PepGen (PEPG) Q2 2026 earnings summary

Executive summary

• Advanced PGN-EDODM1 clinical program for DM1, with ongoing Phase 2 and open-label extension studies; DMD program discontinued in May 2025.

• DSMB recommended dose escalation in FREEDOM2-DM1 and OLE studies based on safety profile.

• 10 mg/kg FREEDOM2-DM1 cohort fully enrolled; topline data expected in November 2026.

• Company holds orphan drug and Fast Track designations for PGN-EDODM1 in the U.S. and EU.

• No revenue from product sales; operations funded by equity and public offerings.

Financial highlights

• Net loss for Q2 2026 was $17.8M ($0.26 per share), improved from $23.1M ($0.70 per share) in Q2 2025; six-month net loss was $35.6M, down from $53.3M year-over-year.

• Research and development expenses decreased to $12.5M in Q2 2026 from $18.4M in Q2 2025, mainly due to DMD program wind-down.

• General and administrative expenses rose to $6.4M in Q2 2026 from $5.5M in Q2 2025.

• Cash, cash equivalents, and marketable securities totaled $117.2M as of June 30, 2026.

• Operating cash outflow for the first half of 2026 was $34.2M, improved from $46.5M in the prior year.

Outlook and guidance

• Cash resources expected to fund operations into Q4 2027.

• Data from the 10 mg/kg FREEDOM2 cohort expected in November 2026; 12.5 mg/kg cohort results anticipated in H1 2027.

• Pending results, plans to engage regulators for end of Phase 2 meeting.