Business
Stoke Therapeutics Reports Fourth Quarter and Full Year 2023 Financial Results
– As of December 31, 2023, Company had $201.4 million in cash, cash equivalents, and marketable securities, anticipated to fund operations to the end of 2025
About this update from Stoke Therapeutics, Inc.
[{"type":"text","content":"\n– As of December 31, 2023, Company had $201.4 million in cash, cash equivalents, and marketable securities, anticipated to fund operations to the end of 2025 –\n\n\n BEDFORD, Mass.--(BUSINESS WIRE)--\nStoke Therapeutics, Inc. (Nasdaq: STOK), a biotechnology company dedicated to addressing the underlying cause of severe diseases by upregulating protein expression with RNA-based medicines, today reported financial results for the full year ended December 31, 2023.\n\n\nYear End 2023 Financial Results\n\n\n\nAs of December 31, 2023, Stoke had $201.4 million in cash, cash equivalents, and marketable securities, which is anticipated to fund operations to the end of 2025.\n\n\n\nRevenue recognized for upfront license fees and services provided from a License and Collaboration Agreement with Acadia Pharmaceuticals for the year ended December 31, 2023 was $8.8 million, compared to $12.4 million, for the year ended December 31, 2022.\n\n\n\nNet loss for the year ended December 31, 2023 was $104.7 million, or $2.38 per share compared to $101.1 million, or $2.60 per share for 2022.\n\n\n\nResearch and development expenses for the year ended December 31, 2023 were $82.2 million, compared to $77.8 million for 2022.\n\n\n\nGeneral and administrative expenses for the year ended December 31, 2023 were $41.3 million, compared to $38.9 million for 2022.\n\n\n\nThe increase in operating expenses for the year ended December 31, 2023 compared to the same period in 2022 primarily relate to increases in costs associated with personnel, third party contracts, consulting, facilities and other costs associated with development activities for STK-001 and STK-002, research on additional therapeutics and growing a public corporation.\n\n\n\nFourth Quarter 2023 Financial Results\n\n\n\nRevenue recognized for upfront license fees and services provided from a License and Collaboration Agreement with Acadia Pharmaceuticals for the three months ended December 31, 2023 was $2.8 million, compared to $3.3 million, for the same period in 2022.\n\n\n\nNet loss for the three months ended December 31, 2023 was $27.0 million, or $0.60 per share, compared to $25.7 million, or $0.65 per share, for the same period in 2022.\n\n\n\nResearch and development expenses for the three months ended December 31, 2023 were $21.8 million, compared to $21.1 million for the same perio...