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Segment Information
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Information

11. Segment Information

The Company comprises of one reportable segment, Stoke. As of March 31, 2025, 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 Interim 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 Targeted Augmentation of Nuclear Gene Output (“TANGO”) approach and developing antisense oligonucleotides (“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 vs 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 consolidated results (in thousands):

 

 

Three Months Ended March 31,

 

 

 

2025

 

 

2024

 

Revenue

 

$

158,569

 

 

$

4,216

 

 

 

 

 

 

 

 

Zorevunersen(1)

 

 

17,674

 

 

 

8,780

 

ADOA(1)

 

 

1,201

 

 

 

1,722

 

SYNGAP1(1)

 

 

342

 

 

 

284

 

MECP2(1)

 

 

147

 

 

 

242

 

Other external program costs

 

 

1,829

 

 

 

2,043

 

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

 

 

11,012

 

 

 

8,163

 

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

 

 

8,929

 

 

 

6,850

 

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

 

 

1,407

 

 

 

1,460

 

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

 

 

4,788

 

 

 

3,044

 

Subtotal

 

 

(47,329

)

 

 

(32,588

)

Other segment items

 

 

 

 

 

 

Interest expense

 

 

(1

)

 

 

(22

)

Interest income

 

 

2,890

 

 

 

2,448

 

Other income (expense)

 

 

28

 

 

 

(428

)

Provision for income taxes

 

 

(1,278

)

 

 

—

 

Total other segment items

 

 

1,639

 

 

 

1,998

 

Segment net income (loss)

 

$

112,879

 

 

$

(26,374

)

(1) Includes external research and development and 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.