Stoke Therapeutics, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Stoke Therapeutics, Inc. filed its Q1 2024 10-Q, detailing financial activities and equity changes, including a recent stock offering.</b>

AI Summary

Stoke Therapeutics, Inc. (STOK) filed a Quarterly Report (10-Q) with the SEC on May 6, 2024. Stoke Therapeutics, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing includes data related to various financial instruments and equity accounts. Key dates mentioned include April 2, 2024, for a common stock offering. The company's former name was ASOthera Pharmaceuticals, Inc., with a name change on October 28, 2014. The filing references agreements such as the Southampton Agreement and the Acadia Pharmaceuticals Inc. agreement.

Why It Matters

For investors and stakeholders tracking Stoke Therapeutics, Inc., this filing contains several important signals. This 10-Q provides an update on Stoke Therapeutics' financial position and operational activities for the first quarter of 2024, crucial for investors to assess performance and future outlook. The inclusion of specific dates for events like the April 2, 2024, common stock offering and references to agreements like the Southampton Agreement offer insights into the company's strategic moves and potential collaborations.

Risk Assessment

Risk Level: low — Stoke Therapeutics, Inc. shows low risk based on this filing. The filing is a standard 10-Q, indicating routine reporting rather than immediate significant events, and no specific high-risk disclosures were immediately apparent in the provided header data.

Analyst Insight

Monitor future filings for detailed financial performance and updates on clinical trial progress and strategic partnerships.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed Period of Report)
• 2024-05-06 — Filing Date (Filed as of date)
• 2014-10-28 — Date of Name Change (Former company name change date)
• 2024-04-02 — Common Stock Offering Date (Subsequent event date)

Key Players & Entities

• Stoke Therapeutics, Inc. (company) — Filer name
• ASOthera Pharmaceuticals, Inc. (company) — Former company name
• Acadia Pharmaceuticals Inc. (company) — Referenced agreement
• Southampton Agreement (company) — Referenced agreement
• 45 WIGGINS AVENUE (location) — Business and mailing address
• BEDFORD (location) — City for business and mailing address
• MA (location) — State for business and mailing address
• 01730 (location) — ZIP code for business and mailing address

FAQ

Industry Context

Stoke Therapeutics operates in the pharmaceutical preparations industry, focusing on developing treatments for genetic diseases.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring regular reporting from public companies like Stoke Therapeutics.

What Investors Should Do

1. Review the full 10-Q for detailed financial statements and management discussion.
2. Analyze the impact of the April 2, 2024, common stock offering on the company's capital structure.
3. Track any updates related to the Southampton Agreement and Acadia Pharmaceuticals Inc. collaboration.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-06: Filing Date — Date the 10-Q was officially filed with the SEC.
• 2024-04-02: Common Stock Offering — Date of a subsequent event involving a common stock offering.

Year-Over-Year Comparison

This is the 10-Q filing for the first quarter of 2024, following previous filings which would include annual reports (10-K) and potentially prior quarterly reports (10-Q).

Key Financial Figures

• $0.0001 — nge on which registered Common Stock, $0.0001 par value per share STOK Nasdaq Glo
• $1.235 billion — total annual gross revenue of at least $1.235 billion or (c) in which the Company is deemed t
• $700.0 million — that is held by non-affiliates exceeds $700.0 million as of the prior June 30th, and (ii) the
• $1.0 billion — which the Company has issued more than $1.0 billion in non-convertible debt securities duri
• $100.0 million — ion and its annual revenue is less than $100.0 million during the most recently completed fisc
• $250.0 million — ock held by non-affiliates is less than $250.0 million or (ii) its annual revenue is less than

Filing Documents

• stok-20240331.htm (10-Q) — 1547KB
• stok-ex31_1.htm (EX-31.1) — 15KB
• stok-ex31_2.htm (EX-31.2) — 15KB
• stok-ex32_1.htm (EX-32.1) — 8KB
• stok-ex32_2.htm (EX-32.2) — 8KB
• img145339505_0.jpg (GRAPHIC) — 28KB
• img145339505_1.jpg (GRAPHIC) — 21KB
• img145339505_2.jpg (GRAPHIC) — 26KB
• 0000950170-24-053535.txt (&nbsp;) — 5517KB
• stok-20240331.xsd (EX-101.SCH) — 702KB
• stok-20240331_htm.xml (XML) — 688KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 4 Consolidated balance sheets 4 Consolidated statements of operations and comprehensive loss 5 Consolidated statements of stockholders' equity 6 Consolidated statements of cash flows 7 Notes to unaudited consolidated financial statements 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 16 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 27 Item 4.

Controls and Procedures

Controls and Procedures 27 PART II. OTHER INFORMATION 28 Item 1.

Legal Proceedings

Legal Proceedings 28 Item 1A.

Risk Factors

Risk Factors 28 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities 66 Item 3. Defaults Upon Senior Securities 66 Item 4. Mine Safety Disclosures 66 Item 5. Other Information 66 Item 6. Exhibits 67

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements within the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements other than statements of present and historical facts contained in this Quarterly Report on Form 10-Q, including, but not limited to, statements regarding the ability of STK-001 to treat the underlying causes of Dravet syndrome and reduce seizures or show improvements in behavior or cognition at the indicated dosing levels or at all, the timing and expected progress of clinical trials, our future results of operations and financial position, business strategy, prospective products, planned preclinical studies and clinical or field trials, regulatory approvals, research and development costs, and timing and likelihood of success, as well as plans and objectives of management for future operations, may be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expect," "plan," "anticipate," "could," "intend," "target," "project," "contemplate," "believe," "estimate," "predict," "potential" or "continue" or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on our management's beliefs and assumptions and on information currently available to us. Such statements are subject to a number of known and unknown risks, uncertainties and assumptions, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors, including, but not limited to, those identified in Part I. Item 2. "Management's Discussion and Analysis of Financial Condition and Results of Operations" and Part II.

—FINANCI AL INFORMATION

PART I—FINANCI AL INFORMATION

Financi al Statements

Item 1. Financi al Statements. Stoke Therapeutics, Inc. and subsidiary Consolidated ba lance sheets (in thousands, except share and per share amounts) (unaudited) March 31, December 31, 2024 2023 Assets Current assets: Cash and cash equivalents $ 178,581 $ 191,442 Marketable securities — 9,952 Prepaid expenses 10,722 11,320 Other current assets 3,559 2,561 Deferred financing costs 402 — Interest receivable 11 64 Total current assets $ 193,275 $ 215,339 Restricted cash 569 569 Operating lease right-of-use assets 6,060 6,611 Property and equipment, net 5,278 5,823 Total Assets $ 205,182 $ 228,342 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 2,102 $ 1,695 Accrued and other current liabilities 12,570 13,815 Deferred revenue - current portion 20,918 15,309 Total current liabilities $ 35,590 $ 30,819 Deferred revenue - net of current portion 25,042 33,074 Other long term liabilities 4,208 4,884 Total long term liabilities 29,250 37,958 Total liabilities $ 64,840 $ 68,777 Commitments and contingencies (Note 6) Stockholders' equity Common stock, par value of $ 0.0001 per share; 300,000,000 shares authorized, 46,498,077 and 45,918,233 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively 5 5 Additional paid-in capital 568,560 561,433 Accumulated other comprehensive loss — ( 24 ) Accumulated deficit ( 428,223 ) ( 401,849 ) Total stockholders' equity $ 140,342 $ 159,565 Total liabilities and stockholders' equity $ 205,182 $ 228,342 The accompanying notes are an integral part of these unaudited consolidated financial statements. 4 Stoke Therapeutics, Inc. and subsidiary Consolidated stateme nts of operations and comprehensive loss (in thousands, except share and per share amounts) (unaudite

View Full Filing

View this 10-Q filing on SEC EDGAR