PEPG PepGen Inc. - Common Stock
NASDAQ · Biotechnology · View on SEC EDGAR ↗ 10-K/10-Q Aug 6, 2026
$2.53
· of 52w range
· above low
· to high
$1.3152w low
$7.8052w high
Market Cap
$174M
P/E
-1.2
EPS
$-2.12
your badges
52W Range
$1–$8
Analyst Rating
STRONG BUY
Price Target
$10
P/E
-1.2
ROE
-82.0%
Net Profit Margin
·
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PEPG Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$2.52
Market Cap
$174M
P/E
-1.2
EPS
$-2.12
ROE
-82.0%
52W Range
$1–$8
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10-Year Performance Revenue, net income, margins and EPS trends
EPS$-2.122021-12-31 → 2025-12-31
Free Cash Flow$-82M2022-12-31 → 2025-12-31
Valuation & Ratios
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | PEPG | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E | -1.25Y avg ≈-2.4 | ≈-2.4 | · | · | |
| P/B | 1.25Y avg ≈1.8 | ≈1.8 | 1.7 | Overvalued | |
| Price / FCF | -2.15Y avg ≈-3.6 | ≈-3.6 | · | · | |
| Price / Cash Flow | -2.15Y avg ≈-3.7 | ≈-3.7 | · | · | |
| Price / Tangible Book | 1.25Y avg ≈1.8 | ≈1.8 | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | PEPG | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| ROA | -55.2%5Y avg ≈-49.6% | ≈-49.6% | -33.7% | Weak | |
| ROE | -82.0%5Y avg ≈-64.1% | ≈-64.1% | -55.7% | Weak | |
| ROIC | -63.5%5Y avg ≈-65.9% | ≈-65.9% | -51.5% | Weak |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | PEPG | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Current Ratio (MRQ) | 13.45Y avg ≈8.9 | ≈8.9 | 9.4 | Strong liquidity | |
| Quick Ratio | 11.75Y avg ≈8.7 | ≈8.7 | 7.4 | Strong liquidity |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
No data for this ratio group yet
Not enough fundamentals data to compute this ratio group yet.
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
No data for this ratio group yet
Not enough fundamentals data to compute this ratio group yet.
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
10.2%
Next Report
Nov 10, 2026
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Aug 5, 2026 | $-0.26 | $-0.30 | 12.1% |
| March 31, 2026 | May 6, 2026 | $-0.26 | $-0.32 | 18.3% |
| Dec. 31, 2025 | $-0.27 | $-0.38 | 29.3% | |
| Sept. 30, 2025 | $-0.52 | $-0.58 | 9.8% | |
| June 30, 2025 | $-0.70 | $-0.84 | 17.1% | |
| March 31, 2025 | $-0.92 | $-0.73 | -25.3% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| R&D Expense | $71M | $76M | $68M | $54M | $19M | |
| SG&A Expense | $23M | $21M | $17M | $14M | $8M | |
| Operating Expenses | $94M | $98M | $85M | $68M | $27M | |
| Operating Income | $-94M | $-98M | $-85M | $-68M | $-27M | |
| Interest Income | $4M | $7M | $6M | $3M | · | |
| Other Non-op | $-11.0K | $-1.0K | $-187.0K | $110.0K | $-172.0K | |
| Pretax Income | $-90M | $-91M | $-79M | $-65M | $-27M | |
| Income Tax | $49.0K | $-617.0K | $73.0K | $4M | $0 | |
| Net Income | $-90M | $-90M | $-79M | $-69M | $-27M | |
| EPS (Basic) | $-2.12 | $-2.85 | $-3.30 | $-4.42 | $-30.27 | |
| EPS (Diluted) | $-2.12 | $-2.85 | $-3.30 | $-4.42 | $-30.27 | |
| Shares (Basic) | 42,221,808 | 31,583,073 | 23,796,000 | 15,639,728 | 901,108 | |
| Shares (Diluted) | 42,221,808 | 31,583,073 | 23,796,000 | 15,639,728 | 901,108 | |
| EBITDA | $-92M | $-96M | $-84M | $-68M | · |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $61M | $49M | $81M | $182M | $133M | |
| Short-term Investments | $88M | $71M | $30M | $0 | · | |
| Prepaid Expense | $3M | $4M | $2M | $4M | $2M | |
| Current Assets | $151M | $124M | $113M | $186M | $140M | |
| PP&E (Net) | $2M | $4M | $5M | $3M | $636.0K | |
| PP&E (Gross) | $6M | $7M | $6M | $4M | $1M | |
| Accum. Depreciation | $4M | $3M | $2M | $389.0K | $430.0K | |
| Other Non-current Assets | $372.0K | $426.0K | $442.0K | $1M | $3M | |
| Total Assets | $174M | $151M | $143M | $217M | $144M | |
| Accounts Payable | $822.0K | $2M | $1M | $1M | $3M | |
| Accrued Liabilities | $9M | $12M | $14M | $12M | $7M | |
| Current Liabilities | $13M | $17M | $18M | $19M | $10M | |
| Capital Leases | $14M | $16M | $17M | $19M | · | |
| Total Liabilities | $26M | $32M | $35M | $38M | $11M | |
| Common Stock | $7.0K | $3.0K | $2.0K | $2.0K | · | |
| Retained Earnings | $-361M | $-271M | $-181M | $-103M | $-34M | |
| AOCI | $11.0K | $23.0K | $34.0K | $-81.0K | $17.0K | |
| Stockholders' Equity | $147M | $119M | $108M | $180M | $-32M | |
| Liabilities + Equity | $174M | $151M | $143M | $217M | $144M | |
| Shares Outstanding | 68,874,944 | 32,619,663 | 23,823,241 | 23,713,196 | 963,588 |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| D&A | $1M | $2M | $1M | $500.0K | $200.0K | |
| Stock-based Comp | $11M | $11M | $7M | $5M | $2M | |
| Other Non-cash | $-4M | $-5M | $1M | $5M | · | |
| Operating Cash Flow | $-82M | $-82M | $-69M | $-59M | $-23M | |
| CapEx | $264.0K | $497.0K | $3M | $4M | $500.0K | |
| Investing Cash Flow | $-15M | $-38M | $-32M | $-4M | $-500.0K | |
| Stock Issued | · | $10M | · | $114M | · | |
| Net Stock Activity | · | $10M | · | $114M | · | |
| Financing Cash Flow | $108M | $89M | $-189.0K | $112M | $148M | |
| Net Change in Cash | $11M | $-31M | $-101M | $49M | $125M | |
| Taxes Paid | $82.0K | $71.0K | $3M | · | · | |
| Free Cash Flow | $-82M | $-83M | $-72M | $-63M | · |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| ROA | -55.2% | -61.2% | -43.6% | -38.3% | · | |
| ROE | -82.0% | -70.3% | -67.1% | -37.1% | · | |
| ROIC | -63.5% | -81.8% | -78.2% | -40.2% | · |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Current Ratio | 11.9 | 7.4 | 6.4 | 9.9 | · | |
| Quick Ratio | 11.7 | 7.2 | 6.3 | 9.7 | · |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Book Value / Share | $2.14 | $3.64 | $4.55 | $7.58 | · | |
| Cash Flow / Share | $-1.93 | $-2.61 | $-2.90 | $-3.79 | · | |
| Cash / Share | $0.88 | $1.52 | $3.39 | $7.66 | · | |
| EPS (TTM) | $-2.12 | $-2.85 | $-3.30 | $-4.42 | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Net Income TTM | $-90M | $-90M | $-79M | $-69M | · | |
| Market Cap | $448M | $124M | $162M | $317M | · | |
| P/E | -3.1 | -1.3 | -2.1 | -3.0 | · | |
| P/B | 3.0 | 1.0 | 1.5 | 1.8 | · | |
| P / Tangible Book | 3.0 | 1.0 | 1.5 | 1.8 | · | |
| P / Cash Flow | -5.5 | -1.5 | -2.3 | -5.3 | · | |
| P / FCF | -5.5 | -1.5 | -2.3 | -5.0 | · | |
| Earnings Yield | -32.6% | -75.2% | -48.5% | -33.1% | · |
Income Statement
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| R&D Expense | $13M | $13M | $14M | $13M | $18M | $25M | $19M | $18M | $25M | $15M | $16M | $21M | $17M | $14M | $16M | $14M | |
| SG&A Expense | $6M | $6M | $6M | $5M | $6M | $6M | $5M | $5M | $5M | $5M | $5M | $4M | $4M | $4M | $4M | $3M | |
| Operating Expenses | $19M | $19M | $20M | $19M | $24M | $31M | $24M | $23M | $30M | $20M | $21M | $25M | $21M | $18M | $20M | $18M | |
| Operating Income | $-19M | $-19M | $-20M | $-19M | $-24M | $-31M | $-24M | $-23M | $-30M | $-20M | $-21M | $-25M | $-21M | $-18M | $-20M | $-18M | |
| Interest Income | $1M | $1M | $1M | $634.0K | $842.0K | $1M | $1M | $2M | $2M | $2M | $1M | $2M | $2M | $2M | $943.0K | $250.0K | |
| Other Non-op | $50.0K | $-56.0K | $-5.0K | $-6.0K | $3.0K | $-3.0K | $26.0K | $-39.0K | $-31.0K | $43.0K | $43.0K | $-88.0K | $-62.0K | $-80.0K | $4.0K | $76.0K | |
| Pretax Income | $-18M | $-18M | $-18M | $-18M | $-23M | $-30M | $-23M | $-21M | $-28M | $-18M | $-19M | $-23M | $-20M | $-16M | $-19M | $-17M | |
| Income Tax | $16.0K | $15.0K | $49.0K | $0 | $0 | $0 | $-617.0K | $0 | $0 | · | · | · | · | · | · | · | |
| Net Income | $-18M | $-18M | $-18M | $-18M | $-23M | $-30M | $-22M | $-21M | $-28M | $-18M | $-19M | $-23M | $-20M | $-16M | $-19M | $-17M | |
| EPS (Basic) | $-0.26 | $-0.26 | $0.02 | $-0.52 | $-0.70 | $-0.92 | $-0.69 | $-0.66 | $-0.87 | $-0.63 | $-0.81 | $-0.98 | $-0.82 | $-0.69 | $-0.79 | $-1.23 | |
| EPS (Diluted) | $-0.26 | $-0.26 | $0.02 | $-0.52 | $-0.70 | $-0.92 | $-0.69 | $-0.66 | $-0.87 | $-0.63 | $-0.81 | $-0.98 | $-0.82 | $-0.69 | $-0.79 | $-1.23 | |
| Shares (Basic) | 69,202,376 | 69,091,100 | · | 34,362,876 | 32,748,646 | 32,674,720 | · | 32,581,542 | 32,469,187 | 28,656,401 | · | 23,790,430 | 23,790,430 | 23,761,915 | 23,562,395 | 14,090,455 | |
| Shares (Diluted) | 69,202,376 | 69,091,100 | · | 34,362,876 | 32,748,646 | 32,674,720 | · | 32,581,542 | 32,469,187 | 28,656,401 | · | 23,790,430 | 23,790,430 | 23,761,915 | 23,562,395 | 14,090,455 | |
| EBITDA | $-19M | $-19M | · | $-18M | $-24M | $-31M | · | $-23M | $-30M | $-19M | · | $-24M | $-21M | $-18M | $-19M | $-18M |
Balance Sheet
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $23M | $42M | $61M | $143M | $35M | $44M | $49M | $42M | $66M | $134M | $81M | $130M | $147M | $165M | $196M | $219M | |
| Short-term Investments | $94M | $90M | $88M | $21M | $40M | $54M | $71M | $97M | $95M | $41M | $30M | · | · | · | · | · | |
| Prepaid Expense | $3M | $2M | $3M | $3M | $3M | $3M | $4M | $4M | $3M | $2M | $2M | $4M | $3M | $3M | $5M | $3M | |
| Current Assets | $120M | $134M | $151M | $166M | $77M | $101M | $124M | $142M | $165M | $178M | $113M | $133M | $150M | $168M | $204M | $226M | |
| PP&E (Net) | $1M | $2M | $2M | $2M | $2M | $4M | $4M | $4M | $4M | $4M | $5M | $5M | $5M | $5M | $3M | $3M | |
| PP&E (Gross) | $6M | $6M | $6M | $6M | $6M | $7M | $7M | $7M | $7M | $6M | $6M | $6M | $6M | $6M | $3M | $3M | |
| Accum. Depreciation | $4M | $4M | $4M | $4M | $3M | $3M | $3M | $3M | $2M | $2M | $2M | $1M | $871.0K | $540.0K | $245.0K | $415.0K | |
| Other Non-current Assets | $265.0K | $389.0K | $372.0K | $372.0K | $426.0K | $426.0K | $426.0K | $426.0K | $2M | $2M | $442.0K | $2M | $2M | $1M | $1M | $1M | |
| Total Assets | $141M | $156M | $174M | $190M | $102M | $127M | $151M | $170M | $194M | $207M | $143M | $164M | $182M | $201M | $208M | $231M | |
| Accounts Payable | $1M | $622.0K | $822.0K | $766.0K | $856.0K | $3M | $2M | $6M | $8M | $1M | $1M | $4M | $2M | $1M | $5M | $5M | |
| Accrued Liabilities | $5M | $5M | $9M | $9M | $12M | $15M | $12M | $8M | $11M | $7M | $14M | $14M | $12M | $13M | $11M | $15M | |
| Current Liabilities | $9M | $9M | $13M | $13M | $16M | $20M | $17M | $17M | $22M | $11M | $18M | $21M | $17M | $18M | $16M | $21M | |
| Capital Leases | $13M | $13M | $14M | $14M | $15M | $15M | $16M | $16M | $16M | $17M | $17M | $17M | $18M | $18M | · | · | |
| Total Liabilities | $22M | $22M | $26M | $27M | $31M | $36M | $32M | $33M | $38M | $28M | $35M | $38M | $35M | $36M | $16M | $21M | |
| Common Stock | $7.0K | $7.0K | $7.0K | $7.0K | $3.0K | $3.0K | $3.0K | $3.0K | $3.0K | $3.0K | $2.0K | $2.0K | $2.0K | $2.0K | $2.0K | $2.0K | |
| Retained Earnings | $-397M | $-379M | $-361M | $-343M | $-325M | $-302M | $-271M | $-249M | $-228M | $-200M | $-181M | $-162M | $-139M | $-119M | $-88M | $-69M | |
| AOCI | $-117.0K | $-59.0K | $11.0K | $-25.0K | $-43.0K | $-22.0K | $23.0K | $91.0K | $-75.0K | $-37.0K | $34.0K | $-57.0K | $13.0K | $-28.0K | $-130.0K | $-99.0K | |
| Stockholders' Equity | $120M | $134M | $147M | $163M | $71M | $92M | $119M | $137M | $155M | $179M | $108M | $126M | $147M | $165M | $193M | $210M | |
| Liabilities + Equity | $141M | $156M | $174M | $190M | $102M | $127M | $151M | $170M | $194M | $207M | $143M | $164M | $182M | $201M | $208M | $231M | |
| Shares Outstanding | · | · | 68,874,944 | · | · | · | 32,619,663 | · | · | · | 23,823,241 | · | · | · | · | · |
Cash Flow
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $300.0K | $300.0K | $400.0K | $300.0K | $300.0K | $400.0K | $300.0K | $400.0K | $400.0K | $400.0K | $400.0K | $300.0K | $300.0K | $200.0K | $100.0K | $100.0K | |
| Stock-based Comp | $3M | $3M | $2M | $2M | $2M | $3M | $3M | $3M | $3M | $2M | $2M | $2M | $2M | $1M | $1M | $1M | |
| Other Non-cash | · | $-4M | · | · | · | $3M | · | · | · | $-7M | · | · | · | $-651.0K | · | · | |
| Operating Cash Flow | $-16M | $-18M | $-16M | $-19M | $-24M | $-23M | $-19M | $-24M | $-16M | $-23M | $-19M | $-16M | $-17M | $-15M | $-21M | $-13M | |
| CapEx | $30.0K | $0 | $-1.0K | $97.0K | $43.0K | $125.0K | $228.0K | $185.0K | $31.0K | $53.0K | $184.0K | $225.0K | $1M | $1M | $430.0K | $609.0K | |
| Investing Cash Flow | $-4M | $-1M | $-66M | $19M | $15M | $17M | $27M | $-133.0K | $-53M | $-11M | $-30M | $-225.0K | $-1M | $-1M | $-430.0K | $-609.0K | |
| Stock Issued | $0 | $2M | · | $0 | $0 | $0 | $0 | $0 | $0 | $10M | · | · | · | · | $0 | · | |
| Net Stock Activity | · | $2M | · | · | · | $0 | · | · | · | $10M | · | · | · | · | · | · | |
| Financing Cash Flow | $-65.0K | $2M | $-171.0K | $108M | $98.0K | $0 | $128.0K | $327.0K | $1M | $87M | $26.0K | $-534.0K | $-19.0K | $130.0K | $-1M | $113M | |
| Net Change in Cash | $-19M | $-18M | $-82M | $108M | $-9M | $-6M | $7M | $-24M | $-68M | $53M | $-49M | $-17M | $-18M | $-16M | $-23M | $100M | |
| Taxes Paid | $49.0K | $0 | $-4.0K | $0 | $0 | $86.0K | $0 | $0 | $71.0K | $0 | · | · | · | · | · | · | |
| Free Cash Flow | · | $-18M | · | · | · | $-23M | · | · | · | $-23M | · | · | · | $-17M | · | · |
Profitability
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROA | -14.6% | -12.5% | · | -10.0% | -15.6% | -18.1% | · | -12.8% | -15.1% | -8.8% | · | -12.5% | -9.5% | -9.8% | -17.8% | -15.0% | |
| ROE | -18.7% | -15.7% | · | -12.0% | -20.4% | -22.3% | · | -16.2% | -18.7% | -10.5% | · | -14.6% | -10.9% | -28.3% | -19.3% | -16.5% | |
| ROIC | -15.9% | -14.1% | · | -11.4% | -33.6% | · | · | · | · | · | · | · | · | · | · | · |
Liquidity & Solvency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 13.4 | 15.0 | · | 13.1 | 4.7 | 4.9 | · | 8.5 | 7.5 | 15.8 | · | 6.4 | 8.9 | 9.3 | 13.2 | 11.0 | |
| Quick Ratio | 13.0 | 14.8 | · | 12.9 | 4.6 | 4.8 | · | 8.3 | 7.3 | 15.6 | · | 6.2 | 8.7 | 9.2 | 12.6 | 10.6 |
Per Share
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow / Share | · | $-0.27 | · | · | · | $-0.70 | · | · | · | $-0.79 | · | · | · | $-0.65 | · | · | |
| EPS (TTM) | $-1.02 | $-1.46 | · | $-2.83 | $-2.97 | $-3.14 | · | $-2.97 | $-3.29 | $-3.24 | · | · | · | · | $-28.71 | $-36.99 |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Income TTM | $-72M | $-77M | · | $-94M | $-97M | $-102M | · | $-87M | $-89M | $-80M | · | · | · | · | $-61M | $-51M | |
| P/E | -1.8 | -1.2 | · | -1.6 | -0.4 | -0.4 | · | -2.9 | -4.9 | -4.5 | · | · | · | · | -0.3 | -0.3 | |
| Earnings Yield | -56.7% | -82.5% | · | -61.3% | -267.6% | -223.5% | · | -34.7% | -20.6% | -22.0% | · | · | · | · | -316.2% | -372.5% |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Net Income | $-90M | $-90M | $-79M | $-69M | $-27M |
| Diluted EPS | $-2.12 | $-2.85 | $-3.30 | $-4.42 | $-30.27 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Current Ratio | 11.9 | 7.4 | 6.4 | 9.9 | · |
| Quick Ratio | 11.7 | 7.2 | 6.3 | 9.7 | · |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $-82M | $-83M | $-72M | $-63M | · |
Institutional owners (13F) 79 filers · $107.0M total · As of Sept. 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Holders
79
Value held
$107.0M
New positions
6
Exited positions
28
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 6 (-25 vs prior Q) | 28 (+10 vs prior Q) | 21 (-8 vs prior Q) | 28 (+1 vs prior Q) | -4.9M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| RA CAPITAL MANAGEMENT, L.P. | $36,116,181 | 20,064,545 | 33.77% | Shares |
| VANGUARD GROUP INC | $14,405,549 | 2,212,834 | 13.47% | Shares |
| Commodore Capital LP | $8,055,000 | 4,475,000 | 7.53% | Shares |
| VIKING GLOBAL INVESTORS LP | $6,268,381 | 3,482,434 | 5.86% | Shares |
| Laurion Capital Management LP | $4,951,539 | 2,750,855 | 4.63% | Shares |
| ADAR1 Capital Management, LLC | $4,663,953 | 2,591,085 | 4.36% | Shares |
| Vivo Capital, LLC | $4,185,000 | 2,325,000 | 3.91% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $3,484,656 | 1,935,920 | 3.26% | Shares |
| MILLENNIUM MANAGEMENT LLC | $3,216,177 | 1,786,765 | 3.01% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $2,736,443 | 1,520,246 | 2.56% | Shares |
| BlackRock, Inc. | $2,347,672 | 1,304,262 | 2.20% | Shares |
| MARSHALL WACE, LLP | $1,560,585 | 866,992 | 1.46% | Shares |
| CITADEL ADVISORS LLC | $1,185,086 | 658,381 | 1.11% | Shares |
| AWM Investment Company, Inc. | $1,080,000 | 600,000 | 1.01% | Shares |
| MONIMUS CAPITAL MANAGEMENT, LP | $1,057,838 | 587,688 | 0.99% | Shares |
| Squarepoint Ops LLC | $952,349 | 529,083 | 0.89% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $942,806 | 523,473 | 0.88% | Shares |
| Creek Drive Management Group LLC | $810,000 | 450,000 | 0.76% | Shares |
| Ikarian Capital, LLC | $804,897 | 447,165 | 0.75% | Shares |
| DIADEMA PARTNERS LP | $671,911 | 373,284 | 0.63% | Shares |
| BOOTHBAY FUND MANAGEMENT, LLC | $659,054 | 366,141 | 0.62% | Shares |
| Rosalind Advisors, Inc. | $630,000 | 350,000 | 0.59% | Shares |
| Driehaus Capital Management LLC | $503,836 | 279,909 | 0.47% | Shares |
| Boxer Capital Management, LLC | $491,206 | 272,892 | 0.46% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $470,657 | 261,476 | 0.44% | Shares |
| XTX Topco Ltd | $441,625 | 245,347 | 0.41% | Shares |
| STATE STREET CORP | $412,902 | 229,390 | 0.39% | Shares |
| Artia Global Partners LP | $369,583 | 205,324 | 0.35% | Shares |
| JANE STREET GROUP, LLC | $310,342 | 172,412 | 0.29% | Shares |
| GOLDMAN SACHS GROUP INC | $302,598 | 168,110 | 0.28% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $201,728 | 112,071 | 0.19% | Shares |
| UBS Group AG | $199,211 | 110,673 | 0.19% | Shares |
| NORTHERN TRUST CORP | $177,728 | 98,738 | 0.17% | Shares |
| Qube Research & Technologies Ltd | $177,446 | 98,581 | 0.17% | Shares |
| RBF Capital, LLC | $171,076 | 95,042 | 0.16% | Shares |
| Persistent Asset Partners Ltd | $171,005 | 95,003 | 0.16% | Shares |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $168,660 | 93,700 | 0.16% | Shares |
| Cubist Systematic Strategies, LLC | $141,695 | 30,670 | 0.13% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $135,749 | 75,416 | 0.13% | Shares |
| TWO SIGMA ADVISERS, LP | $135,447 | 20,806 | 0.13% | Shares |
| Rangeley Capital, LLC | $126,000 | 70,000 | 0.12% | Shares |
| Verdad Advisers, LP | $120,384 | 66,880 | 0.11% | Shares |
| TWO SIGMA INVESTMENTS, LP | $119,282 | 66,268 | 0.11% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $97,319 | 54,113 | 0.09% | Shares |
| MORGAN STANLEY | $87,916 | 48,842 | 0.08% | Shares |
| AMERICAN CENTURY COMPANIES INC | $76,682 | 42,601 | 0.07% | Shares |
| Quadrature Capital Ltd | $73,685 | 40,936 | 0.07% | Shares |
| Point72 Asset Management, L.P. | $71,496 | 39,720 | 0.07% | Shares |
| Rathbones Group PLC | $57,605 | 32,003 | 0.05% | Shares |
| READYSTATE ASSET MANAGEMENT LP | $51,082 | 28,379 | 0.05% | Shares |
Activists & 5%+ owners 1 position
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| RA Capital Management, L.P., Peter Kolchinsky, Rajeev Shah, RA Capital Healthcare Fund, L.P. ×5 filings | Sept. 30, 2025 | 29.20% | Amendment | · | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
Company insiders 19 insiders · 10 officers · 9 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| James G Mcarthur | President and CEO | March 4, 2026 S | 296,326 | 0 | 2 | $-32,875 |
| Noel Donnelly | Chief Financial Officer | March 4, 2026 S | 111,603 | 0 | 2 | $-12,988 |
| Kasra Kasraian | Chief Technical Officer | May 21, 2026 S | 50,074 | 0 | 1 | $-1,739 |
| Paul Streck | EVP, Head of R&D | March 4, 2026 S | 76,226 | 0 | 2 | $-11,709 |
| Joseph Vittiglio | Chief Business & Legal Officer | March 1, 2026 A | 65,717 | 0 | 0 | $0 |
| Mary Beth Delena | General Counsel | March 3, 2025 A | 14,968 | 0 | 0 | $0 |
| Michelle L Mellion | Chief Medical Officer | July 25, 2024 M | 0 | 0 | 0 | $0 |
| Niels Svenstrup | SVP, Chem. Mfg & Controls | May 17, 2024 S | 0 | 0 | 0 | $0 |
| Jaya Goyal | EVP, Res. & Preclin. Dev. | March 24, 2023 M | 0 | 0 | 0 | $0 |
| Sonia Bracegirdle | Sr. VP Strategy & Operations | May 6, 2022 A | · | 0 | 0 | $0 |
| Lisa Wyman | Director | June 18, 2026 A | · | 0 | 0 | $0 |
| Howard Mayer | Director | June 18, 2026 A | · | 0 | 0 | $0 |
| Joshua Resnick | Director | June 18, 2026 A | · | 0 | 0 | $0 |
| Habib J Dable | Director | June 18, 2026 A | · | 0 | 0 | $0 |
| Laurie Keating | Director | June 18, 2026 A | 4,166 | 0 | 0 | $0 |
| Mitchell H. Finer | Director | June 18, 2026 A | · | 0 | 0 | $0 |
| Heidi Henson | Director | June 18, 2026 A | · | 0 | 0 | $0 |
| Christopher Ashton | Director | June 20, 2024 A | · | 0 | 0 | $0 |
| Oxford Sciences Innovation plc | · | Sept. 30, 2025 P | 4,955,388 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 6 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| IBRN · iShares Trust | 0.19% | 4,634 SH | Sept. 11, 2026 | Daily |
| IWC · iShares Trust | 0.03% | 139,850 SH | Sept. 11, 2026 | Daily |
| IBB · iShares Trust | 0.01% | 477,680 SH | Sept. 11, 2026 | Daily |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.01% | 5,203 SH | Oct. 22, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.00% | 480,909 SH | Aug. 19, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 1,408,449 SH | Aug. 19, 2026 | Daily |
PEPG Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
rating · 14 analysts
BUY
Median target
$10.50
+315.8%
7 50.0%
Strong Buy
5 35.7%
Buy
1 7.1%
Hold
1 7.1%
Sell
0 0.0%
Strong Sell
12-Month Price Target
8 analysts · 2026-10-28Mean target $10.19 +303.5%
Now
Current price $2.52
Low$2.50
Mean$10.19
High$20.00
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| PEPG | $448M | -3.1 | · | · | -82.0% | · |
| EVMN | $540M | -1.5 | 85.7% | -529.8% | -401.2% | · |
| RNA | $10.91B | -14.5 | 72.1% | -3650.4% | -47.5% | · |
| AKBA | $427M | -80.5 | 47.5% | -2.3% | -17.3% | · |
| WHWK | $114M | -7.3 | -72.5% | -288.3% | -13.4% | · |
| YARW | · | · | · | · | · | · |
| XGN | $139M | -6.5 | 19.7% | -30.0% | -103.7% | 58.3% |
| SION | $1.84B | -21.9 | · | · | -23.4% | · |
| IVVD | $697M | -8.2 | 110.5% | -98.2% | -36.9% | · |
| TRDA | $394M | -3.0 | -87.9% | -565.5% | -41.9% | · |
| CHRS | $172M | 1.0 | 59.8% | 398.4% | 185.8% | · |
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Source: SEC 10-Q filed Aug 6, 2026