BEDFORD, Mass. - Stoke Therapeutics, Inc. (NASDAQ:STOK), a biotechnology company focusing on RNA-based medicines for severe diseases, announced today the appointment of Thomas Leggett as its new Chief Financial Officer (CFO).
Mr. Leggett brings over two decades of financial and operational leadership experience in the life sciences sector to Stoke Therapeutics. He will succeed Stephen Tulipano, who has resigned effective Tuesday, May 7.
Edward M. Kaye, M.D., Chief Executive Officer of Stoke Therapeutics, expressed gratitude to Mr. Tulipano for his service, highlighting his role in the company's successful Initial Public Offering in 2019 and a recent $125 million public offering.
Dr. Kaye also noted that the company is well-positioned to advance its lead compound, STK-001, into a registrational study for the treatment of Dravet syndrome, a severe and progressive genetic epilepsy.
Mr. Leggett's previous roles include CFO positions at Affinia Therapeutics, Black Diamond Therapeutics (NASDAQ:BDTX), and Axcella Health (OTC:AXLA), where he was instrumental in leading significant financing initiatives, including an $85 million Series C financing and a $231 million IPO at Black Diamond.
His experience also encompasses over a decade of investment banking for healthcare groups at prominent financial institutions such as J.P. Morgan Securities, Lazard (NYSE:LAZ) Frères & Company, and UBS Securities. Additionally, he serves on the board of directors of Clover Biopharmaceuticals, Ltd.
Mr. Leggett holds an MBA in Finance from the Wharton School at the University of Pennsylvania and a Bachelor of Arts in Economics from Columbia University.
Stoke Therapeutics is advancing its proprietary TANGO approach to develop antisense oligonucleotides that selectively restore protein levels to treat genetic diseases. The company's focus extends to the central nervous system and eye diseases, with broader potential indicated by proof of concept in other systems.
This announcement is based on a press release statement and contains forward-looking statements regarding the potential of STK-001 and the company's clinical trial timelines. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected.
InvestingPro Insights
In light of Stoke Therapeutics' recent executive appointment and its progress in developing RNA-based medicines, several metrics and insights from InvestingPro provide a deeper view into the company's financial health and market performance.
As of the last twelve months ending Q4 2023, Stoke Therapeutics holds a market capitalization of approximately $646.78 million, reflective of investor sentiment and the company's perceived potential in the biotech industry.
One notable InvestingPro Tip for Stoke Therapeutics is the company's strong liquidity position, as it holds more cash than debt on its balance sheet, which could provide financial flexibility and resilience in advancing its lead compound, STK-001. Moreover, Stoke's liquid assets exceed its short-term obligations, further emphasizing the company's capacity to manage its short-term financial commitments.
From a performance perspective, Stoke Therapeutics has seen a significant return over the last week, with a price total return of 10.31%, and an even more impressive return over the last three months, at 135.93%. This robust short-term performance could be indicative of positive market reception to recent developments, including the appointment of the new CFO, Thomas Leggett.
InvestingPro Data also highlights that Stoke Therapeutics is trading at a high revenue valuation multiple and that analysts have revised their earnings upwards for the upcoming period, suggesting optimism about the company's future revenue growth. Still, it is important to note that the company is not expected to be profitable this year, and it has not been profitable over the last twelve months.
For readers interested in further analysis and additional InvestingPro Tips, consider exploring the company's detailed financials and market performance on Investing.com's Pro platform at https://www.investing.com/pro/STOK. There are currently 9 additional InvestingPro Tips available for Stoke Therapeutics. For those considering a subscription, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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