Stoke doses first Phase 3 patient, books $168M Biogen revenue, narrows loss to $6.9M

Filed March 16, 2026 · Period ending December 31, 2025 · Compared to 10-K Mar 18, 2025 · ~1 min read

Key Changes

• high

  Phase 3 EMPEROR trial for zorevunersen initiated May 2025, first patient dosed August 2025; enrollment of ~150 patients expected Q2 2026, pivotal data mid-2027, rolling NDA submission planned H1 2027.

  Business: Phase 3 EMPEROR study verify on EDGAR →
• high

  Biogen collaboration closed February 2025 with $165M upfront, granting ex-North America rights; company recognized $168.3M revenue in 2025, driving net loss to just $6.9M (vs $89.0M in 2024).

  MD&A: Biogen collaboration verify on EDGAR →
• high

  Cash runway extended to 2028 with $390.9M on hand; company raised $87.8M via ATM under new $400M shelf and signed 12-year, $85.5M lease for 98,500 sq ft Waltham headquarters.

  MD&A: Cash runway & facilities verify on EDGAR →