Stoke Therapeutics (STOK) Q4 2025 earnings summary

Executive summary

• Achieved $184.4 million in revenue for 2025, driven by new Biogen collaboration and ongoing Acadia partnership.

• Lead candidate zorevunersen advanced to global Phase 3 EMPEROR trial for Dravet syndrome; first patient dosed in August 2025.

• STK-002 for ADOA entered Phase 1 OSPREY study in February 2026.

• Ended 2025 with $390.9 million in cash, cash equivalents, and marketable securities, funding operations into 2028.

Financial highlights

• Revenue increased to $184.4 million in 2025 from $36.6 million in 2024, mainly due to Biogen upfront and development payments.

• Research and development expenses rose to $137.9 million (from $89.1 million in 2024), reflecting increased clinical activity.

• Sales, general and administrative expenses were $67.1 million, up from $48.8 million in 2024.

• Net loss narrowed to $6.9 million in 2025 from $89.0 million in 2024.

• Accumulated deficit at year-end was $497.7 million.

Outlook and guidance

• Cash runway expected to fund operations into 2028.

• Phase 3 EMPEROR trial for zorevunersen to complete enrollment in Q2 2026, with pivotal data anticipated mid-2027.

• Rolling NDA submission for zorevunersen planned for first half of 2027.

• OSPREY Phase 1 study for STK-002 actively recruiting in Europe.