Stoke Reports a $1.08 Per-Share Loss as Third-Quarter Revenue Beats Expectations
Key Facts
Stoke Therapeutics reported a per-share loss of $1.08 in the third quarter of 2026, wider than the analyst consensus loss of 91 cents, while revenue beat expectations, according to TheFly via TipRanks. Revenue was $11.3 million, compared with consensus of $8.2 million. The results offer a mixed picture of the company's performance during the period: revenue above expectations against a per-share loss wider than market estimates. Investors are focused on progress in developing experimental drug zorevunersen and the company's ability to continue funding it through the next clinical readouts. STOK shares closed at $26.41 on October 28, 2026, according to EL7 data.
In the Phase 3 EMPEROR trial, the company said about 110 of the 162 enrolled patients had completed the Week 28 visit, and about 20 patients had reached Week 52. It reported that all 20 patients continued into the open-label extension, and none had discontinued treatment as of the update. These figures show participants' progress through the follow-up stages, while the full trial readout remains a future milestone in the drug's development. Stoke expects Phase 3 data in the third quarter of 2027. It said the expected data are anticipated to complete the submission of a U.S. rolling application in the second half of 2027.
The company announced on October 5 that it had completed a meeting with the U.S. Food and Drug Administration to align on aspects of the planned zorevunersen application. It said analysis of the key secondary endpoint related to behavior and cognition will use a multi-component assessment comprising four prespecified subdomains of the Vineland-3 scale. This is part of the clinical outcome assessment design that the company will rely on in its planned application. In an earlier update, the company identified the third quarter of 2027 as the expected timing for EMPEROR results, and the second half of the same year to complete the U.S. application. The drug remains experimental, and the next regulatory step is tied to the announced trial data.
Follow-up on zorevunersen is also based on long-term extension data presented by Stoke and its partner Biogen in September 2026. The companies said the results showed sustained reductions in seizures and improvements in cognition and behavior over four years. They added that improvements in cognition and behavior were statistically significant at the first, second, third and fourth years of treatment compared with baseline in the extension studies. The September update also said some patients had received treatment for more than five years, and that more than 930 doses had been administered through July 31, 2026. The companies said the drug was generally well tolerated in the Phase 1, Phase 2a and open-label extension studies.
Against the backdrop of these results, the company reported revenue of $10.6 million in the third quarter of 2025, up from $4.9 million in the third quarter of 2024, attributing the increase at the time to obligations under its collaboration agreements with Acadia and Biogen. In the second quarter of 2026, revenue fell to $9.3 million from $13.8 million in the comparable period of 2025. Stoke said revenue comes from fulfilling obligations under its collaboration and licensing agreements with the two companies. In the second quarter of 2026, research and development expenses rose to $49.5 million from $25.9 million a year earlier. The company attributed the increase to intensified activities and a larger workforce to support zorevunersen development.
Stoke reported in its second-quarter update that it had $420 million in cash, cash equivalents and marketable securities. It said this funding is expected to cover operations through the potential U.S. commercialization of zorevunersen in early 2028. The company is also continuing dose escalation in the Phase 1 OSPREY study of STK-002, a potential treatment for autosomal dominant optic atrophy. It expected safety and efficacy data for the program in the first half of 2027. Among the company's upcoming announced dates is a third-quarter 2026 results and business update on October 29, 2026, at 4:30 p.m. Eastern Time.