[S-8] Stoke Therapeutics, Inc. Employee Benefit Plan Registration

Rhea-AI Filing Summary

Nurix Therapeutics, Inc. (Nasdaq: NRIX) – Fiscal Q2 2025 10-Q highlights

• Revenue inflection: Total Q2 revenue jumped to $44.1 million (up 264% YoY) driven by a $30 million license fee from Sanofi and higher collaboration revenue from existing partnerships with Sanofi, Gilead and Pfizer.
• Operating costs accelerate: R&D expense expanded 60% YoY to $78.1 million as the company advanced clinical programs (NX-5948, NX-2127, NX-1607) and DAC discovery work; G&A rose 22% to $14.3 million.
• Loss narrows modestly for the quarter: Net loss was $43.5 million (-$0.52 per share) versus $44.5 million (-$0.71) a year ago, helped by the one-time license payment and a larger share count. For the six-month period, however, the loss widened to $99.8 million.
• Cash runway: Cash, cash equivalents and marketable securities totaled $485.8 million at 31 May 2025, down from $609.6 million at FY-end. Operating cash burn reached $124.2 million in the first half. Management believes existing liquidity funds operations for at least 12 months.
• Collaboration momentum: • Gilead extended the research term by two years, triggering a $15 million payment.
  • Sanofi exercised two target license options, providing $30 million.
  • Pfizer collaboration produced $10 million in research milestones to date.
• Equity activity: 76.4 million shares outstanding after ATM issuances; stockholders’ equity fell to $447.6 million from $527.0 million on higher deficit.

Overall, Nurix continues to monetize its DEL-AI platform through partner payments while accelerating internal R&D, resulting in higher cash burn and sustained losses.

Positive

• $30 million license payment from Sanofi plus collaboration fees lifted quarterly revenue to $44.1 million.
• Research term extension by Gilead delivered $15 million and extends partnership visibility to 2026.
• Year-end liquidity remains strong at $485.8 million, providing at least 12 months operating runway.
• Partnership portfolio could yield up to $6.1 billion in future milestones and tiered royalties.

Negative

• Operating cash burn reached $124.2 million in six months, up 52% YoY.
• R&D expenses climbed 60% YoY, widening the six-month net loss to $99.8 million.
• Cash and marketable securities declined by $123.8 million since November 2024.
• Share count dilution from equity financings increased outstanding shares to 76.4 million.

Insights

Biotechnology Equity Analyst

TL;DR – License revenue boosts top line but cash burn still heavy; neutral net impact.

Nurix’s Q2 print showcases the value of its collaboration portfolio: a $30 million Sanofi license and $1.6 million from a Gilead extension delivered a 264% revenue surge. Yet R&D outlays jumped 60% as three proprietary clinical assets and multiple DAC projects advance. Cash reserves of $485.8 million equal roughly ~18-20 months of current burn; management projects ≥12 months runway, but additional financing is likely before commercial revenues. No new clinical efficacy data were disclosed in this filing, so fundamental valuation hinges on upcoming readouts. Overall, the one-off revenue is positive but not thesis-changing; the quarter is best viewed as operationally neutral.

Life-Sciences Portfolio Manager

TL;DR – Partnerships de-risk pipeline; dilution risk persists.

The Sanofi and Gilead transactions validate Nurix’s DEL-AI platform and add non-dilutive cash, but they do not offset the ~$200 million annualized cash burn. Share count rose ~18% YoY through the April 2024 public offering and ATM programs, and further equity raises remain probable. From a portfolio standpoint, the stock offers upside optionality on clinical success with manageable near-term liquidity risk, yet investors must tolerate ongoing dilution and binary trial outcomes. I classify the filing as neutral/steady: constructive on strategic progress, offset by financial strain.

As filed with the Securities and Exchange Commission on July 9, 2025

Registration No. 333-    

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM S-8

REGISTRATION STATEMENT

UNDER

THE SECURITIES ACT OF 1933

 

 

STOKE THERAPEUTICS, INC.

(Exact name of Registrant as specified in its charter)

 

 

 

Delaware	 	47-1144582
(State or other jurisdiction of incorporation or organization)	 	(I.R.S. Employer Identification Number)

45 Wiggins Avenue

Bedford, MA 01730

(781)-430-8200

(Address, including zip code, and telephone number, including area code, of Registrant’s principal executive offices)

Amended and Restated

2023 Inducement Plan

(Full title of the plan)

Thomas Leggett

Chief Financial Officer

Stoke Therapeutics, Inc.

45 Wiggins Avenue

Bedford, MA 01730

(781)-430-8200

(Name, address, including zip code, and telephone number, including area code, of agent for service)

Please send copies of all communications to:

Robert A. Freedman, Esq.

Julia Forbess, Esq.

Fenwick & West LLP

555 California Street, 12th Floor

San Francisco, California 94104

(415) 875-2300

 

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer	 	☐	  	Accelerated filer	 	☐
Non-accelerated filer	 	☒	  	Smaller reporting company	 	☒
	 		  	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 7(a)(2)(B) of the Securities Act. ☐

 

 

 

REGISTRATION OF ADDITIONAL SHARES PURSUANT TO GENERAL INSTRUCTION E

Pursuant to General Instruction E of Form S-8, Stoke Therapeutics, Inc. (the “Registrant”) is filing this Registration Statement with the Securities and Exchange Commission (the “Commission”) to register 2,000,000 additional shares of Common Stock available for issuance under the Registrant’s 2023 Inducement Plan (the “2023 Inducement Plan”). This Registration Statement hereby incorporates by reference the contents of the Registrant’s registration statement on Form S-8 filed with the Commission on April 13, 2023 (Registration No.  333-271237) to the extent not superseded hereby. In accordance with the instructional note to Part I of Form S-8 as promulgated by the Commission, the information specified by Part I of Form S-8 has been omitted from this Registration Statement.

PART II

INFORMATION REQUIRED IN THE REGISTRATION STATEMENT

Item 3. Incorporation of Documents by Reference.

The following documents filed by the Registrant with the Commission pursuant to the Securities Act and the Securities Exchange Act of 1934, as amended (the “Exchange Act”), are incorporated herein by reference:

 

(a) the Registrant’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the Commission on March 18, 2025;

 

(b) all other reports filed pursuant to Section 13(a) or 15(d) of the Exchange Act since the end of the fiscal year covered by the Registrant’s Annual Report referred to in (a) above; and

 

(c) the description of the Registrant’s common stock contained in the Registrant’s registration statement on Form 8-A (File No. 001-38938) filed with the Commission on June 11, 2019 under Section 12(b) of the Exchange Act, including any amendment or report filed for the purpose of updating such description.

All documents filed by the Registrant pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act subsequent to the filing of this Registration Statement and prior to the filing of a post-effective amendment, which indicates that all securities offered hereby have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference into this Registration Statement and to be a part hereof from the date of filing such documents, except as to specific sections of such documents as set forth therein. Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained in any subsequently filed document, which also is deemed to be incorporated by reference herein, modifies or supersedes such statement.

Item 8. Exhibits.

The following exhibits are filed herewith:

 

Exhibit Number

  

 

  

Incorporated by Reference

 

  

Filed Herewith

 

  

Exhibit Description

  

Form

 

  

File No.

 

  

Exhibit

 

  

Filing Date

 

4.1

  

Restated Certificate of Incorporation of the Registrant, as amended

  

 

10-K

 

  

 

001-38938

 

  

 

3.1

 

  

 

3/25/2024

 

  

4.2

  

Restated Bylaws of the Registrant

  

 

8-K

 

  

 

001-38938

 

  

 

3.1

 

  

 

2/3/2023

 

  

4.3

  

Form of Registrant’s Common Stock certificate

  

 

S-1/A

 

  

 

333-231700

 

  

 

4.1

 

  

 

6/7/2019

 

  

5.1

  

Opinion of Fenwick & West LLP

  

  

  

  

  

 

X

 

23.1

  

Consent of Fenwick & West LLP (contained in Exhibit 5.1)

  

  

  

  

  

 

X

 

23.2

  

Consent of Independent Registered Public Accounting Firm

  

  

  

  

  

 

X

 

24.1

  

Power of Attorney (included on the signature page to this Registration Statement)

  

  

  

  

  

 

X

 

99.1

  

Amended and Restated 2023 Inducement Plan and forms of award agreements thereunder

  

  

  

  

  

 

X

 

107.1

  

Filing Fee Table

  

  

  

  

  

 

X

 

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Bedford, State of Massachusetts, on this 9th day of July, 2025.

 

STOKE THERAPEUTICS, INC.
By:	 	/s/ Ian F. Smith
	 	Ian F. Smith
	 	Interim Chief Executive Officer

POWER OF ATTORNEY

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Ian F. Smith and Thomas E. Leggett, and each of them, as his or her true and lawful attorney-in-fact and agent with the full power of substitution, for him or her in any and all capacities, to sign any and all amendments (including post-effective amendments) to this Registration Statement on Form S-8, and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully for all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or his or her substitute, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed by the following persons on behalf of the Registrant in the capacities and on the date indicated.

 

Name	  	Title	 	Date
/s/ Ian F. Smith Ian F. Smith	  	Interim Chief Executive Officer and Director (Principal Executive Officer)	 	July 9, 2025
/s/ Thomas E. Leggett Thomas E. Leggett	  	Chief Financial Officer (Principal Financial and Accounting Officer)	 	July 9, 2025
/s/ Jennifer C. Burstein Jennifer C. Burstein	  	Director	 	July 9, 2025
/s/ Seth L. Harrison Seth L. Harrison, M.D.	  	Director	 	July 9, 2025
/s/ Edward M. Kaye Edward M. Kaye, M.D.	  	Director	 	July 9, 2025
/s/ Adrian R. Krainer Adrian R. Krainer, Ph.D.	  	Director	 	July 9, 2025
/s/ Arthur A. Levin Arthur A. Levin, Ph.D.	  	Director	 	July 9, 2025
/s/ Garry E. Menzel Garry E. Menzel, Ph.D.	  	Director	 	July 9, 2025
/s/ Julie Anne Smith Julie Anne Smith	  	Director	 	July 9, 2025
/s/ Arthur O. Tzianabos Arthur O. Tzianabos, Ph.D.	  	Director	 	July 9, 2025

FAQ

How much cash does Nurix Therapeutics (NRIX) have after Q2 2025?

Nurix reported $485.8 million in cash, cash equivalents and marketable securities as of 31 May 2025.

What drove the 264% revenue increase for NRIX in Q2 2025?

Revenue growth was primarily due to a $30 million license fee from Sanofi and higher ongoing collaboration revenue.

What is Nurix’s current cash burn rate?

Operating activities used $124.2 million in cash over six months, implying roughly $20 million per month.

Did Nurix post a profit in Q2 2025?

No. The company recorded a net loss of $43.5 million (-$0.52 per share) for the quarter.

How many shares of NRIX are outstanding?

As of 31 May 2025, Nurix had 76,449,355 common shares outstanding.

What milestones could NRIX receive from its partners?

Potential future milestone payments total up to ~$1.8 billion from Gilead, ~$949 million from Sanofi, and ~$3.4 billion from Pfizer, plus royalties.