PepGen(PEPG) - 2025 Q4 - Annual Results

Financial Performance - The net loss for Q4 2025 was $18.3 million, or $(0.27) per share, compared to a net loss of $22.2 million, or $(0.68) per share in Q4 2024; total net loss for 2025 was $89.7 million, or $(2.12) per share, compared to $90.0 million, or $(2.85) per share in 2024[10] - Net loss for the twelve months ended December 31, 2025, was $89,655,000, compared to a net loss of $89,981,000 in 2024, indicating a slight improvement[20] - Net loss per share, basic and diluted, improved to $(2.12) in 2025 from $(2.85) in 2024[20] Cash and Assets - As of December 31, 2025, PepGen had $148.5 million in cash, sufficient to fund operations into the second half of 2027[10] - Cash, cash equivalents, and marketable securities increased to $148,456,000 as of December 31, 2025, up from $120,191,000 in 2024, representing a growth of 23.4%[22] - Total assets rose to $173,907,000 in 2025, compared to $150,883,000 in 2024, marking an increase of 15.3%[22] - Liabilities decreased to $26,463,000 in 2025 from $32,263,000 in 2024, a reduction of 17.9%[22] - Stockholders' equity increased to $147,444,000 in 2025, up from $118,620,000 in 2024, reflecting a growth of 24.3%[22] Expenses - Research and Development Expenses for Q4 2025 were $13.9 million, down from $19.0 million in Q4 2024; total R&D expenses for 2025 were $71.0 million, compared to $76.5 million in 2024[10] - General and Administrative Expenses for Q4 2025 were $5.9 million, compared to $5.4 million in Q4 2024; total G&A expenses for 2025 were $22.6 million, up from $21.3 million in 2024[10] - Total operating expenses for the twelve months ended December 31, 2025, were $93,612,000, a decrease of 4.3% from $97,739,000 in 2024[20] - Research and development expenses decreased to $71,043,000 from $76,478,000, reflecting a reduction of 7.1% year-over-year[20] Clinical Trials and Studies - The FREEDOM2 trial is currently dosing patients in the 10 mg/kg cohort, with four patients dosed so far; results from this cohort are expected in the second half of 2026[3] - The FREEDOM-DM1 study showed mean splicing correction levels of 12.3%, 29.1%, and 53.7% at doses of 5 mg/kg, 10 mg/kg, and 15 mg/kg, respectively[5] - The FDA has placed a partial clinical hold on the FREEDOM2 study, related to preclinical pharmacology and toxicology studies, but not on blinded clinical data[6] - PepGen has amended the FREEDOM2 protocol to allow dosing up to 12.5 mg/kg based on prior results[6] Leadership and Intellectual Property - The company appointed Joseph Vittiglio as Chief Business and Legal Officer in December 2025, bringing over two decades of experience in biotechnology[10] - A new composition of matter patent for PGN-EDODM1 was issued by the USPTO, expected to provide exclusivity until the second half of 2042[10] Income - Interest income for the twelve months ended December 31, 2025, was $4,017,000, down from $7,142,000 in 2024, a decline of 43.5%[20] - Total other income, net, decreased to $4,006,000 in 2025 from $7,141,000 in 2024, a decrease of 43.9%[20]