v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information

11. Segment Information

The Company comprises one reportable segment, Stoke. As of June 30, 2026, this segment has not generated any product revenue since inception, as it does not yet have approved products for sale.

The Company primarily generates revenue in North America, with its long-lived assets also concentrated in this region, and manages its business activities on a consolidated basis. Decisions concerning the allocation of the Company’s resources are made by the Company’s Chief Operating Decision Maker (“CODM”), which is the Company’s Chief Executive Officer. The CODM views the Company’s operations as a single operating segment which is the business of discovering and developing RNA-based medicines, using the Company's proprietary protein upregulation platform and developing ASOs to selectively restore protein levels.

The CODM assesses performance for the Company's operations segment and decides how to allocate resources based on net income or loss that is also reported on the income statement as consolidated net income or loss and the measure of segment assets as reported on the balance sheet as total consolidated assets. Net income or loss is used to monitor budget versus actual results as well as assess the general performance of the segment in a given period.

The following table reconciles segment direct profit or loss to the Company’s condensed consolidated results (in thousands):

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Revenue

 

$

9,325

 

 

$

13,817

 

 

$

15,554

 

 

$

172,386

 

Zorevunersen(1)

 

 

28,243

 

 

 

11,382

 

 

 

48,097

 

 

 

29,056

 

ADOA(1)

 

 

2,697

 

 

 

1,747

 

 

 

4,555

 

 

 

2,140

 

SYNGAP1(1)

 

 

1,073

 

 

 

818

 

 

 

1,818

 

 

 

1,160

 

MECP2(1)

 

 

—

 

 

 

(200

)

 

 

—

 

 

 

(53

)

Other external program costs

 

 

3,990

 

 

 

1,841

 

 

 

7,169

 

 

 

3,670

 

Payroll and other personnel costs - R&D (2)

 

 

18,218

 

 

 

11,618

 

 

 

34,336

 

 

 

22,629

 

Payroll and other personnel costs - SG&A (2)

 

 

13,318

 

 

 

8,979

 

 

 

24,375

 

 

 

17,908

 

Other non-program costs - R&D (3)

 

 

1,628

 

 

 

1,615

 

 

 

3,308

 

 

 

3,022

 

Other non-program costs - SG&A (3)

 

 

5,587

 

 

 

3,317

 

 

 

10,742

 

 

 

8,914

 

Interest expense

 

 

(17

)

 

 

(3

)

 

 

(41

)

 

 

(3

)

Interest income

 

 

3,520

 

 

 

3,792

 

 

 

6,939

 

 

 

6,681

 

Other income

 

 

308

 

 

 

28

 

 

 

327

 

 

 

57

 

Provision for income taxes

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(1,278

)

Segment net income (loss)

 

$

(61,618

)

 

$

(23,483

)

 

$

(111,621

)

 

$

89,397

 

(1) Includes external research and development and sales, general and administrative expenses associated with programs.

(2) Includes salaries, benefits and other personnel related expenses, including stock based compensation expense, of relevant personnel.

(3) Includes costs incurred for conducting non-program activities related to Company activities.