Income statement, balance sheet and cash flow statement for the last 5 fiscal years, taken from the XBRL data PepGen Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2022
FY2022
FY2023
FY2024
FY2025
Research and development
19
54.1
68.1
76.5
71
General and administrative
8.11
14.2
16.6
21.3
22.6
Operating expenses
27.1
68.3
84.8
97.7
93.6
Operating income
-27.1
-68.3
-84.8
-97.7
-93.6
Interest income
2.79
6.4
7.14
4.02
Other non-operating income
-0.17
2.9
6.21
7.14
4.01
Pre-tax income
-27.3
-65.4
-78.6
-90.6
-89.6
Income tax
0
3.7
0.07
-0.62
0.05
Net income
-27.3
-69.1
-78.6
-90
-89.7
EBITDA
-26.9
-67.8
-83.6
-96.2
-92.2
EPS, basic
-30.27
-4.42
-3.30
-2.85
-2.12
EPS, diluted
-30.27
-4.42
-3.30
-2.85
-2.12
Shares, basic (weighted)
0.9
15.6
23.8
31.6
42.2
Shares, diluted (weighted)
0.9
15.6
23.8
31.6
42.2
Balance sheet
FY2022
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
133
182
80.8
49.4
60.5
Short-term investments
0
29.6
70.8
87.9
Other current assets
2.35
4.33
2.27
3.57
2.51
Total current assets
140
186
113
124
151
Property, plant and equipment
0.64
3.34
4.76
3.72
1.9
Lease right-of-use assets
26.5
23.6
21.4
19.1
Other non-current assets
3.02
1.47
0.44
0.43
0.37
Total assets
144
217
143
151
174
Accounts payable
3.24
1.36
1.01
1.75
0.82
Accrued liabilities
7.08
11.9
13.5
11.9
8.64
Total current liabilities
10.3
18.8
17.5
16.7
12.6
Lease liabilities
19
17.1
15.6
13.8
Total liabilities
10.5
37.8
34.6
32.3
26.5
Paid-in capital
1.65
283
290
390
509
Retained earnings
-33.8
-103
-181
-271
-361
Other comprehensive income
0.02
-0.08
0.03
0.02
0.01
Shareholders' equity
-32.1
180
108
119
147
Total equity
-32.1
180
108
119
147
Total liabilities and equity
144
217
143
151
174
Shares outstanding
0.96
23.7
23.8
32.6
68.9
Cash flow statement
FY2022
FY2022
FY2023
FY2024
FY2025
Net income
-27.3
-69.1
-78.6
-90
-89.7
Depreciation and amortization
0.2
0.5
1.2
1.5
1.4
Stock-based compensation
1.53
4.76
7.05
11.5
10.6
Cash from operations
-22.6
-59.3
-69
-82.4
-81.6
Capital expenditures
-0.5
-3.76
-2.6
-0.5
-0.26
Purchases of investments
-29.4
-145
-94
Sales and maturities of investments
108
79
Cash from investing
-0.5
-3.76
-32
-37.7
-15.2
Stock issued
114
9.9
Cash from financing
148
112
-0.19
88.7
108
Net change in cash
125
48.9
-101
-31.4
11.1
Free cash flow
-23.1
-63
-71.6
-82.9
-81.9
Income taxes paid
2.7
0.07
0.08
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $2.59 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Return on equity (ROE)
-60.2%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-50.9%
Net income / average total assets.
Return on invested capital (ROIC)
-62.2%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Growth
Metric
Value
How it is calculated
Book value growth, 1y
24.3%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-6.4%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y
15.3%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-7.2%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y
33.7%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
39.2%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
13.4x
Current assets / current liabilities.
Quick ratio
13.0x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
13.0x
(Cash + short-term investments) / current liabilities.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
FCF per share
-$1.00
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$1.00
Cash from operations / diluted weighted shares.
Book value per share
$1.73
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/B
1.50x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
1.50x
Market cap / tangible book value, when positive.
FCF yield
-38.7%
Free cash flow / market cap.
Earnings yield
-40.1%
Net income / market cap (the inverse of P/E).
Was PepGen Inc. profitable in fiscal 2025?
No. It reported a net loss of $89.7M.
How much free cash flow did PepGen Inc. generate in fiscal 2025?
Cash from operations of $81.6M minus capital expenditures of $264.0K left free cash flow of -$81.9M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.