PepGen (PEPG) Q4 2025 earnings summary

Executive summary

• FREEDOM2 Phase 2 trial for DM1 is progressing, with 5 mg/kg cohort data expected in Q1 2026 and 10 mg/kg cohort data in 2H 2026.

• Robust splicing correction and muscle oligonucleotide levels observed in Phase 1, with strong safety and tolerability across doses.

• Regulatory clearance for FREEDOM2 expansion into South Korea, Australia, and New Zealand; partial clinical hold in the U.S. due to preclinical data questions.

• Cash position of $148.5M as of December 31, 2025, expected to fund operations into 2H 2027.

Financial highlights

• Cash, cash equivalents, and marketable securities totaled $148.5M at year-end 2025, up from $120.2M at year-end 2024.

• Research and development expenses were $71.0M for 2025, down from $76.5M in 2024.

• General and administrative expenses were $22.6M for 2025, up from $21.3M in 2024.

• Net loss for 2025 was $89.7M ($2.12 per share), compared to $90.0M ($2.85 per share) in 2024.

Outlook and guidance

• FREEDOM2 5 mg/kg cohort data expected in Q1 2026; 10 mg/kg cohort data in 2H 2026.

• Cash runway projected into the second half of 2027 based on current operations.

• Option to escalate dosing up to 12.5 mg/kg in FREEDOM2 based on protocol amendment.