Seaport Therapeutics Q2 loss widens on IPO stock grants
Seaport Therapeutics reported second-quarter 2026 results and detailed progress across its neuropsychiatry pipeline.
Rhea-AI Filing Summary
Seaport Therapeutics reported second-quarter 2026 results and detailed progress across its neuropsychiatry pipeline. Enrollment in the Phase 2b BUOY-1 trial of GlyphAllo in major depressive disorder is on track, with topline data expected in the first half of 2027, and a Phase 1 driving-simulation trial is expected to read out in the second half of 2026.
The company reported positive Phase 1 proof-of-concept data for GlyphAgo in generalized anxiety disorder, including a 6.8-fold increase in bioavailability and 10-fold lower pharmacokinetic variability versus unmodified agomelatine, supporting planned Phase 2a and 2b trials starting in 2026 and 2027. Preclinical candidate Glyph2BLSD is expected to complete first-in-human-enabling studies by year-end 2027.
In May 2026 Seaport completed an upsized IPO raising $260.0 million in gross proceeds, ending June 30, 2026 with $427.3 million in cash, cash equivalents, and investments, which it expects to fund operations into 2029. Higher R&D and one-time, non-cash stock-based compensation drove a wider net loss of $62.6 million for the quarter, compared with $15.1 million a year earlier.
Positive
- $427.3 million in cash, cash equivalents, and investments as of June 30, 2026, plus $260.0 million in upsized IPO proceeds, is expected to fund operations into 2029.
- Positive Phase 1 GlyphAgo data, including a 6.8-fold bioavailability increase and 10-fold lower variability, support advancement into potentially registration-enabling Phase 2 trials.
Negative
- Net loss $62.6 million in Q2 2026, compared with $15.1 million a year earlier, driven by higher R&D and large, one-time non-cash stock-based compensation.
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8-K Event Classification
Key Figures
Key Terms
Phase 2b medical
proof-of-concept medical
non-hallucinogenic neuroplastogen medical
first-in-human-enabling studies medical
stock-based compensation financial
Earnings Snapshot
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were Seaport Therapeutics (SPTX) R&D and G&A expenses in Q2 2026?
How much cash did Seaport Therapeutics (SPTX) have as of June 30, 2026?
What was Seaport Therapeutics (SPTX) net loss and EPS for Q2 2026?
What are the key upcoming milestones for Seaport Therapeutics’ (SPTX) GlyphAllo program?
What did the Phase 1 trial of GlyphAgo show for Seaport Therapeutics (SPTX)?
How long does Seaport Therapeutics (SPTX) expect its cash runway to last?
What is Seaport Therapeutics’ (SPTX) Glyph2BLSD program and its timeline?
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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
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Securities registered pursuant to Section 12(b) of the Act:
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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 August 3, 2026, Seaport Therapeutics, Inc. (the "Company") announced its financial results for the quarter ended June 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.
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Description |
99.1 |
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Press Release, dated August 3, 2026 |
104 |
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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.
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Seaport Therapeutics, Inc |
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August 3, 2026 |
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/s/ Lauren White |
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Chief Financial Officer |
Exhibit 99.1
Seaport Therapeutics Reports Second Quarter 2026 Financial Results and Highlights Recent Corporate and Clinical Progress
Enrollment in Phase 2b BUOY-1 trial of GlyphAlloTM in major depressive disorder (MDD) is on track with topline data expected in 1H 2027
Phase 1 driving simulation trial of GlyphAllo on track to report topline data in 2H 2026
Following positive data from completed Phase 1 proof-of-concept trial of GlyphAgoTM, Company plans to initiate Phase 2a trial in patients with generalized anxiety disorder (GAD) and sleep disturbance in 2H 2026, and Phase 2b trial in patients with GAD in 1H 2027
Glyph2BLSDTM, a novel non-hallucinogenic neuroplastogen, is on track to complete first-in-human-enabling studies by the end of 2027
Upsized IPO in May generated $260.0 million in gross proceeds; $427.3 million in cash, cash equivalents, and investments as of June 30, 2026, expected to fund operations into 2029
BOSTON, August 3, 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 second quarter of 2026 and highlighted recent corporate and clinical progress.
“The second quarter of 2026 was marked by two major milestones for Seaport – positive results from our Phase 1 proof-of-concept trial of GlyphAgo and the successful completion of our IPO,” said Daphne Zohar, Co-Founder and Chief Executive Officer at Seaport Therapeutics. “We believe the GlyphAgo Phase 1 data package significantly derisks future clinical development of this program, and we expect to initiate Phase 2 development of GlyphAgo in generalized anxiety disorder in the second half of this year.
"In parallel, we are executing on two clinical trials of our lead product candidate, GlyphAllo, including the Phase 2b BUOY-1 trial in patients with major depressive disorder, and the Phase 1 driving simulation trial in healthy volunteers. Both trials are on track, and we look forward to data from the driving simulation trial in the coming months, ahead of topline data from BUOY-1 in the first half of next year.
“With the data that continue to emerge from psychedelics in neuropsychiatry, including LSD, we are excited about the potential of Glyph2BLSD, which is designed to harness the pharmacology of a psychedelic without causing a ‘trip,’ and may therefore avoid limitations of psychedelics, including the need for supervised administration.
“With a strong balance sheet and cash runway through multiple important clinical data readouts for our two lead programs, we are well-positioned to advance our pipeline through key inflection points and develop novel treatments for the hundreds of million people living with depression and anxiety.”
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
Corporate
Second 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 Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “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 our product candidates, including the ongoing Phase 2b trial of GlyphAllo, enrollment status and anticipated timing of topline data in the first half of 2027, the Phase 1 driving simulation trial for GlyphAllo in healthy volunteers and timing of results in the second half of 2026, the completed Phase 1 trial of GlyphAgo, results related thereto, and the anticipated Phase 2a proof-of-pharmacology trial (initiating in the second half of 2026) and the Phase 2b trial (initiating in the first half of 2027) and related data in 2028, preclinical and clinical development activities and timelines, including preclinical and first-in-human-enabling activities for Glyph2BLSD (SPT-348), 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; 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 and need for substantial additional funds in order to complete development activities and commercialize a product candidate, if approved; risks related to regulatory developments and approval processes of the U.S. Food and Drug Administration 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 March 31, 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)
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Operating expenses: |
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Research and development (including non-cash stock-based compensation expense of $0.9 million and $0.6 million for three months ended June 30, 2026 and 2025, respectively and $1.8 million and $1.1 million for six months ended June 30, 2026 and 2025, respectively) |
$ |
24,619 |
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$ |
13,409 |
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$ |
46,049 |
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$ |
23,944 |
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General and administrative (including non-cash stock-based compensation expense of $36.0 million and $1.2 million for three months ended June 30, 2026 and 2025, respectively and $37.6 million and $2.3 million for six months ended June 30, 2026 and 2025, respectively) |
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41,189 |
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5,061 |
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47,302 |
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10,711 |
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Total operating expenses |
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65,808 |
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18,470 |
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93,351 |
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34,655 |
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Loss from operations |
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(65,808 |
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(18,470 |
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(93,351 |
) |
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(34,655 |
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Total other income, net |
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3,459 |
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3,527 |
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6,113 |
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6,618 |
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Loss before income taxes |
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(62,349 |
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(14,943 |
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(87,238 |
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(28,037 |
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Income tax provision |
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251 |
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134 |
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770 |
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165 |
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Net loss |
$ |
(62,600 |
) |
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$ |
(15,077 |
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$ |
(88,008 |
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$ |
(28,202 |
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Net loss per share, basic and diluted |
$ |
(1.78 |
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$ |
(6.40 |
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$ |
(4.60 |
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$ |
(12.05 |
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Weighted-average common shares outstanding, basic and diluted |
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35,236,214 |
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2,356,777 |
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19,118,049 |
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2,340,431 |
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Seaport Therapeutics, Inc.
Selected Condensed Consolidated Balance Sheet Data
(In thousands) (Unaudited)
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June 30, |
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December 31, |
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2026 |
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2025 |
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Cash, cash equivalents and investments |
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$ |
427,260 |
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$ |
233,653 |
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Working capital |
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$ |
266,501 |
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$ |
210,448 |
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Total assets |
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$ |
441,681 |
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$ |
249,009 |
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Total stockholders' equity (deficit) |
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$ |
422,602 |
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$ |
(92,545 |
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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