Assay

Financial-condition grades for SEC filers

Company Report · as of Oct 9, 2026

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MethodCoverageAbout
PepGen Inc.PEPG · healthcare
GradeNonecomputable_factors_below_threshold: 6 of 14 inputs computable; 7 are required
Reliability0.87 AUCfailure model, filers with $120M to $591M assets; 95% interval 0.83 to 0.90; 206 events, 2020 to 2025
Peer failure rate1.03% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025
Size band$120M to $591M assetstotal assets $173.9M[1]
Warningsdilution, short runway, thin datanot computable: degenerate inputs, fortress balance sheet
Inputs computable6 of 14
Graded fromfilings received through Mar 4, 2026219 days before the rescan; every figure keyed to the SEC receipt date
Last close$2.382026-10-08; market equity $164.5M; iex feed
Price used in gradeNone
Share price, twelve months to the rescansplit-adjusted close; a lollipop at every rescan carries the letter held then; baseline ticks are SEC receipt dates of the inputs; ranges and dragging scroll the full history
$5NovDecJanFebMarAprMayJunJulAugSepOct$2.38
ABCDE20132014201520162017201820192020202120222023202420252026

Percentile at every rescan on file, Jan 21, 2012 to Oct 9, 2026; stronger toward the top. Hover for the date.

Open this report as it stood on

Letter setLetterPercentileBand
Jan 21, 2012nonen/a
Apr 21, 2023nonen/aQ3

Each date opens the report as it stood on that rescan.

Business, in the company's words. Opening of Item 1 of the 10-K received Mar 4, 2026; the document on sec.gov.

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, or CPPs, to improve the uptake and activity of conjugated oligonucleotide therapeutics.

Warnings [top]

Dilution. split-adjusted year-over-year share growth is 111.4%[2-3]
Short runway. cash runway is 3.9 months[4]
Thin data. 6 of 14 grade factors are computable; minimum is 7

7 checks ran; none of them enters the letter. The checks are listed on the warnings screen.

The Fourteen Inputs [top]

Lower percentile is stronger. Source numbers open the SEC filing; a range that spans filings opens the sources table.

InputPercentile, 0 to 100ValueSourcePeer medianPercentilePeersPeriod end
Profitability, sleeve percentile 61.7
Gross profitabilitynot computable32.2%
one or more required annual facts are missing
Return on invested capitalnot computable9.3%
one or more required annual facts are missing
Accruals ratio(4.9%)[1,5-7](6.6%)61.78112025-12-31
Gross margin stability, five yearsnot computable2.8 pts
five annual gross margins are required; found 0
Solvency, sleeve percentile 39.6
Twelve-month failure probability0.21%0.07%72.12482026-06-30
Altman Z double-prime0.68[1,8-13](0.31)34.67562025-12-31
Net debt to EBITDAnot computable1.82x
one or more required annual facts are missing
Interest coveragenot computable(4.51x)
one or more required annual facts are missing
Current ratio11.94x[8-9]2.96x12.38392025-12-31
Growth and financing, sleeve percentile 74.3
Revenue growth, three-year compoundnot computable10.0%
four annual observations are required; found 0
Free cash flow growth, three-year compoundnot computable10.9%
current FCF must be positive and base FCF must exceed $100,000
Reinvestment ratenot computable37.1%
pretax income must exceed the validity floor and imply a 0%-100% tax rate
Asset growth, three years(7.2%)[1,7,14-15]2.1%64.77042025-12-31
Net share issuance, one year111.4%[2-3]2.5%83.96342026-02-26

Gross profitability. Revenue less cost of goods sold, over total assets.

Accruals ratio. Net income less operating cash flow, over average assets; lower is stronger.

Gross margin stability, five years. Standard deviation of gross margin; lower is stronger.

Twelve-month failure probability. CHS model; lower is stronger.

Net debt to EBITDA. Lower is stronger.

Net share issuance, one year. Split-adjusted; lower is stronger.

Among 371 Peers [top]

What the Price Implies [top]

Market measures at the 2026-10-08 close. None enters the grade. Percentile among graded peers with the same measure.

MeasureValuePeer medianPercentileReading
Twelve-month price change, skipping the latest month(35.3%)8.0%21hotter than 21 of 100 peers
Distance from 52-week high(66.8%)(31.4%)13closer to its high than 13 of 100 peers
EBIT to enterprise valuenot computable(1.5%)required accounting or market input is missing
Free cash flow yield(49.7%)(1.0%)12pricier than 88 of 100 peers
Book value to price0.730.2878pricier than 22 of 100 peers
Sales to pricenot computable0.31required accounting or market input is missing
Composite equity issuance, five yearsnot computable20.3%a share count from five years earlier is required
Relative strength against the sector, log excess return(0.65)(0.14)21ahead of 21 of 100 peers

Inputs: market equity $164.8M; EBIT -$93.6M; free cash flow -$81.9M; book equity $119.5M; cash $22.8M[16].

Diagnostics [top]

Diagnostics do not feed the grade.

Piotroski F-score: None of 9, period end 2025-12-31
Return on assets above zero(59.4%)✗ fail[5,7]
Operating cash flow above zero-$81.6M✗ fail[6]
Return on assets improved3.5 pts✓ pass[5,7,14,17]
Operating cash flow exceeds net income$8.0M✓ pass[5-6]
Long-term leverage felln/a[1,7,14]
Current ratio improved452.5 pts✓ pass[8-9,18-19]
No new shares issued111.4%✗ fail[2-3]
Gross margin improvedn/a
Asset turnover improvedn/a[7,14]
Cash, filings, liquidity
Cash and equivalents$22.8M[4]
Operating cash flow, four quarters-$69.3M[4,6,20-23]
Months of runway3.9
Late filings, two years0
NT 10-K or NT 10-Q
Days since last periodic filing64
10-Q received Aug 6, 2026
Median daily dollar volume$1.7M
63 sessions
Days since newest grade input219

Downloads [top]

Sources [top]

Every citation on this page. Filing opens the SEC index page for that submission; viewer opens the SEC interactive data for the same filing; series opens the SEC XBRL API record for that tag and company.

#ConceptXBRL tagValuePeriod endReceivedFormLinks
1assetsus-gaap:Assets$173.9M2025-12-312026-03-0410-Kfiling · viewer · series
2shares outstandingdei:EntityCommonStockSharesOutstanding69,115,2922026-02-262026-03-0410-Kfiling · viewer · series
3shares outstandingdei:EntityCommonStockSharesOutstanding32,692,3882025-02-182025-02-2410-Kfiling · viewer · series
4cashus-gaap:CashAndCashEquivalentsAtCarryingValue$22.8M2026-06-302026-08-0610-Qfiling · viewer · series
5net incomeus-gaap:NetIncomeLoss-$89.7M2025-12-312026-03-0410-Kfiling · viewer · series
6operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$81.6M2025-12-312026-03-0410-Kfiling · viewer · series
7assetsus-gaap:Assets$150.9M2024-12-312026-03-0410-Kfiling · viewer · series
8current assetsus-gaap:AssetsCurrent$151.0M2025-12-312026-03-0410-Kfiling · viewer · series
9current liabilitiesus-gaap:LiabilitiesCurrent$12.6M2025-12-312026-03-0410-Kfiling · viewer · series
10retained earningsus-gaap:RetainedEarningsAccumulatedDeficit-$361.1M2025-12-312026-03-0410-Kfiling · viewer · series
11operating incomeus-gaap:OperatingIncomeLoss-$93.6M2025-12-312026-03-0410-Kfiling · viewer · series
12book equityus-gaap:StockholdersEquity$147.4M2025-12-312026-03-0410-Kfiling · viewer · series
13liabilitiesus-gaap:Liabilities$26.5M2025-12-312026-03-0410-Kfiling · viewer · series
14assetsus-gaap:Assets$143.1M2023-12-312025-02-2410-Kfiling · viewer · series
15assetsus-gaap:Assets$217.4M2022-12-312024-03-2910-K/Afiling · viewer · series
16shares outstandingdei:EntityCommonStockSharesOutstanding69,259,5172026-08-022026-08-0610-Qfiling · viewer · series
17net incomeus-gaap:NetIncomeLoss-$90.0M2024-12-312026-03-0410-Kfiling · viewer · series
18current assetsus-gaap:AssetsCurrent$123.8M2024-12-312026-03-0410-Kfiling · viewer · series
19current liabilitiesus-gaap:LiabilitiesCurrent$16.7M2024-12-312026-03-0410-Kfiling · viewer · series
20operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$34.2M2026-06-302026-08-0610-Qfiling · viewer · series
21operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$18.4M2026-03-312026-05-1210-Qfiling · viewer · series
22operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$65.8M2025-09-302025-11-1210-Qfiling · viewer · series
23operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$46.5M2025-06-302026-08-0610-Qfiling · viewer · series

Limitations [top]

Peer group. Sector assignment from four-digit SIC codes, hand-tuned and published. The grade under three alternative peer policies is tabled above.

Size. Within a sector the letter tracks size. Among graded filers in the smallest asset band, 72% grade E and 0% grade A; in the largest, 13% grade E and 21% grade A. Universe as of Oct 9, 2026.

Failure model. filings 2012-01-01 to 2019-12-31 fit, filings 2020-01-01 to 2025-12-31 test; status post hoc pending confirmation. pre-registered on 2026 filings once their 12-month outcome windows close; supported if the paired per-quintile gain over the pooled model has a lower bound above 0.05.

Input validity. Revenue or total assets at or below $100,000 sets the degenerate-inputs flag. An input whose denominator is at or below $100,000 is left not computable rather than ranked.

Returns. No input on this page has a post-2015 confidence interval on returns that excludes zero. The grade ranks reported financial condition and is not a return forecast.

Informational and educational only. Not investment advice. SEC and market data may contain errors.

If you have any comments about this page, the methodology and every line of code that produced it are in the public repository. However, due to the limited number of personnel, we are unable to provide a direct response.

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Source
GitHub · ezrakruger.cc
Photographs from Wikimedia Commons

bull: Raphael Schön from Vienna, Austria, CC BY 2.0; bear: U. S. Fish and Wildlife Service - Northeast Region, Public domain; elk: Oregon Department of Fish & Wildlife, Public domain; tortoise: NPS, Public domain; sloth: Charles J. Sharp, CC BY-SA 3.0; fox: Cp9asngf, CC BY-SA 4.0; sector-business_equipment: Sangitiana Fararano, CC BY-SA 2.0; sector-healthcare: User:Squidonius, myself, and User:Beliason (assumed)., CC BY-SA 4.0; sector-manufacturing: unknown, CC BY-SA 2.0; sector-shops: Wilfredor, CC BY-SA 4.0; sector-consumer_nondurables: Nielsoncaetanosalmeron, CC BY 4.0; sector-utilities: Lijovklm, CC BY-SA 4.0; sector-consumer_durables: Stilfehler, CC BY-SA 4.0; sector-chemicals: PEO ACWA, CC BY 2.0; sector-energy: Arne Hückelheim, CC BY-SA 3.0; sector-telecom: Wikideas1, CC0; sector-other: Downtowngal, CC BY-SA 4.0.

Updated Oct 9, 2026