Earnings miss is non-fundamental (IPO stock comp) and pipeline remains on schedule. Key near-term catalyst is the GlyphAllo driving simulation trial data in 2H 2026. The strong cash position removes financing overhang. Watch for Phase 2b BUOY-1 topline in 1H 2027 as the major binary event.
Price Chart
Executive Summary
Seaport Therapeutics reported Q2 2026 results: net loss of $62.6M ($1.78/share) versus consensus of -$0.71, a miss driven by $36M in one-time IPO-related stock-based compensation. Pipeline progress remains on track with GlyphAllo Phase 2b enrollment and GlyphAgo Phase 1 positive data. Cash of $427.3M post-IPO provides runway into 2029.
Key Financial Metrics
Key Facts
- Cash, cash equivalents, and investments totaled $427.3M as of June 30, 2026, expected to fund operations into 2029
- Upsized IPO in May 2026 generated $260.0M in gross proceeds
- Net loss was $62.6M vs $15.1M in Q2 2025, primarily due to $36M one-time non-cash stock-based compensation from IPO
- R&D expenses increased to $24.6M from $13.4M as clinical programs advanced
- Enrollment on track in Phase 2b BUOY-1 trial of GlyphAllo in MDD with topline data expected 1H 2027
- Positive Phase 1 data on GlyphAgo supports plans to initiate Phase 2a (2H 2026) and Phase 2b (1H 2027) trials in GAD
- Phase 1 driving simulation trial of GlyphAllo on track for topline data in 2H 2026
Financial Impact
Q2 net loss $62.6M included $36M non-cash stock compensation; core operating loss excluding stock comp was $28.8M vs $18.5M prior year
Risk Factors
- Clinical trial failure risk (GlyphAllo Phase 2b, GlyphAgo Phase 2)
- Increasing R&D spending without revenue may pressure stock in absence of catalysts
- Stock-based compensation remains elevated due to post-IPO equity grants
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-329528 |
| Document: sptx-20260803.htm | 0001193125-26-329528 |
| Document: 0001193125-26-329528-index-headers.html | 0001193125-26-329528 |
| Document: 0001193125-26-329528-index.html | 0001193125-26-329528 |
| Document: 0001193125-26-329528.txt | 0001193125-26-329528 |
| 8-K Data (Synthetic) | 0001193125-26-329528 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 3, 2026 12w ago | 8-K | $20.65 | awaiting T+60 | — | $20.83 (+0.87%) |
Jun 8, 2026 20w ago | 8-K | $16.20 $23.61 | ▲ +45.74% | ▲ +42.69% | $20.83 (+28.58%) |
May 6, 2026 24w ago | 3 | $15.50 $20.65 | ▲ +33.23% | ▲ +29.39% | $20.83 (+34.39%) |
May 1, 2026 25w ago | 424B4 | $17.00 $19.74 | ▲ +16.12% | ▲ +14.26% | $20.83 (+22.53%) |
Apr 30, 2026 25w ago | 3 | $19.84 $19.90 | ▲ +0.30% | ▼ −2.77% | $20.83 (+4.99%) |
Apr 30, 2026 25w ago | 3 | $19.84 $19.90 | ▲ +0.30% | ▼ −2.77% | $20.83 (+4.99%) |
Apr 30, 2026 25w ago | 3 | $19.84 $19.90 | ▲ +0.30% | ▼ −2.77% | $20.83 (+4.99%) |
Apr 30, 2026 25w ago | 3 | $19.84 $19.90 | ▲ +0.30% | ▼ −2.77% | $20.83 (+4.99%) |
Apr 30, 2026 25w ago | 3 | $19.84 $19.90 | ▲ +0.30% | ▼ −2.77% | $20.83 (+4.99%) |
Apr 27, 2026 26w ago | S-1/A | — | awaiting T+60 | — | — |
US Market Status
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