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PepGen Inc. (PEPG-0.48%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a net loss of $21,384,000, compared to $23,290,000 in the same quarter the previous year. The decrease in net loss is attributed to a reduction in research and development expenses.
Research and development expenses were $17,722,000 for the quarter, down from $20,540,000 in the previous year. The decrease is primarily due to lower manufacturing costs and preclinical expenses.
General and administrative expenses increased to $5,449,000 from $4,240,000, driven by higher personnel-related costs, including stock-based compensation.
Interest income for the quarter was $1,826,000, up from $1,578,000 in the previous year, reflecting higher interest rates.
PepGen had cash, cash equivalents, and marketable securities of $138.9 million as of September 30, 2024. The company believes this will be sufficient to fund its operations into 2026.
The filing details ongoing clinical trials, including the CONNECT1 and CONNECT2 Phase 2 studies for PGN-EDO51 in DMD patients, and the FREEDOM Phase 1 and FREEDOM2 Phase 2 studies for PGN-EDODM1 in DM1 patients.
PepGen continues to focus on advancing its clinical-stage programs and expanding its pipeline to include additional neuromuscular and neurologic targets.
The company is dependent on third-party manufacturers and CROs for the production and testing of its product candidates, which poses risks related to supply chain disruptions and regulatory compliance.
PepGen's ability to commercialize its product candidates is contingent on obtaining regulatory approvals and establishing sales, marketing, and distribution capabilities.
The filing also highlights potential risks related to competition, intellectual property, and changes in tax laws, which could impact the company's financial condition and results of operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the PepGen Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.