PepGen Inc. Files 2023 Annual Report on Form 10-K

Ticker: PEPG · Form: 10-K · Filed: Mar 6, 2024 · CIK: 1835597

Pepgen Inc. 10-K Filing Summary
FieldDetail
CompanyPepgen Inc. (PEPG)
Form Type10-K
Filed DateMar 6, 2024
Risk Levelmedium
Pages15
Reading Time18 min
Key Dollar Amounts$0.0001
Sentimentneutral

Sentiment: neutral

Topics: 10-K, PepGen, Pharmaceuticals, Financial Report, SEC Filing

TL;DR

<b>PepGen Inc. filed its 2023 10-K, outlining key agreements, financial data, and significant dates.</b>

AI Summary

PepGen Inc. (PEPG) filed a Annual Report (10-K) with the SEC on March 6, 2024. PepGen Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The filing details various agreements including a Services Agreement with Carnot Pharma LLC and a Technology License Agreement with Oxford University Innovation Limited. Key dates mentioned include the IPO on May 10, 2022, and subsequent events like an At-the-Market Equity Offering on February 5, 2024. The report covers financial data for the fiscal year 2023, including common stock and retained earnings. PepGen Inc. is incorporated in Delaware and operates in the Pharmaceutical Preparations industry (SIC 2834).

Why It Matters

For investors and stakeholders tracking PepGen Inc., this filing contains several important signals. This 10-K provides a comprehensive overview of PepGen's operational and financial status for 2023, including details on licensing and service agreements crucial for its drug development pipeline. Investors can assess the company's financial health, corporate structure, and strategic partnerships, which are vital for understanding its future growth prospects and potential risks.

Risk Assessment

Risk Level: medium — PepGen Inc. shows moderate risk based on this filing. The company is in the pharmaceutical preparations industry, which is subject to significant regulatory oversight, lengthy development cycles, and substantial R&D investment, posing inherent risks to financial performance and market success.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand PepGen's current financial position and future outlook.

Key Numbers

  • 2023-12-31 — Fiscal Year End (Report period)
  • 2024-03-06 — Filing Date (Date of submission)
  • 2022-05-10 — IPO Date (Initial Public Offering)
  • 2024-02-05 — At-the-Market Equity Offering (Subsequent event)

Key Players & Entities

  • PepGen Inc. (company) — Filer name
  • Carnot Pharma LLC (company) — Party to a Services Agreement
  • Oxford University Innovation Limited (company) — Party to a Technology License Agreement
  • 2023-12-31 (date) — Fiscal year end
  • 2024-03-06 (date) — Filing date
  • 2022-05-10 (date) — IPO date
  • 2024-02-05 (date) — At-the-Market Equity Offering date
  • Boston (location) — Business address city

FAQ

When did PepGen Inc. file this 10-K?

PepGen Inc. filed this Annual Report (10-K) with the SEC on March 6, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by PepGen Inc. (PEPG).

Where can I read the original 10-K filing from PepGen Inc.?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by PepGen Inc..

What are the key takeaways from PepGen Inc.'s 10-K?

PepGen Inc. filed this 10-K on March 6, 2024. Key takeaways: PepGen Inc. filed its 10-K report for the fiscal year ending December 31, 2023.. The filing details various agreements including a Services Agreement with Carnot Pharma LLC and a Technology License Agreement with Oxford University Innovation Limited.. Key dates mentioned include the IPO on May 10, 2022, and subsequent events like an At-the-Market Equity Offering on February 5, 2024..

Is PepGen Inc. a risky investment based on this filing?

Based on this 10-K, PepGen Inc. presents a moderate-risk profile. The company is in the pharmaceutical preparations industry, which is subject to significant regulatory oversight, lengthy development cycles, and substantial R&D investment, posing inherent risks to financial performance and market success.

What should investors do after reading PepGen Inc.'s 10-K?

Review the detailed financial statements and risk factors in the 10-K to understand PepGen's current financial position and future outlook. The overall sentiment from this filing is neutral.

Key Dates

  • 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
  • 2024-03-06: Filing Date — Date PepGen Inc. submitted its 10-K.
  • 2022-05-10: IPO Date — Date of the company's Initial Public Offering.
  • 2024-02-05: At-the-Market Equity Offering — A significant subsequent event related to equity financing.

Filing Stats: 4,448 words · 18 min read · ~15 pages · Grade level 16.5 · Accepted 2024-03-06 16:23:31

Key Financial Figures

  • $0.0001 — ch registered Common stock, par value $0.0001 per share PEPG Nasdaq Global Select

Filing Documents

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 50 Item 1B. Unresolved Staff Comments 107 Item 1C. Cybersecurity 107 Item 2.

Properties

Properties 108 Item 3.

Legal Proceedings

Legal Proceedings 108 Item 4. Mine Safety Disclosures 108 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 109 Item 6. [Reserved] 109 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 110 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 118 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 118 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 118 Item 9A.

Controls and Procedures

Controls and Procedures 118 Item 9B. Other Information 119 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 119 PART III Item 10. Directors, Executive Officers and Corporate Governance 120 Item 11.

Executive Compensation

Executive Compensation 120 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 120 Item 13. Certain Relationships and Related Transactions, and Director Independence 120 Item 14. Principal Accounting Fees and Services 120 PART IV Item 15. Exhibits, Financial Statement Schedules 121 Item 16. Form 10-K Summary 124 i SPECIAL NOTE REGARDING FORWARD LOOKING STATEMENTS This Annual Report on Form 10-K, or 10-K, contains express or implied forward-looking statements that are based on our management's belief and assumptions and on information currently available to our management and that are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, or the or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. Although we believe that the expectations reflected in these forward-looking statements are reasonable, these statements relate to future events or our future operational or financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Forward-looking statements in this 10-K include, but are not limited to, statements about: the initiation, timing, progress, results, and cost of our research and development programs and our current and future preclinical studies and clinical trials, including statements regarding the timing of initiation and completion of studies or trials and related preparatory work, and the period during which the results of our clinical trials will become available; our ability to efficiently develop our existing product candidates and discover new product candidates; our ability to successfully manufacture our investigational drug substances and drug product for prec

B usiness

Item 1. B usiness. Overview PepGen Inc. (also referred to as "PepGen," "we," "our" or "us") is a clinical-stage biotechnology company advancing the next generation of oligonucleotide therapeutics with the goal of transforming the treatment of severe neuromuscular and neurologic diseases. Our proprietary Enhanced Delivery Oligonucleotide, or EDO, platform is founded on over a decade of research and development and leverages cell-penetrating peptides to improve the uptake and activity of conjugated oligonucleotide therapeutics. Our EDO peptides are engineered to optimize tissue penetration, cellular uptake and nuclear delivery, and in preclinical studies we have observed their ability to transport oligonucleotides into a broad range of target tissues, including smooth, skeletal, and cardiac muscle. We have demonstrated robust delivery and activity of oligonucleotides to skeletal muscle in a clinical trial. Furthermore, the high levels of pharmacological activity observed in preclinical and clinical studies support our belief that our EDO platform technology has the potential to deliver therapeutic agents to the nucleus of the target cells. Using these EDO peptides, we are generating a pipeline of oligonucleotide product candidates that target the root cause of serious diseases. We are initially focused on addressing the underlying cause of Duchenne muscular dystrophy, or DMD, and myotonic dystrophy type 1, or DM1, that have high unmet need. Our current pipeline depicted below consists of two clinical stage programs - PGN-EDO51 for DMD patients who are amenable to exon 51-skipping and PGN-EDODM1 for DM1 patients, and three additional preclinical stage programs. We anticipate expanding this pipeline over time to include other neuromuscular targets as well as potential opportunities in neurologic diseases. PGN-EDO51 We completed a first-in-human Phase 1 clinical trial in healthy volunteers, or HVs, with our lead product candidate, PGN-EDO51, in the third quarte

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