:max_bytes(150000):strip_icc()/EdwardKayeStoke-70238b2a6037417191198d4318ccd4c2.jpg?w=1920&resize=1920,1267&ssl=1 "Stoke Therapeutics Stock Slips as CEO Steps Down | Global News Avenue")
Stoke Therapeutics Stock Slips as CEO Steps Down
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Key Points
- Stoke Therapeutics shares fell on Tuesday after the company announced its CEO’s resignation.
- Dr. Edward Kaye will resign on Wednesday and the company will start the search immediately.
- Stoke also exceeded its fourth-quarter estimates, reported higher revenues and less losses than expected.
Stoke Therapeutics shares (in stock) slipped Tuesday, and the drugmaker said its CEO Dr. Edward Kaye is resigning.
Kaye will officially step down on Wednesday, with board member Ian Smith taking over as interim CEO as it initiated a search for permanent replacements, Stoke said Tuesday. The company said Kaye will continue to serve as a consultant during the transition process.
The company has developed drugs to treat infant epilepsy, called Dravet syndrome.
Stoke reported its fourth quarter results for 2024 separately Tuesday. The company reported revenue of $22.61 million, well above the $4.22 million aggregated by the Visible Alpha Analyst consensus, losses, losses were lost than expected by $0.18.
Stoke said it had $246.7 million in cash, cash-equivalent and sellable securities by the end of the year. That and the $165 million paid from Biogen (peanut) It received a new partnership this month and should fund its operations in mid-2028.
Stock stock fell nearly 3% on Tuesday, but has still grown more than 40% over the past 12 months.
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