Stoke Therapeutics Q3 2024 Financial Update

TL;DR

Stoke Therapeutics filed its Q3 2024 10-Q, showing financial details for the period ending Sept 30.

AI Summary

Stoke Therapeutics, Inc. filed its 10-Q for the period ending September 30, 2024. The company reported its financial results, including details on its equity and retained earnings. Key financial activities and balances from the third quarter of 2024 are presented, alongside comparative data from the third quarter of 2023.

Why It Matters

This filing provides investors with a snapshot of Stoke Therapeutics' financial health and performance during the third quarter of 2024, crucial for understanding its operational status and future prospects.

Risk Assessment

Risk Level: medium — As a pharmaceutical company, Stoke Therapeutics faces inherent risks related to drug development, regulatory approvals, and market competition, which are typically detailed in 10-Q filings.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the end of the financial quarter being reported.)
• 2023-09-30 — Prior Year Period End Date (Provides a comparative point for financial performance analysis.)
• 2024-07-01 — Start of Q3 2024 (Marks the beginning of the current reporting quarter.)
• 2023-07-01 — Start of Q3 2023 (Marks the beginning of the prior year's reporting quarter.)
• 2019-06-30 — 2019 Equity Incentive Plan Date (Related to employee stock plans.)

Key Players & Entities

• Stoke Therapeutics, Inc. (company) — Filer of the 10-Q
• 2024-09-30 (date) — End of the reporting period
• 2023-09-30 (date) — Comparative reporting period
• ASOthera Pharmaceuticals, Inc. (company) — Former company name
• Southampton Agreement (contract) — Mentioned financial item

FAQ

Key Financial Figures

• $0.0001 — nge on which registered Common Stock, $0.0001 par value per share STOK Nasdaq Glo
• $1.235 — total annual gross revenue of at least $1.235 9 billion or (c) in which the Compa
• $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-20240930.htm (10-Q) — 1893KB
• stok-ex31_1.htm (EX-31.1) — 16KB
• stok-ex31_2.htm (EX-31.2) — 16KB
• stok-ex32_1.htm (EX-32.1) — 8KB
• stok-ex32_2.htm (EX-32.2) — 9KB
• 0000950170-24-121445.txt ( ) — 6064KB
• stok-20240930.xsd (EX-101.SCH) — 719KB
• stok-20240930_htm.xml (XML) — 864KB

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 26 Item 4.

Controls and Procedures

Controls and Procedures 26 PART II. OTHER INFORMATION 27 Item 1.

Legal Proceedings

Legal Proceedings 27 Item 1A.

Risk Factors

Risk Factors 27 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities 65 Item 3. Defaults Upon Senior Securities 65 Item 4. Mine Safety Disclosures 65 Item 5. Other Information 65 Item 6. Exhibits 66

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 zorevunersen (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 Operation

—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) September 30, December 31, 2024 2023 Assets Current assets: Cash and cash equivalents $ 150,016 $ 191,442 Marketable securities - current 89,184 9,952 Prepaid expenses 9,837 11,320 Restricted cash - current 75 — Interest receivable 691 64 Other current assets 3,809 2,561 Total current assets $ 253,612 $ 215,339 Marketable securities - long-term 29,952 — Restricted cash - long-term 494 569 Operating lease right-of-use assets 4,928 6,611 Property and equipment, net 4,333 5,823 Total assets $ 293,319 $ 228,342 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 2,485 $ 1,695 Accrued and other current liabilities 15,768 13,815 Deferred revenue - current portion 31,612 15,309 Total current liabilities $ 49,865 $ 30,819 Deferred revenue - net of current portion 8,291 33,074 Other long term liabilities 3,050 4,884 Total long term liabilities 11,341 37,958 Total liabilities $ 61,206 $ 68,777 Commitments and contingencies (Note 6) Stockholders' equity Common stock, par value of $ 0.0001 per share; 300,000,000 shares authorized, 52,941,191 and 45,918,233 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively 5 5 Additional paid-in capital 712,290 561,433 Accumulated other comprehensive income (loss) 166 ( 24 ) Accumulated deficit ( 480,348 ) ( 401,849 ) Total stockholders' equity $ 232,113 $ 159,565 Total liabilities and stockholders' equity $ 293,319 $ 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 oper

View Full Filing

View this 10-Q filing on SEC EDGAR