Estados financieros detallados de Stoke Therapeutics, Inc. (STOK): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Márgenes de los últimos 12 meses: margen bruto 84.7%, margen operativo -8.1%, margen neto -7.5%.
Al precio actual de $27.91, STOK presenta beneficios negativos (P/E no significativo) y un ROE del -59.36%. La capitalización bursátil es de $1.8B.
Cuenta de Resultados (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | 0 | 0 | 0 | 0 | 0 | $12.4M | $8.8M | $36.6M | $184.4M |
| Coste de Ventas | $113000 | $214000 | $450000 | $1.9M | 0 | 0 | 0 | 0 | 0 |
| Beneficio Bruto | -$113000 | -$214000 | -$450000 | -$1.9M | 0 | $12.4M | $8.8M | $36.6M | $184.4M |
| I+D | $3.6M | $8.4M | $23.3M | $32.2M | $54.2M | $77.8M | $82.2M | $89.1M | $137.9M |
| Generales y Administrativos | $2.0M | $4.4M | $11.9M | $20.8M | $31.9M | $38.9M | $41.3M | $48.8M | $67.1M |
| Gastos Operativos | $5.6M | $12.8M | $35.2M | $51.1M | $86.1M | $116.8M | $123.6M | $137.9M | $205.0M |
| Beneficio Operativo | -$5.6M | -$12.8M | -$35.7M | -$53.0M | -$86.1M | -$104.4M | -$114.8M | -$101.4M | -$20.6M |
| EBITDA | -$5.4M | -$12.6M | -$31.9M | -$50.3M | -$84.8M | -$99.5M | -$102.2M | -$86.8M | -$5.1M |
| Gastos por Intereses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $9000 |
| Beneficio Antes de Impuestos | -$5.6M | -$12.5M | -$32.3M | -$52.2M | -$85.8M | -$101.1M | -$104.7M | -$89.0M | -$6.9M |
| Impuestos | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Beneficio Neto | -$5.6M | -$12.5M | -$32.3M | -$52.2M | -$85.8M | -$101.1M | -$104.7M | -$89.0M | -$6.9M |
| BPA | $-0.24 | $-0.53 | $-1.59 | $-1.56 | $-2.34 | $-2.60 | $-2.38 | $-1.65 | $-0.12 |
| BPA Diluido | $-0.24 | $-0.53 | $-1.59 | $-1.56 | $-2.34 | $-2.60 | $-2.38 | $-1.65 | $-0.12 |
| Acciones en Circulación (Diluidas) | $23.5M | $23.5M | $18.0M | $33.5M | $36.7M | $38.9M | $44.0M | $54.0M | $59.2M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $10.6M | $1.4M | $6.2M | $9.3M |
| Beneficio Bruto | $9.6M | $347000 | $5.2M | $8.2M |
| Beneficio Operativo | -$43.1M | -$61.4M | -$53.4M | -$65.4M |
| EBITDA | -$38.6M | -$56.9M | -$45.6M | -$64.3M |
| Beneficio Neto | -$38.3M | -$57.9M | -$50.0M | -$61.6M |
| BPA | $-0.65 | $-0.99 | $-0.79 | $-0.93 |
| BPA Diluido | $-0.65 | $-0.99 | $-0.79 | $-0.93 |
Balance (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $1.8M | $105.4M | $222.5M | $287.3M | $144.9M | $113.6M | $191.4M | $128.0M | $84.2M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | $74.9M | $116.0M | $10.0M | $88.9M | $200.4M |
| Cuentas por Cobrar | 0 | $196000 | $281000 | $6000 | $132000 | $588000 | $64000 | $700000 | $7.9M |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $1.9M | $106.1M | $226.0M | $293.9M | $229.2M | $244.1M | $215.3M | $232.8M | $305.7M |
| Inmovilizado Material | $473000 | $1.2M | $2.5M | $3.8M | $9.1M | $11.4M | $12.4M | $8.3M | $6.2M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Totales | $2.4M | $107.5M | $228.8M | $297.9M | $238.9M | $256.1M | $228.3M | $271.6M | $418.4M |
| Cuentas por Pagar | $141000 | $1.1M | $751000 | $1.5M | $2.4M | $766000 | $1.7M | $2.5M | $4.9M |
| Deuda a Corto | $3.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Corrientes | $3.7M | $2.5M | $4.1M | $11.4M | $17.1M | $31.4M | $30.8M | $40.1M | $57.9M |
| Deuda a Largo | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Totales | $3.7M | $2.5M | $4.3M | $11.8M | $21.1M | $71.2M | $68.8M | $42.5M | $66.0M |
| Reservas | -$13.2M | -$25.7M | -$58.0M | -$110.3M | -$196.1M | -$297.1M | -$401.8M | -$490.8M | -$497.7M |
| Patrimonio Neto | -$1.3M | $105.1M | $224.4M | $286.1M | $217.8M | $184.8M | $159.6M | $229.0M | $352.5M |
| Deuda Total | $3.0M | 0 | 0 | $1.1M | $5.0M | $2.4M | $2.1M | $4.8M | $3.0M |
| Deuda Neta | $1.2M | -$105.4M | -$222.5M | -$286.2M | -$214.8M | -$227.2M | -$199.3M | -$212.1M | -$281.7M |
| Capital Circulante | -$1.8M | $103.7M | $221.9M | $282.5M | $212.1M | $212.7M | $184.5M | $192.7M | $247.8M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $83.4M | $84.2M | $155.7M | $110.0M |
| Activos Totales | $360.3M | $418.4M | $443.3M | $394.0M |
| Pasivos Totales | $52.2M | $66.0M | $48.4M | $48.4M |
| Patrimonio Neto | $308.1M | $352.5M | $394.9M | $345.5M |
| Deuda Total | $2.9M | $3.0M | $3.4M | $2.7M |
Flujo de Caja (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$5.6M | -$12.5M | -$32.3M | -$52.2M | -$85.8M | -$101.1M | -$104.7M | -$89.0M | -$6.9M |
| Amortizaciones | $113000 | $214000 | $450000 | $888000 | $974000 | $1.5M | $2.5M | $2.2M | $1.8M |
| Compensación en Acciones | $26000 | $240000 | $1.9M | $5.8M | $16.4M | $22.9M | $25.3M | $27.5M | $32.2M |
| Cambio en Capital Circulante | $31000 | $1.1M | -$1.1M | $2.3M | $46000 | $43.0M | -$6.0M | -$28.1M | $16.3M |
| Flujo de Caja Operativo | -$5.4M | -$11.0M | -$31.1M | -$42.2M | -$66.9M | -$31.9M | -$81.1M | -$86.9M | $45.6M |
| Inversiones (CapEx) | -$113000 | -$935000 | -$1.6M | -$1.1M | -$1.2M | -$4.0M | -$1.6M | -$203000 | -$670000 |
| Adquisiciones | 0 | $10000 | $1000 | 0 | $75.2M | $45.3M | 0 | 0 | 0 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$5.5M | -$11.9M | -$32.7M | -$43.3M | -$68.1M | -$35.8M | -$82.7M | -$87.1M | $44.9M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$30.4M | -$30.5M | -$60.6M | -$56.6M |
| Inversiones (CapEx) | -$132000 | -$232000 | -$353000 | -$2.0M |
| Flujo de Caja Libre | -$30.5M | -$30.7M | -$60.9M | -$58.6M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | 0 | $9.8M | $8.8M | $10.8M |
Crecimiento y Márgenes (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | | | | | | -29.2% | +316.3% | +404.5% |
| Crecimiento Beneficio Neto (anual) | | -125.3% | -158.2% | -61.6% | -64.2% | -17.8% | -3.6% | +15.0% | +92.3% |
| Crecimiento BPA (anual) | | -120.8% | -200.0% | +1.9% | -50.0% | -11.1% | +8.5% | +30.7% | +92.7% |
| Cambio en Acciones (anual) | | +0.0% | -23.6% | +86.3% | +9.7% | +5.9% | +13.1% | +22.8% | +9.6% |
| Crecimiento FCF (anual) | | -116.5% | -174.7% | -32.4% | -57.4% | +47.4% | -130.8% | -5.3% | +151.6% |
| Margen Bruto | | | | | | 100.0% | 100.0% | 100.0% | 100.0% |
| Margen Operativo | | | | | | -841.2% | -1307.2% | -277.3% | -11.2% |
| Margen EBITDA | | | | | | -802.3% | -1164.4% | -237.5% | -2.8% |
| Margen Neto | | | | | | -814.7% | -1192.5% | -243.4% | -3.7% |
| Margen FCF | | | | | | -288.8% | -941.7% | -238.1% | 24.4% |
| Tasa Impositiva Efectiva | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Datos por Acción (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-0.23 | $-0.51 | $-1.82 | $-1.29 | $-1.85 | $-0.92 | $-1.88 | $-1.61 | $0.76 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $23.5M | $23.5M | $18.0M | $33.5M | $36.7M | $38.9M | $44.0M | $54.0M | $59.2M |
Qué mirar en Biotech
La mayoría de biotechs pequeñas pierden dinero. Analizarlas con P/E no tiene sentido — mira caja y pipeline.
- Cash Runway — Meses de caja al ritmo de gasto actual. <18 meses = riesgo de dilución urgente
- Cash burn anual — Ritmo al que queman caja operativa. Comparar con posición de caja para proyectar runway
- Total Debt — Biotech sin ingresos + deuda = receta para bancarrota
- I+D / Capitalización — Cuánto invierten en pipeline vs lo que vale la empresa — indicador de intensidad investigadora
- Market cap / Cash — Si cotiza cerca de su caja, el mercado le da ~0 valor al pipeline — puede ser oportunidad o trampa
Rentabilidad
| Rentabilidad sobre capital | -59.36% |
| Rentabilidad sobre capital invertido | -62.74% |
| Rentabilidad sobre activos | -52.77% |
| Margen bruto | 84.67% |
| Margen operativo | -809.69% |
| Margen neto | -753.60% |
Salud financiera
| Deuda / Patrimonio | 0.01 |
| Ratio corriente | 7.69 |
| Piotroski F-Score | 4 |
| Altman Z-Score | 16.42 |
Ratios Clave (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -106.54 | -48.25 | -17.81 | -39.70 | -10.25 | -3.55 | -2.21 | -6.68 | -264.50 |
| P/VC | -465.32 | 5.72 | 2.27 | 7.25 | 4.05 | 1.94 | 1.45 | 2.60 | 5.33 |
| P/V | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 28.94 | 26.36 | 16.30 | 10.19 |
| Margen Bruto | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Margen Operativo | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -841.2% | -1307.2% | -277.3% | -11.2% |
| Margen Neto | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -814.7% | -1192.5% | -243.4% | -3.7% |