PepGen Inc. (PEPG) Income Statement
PEPG 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsPEPG revenue and net income
PEPG growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | — | — | — | — |
| Gross profit | — | — | — | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
PEPG quarterly EPS vs estimates
PepGen beat the analyst EPS estimate in 7 of the last 8 quarters. Next report: November 11, 2026 (estimate $-0.27).
PEPG income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Cost of revenue | $1.4M | $1.5M | $1.2M | $493,000 | $178,000 | $110,000 | $106,000 |
| Gross profit | −$1.4M | −$1.5M | −$1.2M | −$493,000 | −$178,000 | −$110,000 | −$106,000 |
| Research & development | $71.0M | $76.5M | $68.1M | $54.1M | $23.8M | $1.1M | $620,000 |
| Sales, general & admin | $22.6M | $21.3M | $16.6M | $14.2M | $8.1M | $853,000 | $628,000 |
| Total operating expenses | $92.2M | $96.2M | $83.6M | $68.3M | $27.1M | $1.9M | $1.2M |
| Operating income | −$93.6M | −$97.7M | −$84.8M | −$68.3M | −$27.1M | −$1.9M | −$1.4M |
| Interest income | $4.0M | $7.1M | $6.4M | $2.8M | $9,000 | $8,000 | — |
| Interest expense | — | — | — | $3.4M | $172,000 | $8,000 | $0 |
| Income before taxes | −$89.6M | −$90.6M | −$78.6M | −$65.4M | −$27.3M | −$1.9M | −$1.3M |
| Income taxes | $49,000 | −$617,000 | $73,000 | $3.7M | −$58,558 | −$8,000 | — |
| Net income | −$89.7M | −$90.0M | −$78.6M | −$69.1M | −$27.3M | −$1.9M | −$1.3M |
| EBITDA | −$88.2M | −$89.1M | −$77.4M | −$67.8M | −$27.1M | −$1.8M | −$1.2M |
| EPS (diluted) | −$2.41 | −$2.84 | −$3.30 | −$21.20 | −$0.90 | −$0.08 | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $1.5M | $0 | $0 | $0 | $1.7M | $0 |
| Cost of revenue | — | $319,000 | $1.1M | $339,000 | $334,000 | $388,000 | $380,000 | $379,000 | $370,000 | $376,000 | $354,000 | $349,000 |
| Gross profit | — | −$319,000 | −$1.1M | −$339,000 | −$334,000 | −$388,000 | −$380,000 | −$379,000 | −$370,000 | −$376,000 | −$354,000 | −$349,000 |
| Research & development | $12.5M | $12.7M | $14.2M | $13.1M | $18.4M | $25.4M | $18.6M | $17.7M | $25.1M | $14.4M | $15.9M | $20.5M |
| Sales, general & admin | $6.4M | $5.9M | $5.9M | $5.2M | $5.5M | $5.9M | $5.4M | $5.4M | $5.4M | $5.1M | $4.5M | $4.2M |
| Total operating expenses | $18.9M | $18.6M | $18.6M | $18.3M | $23.9M | $31.3M | $24.0M | $23.2M | $30.4M | $19.4M | $20.5M | $24.8M |
| Operating income | −$18.9M | −$18.9M | −$19.7M | −$18.7M | −$23.9M | −$31.3M | −$24.3M | −$23.2M | −$30.4M | −$19.8M | −$20.8M | −$24.8M |
| Interest income | $1.1M | $1.2M | $1.4M | $634,000 | $842,000 | $1.1M | $1.5M | $1.8M | $2.1M | $1.7M | $1.3M | $1.6M |
| Interest expense | — | — | — | — | — | — | — | — | — | — | $1.9M | — |
| Income before taxes | −$17.8M | −$17.7M | −$18.3M | −$18.0M | −$23.1M | −$30.2M | −$22.9M | −$21.4M | −$28.3M | −$18.0M | −$19.4M | −$23.3M |
| Income taxes | $16,000 | −$15,000 | $49,000 | — | — | — | −$617,000 | — | — | $332,724 | $73,000 | −$1.6M |
| Net income | −$17.8M | −$17.8M | −$18.3M | −$18.0M | −$23.1M | −$30.2M | −$22.2M | −$21.4M | −$28.3M | −$18.0M | −$19.5M | −$23.3M |
| EBITDA | −$16.6M | −$17.4M | −$19.1M | −$17.7M | −$21.8M | −$28.9M | −$22.5M | −$20.1M | −$26.0M | −$17.6M | −$19.1M | −$23.0M |
| EPS (diluted) | −$0.26 | −$0.26 | −$0.27 | −$0.52 | −$0.70 | −$0.92 | −$0.68 | −$0.66 | −$0.87 | −$0.63 | −$0.81 | −$0.98 |
| Gross margin | — | — | — | — | — | — | −25.5% | — | — | — | −21.3% | — |
| Operating margin | — | — | — | — | — | — | −1,631.7% | — | — | — | −1,253.7% | — |
| Net margin | — | — | — | — | — | — | −1,490.8% | — | — | — | −1,174.4% | — |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in PEPG's financial statements (latest annual report filed March 4, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
PEPG financial results
PepGen reported no revenue in fiscal year 2025 (ended December 31, 2025). It had a net loss of $89.7 million. Diluted earnings per share came to −$2.41.
See the PEPG stock overview for the latest quote and news, or the PEPG chart for price history and technical indicators.
PEPG income statement FAQ
Does PepGen have revenue?
PepGen reported no revenue for fiscal year 2025, which ended on December 31, 2025.
Is PepGen profitable?
No. PepGen reported a net loss of $89.7 million in fiscal 2025.
How much does PepGen spend on research and development?
PepGen spent $71.0 million on research and development in fiscal 2025.
What are PepGen's earnings per share?
PepGen earned $-2.41 per diluted share in fiscal 2025, compared with $-2.84 a year earlier.
When will PepGen report its next earnings?
PepGen is expected to report results for the quarter ending September 30, 2026 on November 11, 2026 before the market opens.
When does PepGen's fiscal year end?
PepGen's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 4, 2026.