Stoke Therapeutics, Inc. reported its financial results for the third quarter and nine months ended September 30, 2024, highlighting significant developments in revenue, expenses, and overall financial position compared to the previous fiscal period.
For the three months ended September 30, 2024, Stoke generated revenue of $4.9 million, an increase from $3.3 million in the same period of 2023. For the nine months, revenue rose to $13.9 million from $6.0 million year-over-year. This growth is attributed to ongoing collaborations and advancements in clinical trials, particularly for its lead compound, zorevunersen (STK-001), which is in development for Dravet syndrome.
Despite the revenue increase, the company reported total operating expenses of $34.9 million for the third quarter, up from $30.5 million in the prior year. For the nine-month period, operating expenses totaled $101.7 million, compared to $91.2 million in 2023. The increase in expenses is primarily driven by higher research and development costs, which reached $22.2 million for the third quarter, up from $20.3 million in 2023, and $65.7 million for the nine months, compared to $60.5 million in the previous year. General and administrative expenses also rose to $12.7 million for the third quarter, reflecting an increase of $2.4 million year-over-year.
Stoke's net loss for the third quarter was $26.4 million, compared to a loss of $24.5 million in the same quarter of 2023. For the nine months, the net loss was $78.5 million, slightly higher than the $77.7 million reported in the prior year. The net loss per share improved to $(0.47) for the third quarter from $(0.55) in 2023, indicating a relative reduction in losses per share.
As of September 30, 2024, Stoke's total current assets increased to $253.6 million from $215.3 million at the end of 2023, with total assets rising to $293.3 million. Cash and cash equivalents decreased to $150.0 million from $191.4 million, while marketable securities surged to $89.2 million from $10.0 million, reflecting strategic investments.
The company completed a public offering in April 2024, raising net proceeds of $119.9 million, which bolstered its cash position. Stoke anticipates that its current cash, cash equivalents, and marketable securities will fund operations through at least the end of 2025, although it may require additional financing for ongoing development efforts.
Stoke continues to focus on advancing its clinical pipeline, particularly zorevunersen, while managing operational costs and seeking to enhance its market position in the biotechnology sector.
About Stoke Therapeutics, Inc.
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