Stoke Therapeutics, Inc. reported a significant decline in revenue for the first quarter of 2026, generating $6.2 million compared to $158.6 million in the same period of 2025. This decrease is primarily attributed to the recognition of $150.8 million related to an intellectual property license performance obligation in the previous fiscal year. The company incurred a net loss of $50.0 million for the quarter, a stark contrast to the net income of $112.9 million reported in the first quarter of 2025. The loss per share for the quarter was $(0.79), compared to earnings of $1.95 per share in the prior year.
Operating expenses for the first quarter of 2026 totaled $59.6 million, up from $47.3 million in the same period last year. Research and development expenses increased to $39.7 million from $32.7 million, driven by higher personnel costs and expenses related to ongoing clinical programs, including zorevunersen for Dravet syndrome and STK-002 for autosomal dominant optic atrophy (ADOA). Sales, general, and administrative expenses also rose to $20.0 million, reflecting increased costs associated with commercial readiness and personnel.
In terms of strategic developments, Stoke Therapeutics is advancing its clinical programs, particularly zorevunersen, which is currently in a global Phase 3 study called EMPEROR. The company has also initiated a Phase 1 study for STK-002, with the first patient dosed in February 2026. The company continues to collaborate with Acadia Pharmaceuticals and Biogen, with the latter agreement providing an upfront payment of $165 million and potential milestone payments totaling approximately $385 million.
As of March 31, 2026, Stoke Therapeutics reported $411.0 million in cash, cash equivalents, and marketable securities, which the company believes will fund operations into 2028. The company has not yet generated any product revenue since its inception and anticipates continued operating losses as it invests in research and development. Looking ahead, Stoke Therapeutics plans to seek additional financing through equity offerings or collaborations to support its ongoing clinical trials and operational needs. The company remains focused on advancing its product candidates through regulatory approval and commercialization.
About Stoke Therapeutics, Inc.
Stoke Therapeutics is a late-stage biotech company developing RNA-based medicines using its proprietary TANGO platform to upregulate protein expression. Focused on severe genetic diseases like Dravet syndrome and ADOA, it designs antisense oligonucleotides to restore normal protein levels, addressing underlying causes. The company collaborates globally for development and commercialization, aiming to deliver disease-modifying therapies for central nervous system and eye disorders.
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