Revenue trajectory is highly erratic, evidenced by a 96.1% year-over-year decline in 2026Q1 as the company relies on lumpy milestone payments rather than recurring commercial sales.
| Sales/Revenue | 32.08M | 184.42M | 36.55M | 8.78M | 12.4M | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | -83.2% | 404.5% | 316.34% | -29.22% | - | - | - | - | - | - |
| Cost of Goods Sold | 3.09M | 0 | 0 | 0 | 0 | 0 | 1.93M | 450K | 214K | 113K |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 28.99M | 184.42M | 36.55M | 8.78M | 12.4M | 0 | -1.93M | -450K | -214K | -113K |
| Gross Margin % | 90.36% | 100% | 100% | 100% | 100% | - | - | - | - | - |
| Gross Profit Growth % | - | 404.5% | 316.34% | -29.22% | - | 100% | -328% | -110.28% | -89.38% | - |
| Operating Expenses | 214.24M | 205.01M | 137.93M | 123.55M | 116.76M | 86.06M | 51.12M | 35.23M | 12.78M | 5.55M |
| OpEx % of Revenue | - | 111.16% | 377.31% | 1407.21% | 941.24% | - | - | - | - | - |
| Selling, General & Admin | 71.21M | 67.09M | 48.79M | 41.32M | 38.92M | 31.9M | 20.85M | 11.91M | 4.41M | 1.96M |
| SG&A % of Revenue | - | 36.38% | 133.48% | 470.64% | 313.78% | - | - | - | - | - |
| Research & Development | 144.07M | 137.92M | 89.13M | 82.23M | 77.84M | 54.17M | 32.2M | 23.31M | 8.37M | 3.6M |
| R&D % of Revenue | - | 74.79% | 243.83% | 936.57% | 627.46% | - | - | - | - | - |
| Other Operating Expenses | -1000K | 0 | 0 | 0 | 0 | 0 | -1.93M | 0 | -10K | -4K |
| Operating Income | -185.25M | -20.59M | -101.37M | -114.77M | -104.36M | -86.06M | -53.04M | -35.68M | -12.78M | -5.55M |
| Operating Margin % | -577.46% | -11.16% | -277.31% | -1307.21% | -841.24% | - | - | - | - | - |
| Operating Income Growth % | - | 79.69% | 11.68% | -9.98% | -21.25% | -62.25% | -48.67% | -179.15% | -130.12% | - |
| EBITDA | -181.71M | -18.82M | -99.19M | -112.3M | -102.81M | -85.09M | -51.12M | -35.23M | -12.57M | -5.44M |
| EBITDA Margin % | -566.43% | -10.21% | -271.36% | -1279.09% | -828.78% | - | - | - | - | - |
| EBITDA Growth % | -550.53% | 81.03% | 11.67% | -9.23% | -20.82% | -66.46% | -45.11% | -180.32% | -130.97% | - |
| D&A (Non-Cash Add-back) | 3.54M | 1.77M | 2.18M | 2.47M | 1.55M | 974K | 1.93M | 450K | 214K | 113K |
| EBIT | -181.78M | -20.59M | -101.37M | -114.77M | -104.36M | -86.06M | -52.24M | -32.33M | -12.78M | -5.55M |
| Net Interest Income | 3.68M | 0 | 0 | 0 | 0 | 120K | 744K | 3.35M | 0 | 0 |
| Interest Income | 7.08M | 0 | 0 | 0 | 0 | 120K | 744K | 3.35M | 270K | 0 |
| Interest Expense | 3.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 14.2M | 13.71M | 12.39M | 10.07M | 3.29M | 260K | 801K | 3.35M | 260K | -4K |
| Pretax Income | -171.04M | -6.88M | -88.98M | -104.7M | -101.07M | -85.81M | -52.24M | -32.33M | -12.52M | -5.56M |
| Pretax Margin % | -533.18% | -3.73% | -243.42% | -1192.47% | -814.73% | - | - | - | - | - |
| Income Tax | -1.28M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0.75% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -169.77M | -6.88M | -88.98M | -104.7M | -101.07M | -85.81M | -52.24M | -32.33M | -12.52M | -5.56M |
| Net Margin % | -529.2% | -3.73% | -243.42% | -1192.47% | -814.73% | - | - | - | - | - |
| Net Income Growth % | -437.7% | 92.26% | 15.01% | -3.59% | -17.79% | -64.24% | -61.62% | -158.17% | -125.28% | - |
| Net Income (Continuing) | -169.77M | -6.88M | -88.98M | -104.7M | -101.07M | -85.81M | -52.24M | -32.33M | -12.52M | -5.56M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.69 | -0.12 | -1.65 | -2.38 | -2.60 | -2.34 | -1.56 | -1.59 | -0.53 | -0.24 |
| EPS Growth % | -458.23% | 92.73% | 30.67% | 8.46% | -11.11% | -50% | 1.89% | -200% | -120.83% | - |
| EPS (Basic) | - | -0.12 | -1.65 | -2.38 | -2.60 | -2.34 | -1.56 | -1.59 | -0.53 | -0.24 |
| Diluted Shares Outstanding | 63.06M | 59.22M | 54.01M | 43.99M | 38.9M | 36.74M | 33.49M | 17.97M | 23.51M | 23.51M |
| Basic Shares Outstanding | 63.06M | 59.22M | 54.01M | 43.99M | 38.9M | 36.74M | 33.49M | 17.97M | 23.51M | 23.51M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
Binary clinical trial dependency
As reported in financial statements, STOK's revenue trajectory is characterized by extreme volatility, with a 2025Q1 peak of $158.6 million followed by a sharp decline to $6.2 million in 2026Q1, illustrating that growth is entirely dependent on non-recurring milestone payments rather than sustainable commercial product adoption.
The revenue profile suggests a lack of operational scale, as the company remains in a pre-commercial phase where top-line figures are dictated by contractual events. Investors should monitor the sustainability of these inflows, as the current trend indicates that revenue is not a reliable indicator of long-term business health.
Based on recent SEC filings, STOK maintains a high fixed-cost structure, with R&D expenses consistently exceeding $20 million per quarter, which appears to be the primary driver of the company's persistent operating losses despite the intermittent influx of collaboration-related revenue streams during the observed period.
The company's expense discipline is heavily skewed toward clinical development, leaving little room for operational flexibility. This cost structure suggests that the firm is prioritizing pipeline advancement over near-term profitability, which may necessitate further capital raises if milestone payments do not materialize as expected.
According to historical income statement data, STOK's net income is highly sensitive to non-operating milestone recognition, as evidenced by the $112.9 million profit in 2025Q1, which stands in stark contrast to the recurring quarterly losses that characterize the company's typical operational performance profile.
The quality of earnings appears low, as the reported profitability is an accounting artifact of partnership agreements rather than core business operations. Analysts should adjust for these one-time items to better understand the underlying cash burn rate and the true economic cost of the company's research activities.
As indicated by the company's financial trajectory, the reliance on a single lead candidate and limited cash reserves creates a precarious situation where any delay in clinical readouts could force dilutive financing, as the current burn rate significantly outpaces the company's ability to generate organic cash.
Short-term liquidity concerns may be exacerbated if the TANGO platform fails to meet its primary clinical endpoints, as the market is currently pricing in future success. Investors should remain cautious regarding the company's ability to bridge the gap between its current cash position and a potential commercial launch.
Quick answers to the most common questions about buying STOK stock.
For fiscal year 2025, Stoke Therapeutics, Inc. (STOK) reported total revenue of $184.4M.
Stoke Therapeutics, Inc. (STOK) reported a net loss of $6.9M for the fiscal year ending 2025.
Stoke Therapeutics, Inc. (STOK) reported an operating income of $-20.6M, resulting in an operating profit margin of -11.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Stoke Therapeutics, Inc. (STOK) generated $184.4M in gross profit for the year, representing a gross profit margin of 100.0%. This demonstrates the company's core pricing power and production efficiency.