Stoke Therapeutics (NASDAQ: STOK) is a clinical-stage biopharmaceutical company developing RNA-based medicines to treat severe genetic diseases. The company has no approved products and generates no product revenue, funding operations through equity offerings and collaboration agreements. Stoke completed an underwritten public offering in April 2024, raising net proceeds of approximately $119.9 million from the sale of common stock and pre-funded warrants at $13.50 per share (per the 10-K filed March 16, 2026). The company holds a license and research agreement with the University of Southampton and contracts with third-party manufacturers and contract research organizations for drug substance production and clinical trials. As of December 31, 2025, Stoke had not generated revenue from product sales and could not estimate the timing of future milestone payments or product sales. Ian F. Smith serves as Chief Executive Officer, and Thomas E. Leggett serves as Chief Financial Officer, as of the filing date of March 16, 2026.

Revenue model

Stoke Therapeutics has no product revenue. Operations are funded through equity capital raises and potential milestone payments under collaboration and license agreements. The company raised approximately $119.9 million net in an April 2024 public offering. Revenue recognition policy covers fixed and variable consideration from collaboration contracts, but no product sales revenue was recognized as of December 31, 2025.

Products and services

Oligonucleotide-based drug candidates in preclinical and clinical development targeting severe genetic diseases. Drug substance is manufactured by third-party oligonucleotide contractors, with drug product formulated for intrathecal, intravitreal, or subcutaneous administration. No approved products as of December 31, 2025.

Customers and end markets

No commercial customers as of December 31, 2025. End markets are patients with severe genetic diseases. The company's collaboration agreements involve academic and potentially pharmaceutical partners, with the University of Southampton named as a primary license and research partner.

Value-chain role

Drug discovery and development company. Stoke conducts internal research and outsources drug substance manufacturing to third-party oligonucleotide contract manufacturers and clinical trial operations to contract research organizations. The company does not manufacture or commercialize any approved product.

Geographic exposure

Headquartered in the United States, with office space of approximately 38,000 square feet under lease through December 31, 2026. Drug substance manufacturing relies on both domestic and international third-party contractors. The University of Southampton license agreement involves a UK academic institution.

Source: SEC 10-K, filed 2026-03-16

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