PepGen Inc.
PEPG · Pharmaceutical Preparations · 69.2M shares · +227%/yr ↑ dilution · EDGAR filings ↗
Reference price $1.41 · est. market cap ~$98M — last insider sale, 2026-05-21 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D46Clinical/early-stage biotech — oligonucleotide clinical, heavy burn ($82M), very well-funded.
Strengths
- Liquidity — current ratio 11.9 (84th)
Risks
- Pre-revenue, deep losses — per metrics
- Pre-revenue/clinical-stage — history of losses & need for capital per risk factors
- Binary clinical & funding risk — per 10-K
Notable findings
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Cash burnNegative free cash flow (-81.9M)
- Chronic dilutionShare count +227%/yr over 3y (dilution, book value/share -98%)
- Trial resultTrial topline data reported — see 8-K for outcome 8-K ↗
- Insider sellingInsider selling — 7 open-market sale(s) by 4 insider(s) (cluster of 4 insiders, last 6mo) Form 4 ↗
- Notable holderHeld by 5 notable fund(s): CITADEL ADVISORS LLC, STATE STREET CORP, GOLDMAN SACHS GROUP INC +2 more (as of 2026-03-31)
- Trial readout soonUpcoming trial readout ~2027-03 — PHASE2 · Myotonic Dystrophy 1
Key metrics
Return on equity
-60.8%
Return on assets
-51.6%
Current ratio
11.9×
Free cash flow
-$82M
EBITDA
-$92M
Tangible book value
$147M
Cash & investments
$148M
Cash runway
7q
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-21 | Kasraian Kasra | Sell | 1.2K | $1.41 |
| 2026-03-04 | STRECK PAUL | Sell | 1.8K | $6.23 |
| 2026-03-04 | STRECK PAUL | Sell | 47 | $6.29 |
| 2026-03-04 | Donnelly Noel | Sell | 2.0K | $6.23 |
| 2026-03-04 | Donnelly Noel | Sell | 52 | $6.33 |
| 2026-03-04 | McArthur James G | Sell | 5.1K | $6.23 |
| 2026-03-04 | McArthur James G | Sell | 131 | $6.33 |
| 2026-03-01 | Vittiglio Joseph | Grant | 31K | — |
| 2026-03-01 | Kasraian Kasra | Grant | 35K | — |
| 2026-03-01 | STRECK PAUL | Grant | 50K | — |
| 2026-03-01 | Donnelly Noel | Grant | 77K | — |
| 2026-03-01 | McArthur James G | Grant | 188K | — |
| 2025-12-08 | Vittiglio Joseph | Grant | 35K | — |
| 2025-09-30 | Oxford Science Enterprises plc | Buy | 200K | $3.20 |
| 2025-09-26 | RA CAPITAL MANAGEMENT, L.P. | Buy | 9.4M | $3.20 |
| 2025-05-30 | STRECK PAUL | Buy | 8.4K | $1.24 |
| 2025-05-20 | Kasraian Kasra | Grant | 17K | — |
| 2025-04-17 | McArthur James G | Buy | 10K | $1.35 |
| 2025-04-08 | McArthur James G | Buy | 42K | $1.15 |
| 2025-03-03 | Donnelly Noel | Grant | 23K | — |
| 2025-03-03 | DeLena Mary Beth | Grant | 13K | — |
| 2025-03-03 | STRECK PAUL | Grant | 19K | — |
| 2025-03-03 | McArthur James G | Grant | 61K | — |
| 2025-02-26 | DeLena Mary Beth | Sell | 1.4K | $1.68 |
| 2025-02-26 | Donnelly Noel | Sell | 1.5K | $1.68 |
| 2025-02-24 | DeLena Mary Beth | Grant | 3.0K | — |
| 2025-02-24 | Donnelly Noel | Grant | 3.2K | — |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT07220603 ↗ | An Open-Label Extension Study of PGN-EDODM1 in People With Myotonic Dystrophy Type 1 (FREEDOM-OLE) Myotonic Dystrophy 1 | PHASE2 | Recruiting | 2029-01-01 |
| NCT06667453 ↗ | A Clinical Study of PGN-EDODM1 in People With Myotonic Dystrophy Type 1 Myotonic Dystrophy 1 | PHASE2 | Recruiting | 2027-03-01 |
| NCT06204809 ↗ | Safety, Tolerability, PK, and PD Study of PGN-EDODM1 in Participants With Myotonic Dystrophy Type 1 Myotonic Dystrophy 1 | PHASE1 | Completed | 2025-10-28 |
| NCT06079736 ↗ | A Study Of PGN-EDO51 In Participants With Duchenne Muscular Dystrophy Amenable To Exon 51-Skipping Treatment Duchenne Muscular Dystrophy | PHASE2 | Terminated | 2025-08-28 |
| NCT06833931 ↗ | A Study of PGN-EDO51 or Placebo in People With Duchenne Muscular Dystrophy Amenable to Exon 51-Skipping Treatment Duchenne Muscular Dystrophy (DMD) | PHASE2 | Withdrawn | 2025-05-28 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-22 | 2026-06-18 | 0001193125-26-277579 ↗ |
| 8-K | 2026-05-21 | 2026-05-21 | 0001193125-26-233403 ↗ |
| 8-K | 2026-05-12 | 2026-05-12 | 0001193125-26-219424 ↗ |
| 10-Q | 2026-05-12 | 2026-03-31 | 0001193125-26-219375 ↗ |
| 8-K | 2026-03-30 | 2026-03-30 | 0001193125-26-131786 ↗ |
| 8-K | 2026-03-04 | 2026-03-04 | 0001193125-26-091784 ↗ |
| 10-K | 2026-03-04 | 2025-12-31 | 0001193125-26-091536 ↗ |
| 8-K | 2026-03-04 | 2026-03-04 | 0001193125-26-091503 ↗ |
| 8-K | 2025-12-08 | 2025-12-08 | 0001193125-25-310544 ↗ |
| 10-Q | 2025-11-12 | 2025-09-30 | 0001193125-25-276001 ↗ |
| 8-K | 2025-11-12 | 2025-11-12 | 0001193125-25-276019 ↗ |
| 8-K | 2025-11-07 | 2025-11-04 | 0001193125-25-271089 ↗ |