Key Takeaways
- Stoke Therapeutics shares fell Tuesday after the company announced the resignation of its CEO.
- Dr. Edward Kaye is stepping down from the position Wednesday, with the company beginning a search immediately.
- Stoke also topped estimates for the fourth quarter, reporting higher revenue and a smaller loss than expected.
Shares of Stoke Therapeutics (STOK) slipped Tuesday as the drugmaker said its CEO Dr. Edward Kaye is stepping down from his role.
Stoke said Tuesday that Kaye will officially step down as of Wednesday, with board member Ian Smith taking over as interim CEO as it launches a search for a permanent replacement. Kaye will stay on as an advisor through the transition process, the company said.
The company has drugs in development to treat conditions such as an infant epilepsy disease called Dravet Syndrome.
Separately on Tuesday, Stoke also reported its results for the fourth quarter of 2024. The company reported $22.61 million in revenue, well above the $4.22 million analyst consensus compiled by Visible Alpha, along with a smaller loss than expected at $0.18 per share.
Stoke said as of the year’s end it had $246.7 million in cash, cash equivalents, and marketable securities. That, along with a $165 million payment from Biogen (BIIB) it received this month for a new partnership, should fund its operations through the middle of 2028.
Stoke shares were down almost 3% Tuesday, but are still up more than 40% in the last 12 months.
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