PepGen (PEPG) Q3 2026 earnings summary

Executive summary

• Clinical-stage pipeline centered on PGN-EDODM1 for DM1; no product revenue, with continued operating losses and development spending.

• FREEDOM2 10 mg/kg results showed 46.5% mean splicing correction and functional improvements; the U.S. study remains on partial clinical hold.

Financial highlights

• Q3 2026 operating expenses were $20.4M and net loss was $19.4M, versus $18.7M and $18.0M in Q3 2025; diluted loss per share was $0.28 vs. $0.52.

• 9M 2026 operating expenses were $58.3M and net loss was $55.0M, versus $73.9M and $71.3M in 9M 2025; diluted loss per share was $0.79 vs. $2.14.

• Q3 2026 R&D expense was $14.5M vs. $13.4M in Q3 2025; G&A expense was $5.9M vs. $5.2M.

• No product revenue; accumulated deficit was $416.1M at September 30, 2026.

• Cash, cash equivalents and marketable securities totaled $104.8M at September 30, 2026, vs. $148.5M at December 31, 2025.

Outlook and guidance

• Existing cash, cash equivalents and marketable securities are expected to fund planned operations into 2028; actual cash needs may differ from forecasts.

• FREEDOM2 12.5 mg/kg cohort results are expected in H1 2027; the cohort is fully enrolled and participants have received up to three doses.

• FREEDOM-OLE interim 10 mg/kg safety and 5 mg/kg clinical data are expected in January 2027; an expansion cohort is planned to generate data through up to 9 months.

• FREEDOM2 and FREEDOM-OLE data are expected to support an FDA end-of-Phase 2 meeting in H2 2027, contingent on lifting the partial hold.

• Operating losses and expenses are expected to continue; additional funding may be needed through equity, debt, collaborations, licenses or other capital sources.