MeritValue

PepGen Inc.

PEPGdata completeness 75%5 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

PepGen Inc. earns about -136% on invested capital, but has diluted owners by 4586% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue—————
Net income−$27.3M1−$69.1M2−$78.6M3−$90M4−$89.7M4
Operating cash flow−$22.6M5−$59.3M6−$69M7−$82.4M8−$81.6M8
Capital expenditure$500,0009$3.76M10$2.6M11$497,00012$264,00012
Free cash flow (derived)−$23.1M5−$63M6−$71.6M7−$82.9M8−$81.9M8
Total debt—————
Cash & equivalents$132.9M13$181.8M14$80.8M15$49.4M16$60.5M16
Diluted shares901,10815.6M23.8M31.6M42.2M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$34.92
your share of equity
Profit it earned you last year
−$21.23
Free cash flow it threw off
−$19.4
Debt you’d be carrying
—

10 shares is a claim on $34.92 of net worth that earned you −$21.23 and generated −$19.4 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-136% avg · 5y
FY21 —FY22 —FY23 -224%FY24 -103%FY25 -81%

It earned an average -136% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+4586% shares · 5y

Share count is up 4586% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000950170-23-009500 (NetIncomeLoss)
  2. 10-K/A · period ending 2022-12-31 · accession 0000950170-24-038417 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0000950170-25-025226 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001193125-26-091536 (NetIncomeLoss)
  5. 10-K · period ending 2021-12-31 · accession 0000950170-23-009500 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K/A · period ending 2022-12-31 · accession 0000950170-24-038417 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0000950170-25-025226 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-12-31 · accession 0001193125-26-091536 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2021-12-31 · accession 0000950170-23-009500 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K/A · period ending 2022-12-31 · accession 0000950170-24-038417 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0000950170-25-025226 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-12-31 · accession 0001193125-26-091536 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-23-009500 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K/A · period ending 2022-12-31 · accession 0000950170-24-038417 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0000950170-25-025226 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001193125-26-091536 (CashAndCashEquivalentsAtCarryingValue)