Seaport Therapeutics expects cash runway into 2029
Cash, cash equivalents and investments of $403.799 million as of September 30, 2026 are expected to support current operating plans into 2029.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
Seaport Therapeutics, Inc. reported third-quarter 2026 net loss of $26.394 million, compared with $22.544 million a year earlier. Research and development expenses were $23.891 million versus $20.453 million, and general and administrative expenses were $6.454 million versus $4.988 million. Cash, cash equivalents and investments totaled $403.799 million as of September 30, 2026; the company expects these resources to support current operating plans into 2029 and through three mid-to-late-stage data readouts.
A Phase 1 driving simulation trial found that evening GlyphAllo doses of 375 mg after multiple-day dosing on Day 5 and a single 250 mg dose on Day 2 did not impair next-morning driving performance compared with placebo; no serious adverse events were reported. BUOY-1, a Phase 2b GlyphAllo trial in major depressive disorder, is enrolling, with topline data expected in the first half of 2027. Seaport dosed the first patient in its GlyphAgo Phase 2a trial for generalized anxiety disorder and sleep disturbance, and expects to initiate a Phase 2/3 GAD trial in the first half of 2027. Topline data are expected in early 2028 from Phase 2a and by year-end 2028 from Phase 2/3.
Positive
- None.
Negative
- Minor pointThird-quarter net loss: $26.394 million versus $22.544 million in 2025.
Filing Explained
Reported per-share results use different average share counts year over year, and nine-month G&A includes $39.1 million of noncash stock compensation.
The filing furnishes third-quarter results and reports weighted-average common shares of 53,530,550 for 2026 versus 2,389,888 for 2025; the reported per-share figures therefore compare periods with different average share counts.
For the nine months ended
8-K Event Classification
Key Figures
Key Terms
proof-of-pharmacology medical
bioavailability medical
Insomnia Severity Index medical
pharmacokinetics medical
Earnings Snapshot
Cash, cash equivalents and investments are expected to support current operating plans into 2029, through three mid-to-late-stage data readouts.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much cash runway does SPTX have?
What were SPTX's third-quarter 2026 financial results?
What doses are being tested in SPTX's GlyphAgo Phase 2a trial?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): |
(Exact name of Registrant as Specified in Its Charter)
(State or Other Jurisdiction |
(Commission File Number) |
(IRS Employer |
||
|
|
|
|
|
|
||||
|
||||
(Address of Principal Executive Offices) |
|
(Zip Code) |
||
Registrant’s Telephone Number, Including Area Code: ( |
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
|
|
Trading |
|
|
|
|
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.02 Results of Operations and Financial Condition.
On November 2, 2026, Seaport Therapeutics, Inc. (the "Company") announced its financial results for the quarter ended September 30, 2026. A copy of the press release issued in connection with the announcement is being furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information in this Current Report on Form 8-K (including Exhibit 99.1 attached hereto) is intended to be furnished and shall not be deemed "filed” for purposes of Section 18 of the Securities Exchange Act of 1934,as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933,as amended, or the Exchange Act,except as expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
Exhibit Number |
|
Description |
99.1 |
|
Press Release, dated November 2, 2026 |
104 |
|
Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
|
|
Seaport Therapeutics, Inc |
|
|
|
|
Date: |
November 2, 2026 |
By: |
/s/ Lauren White |
|
|
|
Chief Financial Officer |
Exhibit 99.1
Seaport Therapeutics Reports Third Quarter 2026 Financial Results and Highlights Recent Corporate and Clinical Progress
Announced positive topline data from Phase 1 driving simulation trial of GlyphAlloTM, showing that GlyphAllo did not impair next-morning driving performance compared to placebo
Dosed first patient in Phase 2a trial of GlyphAgoTM in patients with generalized anxiety disorder (GAD) and sleep disturbance; Company expects to initiate Phase 2/3 trial of GlyphAgo in patients with GAD in 1H 2027
Enrollment in Phase 2b BUOY-1 trial of GlyphAllo in major depressive disorder (MDD) is on track with topline data expected in 1H 2027
Cash, cash equivalents, and investments of $403.8 million as of September 30, 2026, expected to fund operations into 2029 through three mid-to-late-stage data readouts
BOSTON, November 2, 2026 -- Seaport Therapeutics, Inc., (Nasdaq: SPTX) (“Seaport” or the “Company”), a clinical-stage therapeutics company that is inventing and developing novel neuropsychiatric medicines, today announced financial results for the third quarter of 2026 and highlighted recent corporate and clinical progress.
“Over the last few months, Seaport met two key clinical milestones – we dosed the first patient in the Phase 2a proof-of-pharmacology trial of GlyphAgo in patients with GAD and sleep disturbance, and demonstrated that GlyphAllo did not impair next-morning driving performance in a Phase 1 driving trial,” said Daphne Zohar, Co-Founder and Chief Executive Officer at Seaport Therapeutics. “With GlyphAllo and GlyphAgo, Seaport is now advancing two Phase 2 programs, and we look forward to progressing these programs through a steady cadence of potential value-creating milestones. In this context, our team remains focused on the rigorous execution of the ongoing, potentially registration-enabling Phase 2b BUOY-1 trial of GlyphAllo in MDD. Enrollment in BUOY-1 is on track, with topline data expected in the first half of next year. As we approach the topline readout of BUOY-1, we also continue to explore potential indication expansion opportunities for the GlyphAllo program, including in generalized anxiety disorder.
“In parallel, we are preparing to initiate the Phase 2/3, potentially registration-enabling trial of GlyphAgo in GAD in the first half of next year, and we expect topline data from both Phase 2 trials of GlyphAgo in 2028 – with data from the Phase 2a trial expected in early 2028, and data from the Phase 2/3 trial expected by year-end 2028.
“Seaport is well-capitalized, with cash runway through all three of our upcoming mid-to-late-stage clinical data readouts. There are a billion people living with mental illness – waiting and hoping for better medicines. We are committed to our mission to bring better days to patients and their families.”
Recent Business Updates and Anticipated Milestones
GlyphAllo (SPT-300 or Glyph Allopregnanolone) Program for Patients with Major Depressive Disorder (MDD)
GlyphAgo (SPT-320 or Glyph Agomelatine) Program for Patients with Generalized Anxiety Disorder (GAD)
Preclinical and Discovery Programs
Third Quarter 2026 Financial Results
About Seaport Therapeutics
Seaport Therapeutics (Nasdaq: SPTX) is a clinical-stage therapeutics company focused on inventing and developing new medicines for patients with depression, anxiety, and other debilitating neuropsychiatric disorders. Through its differentiated approach, the Company identifies clinically validated mechanisms with established efficacy and safety which had historically been limited by high first-pass metabolism, low bioavailability, and/or side effects. Seaport applies its proprietary GlyphTMplatform to overcome those limitations and invent innovative oral therapies. With an experienced team of industry leaders, Seaport has a proven track record in neuropsychiatry drug discovery and development and delivering successful business outcomes. Seaport aims to develop novel, leading treatment options that will make
a significant impact for patients and their families. For more information, please visit www.seaporttx.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words “anticipate,” “believe,” “contemplate,” “continue,” “could,” “design,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements include, but are not limited to, express or implied statements regarding: the potential of the GlyphTM platform to enhance oral bioavailability, bypass first-pass metabolism, and reduce hepatotoxicity; our product candidates, including the progress, enrollment, and anticipated timing of topline data from the GlyphAllo Phase 2b BUOY-1 trial in 1H 2027; the interpretation and clinical regulatory implications of the previously reported topline results from the Phase 1 driving simulation trial of GlyphAllo in healthy volunteers, which we have submitted to the U.S. Food and Drug Administration (“FDA”), including the FDA’s review of those results; the progress and enrollment of the Phase 2a GlyphAgo trial and the anticipated timing of topline data in early 2028; the planned initiation of the GlyphAgo Phase 2/3 trial in the first half of 2027 and the anticipated timing of topline data by the end of 2028; the timing, progress, and results of our research and development programs, preclinical studies, and future clinical trials, including the completion of first-in-human-enabling activities for Glyph2BLSD and the completion of first-in-human-enabling studies by year-end 2027; and our expectations regarding uses of capital, expenses and financial results, including the expected cash runway and financial performance.
Forward-looking statements are based on management’s current expectations and are subject to risks and uncertainties that could negatively affect Seaport’s business, operating results, financial condition, and stock value. Factors that could cause actual results to differ materially from those currently anticipated include: risks relating to the Company’s research and development activities, including with respect to the GlyphAllo Phase 2b BUOY-1 trial and the GlyphAgo Phase 2a and planned Phase 2/3 trials; risks that result from earlier trials, including Phase 1 trials, or from third-party trials may not be predictive of future results, including with respect to liver safety; risks that interim results are not predictive of final results in a clinical trial; Seaport’s ability to execute on its strategy including obtaining the requisite regulatory approvals on the expected timeline, if at all; uncertainties relating to preclinical and clinical development activities; the Company’s dependence on third parties to conduct clinical trials, manufacture its product candidates and develop and commercialize its product candidates, if approved; Seaport’s ability to attract, integrate, and retain key personnel; risks related to the Company’s financial condition, including Seaport’s limited operating history and history of significant losses, the Company’s need for substantial additional funding and its ability to raise capital when needed, on acceptable terms, or at all, to complete development activities and commercialize Seaport’s product candidates, if approved; risks related to regulatory developments and approval processes of the FDA and comparable foreign regulatory authorities; risks related to establishing and maintaining Seaport’s intellectual property protections; and risks related to the competitive landscape for Seaport’s product candidates,
as well as other risks described in “Risk Factors,” in Seaport’s Quarterly Report on Form 10-Q for the three months ended September 30, 2026 filed with the Securities and Exchange Commission (“SEC”), as well as subsequent filings with the SEC. Seaport expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations or any changes in events, conditions or circumstances on which any such statement is based, except as required by law, and claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
Seaport uses and intends to continue to use its Investor Relations website as a means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation FD. Accordingly, investors should monitor the Company’s Investor Relations website, in addition to following the Company’s press releases, SEC filings, public conference calls, presentations, and webcasts.
Seaport Therapeutics, Inc.
Condensed Consolidated Statements of Operations and Comprehensive Loss
(In thousands, except share and per share amounts) (Unaudited)
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
||||
Research and development (including non-cash stock-based compensation expense of $1.0 million and $0.6 million for the three months ended September 30, 2026 and 2025, respectively and $2.7 million and $1.7 million for the nine months ended September 30, 2026 and 2025, respectively) |
$ |
23,891 |
|
|
$ |
20,453 |
|
|
$ |
69,939 |
|
|
$ |
44,395 |
|
General and administrative (including non-cash stock-based compensation expense of $1.5 million and $1.2 million for the three months ended September 30, 2026 and 2025, respectively and $39.1 million and $3.5 million for the nine months ended September 30, 2026 and 2025, respectively) |
|
6,454 |
|
|
|
4,988 |
|
|
|
53,756 |
|
|
|
15,700 |
|
Total operating expenses |
|
30,345 |
|
|
|
25,441 |
|
|
|
123,695 |
|
|
|
60,095 |
|
Loss from operations |
|
(30,345 |
) |
|
|
(25,441 |
) |
|
|
(123,695 |
) |
|
|
(60,095 |
) |
Total other income (expense), net |
|
4,078 |
|
|
|
2,992 |
|
|
|
10,191 |
|
|
|
9,609 |
|
Loss before income taxes |
|
(26,267 |
) |
|
|
(22,449 |
) |
|
|
(113,504 |
) |
|
|
(50,486 |
) |
Income tax provision |
|
127 |
|
|
|
95 |
|
|
|
898 |
|
|
|
260 |
|
Net loss |
$ |
(26,394 |
) |
|
$ |
(22,544 |
) |
|
$ |
(114,402 |
) |
|
$ |
(50,746 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net loss per share, basic and diluted |
$ |
(0.49 |
) |
|
$ |
(9.43 |
) |
|
$ |
(3.72 |
) |
|
$ |
(21.53 |
) |
Weighted-average common shares outstanding, basic and diluted |
|
53,530,550 |
|
|
|
2,389,888 |
|
|
|
30,714,936 |
|
|
|
2,357,222 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Seaport Therapeutics, Inc.
Selected Condensed Consolidated Balance Sheet Data
(In thousands) (Unaudited)
|
|
September 30, |
|
|
December 31, |
|
||
|
|
2026 |
|
|
2025 |
|
||
Cash, cash equivalents and investments |
|
$ |
403,799 |
|
|
$ |
233,653 |
|
Working capital |
|
$ |
281,956 |
|
|
$ |
210,448 |
|
Total assets |
|
$ |
417,624 |
|
|
$ |
249,009 |
|
Total stockholders' equity (deficit) |
|
$ |
397,455 |
|
|
$ |
(92,545 |
) |
Seaport Therapeutics
Media Contact:
Shannon Costello
Vice President, Communications
publicrelations@seaporttx.com
Investor Contact:
Adam Bero, Ph.D.
Vice President, Head of Investor Relations
ir@seaporttx.com