PepGen says $104.8 million in liquidity will fund operations through 2028
Key Facts
PepGen said it had $104.8 million in cash, cash equivalents and marketable securities as of September 30, 2026, and that these resources would fund its operations through 2028 based on its current plans. The update came in its third-quarter results statement issued on November 10, 2026. In the same period, the company reported a net loss of $19.4 million, or $0.28 per share, for the three months ended September 30. Its net loss was $18.0 million, or $0.52 per share, in the year-earlier quarter. These figures show the company's financial position alongside its continued spending to develop its clinical programs.
Research and development expenses were $14.5 million in the third quarter of 2026, compared with $13.4 million in the same period of 2025. For the nine months ended September 30, these expenses fell to $40.0 million from $57.2 million in the year-earlier period. The company attributed the decline mainly to a $13.8 million decrease in manufacturing costs, related to the timing of manufacturing campaigns. Net cash used in operating activities during the first nine months of 2026 was $47.4 million, compared with $65.8 million a year earlier. The company said its existing liquidity, based on its current plans, would fund operations through 2028.
In the FREEDOM2-DM1 study, PepGen said the 10 mg/kg dose cohort recorded mean splicing correction of 46.5% at Week 13. Five of the six participants showed improvement of more than 20%, while improvement exceeded 50% in four participants. The company said the fully enrolled cohort receiving a 12.5 mg/kg dose includes participants who have received up to three doses. It expects to report results for this cohort in the first half of 2027. Its quarterly report said the FREEDOM2 study remains subject to a partial clinical hold in the United States, and that the company is conducting additional studies in mice to prepare data in response to comments from the Food and Drug Administration.
PepGen expects safety data for the 10 mg/kg dose and clinical data for the 5 mg/kg dose from the FREEDOM-OLE study in January 2027. In earlier financing, the company said its September 2025 offering generated net proceeds of $107.6 million. It also sold 237,500 shares under its at-the-market sales agreement during the nine months ended September 30, 2026, raising net proceeds of $1.5 million from those sales. PepGen shares closed at $2.39 in the November 9, 2026 session. Details of the proposed public offering discussed in reports related to the company could not be verified, so no confirmed terms are available here to determine its size or effect on the number of shares outstanding.