PepGen Inc.
For the period ended Dec 31, 2025. Filed Mar 4, 2026.
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FY2025 · Filed Mar 4, 2026
PEPG$4.61+92.9%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
| Year EndedDecember 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Cash flows from operating activities: | ||
| Net loss | $(89,655) | $(89,981) |
| Adjustments to reconcile net loss to cash used in operating activities: | ||
| Depreciation | 1,397 | 1,505 |
| Stock-based compensation expense | 10,609 | 11,457 |
| Amortization and interest accretion related to operating lease | 3,748 | 3,748 |
| Amortization of premiums and accretion of discounts on marketable securities, net | (2,212) | (3,925) |
| Impairment of long-lived assets | 701 | — |
| Other non-cash adjustments | — | 70 |
| Changes in operating assets and liabilities: | ||
| Prepaids and other current and non-current assets | 1,074 | (1,301) |
| Accounts payable | (935) | 722 |
| Accrued expenses and other non-current liabilities | (3,268) | (1,663) |
| Operating lease liabilities, current and non-current | (3,094) | (3,004) |
| Net cash used in operating activities | (81,635) | (82,372) |
| Cash flows from investing activities: | ||
| Purchases of property and equipment | (264) | (497) |
| Purchases of marketable securities | (93,971) | (145,171) |
| Maturities of marketable securities | 79,000 | 108,000 |
| Net cash used in investing activities | (15,235) | (37,668) |
| Cash flows from financing activities: | ||
| Issuance of common stock in public offering, net of underwriters’ fees | 108,100 | 76,878 |
| Payment of offering costs | (413) | (511) |
| Issuance of common stock from At-the-Market Sales Agreement, net of underwriters' fees | — | 9,900 |
| Proceeds from employee equity plans | 292 | 2,482 |
| Net cash provided by financing activities | 107,979 | 88,749 |
| Effect of exchange rate changes on cash | (16) | (62) |
| Net increase (decrease) in cash, cash equivalents and restricted cash | $11,093 | $(31,353) |
| Cash, cash equivalents and restricted cash at beginning of period | 50,969 | 82,322 |
| Cash, cash equivalents and restricted cash at end of period | $62,062 | $50,969 |
| Components of cash, cash equivalents and restricted cash | ||
| Cash and cash equivalents | $60,514 | $49,421 |
| Restricted cash | 1,548 | 1,548 |
| Total cash, cash equivalents and restricted cash at end of period | $62,062 | $50,969 |
| Supplemental noncash investing and financing activities | ||
| Property and equipment included in accounts payable and accrued expenses | $20 | $31 |
| Deferred offering costs in AP and accruals | 55 | — |
| Cash paid for taxes | 82 | 71 |
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