STOKStoke Therapeutics, Inc.

Pharmaceutical Preparations

Revenue: $184M; 405% YoY
Operating margin: -11.2%; 96% YoY
EBITDA: −$19M; 81% YoY
Market cap: $1.6B
Employees: 38,000; $5K revenue each
Net debt / EBITDA: —
AI in 10-K: 0.0; mentions per 10K words

Takeover score 5 of 13

Fixable underperformance 2 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
17% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentYes
73% lowest support
Any vote under 80% support

Buyer economics 3 of 4

Low revenue per employeeYes
$5K · 20th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.0 per 10K words · 0th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.6B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$9M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	—	$12M	$9M	$37M	$184M	405%
Operating income	−$86M	−$104M	−$115M	−$101M	−$21M	80%
Net income	−$86M	−$101M	−$105M	−$89M	−$7M	92%
Operating cash flow	−$67M	−$32M	−$81M	−$87M	$46M	152%
Capex	$1M	$4M	$2M	$203K	$670K	230%
Stock-based comp	$16M	$23M	$25M	$27M	$32M	17%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Aug 26, 2025	Skorpios Trust	SCHEDULE 13D/A	8.1%	Passive
Jun 23, 2025	Skorpios Trust	SCHEDULE 13D/A	11.0%	Passive
Jun 6, 2025	Skorpios Trust	SCHEDULE 13D/A	21.5%	Passive
Dec 27, 2024	Skorpios Trust	SCHEDULE 13D/A	31.4%	Passive
Sep 23, 2024	Skorpios Trust	SC 13D/A	9.4%	Passive
Apr 18, 2024	Skorpios Trust	SC 13D/A	14.9%	Passive
Jun 30, 2021	Skorpios Trust	SC 13D	18.8%	Passive
Jun 29, 2021	ATP Life Science Ventures, L.P.	SC 13D/A	0.1%	Passive
Nov 27, 2020	Apple Tree Partners IV, L.P.	SC 13D/A	47.5%	Active
Jul 1, 2019	Apple Tree Partners IV, L.P.	SC 13D	51.4%	Active

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $9M · 83
Net: −$9M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	344	—
FY2024	—	—	120	—
FY2023	—	—	57	—