Stoke Therapeutics
Takeaways
- Stoke Therapeutics’ shares fell after the company announced its CEO’s resignation.
- Dr. Edward Kaye will be leaving his position on Wednesday. The company has already begun a search.
- Stoke also exceeded estimates for the fourth-quarter, reporting higher revenues and a smaller profit than expected.
Stoke Therapeutics’ (STOK), shares fell Tuesday, after the drugmaker announced Dr. Edward Kaye would be stepping down as CEO.
Stoke announced Tuesday that Kaye is stepping down officially as of Wednesday. Board member Ian Smith has been appointed interim CEO, while Stoke launches a nationwide search for a permanent substitute. Kaye will remain on as a consultant during the transition, the company announced.
The company is working on drugs to treat conditions, such as infant epilepsy known as Dravet Syndrome.
Separately, Stoke reported its results on Tuesday for the fourth quarter 2024. The company reported $22.61 millions in revenue, which is well above the $4.22million analyst consensus compiled and compiled by Visible Alpha. It also posted a smaller than expected loss of $0.18 per share.
Stoke reported that as of the end of the year, it had $246.7 in cash, cash equivalents and marketable securities. The $165 million payment received from Biogen this month to fund a new partnership should cover its operations until the middle of 2028.
Stoke shares are down almost 3% today, but still up over 40% in the past year.
