PepGen Inc. reported its financial results for the second quarter of 2025, with a GAAP net loss per share of $(0.70). This result was better than the estimated $(0.85) GAAP loss expected by analysts. The company, being pre-commercial, did not report any revenue for the quarter.
Research and development costs decreased to $18.4 million, down from $25.1 million in Q2 2024, contributing to a narrower net loss of $23.1 million compared to $28.3 million in Q2 2024. PepGen ended the quarter with $74.7 million in cash, cash equivalents, and marketable securities, a decline from $120.2 million as of December 31, 2024. The company projects this cash will fund operations into the second quarter of 2026.
In its DM1 program, PepGen completed dosing in the 15 mg/kg cohort of the Phase 1 FREEDOM study for PGN-EDODM1, with topline data expected in early Q4 2025. The company also began transitioning clinical sites to the FREEDOM2 study, which will test repeat dosing in DM1, with initial data from its first dose group anticipated in Q1 2026. PGN-EDODM1 holds both Orphan Drug and Fast Track designations from the FDA.
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