PepGen(US:PEPG)2024-05-14 20:05Financial Performance - PepGen's net losses for Q1 2024 were $18.0 million, compared to $16.3 million for Q1 2023, indicating an increase in losses year-over-year[84]. - Net loss before income tax for the three months ended March 31, 2024, was $18.0 million, compared to a net loss of $16.3 million for the same period in 2023, reflecting an increase of $1.7 million[99]. - Total operating expenses increased by $1.8 million from $18.0 million for the three months ended March 31, 2023, to $19.8 million for the same period in 2024, primarily driven by increases in research and development and general and administrative expenses[99]. - Net cash used in operating activities was $22.5 million for the three months ended March 31, 2024, compared to $15.4 million for the same period in 2023[112]. - The company has not recorded a U.S. provision for federal or state income taxes due to no revenue and incurred losses since inception[98]. Cash and Funding - As of March 31, 2024, PepGen had cash, cash equivalents, and marketable securities totaling $175.2 million, with an accumulated deficit of $199.5 million[84]. - Cash, cash equivalents, and marketable securities totaled $175.2 million as of March 31, 2024, which is expected to fund operations into 2026[108]. - In February 2024, PepGen raised $9.9 million from an at-the-market offering and $76.4 million from a follow-on offering, totaling $86.3 million in net proceeds[82]. - The company issued and sold 7,530,000 shares of common stock in a Follow-on Offering at a price of $10.635 per share, resulting in net proceeds of $76.4 million[107]. - The company filed a shelf registration statement covering the offering of up to $300.0 million in aggregate of various securities, effective June 16, 2023[105]. Research and Development - Research and development expenses for Q1 2024 totaled $14.7 million, slightly up from $14.4 million in Q1 2023, with external expenses amounting to $7.4 million[90]. - Research and development expenses rose by $0.3 million to $14.7 million for the three months ended March 31, 2024, attributed to a $2.1 million increase in clinical trial costs and a $1.3 million increase in personnel-related costs[100]. - The company plans to increase research and development expenses in 2024 to support ongoing clinical trials and preclinical research programs[90]. Clinical Trials and Studies - The ongoing CONNECT1 Phase 2 study for PGN-EDO51 has fully enrolled its first cohort at a dose level of 5 mg/kg, with preliminary data expected in mid-2024[75]. - The CONNECT2 Phase 2 study for PGN-EDO51 received clearance from the MHRA and will evaluate multiple dose cohorts over six months, with participants dosed every four weeks[76]. - PGN-EDODM1 received Fast Track designation from the FDA for the treatment of DM1, with preliminary data from the FREEDOM study expected in the second half of 2024[77]. IPO and Historical Funding - PepGen completed its IPO in May 2022, raising approximately $122.9 million in gross proceeds, with net proceeds of $110.2 million after fees[80]. - PepGen has not generated any revenue from product sales since inception and expects to finance future operations through equity offerings and other capital sources[85].