PepGen Inc. (PEPG) Stock

PepGen Inc. (PEPG) is a Healthcare stock trading at $3.13 (as of 2026-08-21), with a market capitalization of $216.78M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

PepGen Inc. is a clinical-stage biotechnology company developing oligonucleotide-based therapeutics aimed at severe neuromuscular and neurologic diseases. Its pipeline includes PGN-EDO51, an EDO peptide in Phase I for Duchenne muscular dystrophy, and PGN-EDODM1, an EDO peptide-conjugated PMO for myotonic dystrophy type 1, along with additional EDO therapeutic candidates for Duchenne.

Understand PepGen Inc.: how it makes money

PepGen is a clinical-stage biotechnology company developing oligonucleotide therapeutics, including peptide candidates like PGN-EDO51 for Duchenne muscular dystrophy (DMD) and PGN-EDODM1 for myotonic dystrophy type 1 (with additional EDO therapeutic candidates in DMD), and it aims to drive value through advancing these programs in clinical trials.

Because PepGen is still developing multiple drug candidates in clinical-stage settings (including Phase I for its lead candidate), its profit model is structurally tied to generating convincing clinical evidence for therapeutic effects, rather than to selling an established commercial product.

Business quality (Weak): Early-stage clinical focus, with operating updates centered on measured biological activity (splicing correction) and small patient cohorts, and financials showing no reported revenue in the latest period alongside a deeply negative operating margin.

Bull case

Clear clinical program focus across neuromuscular diseases (PGN-EDO51 for DMD and PGN-EDODM1 for myotonic dystrophy type 1): The listed operating metrics emphasize disease biology readouts, including mean splicing correction (and variants excluding outliers) in specific dose cohorts.
Multiple related candidates in development: Beyond the lead candidate, PepGen is also developing PGN-EDODM1 and other EDO candidates (PGN-EDO53, PGN-EDO45, and PGN-EDO44) for DMD, which can diversify clinical opportunity.

Bear case

Clinical-stage execution risk remains high: The lead candidate PGN-EDO51 is in Phase I clinical trials, meaning results may be preliminary and may require further validation in later studies.
Efficacy readouts may be sensitive to dataset characteristics: The presence of both 'Mean Splicing Correction at Five Milligrams per Kilogram Cohort' and 'Mean Splicing Correction Excluding Outlier' indicates that conclusions can depend on outlier handling.
Scale and financial runway concerns based on reported financials: In the latest period (2026-03-31), revenue is reported as 0.0B and the operating margin is deeply negative, which highlights reliance on ongoing funding while programs advance.

Valuation — source: SEC EDGAR (first-party)
Price	$3.13
Market Cap	$216.78M
Price / Book	1.81
Price / Sales	51.29
FCF Yield	-63.3%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$4.02M
Net Margin	-2231.9%
Revenue Growth (YoY)	-43.8%
EPS Growth (YoY)	-25.6%
FCF Growth (YoY)	-1.2%

Financial Health — source: SEC EDGAR
Altman Z-Score	1.20 (distress)

Valuation vs Sector & Industry
Sector P/E (Healthcare)	21.7
Industry P/E (Pharmaceutical Products)	17.0

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	RA CAPITAL MANAGEMENT, L.P. ($35.51M)
Institutional Holders Tracked	10

Company
Sector	Healthcare
Industry	Pharmaceutical Products
CEO	James G. McArthur
Employees	79
Country	US
IPO Date	2022-05-06

Related Companies (Business model: Biotech (Clinical / Commercial-Stage); 8 closest by market cap; US-domiciled)

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.