BEDFORD, MA—Allan Jonathan, the General Counsel and Corporate Secretary of Stoke Therapeutics, Inc. (NASDAQ:STOK), sold 9,696 shares of the company’s common stock. The shares were sold at an average price of $12.78, resulting in a total transaction value of approximately $123,890. This sale was an issuer-mandated transaction to cover tax withholding liabilities related to the vesting of restricted stock units. Following the sale, Jonathan holds 35,142 shares of Stoke Therapeutics. The company maintains a strong financial position with a current ratio of 5.09, holding more cash than debt on its balance sheet. InvestingPro subscribers can access 8 additional key insights about Stoke's financial health and growth prospects.
In other recent news, Stoke Therapeutics' drug zorevunersen, intended for the treatment of Dravet syndrome, a severe form of epilepsy, has been granted Breakthrough Therapy Designation by the U.S. Food and Drug Administration (FDA). This designation is significant as it could expedite the development and review process for zorevunersen. The FDA's decision follows positive outcomes from Phase 1/2a and open-label extension (OLE) studies, which indicated that zorevunersen significantly reduced seizure frequency and improved cognitive and behavioral measures in patients.
In addition to the FDA's designation, Stoke Therapeutics maintained its Buy rating from TD Cowen, following the release of promising clinical trial results for zorevunersen. The company also settled a director compensation dispute, agreeing to a mootness fee of $175,000 and consenting to pay up to $415,000 in attorney's fees and expenses.
Stoke Therapeutics is currently in ongoing discussions with the FDA and other global regulatory bodies to advance zorevunersen into a global, randomized, controlled Phase 3 registrational study. These are the latest developments in Stoke Therapeutics' trajectory, highlighting its commitment to advancing RNA-based medicines to address genetic conditions.
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