STOK

MKT CAP:$2B

Stoke Therapeutics, Inc.

Market Cap

$2B

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$34.05+$3.15 (+10.18%)

Apr 24, 2026

Company Details

Stoke Therapeutics, Inc., an early-stage biopharmaceutical company, develops novel antisense oligonucleotide (ASO) medicines to treat the underlying causes of severe genetic diseases in the United States. The company utilizes its proprietar...

CEO

Ian F. Smith

IPO Date

Jun 19, 2019

Website

www.stoketherapeutics.com

Key Metrics TTM

Revenue

$184M

+404.5% YoY

Net Income

-$7M

EPS (Diluted)

-$0.14

Free Cash Flow

$45M

Revenue / Share

$3.16

Gross Margin

98.9%

Operating Margin

-11.2%

Net Margin

-3.7%

FCF Margin

24.4%

P/S

10.8x

P/E

—

Earnings Reports

Q1 2026

May 12, 2026

PENDING

FY 2025

Mar 16, 2026

$184M+404.5%EPS -$0.12

Q4 2025

Mar 16, 2026

$1M-93.8%EPS -$0.99

Q3 2025

Nov 4, 2025

$11M+117.2%EPS -$0.65

Q2 2025

Aug 12, 2025

$14M+186.0%EPS -$0.40

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$3M	$2M	-$25M
Q2 22	$3M	$2M	-$25M
Q3 22	$3M	$2M	-$27M
Q4 22	$3M	$2M	-$27M
Q1 23	$5M	$4M	-$25M
Q2 23	-$2M	-$4M	-$33M
Q3 23	$3M	$2M	-$27M
Q4 23	$3M	$2M	-$30M
Q1 24	$4M	$3M	-$28M
Q2 24	$5M	$4M	-$29M
Q3 24	$5M	$5M	-$30M
Q4 24	$23M	$23M	-$14M
Q1 25	$159M	$159M	$111M
Q2 25	$14M	$14M	-$27M
Q3 25	$11M	$10M	-$43M
Q4 25	$1M	$347.0K	-$61M

Valuation

Quarter	P/S	P/E
Q1 22	277.1x	—
Q2 22	84.6x	—
Q3 22	55.0x	—
Q4 22	28.4x	—
Q1 23	25.0x	—
Q2 23	53.3x	—
Q3 23	17.9x	—
Q4 23	28.0x	—
Q1 24	79.5x	—
Q2 24	42.3x	—
Q3 24	40.9x	—
Q4 24	16.6x	—
Q1 25	1.9x	7.1x
Q2 25	3.3x	12.5x
Q3 25	7.0x	35.6x
Q4 25	10.2x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$32M	$32M
Q2 22	-$20M	-$21M
Q3 22	-$22M	-$24M
Q4 22	-$22M	-$23M
Q1 23	-$21M	-$22M
Q2 23	-$22M	-$23M
Q3 23	-$17M	-$18M
Q4 23	-$21M	-$21M
Q1 24	-$25M	-$25M
Q2 24	-$17M	-$18M
Q3 24	-$22M	-$22M
Q4 24	-$23M	-$23M
Q1 25	$132M	$132M
Q2 25	-$25M	-$26M
Q3 25	-$30M	-$30M
Q4 25	-$30M	-$31M

Capital Expenditures

Quarter	CapEx
Q1 22	$841.0K
Q2 22	$682.0K
Q3 22	$2M
Q4 22	$409.0K
Q1 23	$165.0K
Q2 23	$839.0K
Q3 23	$383.0K
Q4 23	$229.0K
Q1 24	$12.0K
Q2 24	$46.0K
Q3 24	$103.0K
Q4 24	$42.0K
Q1 25	$152.0K
Q2 25	$154.0K
Q3 25	$132.0K
Q4 25	$232.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	—	+65.2%
Q2 22	—	+29.2%
Q3 22	—	+32.5%
Q4 22	—	+24.1%
Q1 23	+71.7%	+7.4%
Q2 23	-176.8%	+8.1%
Q3 23	+13.9%	+1.6%
Q4 23	-14.3%	+6.4%
Q1 24	-18.2%	+9.2%
Q2 24	+294.7%	+11.0%
Q3 24	+47.9%	+14.3%
Q4 24	+707.1%	+12.0%
Q1 25	+3661.1%	+45.2%
Q2 25	+186.0%	+20.3%
Q3 25	+117.2%	+53.9%
Q4 25	-93.8%	+73.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$5M	165.8%
Q2 22	$6M	190.7%
Q3 22	$6M	204.0%
Q4 22	$6M	177.1%
Q1 23	$6M	114.3%
Q2 23	$7M	—
Q3 23	$7M	201.1%
Q4 23	$6M	216.2%
Q1 24	$6M	130.7%
Q2 24	$7M	153.7%
Q3 24	$7M	153.1%
Q4 24	$7M	31.6%
Q1 25	$7M	4.3%
Q2 25	$8M	55.0%
Q3 25	$0	0.0%
Q4 25	$10M	702.4%

OpEx Breakdown

Quarter	R&D	G&A	SG&A
Q1 22	$18M	—	$9M
Q2 22	$18M	—	$10M
Q3 22	$20M	—	$9M
Q4 22	$20M	—	$9M
Q1 23	$19M	—	$10M
Q2 23	$20M	—	$10M
Q3 23	$20M	—	$10M
Q4 23	$21M	$11M	—
Q1 24	$22M	$10M	—
Q2 24	$21M	$13M	—
Q3 24	$22M	$13M	—
Q4 24	$23M	$13M	—
Q1 25	$33M	$15M	—
Q2 25	$26M	$15M	—
Q3 25	$37M	—	$15M
Q4 25	$41M	—	$20M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$84M	$209M	$293M
Q2 22	$68M	$208M	$276M
Q3 22	$113M	$138M	$252M
Q4 22	$114M	$116M	$230M
Q1 23	$190M	$63M	$254M
Q2 23	$192M	$39M	$231M
Q3 23	$190M	$25M	$215M
Q4 23	$191M	$10M	$201M
Q1 24	$179M	$0	$179M
Q2 24	$193M	$89M	$282M
Q3 24	$150M	$89M	$239M
Q4 24	$128M	$89M	$217M
Q1 25	$275M	$83M	$357M
Q2 25	$101M	$146M	$248M
Q3 25	$83M	$165M	$248M
Q4 25	$84M	$200M	$285M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	37M	+1.7%	+2.2%
Q2 22	39M	+4.8%	+6.9%
Q3 22	39M	+0.4%	+7.2%
Q4 22	39M	+0.0%	+7.1%
Q1 23	43M	+7.9%	+13.6%
Q2 23	44M	+3.9%	+12.6%
Q3 23	44M	+0.2%	+12.3%
Q4 23	45M	+1.6%	+14.0%
Q1 24	46M	+2.9%	+8.7%
Q2 24	56M	+20.6%	+26.2%
Q3 24	56M	+1.0%	+27.3%
Q4 24	57M	+1.2%	+26.8%
Q1 25	59M	+4.2%	+28.4%
Q2 25	58M	-1.8%	+4.6%
Q3 25	59M	+0.4%	+4.0%
Q4 25	58M	-0.4%	+2.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$29.4K	102
Q2 22	$31.7K	102
Q3 22	$28.5K	102
Q4 22	$27.9K	117
Q1 23	$44.0K	117
Q2 23	-$21.2K	117
Q3 23	$28.3K	117
Q4 23	$25.5K	110
Q1 24	$38.3K	110
Q2 24	$43.9K	110
Q3 24	$44.5K	110
Q4 24	$176.7K	128
Q1 25	$1M	128
Q2 25	$107.9K	128
Q3 25	$83.1K	128
Q4 25	$37	38K

Revenue / Employee