Start here if you're new
what it is
Stoke is trying to fix rare genetic diseases by boosting the body’s production of missing proteins.
how it gets paid
Last year Stoke Therapeutics made $37M in revenue. collaboration revenue was the main engine at $22M, or 60% of sales.
what just happened
The quarter was all about revenue jumping to $183M, which is absurd next to a $37M annual base.
At a glance
B balance sheet — gets the job done, barely
25/100 earnings predictability — expect surprises
50.0x trailing p/e — you're paying up for this one
-$1.65 fy2024 eps est
$37M fy2024 rev est
xvary composite: 47/100 — below average
What they do
Stoke is trying to fix rare genetic diseases by boosting the body’s production of missing proteins.
Stoke is selling a platform, not just a drug. Its TANGO approach targets diseases caused by roughly 50% missing protein expression, which gives you a repeatable scientific template if it works. The catch is brutal and simple: with just 128 employees, one successful program can matter a lot more here than it would at Biogen.
How they make money
$37M
annual revenue
collaboration revenue
$22M
up
license revenue
$8M
flat
research services
$4M
up
testing partnership
$3M
flat
The products that matter
Phase 3 drug candidate
Zorevunersen (STK-001)
EMPEROR started in may 2025
This is the asset carrying the near-term case. The global Phase 3 EMPEROR trial started in May 2025, and a large part of the roughly $2B valuation is riding on whether the data supports the Dravet thesis.
lead catalyst
RNA medicine approach
TANGO platform
one Phase 3 proof point so far
This is the broader scientific bet. Right now the market has one late-stage read on whether the approach travels beyond theory. If you own STOK, you own the hope that one clinical win validates more than one program.
platform bet
pipeline depth
Everything after the lead asset
thin in this snapshot
The page does not show enough late-stage depth to treat this like a diversified biotech. That matters because one Phase 3 miss would not leave you with several equally advanced backups.
concentration risk
Key numbers
-277.3%
operating margin
Operating margin → profit after running the business → so what: Stoke is still losing about $2.77 for every $1 of sales.
50.0x
trailing p/e
P/E → price versus past profit → so what: you are paying a growth-stock multiple for a business with unstable earnings.
$2M
long-term debt
Debt is just $2M, or 0% of capital. The balance sheet is not the problem here; the science and commercialization path are.
$1.65
2024 EPS est.
EPS → profit per share → so what: the full-year estimate still points to a loss, even after quarterly losses narrowed from -$0.60 to -$0.18.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 5 / 100
- long-term debt $2M (0% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for STOK right now.
source: institutional data · return history unavailable
What just happened
beat estimates
The quarter was all about revenue jumping to $183M, which is absurd next to a $37M annual base.
Revenue surged because biotech revenue can arrive in chunks, not streams. EPS came in at $0.85 for the latest quarter, versus a full-year 2024 estimate of -$1.65, which tells you this was not a normal operating quarter.
$183M
revenue
$0.85
eps
n/a
operating margin
the number that mattered
$183M mattered because it dwarfs the $37M annual revenue estimate and shows how milestone payments can completely reshape one quarter.
source: company earnings report, 2026
Get this snapshot in your inbox
This page, delivered free — plus weekly updates when the numbers change. plain english, no spam.
weekly updates
earnings alerts
plain english
no spam
What could go wrong
The main risk is simple: zorevunersen is carrying too much of the valuation. When a roughly $2B company still has no approved product, one Phase 3 outcome can rewrite almost the whole story.
med
Phase 3 readout risk
Zorevunersen is the near-term investment case. If Phase 3 disappoints, the company loses the clearest reason investors tolerate a $2B market cap without product sales.
Impact: the stock likely stops trading like a near-commercial story and starts trading like a platform reset.
med
single-asset concentration
The pipeline shown here is top-heavy. One program sits in Phase 3, and the rest do not provide an equally advanced fallback if the lead candidate stumbles.
Impact: you are not diversified across several late-stage shots. You are mostly paying for one.
med
cash burn versus cash balance
As of June 2025, cash stood at $355M. That matters. Late-stage trials burn cash too, and the lack of product revenue means funding still circles back to partnerships, equity, or both.
Impact: a delay or weaker data could turn today's decent balance sheet into tomorrow's financing discussion very quickly.
med
collaboration revenue optics
The $206M trailing revenue figure and 19.7% margin make the business look more stable than it is. Collaboration revenue is real. It is just not the same thing as demand from an approved drug.
Impact: if collaboration income cools before clinical progress replaces it, valuation support gets thinner fast.
The quiet part loud: a $2B market cap is leaning on one Phase 3 asset while the reported $206M revenue base still depends on collaboration accounting.
source: institutional data · regulatory filings · risk analysis
Pay attention to
catalyst
EMPEROR Phase 3 progress
The global Phase 3 trial began in May 2025. Watch enrollment, dosing updates, and any shift in the expected 2026/2027 data window. That's the near-term story.
cash
$355M cash versus burn
The cash balance looked solid as of June 2025. Your job is to watch whether quarterly spending starts shrinking that cushion faster than the program gets de-risked.
revenue quality
collaboration revenue mix
Revenue growth of +315.9% last year and trailing revenue of $206M sound strong. Watch the source. If the top line stays deal-driven, you are still reading milestones, not demand.
execution
permanent CEO, real accountability
Ian F. Smith became permanent CEO in October 2025. In a one-asset story, leadership quality shows up quickly in trial discipline, communication, and financing choices.
Analyst rankings
earnings predictability
25 / 100
in human-speak, analysts do not trust the income statement to behave like a normal operating business. milestone revenue changes the picture quarter to quarter.
risk rank
3
Balance-sheet risk looks middle of the pack. Clinical risk is the real driver. You have to hold both ideas at once with STOK.
source: institutional data
Institutional activity
institutional ownership data for STOK is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$34
current price
n/a
target midpoint · n/a from current
Want the deeper analysis?
The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.
see plans from $5/moThe deep dive