SCHEDULE: Viking Global Discloses 5.1% Stake in PepGen Inc.

Viking Global Investors and its affiliates have reported a 5.1% beneficial ownership stake in PepGen Inc., totaling 3,482,434 shares of common stock.

Summary

• Viking Global Investors LP and its affiliated entities and individuals (O. Andreas Halvorsen, David C. Ott, and Rose S. Shabet) collectively reported beneficial ownership of 3,482,434 shares of PepGen Inc. Common Stock.
• This ownership represents 5.1% of PepGen Inc.'s outstanding Common Stock.
• The percentage is calculated based on 68,737,224 shares outstanding following PepGen Inc.'s underwritten offering that closed on September 26, 2025, including the full exercise of the underwriters' option.
• All reporting persons share both voting and dispositive power over these 3,482,434 shares, with no sole voting or dispositive power.
• The securities were not acquired for the purpose of changing or influencing control of PepGen Inc., other than activities solely in connection with a nomination under Rule 14a-11.

Sentiment

Score: 7

Explanation: The filing indicates a significant passive investment by a reputable institutional investor, which is generally a positive signal for the company. There are no negative disclosures within the filing itself.

Positives

• Significant institutional investment by Viking Global, a prominent investment firm, potentially signaling confidence in PepGen Inc.'s future prospects.
• The investment is passive, indicating no immediate intent to influence control, which can be viewed positively by current management and existing shareholders.

Negatives

• No specific negative financial or operational details are disclosed in this Schedule 13G filing, as it primarily reports ownership.

Risks

• No specific risks related to PepGen Inc.'s operations or financial health are disclosed in this ownership filing. The inherent market risks associated with holding equity securities apply.

Future Outlook

This filing is an ownership disclosure and does not contain forward-looking statements or guidance from PepGen Inc. or the reporting persons regarding PepGen Inc.'s future performance.

Management Comments

• The filing includes a certification that the securities were not acquired and are not held for the purpose of changing or influencing the control of the issuer, other than activities solely in connection with a nomination under Rule 14a-11.

Industry Context

A Schedule 13G filing indicates a passive investment by an institutional investor. For PepGen Inc., a biotechnology company, a significant stake by a major investment firm like Viking Global could be seen as a vote of confidence in its drug pipeline or market potential, potentially attracting further investor interest in the biotech sector.

Comparison to Industry Standards

• This filing is a standard disclosure of beneficial ownership exceeding 5% by a passive investor. It does not provide specific financial or operational results for comparison to industry benchmarks or competitors.
• The 5.1% stake is a notable position for an institutional investor in a company like PepGen Inc., which operates in the competitive biotechnology space, but without further context on PepGen's market capitalization or peer group, a direct comparison of the size of the stake to industry standards is not directly derivable from this filing alone.

Stakeholder Impact

• Shareholders: Existing shareholders may view the significant institutional investment as a positive indicator of confidence, potentially leading to increased investor interest and share price stability.
• Management: The passive nature of the investment suggests no immediate challenge to current management or strategic direction.

Next Steps

• No specific future actions or milestones are mentioned for PepGen Inc. by the reporting persons in this filing. The reporting persons will continue to monitor their investment and file updates as required by SEC regulations.

Key Dates

Recommendation

The filing indicates a significant passive stake by a reputable institutional investor, Viking Global, in PepGen Inc. This is generally a positive signal, suggesting confidence in the company's long-term prospects. However, as a Schedule 13G, it provides no new operational or financial performance data to warrant a 'buy' or 'strong buy' recommendation. The investment is passive, meaning no immediate activist intent. Therefore, a 'hold' recommendation is appropriate for existing investors, while potential investors might consider this a positive data point for further due diligence.

Keywords

PepGen Inc., Viking Global Investors, Institutional Ownership, SEC Filing, Schedule 13G, Common Stock, Biotechnology, Investment, Shareholder