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PepGen

PEPG on Nasdaq. PepGen develops experimental drugs for inherited muscle and nerve diseases; none are sold. Market value $163m.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Health care stocks that passed both tests

This is not advice. Check the numbers below.

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Cash yield
past 12 months to June 2026
-43.4%low

For every $100 of what the whole company costs, it produced $-43.42 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
-111.6%five-year median

Each dollar kept in the business earns -112 cents a year. Above 10 is good.

Quality score: 40 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.

$2.31 a share, 76% above its 1-year low

Over the past year the price has ranged from $1.31 to $7.80.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

-0.1
-0.1
-0.1
-0.1
-0.1
202220232024202512 monthsto Jun '26
Revenue
n/an/an/an/a
Operating margin
n/an/an/an/a
Debt to equity
0.000.000.000.00
Shares outstanding
0.02bn0.03bn0.07bn0.07bn

Health checks

  • Free cash flow positive0 of 4 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)Not enough data
  • Profit backed by cash (accruals)Yes
  • Debt0.00× equity
  • Revenue growth, five yearsUnknown
  • Buying back its own sharesNo, 191% more shares since 2022

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • A loss of $18 million, compared with a loss of $23 million a year ago.
  • Over the past 12 months it spent $69 million more cash than it brought in, compared with $91 million a year earlier.
  • 111% more shares than a year ago. Each share owns a bit less of the company.
  • It has $23 million more cash than debt, down from $35 million a year ago.
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$21m
December 2024-$22m
March 2025-$30m
June 2025-$23m
September 2025-$18m
December 2025-$18m
March 2026-$18m
June 2026-$18m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
4 March 2026
Next quarterly (estimated, 10-Q)
5 November 2026

Who owns it

1 long-term investor we follow owns it, unchanged from 1 last quarter. 72 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

6 investors own more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 4 sold $59,312.

  • Kasraian Kasra
    Chief Technical Officer
    Sold
    Date
    21 May 2026
    Shares
    1,233
    Price
    $1.41
    Value
    $1,739
  • STRECK PAUL
    EVP, Head of R&D
    Sold
    Date
    4 March 2026
    Shares
    1,879
    Price
    $6.23
    Value
    $11,709
  • Donnelly Noel
    Chief Financial Officer
    Sold
    Date
    4 March 2026
    Shares
    2,084
    Price
    $6.23
    Value
    $12,989
  • McArthur James G
    President and CEO, Director
    Sold
    Date
    4 March 2026
    Shares
    5,275
    Price
    $6.23
    Value
    $32,876

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 4 Mar 2026, plus the 10-Q filed 6 Aug 2026 and 5 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.