.37M $30.37M
Total Assets $207.0M $143.1M $143.1M
YoY Change 2.96% -34.21% -34.21%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.480M $1.005M $1.005M
YoY Change 0.54% -26.21% -26.21%
Accrued Expenses $6.752M $13.52M $16.53M
YoY Change -47.66% 13.51% 16.23%
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 $11.26M $17.53M $17.53M
YoY Change -37.55% -6.89% -6.89%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $16.74M $17.10M $17.10M
YoY Change -7.86% -9.91% -9.91%
Total Long-Term Liabilities $16.74M $17.10M $17.10M
YoY Change -7.86% -9.91% -9.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.26M $17.53M $17.53M
Total Long-Term Liabilities $16.74M $17.10M $17.10M
Total Liabilities $28.00M $34.63M $34.63M
YoY Change -22.64% -8.41% -8.41%
SHAREHOLDERS EQUITY
Retained Earnings -$199.5M -$181.5M
YoY Change 67.37% 76.38%
Common Stock $378.5M $289.9M
YoY Change 33.27% 2.58%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $179.0M $108.4M $108.4M
YoY Change
Total Liabilities & Shareholders Equity $207.0M $143.1M $143.1M
YoY Change 2.96% -34.21% -34.21%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$18.02M -$19.50M -$78.63M
YoY Change 10.42% 30.52% 13.78%
Depreciation, Depletion And Amortization $400.0K $354.0K $1.200M
YoY Change 100.0% 144.14% 140.0%
Cash From Operating Activities -$22.53M -$19.42M -$69.00M
YoY Change 46.1% 45.1% 16.42%
INVESTING ACTIVITIES
Capital Expenditures $53.00K $184.0K $2.599M
YoY Change -95.51% -83.3% -30.79%
Acquisitions
YoY Change
Other Investing Activities -$11.24M -$29.40M -$29.40M
YoY Change
Cash From Investing Activities -$11.29M -$29.59M -$32.00M
YoY Change 856.14% 2584.94% 752.28%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 86.97M 26.00K -189.0K
YoY Change 66797.69% -88.02% -100.17%
NET CHANGE
Cash From Operating Activities -22.53M -19.42M -69.00M
Cash From Investing Activities -11.29M -29.59M -32.00M
Cash From Financing Activities 86.97M 26.00K -189.0K
Net Change In Cash 53.08M -48.99M -100.9M
YoY Change -424.67% 243.23% -306.53%
FREE CASH FLOW
Cash From Operating Activities -$22.53M -$19.42M -$69.00M
Capital Expenditures $53.00K $184.0K $2.599M
Free Cash Flow -$22.59M -$19.61M -$71.60M
YoY Change 36.03% 35.33% 13.61%

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<p style="font-size:10pt;margin-top:6pt;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;">Use of Estimates</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:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;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:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
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<p style="font-size:10pt;margin-top:18pt;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><span style="color:#000000;white-space:pre-wrap;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 December 31, 2023, the Company’s cash, cash equivalents, and marketable securities 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>
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0
CY2022 us-gaap Effective Income Tax Rate Reconciliation Gilti Percent
EffectiveIncomeTaxRateReconciliationGiltiPercent
0.089
CY2023 pepg Effective Income Tax Rate Reconciliation Uk Rd Credit
EffectiveIncomeTaxRateReconciliationUkRDCredit
0
CY2022 pepg Effective Income Tax Rate Reconciliation Uk Rd Credit
EffectiveIncomeTaxRateReconciliationUkRDCredit
0
CY2023 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
0
CY2022 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
-0.01
CY2023 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.239
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.234
CY2023 us-gaap Effective Income Tax Rate Reconciliation Other Reconciling Items Percent
EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent
0
CY2022 us-gaap Effective Income Tax Rate Reconciliation Other Reconciling Items Percent
EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent
0.05
CY2023 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.008
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.058
CY2023 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
100000
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3700000
CY2022Q1 pepg Expected Market Return
ExpectedMarketReturn
0.40
CY2022Q1 pepg Expected Market Return
ExpectedMarketReturn
0.40
CY2023 pepg Changes In Ownership By Stockholders Holding Percentage
ChangesInOwnershipByStockholdersHoldingPercentage
0.05
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
673000
CY2022 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
751000
CY2023 us-gaap Unrecognized Tax Benefits Increases Resulting From Foreign Currency Translation
UnrecognizedTaxBenefitsIncreasesResultingFromForeignCurrencyTranslation
40000
CY2022 us-gaap Unrecognized Tax Benefits Decreases Resulting From Foreign Currency Translation
UnrecognizedTaxBenefitsDecreasesResultingFromForeignCurrencyTranslation
78000
CY2023Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
713000
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
673000
CY2023Q4 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
0
CY2022Q4 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
0
CY2023 us-gaap Income Tax Examination Penalties And Interest Expense
IncomeTaxExaminationPenaltiesAndInterestExpense
0
CY2022 us-gaap Income Tax Examination Penalties And Interest Expense
IncomeTaxExaminationPenaltiesAndInterestExpense
0

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