Cambridge biotech tracker · Boston
PepGen
Listed on Nasdaq as PEPG, filed under SEC industry code 2834 (pharmaceutical preparations). Fiscal year ends in December. Numbers below are from the company’s own SEC filings through Q2 '26.
- Cash & investments
- $117M
- Q2 '26 · Jun 30, 2026
- Burn per quarter
- $17.3M
- avg. operating cash flow, 4 qtrs
- Runway
- 20 mo
- 12 to 24 months
- Net loss
- $17.8M
- Q2 '26
- R&D expense
- $12.5M
- 66% of opex
- Raised, last 4 qtrs
- +$109M
- net financing cash flow
- Next readout
- Mar 2027
- Phase 2 · cash past the catalyst
Cash & investments
Quarter-end balance
Operating cash flow
Per quarter; below zero is burn
R&D expense
Per quarter
Two views of the runway
Compare across the clusterThe outside view
20 months
Cash at Q2 '26 divided by the average burn of the last four quarters, $5.8M a month.
Management’s own date
Into Q4 2027
Oct–Dec 2027
That implies $6.5M to $7.8M a month, 1.1–1.3× the recent pace.
In line with the last year“We believe that our existing cash, cash equivalents and marketable securities will be sufficient to fund our currently planned operations into the fourth quarter of 2027.”
Cash against the calendar
What the runway has to reach.
Mar 2027estimated
A Clinical Study of PGN-EDODM1 in People With Myotonic Dystrophy Type 1
Myotonic Dystrophy 1
NCT06667453 on ClinicalTrials.govDoes the cash reach it?
Cash past the catalyst
- Runway
- 20 months
- Time to the date
- 4 months
It is about 4 months out. At the current burn there is roughly 17 months of cash left on the far side of it, which is enough room to raise on the result rather than ahead of it.
Pipeline
2 active trials, through phase 2.
Phase 2 · 2
| Study | Phase | Status | Enrolled | Primary completion |
|---|---|---|---|---|
| A Clinical Study of PGN-EDODM1 in People With Myotonic Dystrophy Type 1NCT06667453 · Myotonic Dystrophy 1Phase 2Mar 2027est. | Phase 2 | Recruiting | ||
| An Open-Label Extension Study of PGN-EDODM1 in People With Myotonic Dystrophy Type 1 (FREEDOM-OLE)NCT07220603 · Myotonic Dystrophy 1Phase 2Jan 2029est.· not a catalyst | Phase 2 | Recruiting | ||
| A Study of PGN-EDO51 or Placebo in People With Duchenne Muscular Dystrophy Amenable to Exon 51-Skipping TreatmentNCT06833931 · Duchenne Muscular Dystrophy (DMD)Phase 2May 2025 | Phase 2 | Withdrawn | ||
| A Study Of PGN-EDO51 In Participants With Duchenne Muscular Dystrophy Amenable To Exon 51-Skipping TreatmentNCT06079736 · Duchenne Muscular DystrophyPhase 2Aug 2025 | Phase 2 | Terminated | ||
| Safety, Tolerability, PK, and PD Study of PGN-EDODM1 in Participants With Myotonic Dystrophy Type 1NCT06204809 · Myotonic Dystrophy 1Phase 1Oct 2025 | Phase 1 | Completed |
Interventional studies where this company is the lead sponsor, from ClinicalTrials.gov. Primary completion is when the last patient is measured on the primary endpoint, which is when the data exists rather than when it is announced. Extension, rollover and healthy-volunteer studies are listed but marked as non-catalysts, because they finish long after the result that mattered. Sponsors revise these dates as enrollment moves, so an estimate is a plan rather than a promise.
The controller’s read
What the filings say.
Generated from the numbers above using the same questions I ask when I open a client’s books: how long the cash lasts, what is driving the gap between loss and burn, and where the accounting judgment sits.
Get this read on your companyThe cash clears the next catalyst
The next dated event is a phase 2 readout in Mar 2027, about 4 months out. That leaves roughly 17 months of cash afterwards, which is the position you want: the raise can be negotiated on the data instead of on the calendar.
About 20 months of runway
Cash and investments of $117M at Q2 '26 against an average operating cash burn of $17.3M per quarter over the last four reported quarters runs out around March 2028. Between one and two years is the window where the next raise gets planned; the terms depend on what the data does before the cash does.
Cash position down $21.6M since Q3 '24
Net financing inflows of $109M over the last four quarters, from equity, debt, or ATM sales, partly offset operating burn. The balance is the number the board watches; the trend is the number the auditors watch.
R&D is 66% of operating expenses
$12.5M of R&D against $18.9M of total operating expenses in Q2 '26, with G&A at $6.4M. For a clinical-stage company, the accounting questions live inside that R&D line: CRO and CMC accruals, milestone recognition, and what gets capitalized versus expensed under ASC 730.
Accumulated deficit of $397M
Total losses since inception. It is also roughly the size of the net operating loss carryforward the tax provision has to track, subject to Section 382 limits after each ownership change.
Quarterly detail, eight quarters
| Quarter | Cash & inv. | Op. cash flow | Net income | R&D | G&A | Revenue | Stock comp | Financing |
|---|---|---|---|---|---|---|---|---|
| Q3 '24 · Sep 30, 24 | $139M | −$24.0M | −$21.4M | $17.7M | $5.4M | — | $3.2M | $327K |
| Q4 '24 · Dec 31, 24 | $120M | −$19.5M | −$22.2M | $19.0M | $5.4M | — | $3.3M | $128K |
| Q1 '25 · Mar 31, 25 | $97.8M | −$22.9M | −$30.2M | $25.4M | $5.9M | — | $3.4M | $0 |
| Q2 '25 · Jun 30, 25 | $74.7M | −$23.6M | −$23.1M | $18.4M | $5.5M | — | $2.4M | $98K |
| Q3 '25 · Sep 30, 25 | $164M | −$19.3M | −$18.0M | $13.4M | $5.2M | — | $2.4M | $108M |
| Q4 '25 · Dec 31, 25 | $148M | −$15.8M | −$18.3M | $13.9M | $5.9M | — | $2.4M | −$171K |
| Q1 '26 · Mar 31, 26 | $132M | −$18.4M | −$17.8M | $13.0M | $5.9M | — | $2.9M | $1.5M |
| Q2 '26 · Jun 30, 26 | $117M | −$15.8M | −$17.8M | $12.5M | $6.4M | — | $3.3M | −$65K |
Source: SEC EDGAR XBRL company facts, latest filed value for each period. Fourth quarters are derived from annual less nine-month figures; quarterly cash flows are derived from year-to-date amounts. Not investment advice. If a figure disagrees with the filing, the filing is right.