The following is a summary of the PepGen, Inc. (PEPG) Q4 2023 Earnings Call Transcript:

Financial Performance:

• PepGen finished 2023 with $110.4 million in cash and cash equivalents, a significant decrease from $181.8 million at the end of 2022.

• The company raised approximately $80 million from selling 7.53 million common shares in February 2024, expected to extend operational funding into 2026.

• For Q4 2023 and full year 2023, PepGen incurred net losses of $19.5 million and $78.6 million respectively.

• Q4 and full year 2023 R&D expenses were $16.3 million and $68.1 million respectively mostly due to the advancement of PGN-ED051 and PGN-EDODM1 programs.

• General and administrative expenses crossed $4.5 million for Q4 2023 and $16.6 million for the full 2023 year, primarily due to increased personnel-related costs.

Business Progress:

• PepGen has initiated clinical trials named CONNECT1, CONNECT2 and FREEDOM-DM1 focusing on DMD and DM1 patients.

• The MHRA has authorized PepGen to initiate CONNECT2 in the UK, with plans to expand the study to the EU and the US later this year.

• The first-stage enrollment for 5mg per kg dose trials for their lead clinical program, PGN-EDO51, was completed and will progress to a second cohort at 10mg per kg, with results anticipated for mid-2024.

• The PGN-EDODM1 program, meant to treat Myotonic Dystrophy Type 1, recently received FDA clearance. Preliminary data from the FREEDOM-DM1 trial is expected in the second half of 2024.

• Preclinical program PGN-EDO53, targeted at approximately 8% of patients with DMD, is expected to reach IND and CTA-enabling studies in 2024.

More details: PepGen IR

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