olivLaw · US equity research
Stoke Therapeutics, Inc. STOK
Pharmaceutical Preparations · SIC 2834 · Vertical: Pharmaceutical Preparations (SIC 2834)
Stoke Therapeutics is a late-stage biotechnology company developing RNA-based medicines that restore protein levels, with its lead candidate zorevunersen targeting Dravet syndrome, a severe genetic epilepsy. The company's Phase 3 EMPEROR study has completed enrollment of 162 patients, with data expected in Q3 2027. For the near term, the funding picture depends on the company's ability to raise further capital, with the reported 420 million dollars in cash said to be enough, if the current pace holds, until a possible U.S. launch in early 2028.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 05 Nov 2026, Stoke Therapeutics, Inc. (STOK) stock was 26.07 USD (−5.03% on the day), with market capitalisation 1.7 bn USD, beta 1.03, 52-week range 22.37–38.35 USD. Latest reported quarter (Q3 2026): revenue of 11.3 m USD (+5.9% YoY), net income of -73.6 m USD, diluted EPS -1.08 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 49.5
- neutral
- Bollinger (20, 2)
- 22.96 – 27.93
- in the upper half of the band · %B 0.63 · band width 19.5%
- SMA 50 / 200
- 26.95 / 30.87
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- 0.09 / -0.21
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +7.0% | −5.9% | +12.9 pp | — |
| 3 months | −18.4% | −4.6% | −13.7 pp | — |
| 6 months | −20.5% | +0.2% | −20.7 pp | — |
| Year to date | −17.9% | +7.4% | −25.3 pp | — |
| 1 year | +14.2% | +8.2% | +6.0 pp | +4.8% |
| 3 years | +504.9% | +68.4% | +436.4 pp | +38.9% |
| 5 years | +0.4% | +56.5% | −56.2 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 22.6 m | 158.6 m | 13.8 m | 10.6 m | 1.4 m | 6.2 m | 9.3 m | 11.3 m |
| Research & development | 23.4 m | 32.7 m | 25.9 m | 37.7 m | 41.7 m | 39.7 m | 49.5 m | 59.8 m |
| SG&A | 12.8 m | 14.7 m | 15.3 m | 16.0 m | 21.1 m | 20.0 m | 25.3 m | 28.7 m |
| Operating income | -13.7 m | 111.2 m | -27.3 m | -43.1 m | -61.4 m | -53.4 m | -65.4 m | -77.3 m |
| Interest expense | -1.0 k | 1.0 k | 3.0 k | 3.0 k | 3.0 k | 23.0 k | 17.0 k | 20.0 k |
| Pre-tax income | — | 114.2 m | -23.5 m | -39.6 m | — | -50.0 m | -61.6 m | -73.6 m |
| Income tax | — | 1.3 m | 0 | -1.3 m | 0 | 0 | 0 | 0 |
| Net income | -10.5 m | 112.9 m | -23.5 m | -38.3 m | -57.9 m | -50.0 m | -61.6 m | -73.6 m |
| Diluted EPS | -0.18 ≈ | 1.90 | -0.40 | -0.65 | -1.04 ≈ | -0.79 | -0.93 | -1.08 |
| Operating cash flow | -23.2 m | 131.8 m | -25.4 m ≈ | -30.4 m ≈ | -30.5 m | -60.6 m | -56.6 m ≈ | -62.7 m ≈ |
| Capex | 42.0 k | 152.0 k | 154.0 k ≈ | 132.0 k ≈ | 232.0 k | 353.0 k | 2.0 m ≈ | 2.9 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable | unavailable | 12.4 m | 8.8 m | 36.6 m | 184.4 m |
| Revenue YoY | unavailable | unavailable | unavailable | unavailable | unavailable | −29.2% | +316.3% | +404.5% |
| Net income | -12.5 m | -32.3 m | -52.2 m | -85.8 m | -101.1 m | -104.7 m | -89.0 m | -6.9 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | unavailable | -2.34 | -2.60 | -2.38 | -1.65 | -0.12 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable | unavailable | -814.7% | -1,192.5% | -243.4% | -3.7% |
| Free cash flow | -11.9 m | -32.7 m | -43.3 m | -68.1 m | -35.8 m | -82.7 m | -87.1 m | 44.9 m |
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 84.2 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 352.5 m USD
- Total assets
- 418.4 m USD
- Debt / equity
- unavailable
- Current ratio
- 5.28x
- ROE
- -2.4%
- ROA
- -2.0%
- FCF margin
- 24.4%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | — | — | 12.4 m | 8.8 m | 36.6 m | 184.4 m | SEC (XBRL)· 16 Mar 2026verified |
| Research & development | 32.2 m | 54.2 m | 77.8 m | 82.2 m | 89.1 m | 137.9 m | SEC (XBRL)· 16 Mar 2026verified |
| SG&A | — | — | — | — | 48.8 m | 67.1 m | SEC (XBRL)· 16 Mar 2026verified |
| Operating income | -53.0 m | -86.1 m | -104.4 m | -114.8 m | -101.4 m | -20.6 m | SEC (XBRL)· 16 Mar 2026verified |
| Interest expense | — | — | — | 49.0 k | 26.0 k | 9.0 k | SEC (XBRL)· 16 Mar 2026verified |
| Income tax | — | — | — | — | — | 0 | SEC (XBRL)· 16 Mar 2026verified |
| Net income | -52.2 m | -85.8 m | -101.1 m | -104.7 m | -89.0 m | -6.9 m | SEC (XBRL)· 16 Mar 2026verified |
| Diluted EPS | — | -2.34 | -2.60 | -2.38 | -1.65 | -0.12 | SEC (XBRL)· 16 Mar 2026verified |
| Weighted average diluted shares | — | 36.7 m | 38.9 m | 44.0 m | 54.0 m | 59.2 m | SEC (XBRL)· 16 Mar 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 287.3 m | 144.9 m | 113.6 m | 191.4 m | 128.0 m | 84.2 m | SEC (XBRL)· 16 Mar 2026verified |
| Receivables | — | — | — | — | 1.7 m | 5.9 m | SEC (XBRL)· 16 Mar 2026verified |
| Current assets | 293.9 m | 229.2 m | 244.1 m | 215.3 m | 232.8 m | 305.7 m | SEC (XBRL)· 16 Mar 2026verified |
| Property, plant & equipment, net | 2.7 m | 4.1 m | 6.7 m | 5.8 m | 3.9 m | 3.1 m | SEC (XBRL)· 16 Mar 2026verified |
| Total assets | 297.9 m | 238.9 m | 256.1 m | 228.3 m | 271.6 m | 418.4 m | SEC (XBRL)· 16 Mar 2026verified |
| Accounts payable | 1.5 m | 2.4 m | 766.0 k | 1.7 m | 2.5 m | 4.9 m | SEC (XBRL)· 16 Mar 2026verified |
| Current liabilities | 11.4 m | 17.1 m | 31.4 m | 30.8 m | 40.1 m | 57.9 m | SEC (XBRL)· 16 Mar 2026verified |
| Total liabilities | 11.8 m | 21.1 m | 71.2 m | 68.8 m | 42.5 m | 66.0 m | SEC (XBRL)· 16 Mar 2026verified |
| Equity | 286.1 m † | 217.8 m † | 184.8 m † | 159.6 m † | 229.0 m † | 352.5 m † | SEC (XBRL)· 16 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -42.2 m | -66.9 m | -31.9 m | -81.1 m | -86.9 m | 45.6 m | SEC (XBRL)· 16 Mar 2026verified |
| Capex | 1.1 m | 1.2 m | 4.0 m | 1.6 m | 203.0 k | 670.0 k | SEC (XBRL)· 16 Mar 2026verified |
| Free cash flow | -43.3 m ≈ | -68.1 m ≈ | -35.8 m ≈ | -82.7 m ≈ | -87.1 m ≈ | 44.9 m ≈ | SEC (XBRL)· 16 Mar 2026derived |
| Investing cash flow | -1.1 m | -76.4 m | -45.9 m | 105.9 m | -107.5 m | -186.8 m | SEC (XBRL)· 16 Mar 2026verified |
| Financing cash flow | 108.1 m | 1.3 m | 46.4 m | 53.0 m | 131.1 m | 97.4 m | SEC (XBRL)· 16 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.7 bn USD
Key indicators
Coverage and freshness
Score by group
33% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -862.1% | 15 (vs peers) | 19% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 145.9% | 100 (on a fixed band) | 25% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -4,088.9x | 0 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 7.2x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -12.7% | 0 (on a fixed band) | 25% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality· partial15/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Stoke Therapeutics, Inc. (STOK). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 184.4 m USD in 2025; YoY growth 404.5%; net margin -862.1%; ROE -73.6%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 145.9%
- Current ratio: 7.2x
What contradicts it
- Net margin: -862.1%
- Interest coverage: -4,088.9x
- FCF yield: -12.7%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Pharmaceutical Preparations (SIC 2834) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| LLYEli Lilly And Company | 1,283.9 bn | 44.3 | 86.1% | 31.9% | +44.7% | +27% / +131% |
| JNJJohnson & Johnson | 655.6 bn | 41.3 | 20.0% | 16.2% | +6.0% | +32% / +76% |
| ONCBeone Medicines Ltd. | 575.0 bn | 640.9 | 18.4% | 13.9% | +40.2% | +14% / +107% |
| ABBVAbbVie Inc. | 509.5 bn | 49.6 | — | 15.7% | +8.6% | +27% / +102% |
| MRKMerck & Co., Inc. | 362.2 bn | 151.2 | 5.1% | 3.6% | +1.3% | +40% / +43% |
| ABTAbbott Laboratories | 196.7 bn | 42.3 | 9.2% | 9.7% | +5.7% | −12% / +9% |
| PFEPfizer Inc | 170.3 bn | 42.6 | 4.4% | 6.3% | −1.6% | +16% / −2% |
| VRTXVertex Pharmaceuticals Inc | 137.5 bn | 34.9 | 20.8% | 30.7% | +8.9% | +25% / +53% |
| BMYBristol-Myers Squibb Company | 129.0 bn | 14.0 | 44.1% | 18.5% | −0.2% | +28% / +28% |
| TEVATeva Pharmaceutical Industries Limited | 48.8 bn | 97.3 | 6.6% | 3.6% | +4.3% | +55% / +325% |
| ZTSZoetis Inc. | 33.4 bn | 13.8 | 57.6% | 26.4% | +2.3% | −36% / −54% |
| ROIVRoivant Sciences Ltd. | 26.5 bn | — | -6.2% | -3,535.0% | −71.6% | +76% / +283% |
| RPRXRoyalty Pharma plc | 26.2 bn | 47.7 | 6.9% | 25.7% | +5.1% | +69% / +150% |
| UTHRUnited Therapeutics Corporation | 24.1 bn | 21.3 | 19.1% | 38.6% | +10.6% | +16% / +136% |
| INSMInsmed Inc | 23.9 bn | — | -72.5% | -39.9% | +66.7% | −48% / +335% |
| VTRSViatris Inc. | 21.7 bn | — | -24.3% | -23.9% | −3.0% | +77% / +107% |
| ALNYAlnylam Pharmaceuticals, Inc. | 21.0 bn | 7.9 | 126.6% | 52.8% | +65.2% | −65% / −7% |
| IDYAIDEAYA Biosciences, Inc. | 3.0 bn | — | -38.5% | -1,149.6% | +3,024.4% | −14% / −3% |
| RCUSArcus Biosciences, Inc. | 2.5 bn | — | -114.1% | -453.0% | −4.3% | −32% / +17% |
| STOKStoke Therapeutics, Inc. | 1.7 bn | — | -73.6% | -862.1% | +404.5% | +14% / +505% |
| INVAInnoviva, Inc. | 1.4 bn | 9.7 | 17.0% | 44.1% | +14.7% | −11% / +39% |
| JANXJanux Therapeutics, Inc. | 982.6 m | — | -10.6% | -428.7% | −5.6% | −53% / +84% |
| WVEWave Life Sciences, Inc. | 635.1 m | — | -80.0% | -296.9% | −60.5% | −59% / −39% |
| NGNENeurogene Inc. | 513.3 m | — | -45.3% | — | −100.0% | +22% / +85% |
| DMACDiaMedica Therapeutics Inc. | 487.5 m | — | -114.6% | — | unavailable | +5% / +270% |
1- and 3-year price returns: for STOK from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 03 Aug 2026; since then the company filed 10-Q (03 Nov 2026), 8-K (29 Oct 2026 · results).
In brief
Stoke Therapeutics is a late-stage biotechnology company developing RNA-based medicines that restore protein levels, with its lead candidate zorevunersen targeting Dravet syndrome, a severe genetic epilepsy. The company's Phase 3 EMPEROR study has completed enrollment of 162 patients, with data expected in Q3 2027. For the near term, the funding picture depends on the company's ability to raise further capital, with the reported 420 million dollars in cash said to be enough, if the current pace holds, until a possible U.S. launch in early 2028 3.
SWOT
Strengths
- The company has a Phase 3 program with enrollment complete and no treatment discontinuations reported so far, which supports confidence in the study timeline 3.
- Zorevunersen holds Breakthrough Therapy designation from the FDA, and long-term data from the extension studies support the safety profile 13.
- The TANGO platform allows work on a number of haploinsufficient diseases, providing a basis for expanding the pipeline beyond the first program 1.
Weaknesses
- The company has no approved products and no sales, and net losses keep rising as development spending increases 13.
- Dependence on one main product means that the results of a single study weigh heavily on the company's value 1.
- The company relies on external funding through share issuances and ATM programs, which can dilute existing shareholders 23.
Opportunities
- An approval for Dravet syndrome could open the first disease-modifying therapy for a population with no direct alternatives 1.
- Extending the platform to new haploinsufficient targets and the SYNGAP1 program could diversify the portfolio over the medium term 3.
- If the Phase 3 data are favorable, existing partnerships could ease access to markets outside the U.S. 1.
Threats
- A negative or mixed result in Phase 3 could delay or halt the zorevunersen program, with a major impact on the company 1.
- Harder market or funding conditions could force a reduction or postponement of activities 12.
- Legislation and prices set by authorities could limit revenue from an approved medicine 1.
Risks
- Phase 3 resultshigh
Data from the EMPEROR study could fail to confirm the efficacy seen in earlier small studies, and results may differ in larger populations 1. The company states that a seizure effect does not guarantee a disease-modifying effect 1.
- Funding and dilutionhigh
The company has said it will need additional capital before it can expect profit, and financing may not be available on acceptable terms 1. Share sales can dilute existing shareholders 23.
- Approval and regulationmedium
Authorities could request additional data or approve a narrower indication than the company seeks 1. Approval outside the U.S. depends on separate authorities, which adds uncertainty 1.
- Patient recruitment and target populationmedium
The small number of patients and the difficulty of identifying them could delay trial recruitment and slow sales growth 1.
- Dependence on partnersmedium
Biogen and Acadia hold rights to some programs, and their decisions could influence the company's timing and revenue, especially after the termination of some programs in 2025 12.
Investment thesis
What would need to be true (bull case)
- Zorevunersen could become the first treatment that modifies the disease in Dravet syndrome, if the Phase 3 data confirm the benefit seen in earlier studies 13.
- Rapid enrollment of the 162 patients and the absence of treatment discontinuations could indicate a realistic timeline, if the pace holds 3.
- The platform and the STK-002 program could extend the company's value beyond a single product, if early data are favorable 13.
What would break the thesis
- The company has no product revenue, and losses rose significantly in the first half of 2026, which could make new funding necessary 23.
- A failure or inconclusive result in Phase 3 could heavily affect the value of the program at the centre of the company 1.
- The market is limited by the small patient count, and access and price are uncertain, which could limit revenue even if approval is obtained 1.
What to watch
- Începerea depunerii rolling a NDA pentru zorevunersenQ1 2027
- Datele pivotale din faza 3 EMPERORQ3 2027
- Outcome of the pre-NDA meeting with the FDA and confirmation of the data packagesecond half 2026
- Start of the rolling NDA submission for zorevunersenQ1 2027
- Pivotal Phase 3 EMPEROR dataQ3 2027
- Safety and efficacy data from the OSPREY study (STK-002)H1 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 03 Aug 2026; since then the company filed 10-Q (03 Nov 2026), 8-K (29 Oct 2026 · results).
The business
According to its SEC filings, Stoke Therapeutics develops antisense oligonucleotide (ASO) medicines based on its proprietary TANGO platform, which aims to increase protein expression from the healthy copy of a gene 1. Its lead candidate, zorevunersen, targets Dravet syndrome, where about 85% of cases are caused by mutations in the SCN1A gene, and the company states that no approved medicine currently modifies the disease at its cause 1. The second program, STK-002, targets autosomal dominant optic atrophy (ADOA), and the Phase 1 OSPREY study dosed its first patient in February 2026 13. The company has no product sales yet, and its revenue comes from its collaborations with Acadia and Biogen 23.
On the financial side, Stoke reported a net loss of 61.6 million dollars in the second quarter of 2026, with research and development expenses of 49.5 million dollars, compared with 25.9 million dollars in the same period a year earlier 3. The company says the increase reflects activities and personnel needed to advance zorevunersen, and general and administrative costs rose in parallel with launch preparation 3. Revenue fell to 9.3 million dollars in the second quarter of 2026, because a Biogen licence payment was recognized in 2025 3.
Segments
Zorevunersen (Dravet syndrome)
Zorevunersen is the main program and the only one in Phase 3. The EMPEROR study began in May 2025, and in June 2026 enrollment of 162 patients in the U.S., UK and Japan was completed 3. The company plans to start a rolling New Drug Application (NDA) in the first quarter of 2027, with pivotal results expected in Q3 2027 3. The program holds Breakthrough Therapy Designation from the FDA 1.
STK-002 (ADOA optic atrophy)
STK-002 is in the Phase 1 OSPREY study, with dose escalation under way and eight clinical sites active in the UK, Germany, Denmark, Italy and Austria 3. Safety and efficacy data are expected in the first half of 2027, according to the company's release 3. ADOA currently has no approved treatments, which makes the program relevant to patients with few alternatives 1.
Market context
Dravet syndrome is a rare condition, with an estimated population of about 15,700 patients in the U.S. alone and about 38,000 across the seven markets the company covers 1. According to sources cited by the company, up to 57% of patients fail to achieve a reduction of over 50% in seizure frequency on current medicines, which supports the view of an unmet medical need 1. The market nevertheless remains of limited size, and access depends on regulatory approval and insurance coverage, which are not yet settled 1.
The target market is defined by a relatively small number of diagnosed patients, which could make identifying patients and recruiting for trials take longer than expected, and could make sales growth slower if the medicine is approved 1. The company also notes that pricing and reimbursement of a new product are uncertain, and that inadequate coverage could limit its ability to generate revenue 1.
Trends
- Accelerated regulatory designationsmixed
The Breakthrough Therapy designation granted by the FDA and the Rare Pediatric Disease designation are mentioned in the filings, but the company states that they do not guarantee faster development or approval 1. The effect on the company is therefore mixed, since regulatory attention is favorable but does not remove the risk of delay 1.
- Interest in disease-modifying therapiestailwind
The filings stress that clinicians regard the need for therapies that treat the cause of the disease, not just seizures, as a priority, which could support adoption of a new medicine if the Phase 3 data are favorable 1. That support is conditional on results, and the company cannot guarantee clinician acceptance 1.
- Cost of capital and market-based fundingheadwind
Stoke relies on share issuances and ATM programs for funding, and the August 2026 release reports 65.7 million dollars of net proceeds from a share sale 3. If market conditions deteriorate, funding could become more expensive or harder to obtain, which could affect the timing of programs 12.
- Health policy and pricingheadwind
The company notes that existing and future legislation may make approval and commercialization more difficult and may affect the prices it can set 1. The effect is a risk rather than a certainty, since the impact depends on decisions taken by authorities 1.
Competitive position
The approved treatments for Dravet syndrome are cannabidiol (Epidiolex), fenfluramine (Fintepla) and stiripentol (Diacomit), which treat seizures but not the underlying genetic cause 1. Direct competition from a disease-modifying medicine does not yet exist, which could be an advantage if zorevunersen is approved, although clinicians also use combinations of several anti-seizure medicines 1.
The company also mentions other routes to treating rare genetic diseases, such as ASO therapies developed by companies like Sarepta and Biogen, which the management team has been involved with in the past 1. A competitive risk is that an alternative treatment could be approved sooner or be better accepted, and this cannot be ruled out 1.
- BiogenBIIB
licensing partner for zorevunersen outside the U.S., Canada and Mexico, bearing 30% of joint development costs 1
- Acadia PharmaceuticalsACAD
collaboration partner for the SYNGAP1 program, with revenue recognized in 2025 12
- Sarepta TherapeuticsSRPT
company active in ASO therapies for rare genetic diseases, named in the management biography 1
- Makers of approved anti-seizure medicines
producers of cannabidiol, fenfluramine and stiripentol, the approved Dravet treatments that form the current competition 1
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Canada to Reform Bank Ownership Rules in Bid to Stoke CompetitionBloomberg Markets · 05 Nov 2026 · EN
- Mass detentions stoke anger among young protesters in IndiaThe Straits Times — Asia · 31 Oct 2026 · EN
- Tech Rout Deepens as Earnings Stoke AI FearsBloomberg Markets · 30 Oct 2026 · EN
- Chinese media say Japan TV show 'Vivant' torture scenes 'stoke hostility'Nikkei Asia · 27 Oct 2026 · EN
- Meta, SpaceX, Anthropic stoke the AI funding frenzy. What it means for our stocksCNBC — Top News · 26 Oct 2026 · EN
- Wheat Futures Rise as Ukraine-Russia Strikes Stoke Supply FearsBloomberg Markets · 19 Oct 2026 · EN
- Show HN: Stoke Money – Personal finance app built around a cash flow forecastHacker News · 16 Oct 2026 · EN
- Anthropic conjures another threat that doesn't exist yet to stoke fears of AI apocalypseThe Register · 13 Oct 2026 · EN
- Oil gains as Middle East hostilities stoke supply worriesCNBC — Top News · 08 Oct 2026 · EN
- Election deniers stoke Trump-driven ballot security fears before midtermsThe Guardian World · 06 Oct 2026 · EN
- Oil settles higher after Saudi strikes stoke supply worriesCNA (Channel NewsAsia) · 14 Sept 2026 · EN
- First Thing: Oil prices surge as attacks on Saudi Arabia stoke supply fearsThe Guardian World · 14 Sept 2026 · EN
- Baker Hughes sees no slowdown in energy projects despite higher rates as AI buildouts stoke LNG demandCNBC — Top News · 14 Sept 2026 · EN
- Record diesel prices stoke food inflation, transportation costsAxios · 11 Sept 2026 · EN
- China dips back into oil market as Hormuz hostilities stoke pricesNikkei Asia · 11 Sept 2026 · EN
- Brent crude nears $100 a barrel as U.S.-Iran tit-for-tat strikes stoke supply worriesCNBC — Top News · 09 Sept 2026 · EN
- GoPro says it’s still committed ‘to your collective stoke’The Verge · 04 Sept 2026 · EN
- Global bond sell-off intensifies as US-Iran tensions stoke inflation fearsThe Guardian World · 02 Sept 2026 · EN
- US Stock Futures Drop as Rising Oil Prices Stoke Inflation FearsBloomberg Markets · 01 Sept 2026 · EN
- Oil prices climb as US, Iranian attacks stoke fears of escalationAl Jazeera — World · 01 Sept 2026 · EN
SEC filings
- Quarterly report03 Nov 2026
- Current report29 Oct 2026Results of operations · Financial statements and exhibits
- Current report25 Sept 2026Departure or appointment of officers
- Current report03 Aug 2026Other events · Financial statements and exhibits
- Quarterly report03 Aug 2026
- Current report03 Aug 2026Results of operations · Financial statements and exhibits
- Current report30 Jun 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report04 Jun 2026Shareholder vote
- Current report07 May 2026Results of operations · Financial statements and exhibits
- Quarterly report07 May 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Stoke Therapeutics, Inc. · 16 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Stoke Therapeutics, Inc. · 03 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Stoke Therapeutics, Inc. · 03 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.